Hartford Balanced Income F (HBLFX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07589

THE HARTFORD MUTUAL FUNDS, INC.
(Exact name of registrant as specified in charter)

P. O. Box 2999, Hartford, Connecticut 06104-2999

(Address of Principal Executive Offices)

Edward P. Macdonald, Esquire

Life Law Unit

The Hartford Financial Services Group, Inc.

200 Hopmeadow Street

Simsbury, Connecticut 06089

(Name and Address of Agent for Service)

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

Date of fiscal year end: October 31, 2012

Date of reporting period: November 1, 2011 – October 31, 2012

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.   Reports to Stockholders.

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Balanced Allocation Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Balanced Allocation Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Federal Tax Information (Unaudited)	26
Expense Example (Unaudited)	27
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	28

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Balanced Allocation Fund inception 05/28/2004

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation and income.

Performance Overview 5/28/04 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Balanced Allocation A#		8.41	%		1.33	%		5.13	%
Balanced Allocation A##		2.45	%		0.19	%		4.43	%
Balanced Allocation B#		7.42	%		0.52	%		4.35	%*
Balanced Allocation B##		2.42	%		0.16	%		5.13	%*
Balanced Allocation C#		7.54	%		0.58	%		4.35	%
Balanced Allocation C##		6.54	%		0.58	%		4.35	%
Balanced Allocation I#		8.57	%		1.62	%		5.35	%
Balanced Allocation R3#		7.94	%		0.94	%		4.85	%
Balanced Allocation R4#		8.31	%		1.30	%		5.11	%
Balanced Allocation R5#		8.63	%		1.60	%		5.31	%
Barclays U.S. Aggregate Bond Index		5.25	%		6.38	%		5.72	%
MSCI All Country World Index		9.17	%		-2.42	%		5.89	%
S&P 500 Index		15.19	%		0.36	%		4.91	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

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

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

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

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Balanced Allocation Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Richard P. Meagher, CFA	Wendy M. Cromwell, CFA
Vice President, Asset Allocation Strategist and Portfolio Manager	Senior Vice President, Director of Strategic Asset Allocation, Asset Allocation Strategies Group, and Portfolio Manager

As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Balanced Allocation Fund returned 8.41%, before sales charge, for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target Moderate Funds category, a group of funds with investment strategies similar to those of the Fund, was 8.94%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 52% equities and 48% fixed income. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. An underweight allocation to equities detracted as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed positively on a relative basis. Strong benchmark-relative performance in the Alternative Strategies, World Bond, and Strategic Income funds more than offset weak benchmark-relative results from the International Opportunities, Dividend and Growth, and Emerging Markets Research Equity funds.

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for

3

The Hartford Balanced Allocation Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012 

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.0	%
The Hartford Capital Appreciation Fund, Class Y		6.9
The Hartford Dividend and Growth Fund, Class Y		13.2
The Hartford Emerging Markets Research Fund, Class Y		5.0
The Hartford Global Real Asset Fund, Class Y		7.0
The Hartford Inflation Plus Fund, Class Y		13.1
The Hartford International Opportunities Fund, Class Y		11.5
The Hartford International Small Company Fund, Class Y		4.0
The Hartford MidCap Value Fund, Class Y		2.2
The Hartford Small Company Fund, Class Y		2.1
The Hartford Strategic Income Fund, Class Y		5.0
The Hartford Total Return Bond Fund, Class Y		8.0
The Hartford World Bond Fund, Class Y		12.0
Other Assets and Liabilities		0.0
Total		100.0	%

4

The Hartford Balanced Allocation Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 100.0%
EQUITY FUNDS - 51.9%
	1,559	The Hartford Capital Appreciation Fund, Class Y			$	55,459
	5,009	The Hartford Dividend and Growth Fund, Class Y				106,095
	4,750	The Hartford Emerging Markets Research Fund, Class Y				40,187
	5,243	The Hartford Global Real Asset Fund, Class Y				56,262
	6,146	The Hartford International Opportunities Fund, Class Y				92,431
	2,410	The Hartford International Small Company Fund, Class Y				32,150
	1,336	The Hartford MidCap Value Fund, Class Y				17,682
	811	The Hartford Small Company Fund, Class Y				17,489
						417,755
		Total equity funds
		(cost $373,537)			$	417,755
FIXED INCOME FUNDS - 48.1%
	7,477	The Hartford Alternative Strategies Fund, Class Y			$	80,375
	8,223	The Hartford Inflation Plus Fund, Class Y				104,923
	4,139	The Hartford Strategic Income Fund, Class Y				40,272
	5,683	The Hartford Total Return Bond Fund, Class Y				64,327
	8,966	The Hartford World Bond Fund, Class Y				96,654
						386,551
		Total fixed income funds
		(cost $369,491)			$	386,551
		Total investments in affiliated investment companies
		(cost $743,028)			$	804,306
		Total long-term investments
		(cost $743,028)			$	804,306
		Total investments
		(cost $743,028) ▲	100.0	%	$	804,306
		Other assets and liabilities	—	%		(202	)
		Total net assets	100.0	%	$	804,104

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

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $746,807 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	57,499
Unrealized Depreciation		—
Net Unrealized Appreciation	$	57,499

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

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

5

The Hartford Balanced Allocation Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	804,306	$	804,306	$	–	$	–
Total	$	804,306	$	804,306	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

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

6

The Hartford Balanced Allocation Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $743,028)	$	804,306
Receivables:
Investment securities sold		1,142
Fund shares sold		810
Dividends and interest		530
Other assets		43
Total assets		806,831
Liabilities:
Payables:
Investment securities purchased		559
Fund shares redeemed		1,930
Investment management fees		23
Administrative fees		3
Distribution fees		83
Accrued expenses		129
Total liabilities		2,727
Net assets	$	804,104
Summary of Net Assets:
Capital stock and paid-in-capital	$	772,821
Undistributed net investment income		—
Accumulated net realized loss		(29,995	)
Unrealized appreciation of investments		61,278
Net assets	$	804,104
Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.00/$12.70
Shares outstanding		39,473
Net assets	$	473,562
Class B: Net asset value per share	$	11.93
Shares outstanding		5,385
Net assets	$	64,262
Class C: Net asset value per share	$	11.93
Shares outstanding		14,357
Net assets	$	171,252
Class I: Net asset value per share	$	11.99
Shares outstanding		714
Net assets	$	8,563
Class R3: Net asset value per share	$	11.90
Shares outstanding		3,246
Net assets	$	38,637
Class R4: Net asset value per share	$	11.99
Shares outstanding		3,002
Net assets	$	35,982
Class R5: Net asset value per share	$	12.00
Shares outstanding		987
Net assets	$	11,846

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

7

The Hartford Balanced Allocation Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	25
Dividends from underlying affiliated funds		12,723
Total investment income		12,748
Expenses:
Investment management fees		1,080
Administrative services fees		137
Transfer agent fees		915
Distribution fees
Class A		1,237
Class B		737
Class C		1,705
Class R3		177
Class R4		91
Custodian fees		1
Accounting services fees		100
Registration and filing fees		129
Board of Directors' fees		23
Audit fees		19
Other expenses		150
Total expenses (before fees paid indirectly)		6,501
Commission recapture		(2	)
Total fees paid indirectly		(2	)
Total expenses, net		6,499
Net Investment Income		6,249
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		6,480
Net realized gain on investments in underlying affiliated funds		45,396
Net realized gain on investments in securities		2,232
Net Realized Gain on Investments		54,108
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		8,312
Net unrealized depreciation of investments		(4,347	)
Net Changes in Unrealized Appreciation of Investments		3,965
Net Gain on Investments		58,073
Net Increase in Net Assets Resulting from Operations	$	64,322

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

8

The Hartford Balanced Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the  Year Ended October 31, 2012			For the  Year Ended October 31, 2011
Operations:
Net investment income	$	6,249		$	10,490
Net realized gain on investments		54,108			16,398
Net unrealized appreciation of investments		3,965			446
Net Increase In Net Assets Resulting From Operations		64,322			27,334
Distributions to Shareholders:
From net investment income
Class A		(6,237	)		(9,073	)
Class B		(569	)		(812	)
Class C		(1,283	)		(1,724	)
Class I		(94	)		(97	)
Class R3		(339	)		(332	)
Class R4		(442	)		(442	)
Class R5		(165	)		(274	)
Total distributions		(9,129	)		(12,754	)
Capital Share Transactions:
Class A		(61,468	)		(26,722	)
Class B		(19,281	)		(14,988	)
Class C		(6,919	)		(11,713	)
Class I		2,673			1,633
Class R3		7,052			10,672
Class R4		(2,642	)		16,873
Class R5		(152	)		(2,971	)
Net decrease from capital share transactions		(80,737	)		(27,216	)
Net Decrease In Net Assets		(25,544	)		(12,636	)
Net Assets:
Beginning of period		829,648			842,284
End of period	$	804,104		$	829,648
Undistributed (distribution in excess of) net investment income (loss)	$	—		$	1,412

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

9

The Hartford Balanced Allocation Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Balanced Allocation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

10

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

11

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially

12

all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	9,129	$	12,754

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(26,216	)
Unrealized Appreciation †		57,499
Total Accumulated Earnings	$	31,283

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	1,468
Accumulated Net Realized Gain (Loss)		(1,313	)
Capital Stock and Paid-in-Capital		(155	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to

13

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	3,844
2018		22,372
Total	$	26,216

During the year ended October 31, 2012, the Fund utilized $48,969 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 milllion		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

14

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

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

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5
	1.40%		2.15%		2.15%		1.15%		1.65%		1.35%		1.05%

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

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.55	%
Class B		1.35
Class C		1.29
Class I		0.27
Class R3		0.89
Class R4		0.58
Class R5		0.28

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $1,445 and contingent deferred sales charges of $85 from the Fund.

15

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

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

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $41.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		10		1	%

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	654,157
Sales Proceeds Excluding U.S. Government Obligations		731,063

16

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		6,126		545		(11,962	)		—		(5,291	)		8,321		779		(11,436	)		—		(2,336	)
Amount	$	70,870	$	6,083	$	(138,421	)	$	—	$	(61,468	)	$	94,922	$	8,823	$	(130,467	)	$	—	$	(26,722	)
Class B
Shares		185		49		(1,892	)		—		(1,658	)		299		67		(1,682	)		—		(1,316	)
Amount	$	2,123	$	537	$	(21,941	)	$	—	$	(19,281	)	$	3,392	$	762	$	(19,142	)	$	—	$	(14,988	)
Class C
Shares		2,207		109		(2,905	)		—		(589	)		2,431		141		(3,607	)		—		(1,035	)
Amount	$	25,300	$	1,191	$	(33,410	)	$	—	$	(6,919	)	$	27,720	$	1,590	$	(41,023	)	$	—	$	(11,713	)
Class I
Shares		415		8		(185	)		—		238			286		8		(152	)		—		142
Amount	$	4,739	$	89	$	(2,155	)	$	—	$	2,673		$	3,268	$	89	$	(1,724	)	$	—	$	1,633
Class R3
Shares		1,382		30		(781	)		—		631			1,664		29		(742	)		—		951
Amount	$	15,749	$	335	$	(9,032	)	$	—	$	7,052		$	18,820	$	326	$	(8,474	)	$	—	$	10,672
Class R4
Shares		682		39		(948	)		—		(227	)		2,483		39		(1,076	)		—		1,446
Amount	$	7,849	$	441	$	(10,932	)	$	—	$	(2,642	)	$	28,757	$	441	$	(12,325	)	$	—	$	16,873
Class R5
Shares		148		15		(176	)		—		(13	)		228		24		(510	)		—		(258	)
Amount	$	1,725	$	164	$	(2,041	)	$	—	$	(152	)	$	2,597	$	274	$	(5,842	)	$	—	$	(2,971	)
Total
Shares		11,145		795		(18,849	)		—		(6,909	)		15,712		1,087		(19,205	)		—		(2,406	)
Amount	$	128,355	$	8,840	$	(217,932	)	$	—	$	(80,737	)	$	179,476	$	12,305	$	(218,997	)	$	—	$	(27,216	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		196	$	2,319
For the Year Ended October 31, 2011		130	$	1,488

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks

17

The Hartford Balanced Allocation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

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

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

18

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19

The Hartford Balanced Allocation Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	11.21	$	0.11	$	0.82		$	0.93		$	(0.14	)	$	–		$	–	$	(0.14	)	$	12.00
B		11.19		0.01		0.81			0.82			(0.08	)		–			–		(0.08	)		11.93
C		11.18		0.02		0.82			0.84			(0.09	)		–			–		(0.09	)		11.93
I		11.21		0.14		0.81			0.95			(0.17	)		–			–		(0.17	)		11.99
R3		11.14		0.07		0.81			0.88			(0.12	)		–			–		(0.12	)		11.90
R4		11.21		0.11		0.81			0.92			(0.14	)		–			–		(0.14	)		11.99
R5		11.21		0.14		0.82			0.96			(0.17	)		–			–		(0.17	)		12.00
For the Year Ended October 31, 2011
A		11.03		0.17		0.21			0.38			(0.20	)		–			–		(0.20	)		11.21
B		11.00		0.07		0.22			0.29			(0.10	)		–			–		(0.10	)		11.19
C		10.99		0.08		0.22			0.30			(0.11	)		–			–		(0.11	)		11.18
I		11.02		0.19		0.23			0.42			(0.23	)		–			–		(0.23	)		11.21
R3		10.96		0.13		0.21			0.34			(0.16	)		–			–		(0.16	)		11.14
R4		11.02		0.17		0.21			0.38			(0.19	)		–			–		(0.19	)		11.21
R5		11.03		0.19		0.22			0.41			(0.23	)		–			–		(0.23	)		11.21
For the Year Ended October 31, 2010
A		9.79		0.15		1.24			1.39			(0.15	)		–			–		(0.15	)		11.03
B		9.76		0.07		1.24			1.31			(0.07	)		–			–		(0.07	)		11.00
C		9.75		0.08		1.24			1.32			(0.08	)		–			–		(0.08	)		10.99
I		9.78		0.18		1.24			1.42			(0.18	)		–			–		(0.18	)		11.02
R3		9.74		0.13		1.23			1.36			(0.14	)		–			–		(0.14	)		10.96
R4		9.78		0.15		1.24			1.39			(0.15	)		–			–		(0.15	)		11.02
R5		9.79		0.18		1.24			1.42			(0.18	)		–			–		(0.18	)		11.03
For the Year Ended October 31, 2009
A		8.48		0.19		1.30			1.49			(0.18	)		–			–		(0.18	)		9.79
B		8.45		0.12		1.30			1.42			(0.11	)		–			–		(0.11	)		9.76
C		8.45		0.12		1.30			1.42			(0.12	)		–			–		(0.12	)		9.75
I		8.47		0.24		1.28			1.52			(0.21	)		–			–		(0.21	)		9.78
R3		8.44		0.15		1.30			1.45			(0.15	)		–			–		(0.15	)		9.74
R4		8.47		0.19		1.30			1.49			(0.18	)		–			–		(0.18	)		9.78
R5		8.48		0.21		1.31			1.52			(0.21	)		–			–		(0.21	)		9.79
For the Year Ended October 31, 2008
A		13.10		0.26		(3.83	)		(3.57	)		(0.47	)		(0.58	)		–		(1.05	)		8.48
B		13.06		0.16		(3.81	)		(3.65	)		(0.38	)		(0.58	)		–		(0.96	)		8.45
C		13.06		0.17		(3.81	)		(3.64	)		(0.39	)		(0.58	)		–		(0.97	)		8.45
I		13.09		0.33		(3.86	)		(3.53	)		(0.51	)		(0.58	)		–		(1.09	)		8.47
R3		13.08		0.26		(3.88	)		(3.62	)		(0.44	)		(0.58	)		–		(1.02	)		8.44
R4		13.10		0.38		(3.96	)		(3.58	)		(0.47	)		(0.58	)		–		(1.05	)		8.47
R5		13.10		0.41		(3.95	)		(3.54	)		(0.50	)		(0.58	)		–		(1.08	)		8.48

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Ratios do not include expenses of the Underlying Funds.

(E) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

20

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Net Investment Income to Average Net Assets(D)			Portfolio Turnover Rate(E)
	8.41	%	$	473,562		0.55	%		0.55	%		0.99	%		79	%
	7.42			64,262		1.35			1.35			0.22			–
	7.54			171,252		1.29			1.29			0.23			–
	8.57			8,563		0.27			0.27			1.11			–
	7.94			38,637		0.89			0.89			0.57			–
	8.31			35,982		0.58			0.58			0.93			–
	8.63			11,846		0.28			0.28			1.25			–
	3.39			501,962		0.54			0.54			1.45			36
	2.64			78,784		1.33			1.33			0.66			–
	2.72			167,049		1.28			1.28			0.71			–
	3.81			5,333		0.24			0.24			1.72			–
	3.12			29,124		0.88			0.88			1.06			–
	3.46			36,188		0.57			0.57			1.33			–
	3.67			11,208		0.27			0.27			1.73			–
	14.33			519,328		0.54			0.54			1.48			25
	13.44			91,904		1.35			1.35			0.68			–
	13.55			175,611		1.29			1.29			0.74			–
	14.65			3,685		0.28			0.28			1.73			–
	14.02			18,235		0.88			0.88			1.06			–
	14.32			19,647		0.58			0.58			1.45			–
	14.64			13,874		0.28			0.28			1.76			–
	18.01			483,316		0.58			0.58			2.20			17
	17.15			95,125		1.42			1.38			1.41			–
	17.07			169,306		1.34			1.34			1.46			–
	18.39			2,079		0.28			0.28			3.01			–
	17.52			1,381		0.96			0.96			1.47			–
	18.04			13,518		0.59			0.59			2.08			–
	18.37			13,104		0.29			0.29			2.22			–
	(29.35	)		439,955		0.53			0.53			2.23			18
	(29.95	)		92,829		1.35			1.35			1.47			–
	(29.91	)		160,167		1.29			1.29			1.49			–
	(29.15	)		2,238		0.22			0.22			1.59			–
	(29.74	)		358		0.92			0.92			0.86			–
	(29.44	)		8,535		0.59			0.59			1.54			–
	(29.16	)		4,135		0.29			0.29			1.54			–

21

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Balanced Allocation Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Balanced Allocation Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

22

The Hartford Balanced Allocation Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

23

The Hartford Balanced Allocation Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

 Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

24

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

25

The Hartford Balanced Allocation Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 16.15%.

26

The Hartford Balanced Allocation Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,010.00	$	2.83	$	1,000.00	$	1,022.32	$	2.85		0.56	%		184		366
Class B	$	1,000.00	$	1,005.90	$	6.86	$	1,000.00	$	1,018.30	$	6.90		1.36			184		366
Class C	$	1,000.00	$	1,005.90	$	6.50	$	1,000.00	$	1,018.65	$	6.55		1.29			184		366
Class I	$	1,000.00	$	1,010.85	$	1.42	$	1,000.00	$	1,023.73	$	1.42		0.28			184		366
Class R3	$	1,000.00	$	1,007.57	$	4.49	$	1,000.00	$	1,020.66	$	4.52		0.89			184		366
Class R4	$	1,000.00	$	1,009.96	$	2.98	$	1,000.00	$	1,022.17	$	3.00		0.59			184		366
Class R5	$	1,000.00	$	1,010.71	$	1.47	$	1,000.00	$	1,023.68	$	1.48		0.29			184		366

27

The Hartford Balanced Allocation Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Balanced Allocation Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

28

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

29

The Hartford Balanced Allocation Fund

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

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

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

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

30

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

31

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.    You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.     The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.    “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-BA12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155  

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Balanced Fund*

*Prior to April 30, 2012, The Hartford Balanced Fund was known as The Hartford Advisers Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Balanced Fund

(formerly The Hartford Advisers Fund)

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	6
Investment Valuation Hierarchy Level Summary at October 31, 2012	13
Statement of Assets and Liabilities at October 31, 2012	14
Statement of Operations for the Year Ended October 31, 2012	15
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	16
Notes to Financial Statements	17
Financial Highlights	32
Report of Independent Registered Public Accounting Firm	34
Directors and Officers (Unaudited)	35
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	37
Quarterly Portfolio Holdings Information (Unaudited)	37
Federal Tax Information (Unaudited)	38
Expense Example (Unaudited)	39
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	40

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Balanced Fund inception 07/22/1996
(formerly The Hartford Advisers Fund)

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term total return.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Balanced A#		11.42	%		1.17	%		5.39	%
Balanced A##		5.30	%		0.04	%		4.79	%
Balanced B#		10.43	%		0.32	%		4.73	%*
Balanced B##		5.43	%		-0.03	%		4.73	%*
Balanced C#		10.60	%		0.44	%		4.65	%
Balanced C##		9.60	%		0.44	%		4.65	%
Balanced R3#		11.22	%		0.95	%		5.44	%
Balanced R4#		11.44	%		1.23	%		5.61	%
Balanced R5#		11.84	%		1.55	%		5.80	%
Balanced Y#		11.89	%		1.63	%		5.85	%
Balanced Fund Blended Index		11.25	%		2.95	%		6.32	%
Barclays Government/Credit Bond Index		5.90	%		6.52	%		5.53	%
S&P 500 Index		15.19	%		0.36	%		6.90	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Balanced Fund Blended Index is a blended index comprised of the following indices: S&P 500 (60%), Barclays Government/Credit Bond (35%) and 90 day Treasury Bill (5%).

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

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

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
John C. Keogh	Karen H. Grimes, CFA *
Senior Vice President and Fixed Income Portfolio Manager	Senior Vice President and Equity Portfolio Manager
* Appointed as a Portfolio Manager for the Fund as of April 30, 2012. As of the same date, Steven T. Irons and Peter I. Higgins no longer serve as portfolio managers for the Fund.

How did the Fund perform?

The Class A shares of The Hartford Balanced Fund returned 11.42%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its blended benchmark, (60% S&P 500 Index, 35% Barclays Government/Credit Bond Index, and 5% Treasury Bills), which returned 11.25% for the same period. The Fund outperformed the 9.34% return of the average fund in the Lipper Mixed-Asset Target Allocation Growth Funds peer group, a group of funds that hold between 60%-80% in equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Why did the Fund perform this way?

Markets moved higher during the twelve months ending October 31, 2012 but were extremely volatile during the period due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and U.S. Federal Reserve (Fed) - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the euro zone kicked off a string of positive policy developments that caused investors’ risk appetites to surge.

The Fed remained extremely accommodative throughout the period, which further supported fixed income and equity assets. In September, the Fed announced a third round of quantitative easing (QE3) involving the purchase of $40 billion of additional mortgage-backed securities per month. Additionally, the central bank extended its rates guidance to the middle of 2015 and further stated that it expected to maintain a highly accommodative stance for a considerable period after the economic recovery strengthens.

Economic data released throughout the period painted a mixed picture of the U.S. economy. Consumer confidence weakened and the labor market remained sluggish. However, there was growing enthusiasm over a recovery in housing as home prices showed their first year-over-year gain in years.

Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period. Equity markets as measured by the S&P 500 returned 15.19% during the period. Telecommunication Services (+26%), Health Care (+22%), and Consumer Discretionary (+20%) posted the largest gains while Energy (+7%), Materials (+7%), and Utilities (+11%) gained the least.

The bond market, as measured by the Barclays Government/Credit Bond Index, returned 5.90% during the period. The Treasury yield curve flattened over the period as longer-term rates declined more than short-term yields. All of the major fixed income sectors posted strong absolute returns (i.e. total return) driven by the decline in Treasury yields, and all sectors outperformed Treasuries on a duration-adjusted basis.

The Fund has three primary levers to generate investment performance: equity investments, fixed income investments, and asset allocation among stocks, bonds, and cash. During the period, the equity and fixed income portions of the Fund both outperformed their respective benchmarks. Asset allocation also contributed positively to benchmark-relative results as the Fund was generally overweight equities relative to the benchmark in an environment where equities outperformed.

Equity outperformance versus the benchmark was driven primarily by sector allocation, which is a result of bottom-up stock selection. An underweight exposure (i.e. the Fund’s sector position was less than the benchmark position) to Utilities and an overweight exposure to Health Care contributed positively to benchmark-relative performance. Equity security selection detracted as strong selection in Consumer Discretionary stocks was more than offset by weak

3

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

selection within Information Technology, Consumer Staples, and Energy.

Top contributors to relative performance in the equity portion of the Fund during the period were Lowe’s (Consumer Discretionary), Amgen (Health Care), and Comcast (Consumer Discretionary). Lowe’s, a home improvement retailer, continued to benefit from a solid recovery in the U.S. housing market. Hurricane Sandy also caused investors to bid up the company’s share price on the belief that the rebuilding process for the U.S. east coast should boost materials purchases by individuals and companies. Shares of Amgen, a bio-pharmaceutical firm, rose after the company reported strong earnings during 2012. Additionally, Amgen announced a partnership with a global financial firm to launch a new biotech company focusing on chronic diseases. Comcast, the largest U.S. cable communications company and new owner of NBC Universal, saw its shares outperform after the company posted strong third quarter earnings, in part due to better-than-expected ad revenue from the 2012 London Olympics. Shares climbed early in the year on news of the acquisition of NBC Universal, which investors believed would add meaningfully to operating free cash flow in the next several years. The Fund’s holdings in Apple (Information Technology) and Exxon Mobil (Energy) also contributed positively to the Fund’s returns on an absolute basis.

Stocks that detracted the most from relative returns in the equity portion of the Fund during the period were Western Union (Information Technology), Hewlett-Packard (Information Technology), and Daiichi Sankyo (Health Care). Shares of Western Union plunged during the period after the company reported weaker-than-expected revenue and cut its full-year profit forecast for 2013. Shares of Hewlett-Packard fell after the company announced that fiscal 2012 earnings were expected to be at the lower end of its guidance. Investors’ uncertainty around the company’s decision to spin off its PC business and the lack of consistent leadership (three new CEO’s in the last three years) also weighed on returns. Shares of Daiichi Sankyo fell throughout the period due to failures in the company’s product pipeline. Our holdings of Intel (Information Technology) and Vertex Pharmaceuticals (Health Care) also detracted from absolute returns.

The fixed income portion of the Fund also outperformed its benchmark during the period. Security selection within the investment grade corporate bond sector, led by Financials, was the primary driver of the outperformance. Corporate bonds rallied during the period, sparked by aggressive monetary policy action from both the Fed and ECB. Higher beta, lower-quality, and more cyclical areas of the market outperformed following the reduction of tail risk from Europe. The portfolio held an out-of-benchmark allocation to agency mortgage-backed securities (MBS) based on attractive valuations. Our MBS allocation contributed positively to benchmark-relative outperformance as continued purchases by the Fed, strong investor demand, and the announcement of the Fed’s QE3 policy all contributed to the sector’s strong outperformance during the period.

What is the outlook?

In the equity portion of the Fund, we expect global economic growth to continue, but at a slow rate and with varying degrees of recovery by region. In Europe, we believe a more favorable policy environment should give the eurozone area economy a lift in early 2013, after experiencing a pronounced economic decline in the second half of 2012. China’s economy continues to slow and the risks of a hard landing certainly remain. However, the Chinese have shown early signs that they will stimulate their economy. The U.S. has been better positioned than many other economies, partly because its deleveraging process is more advanced and partly in response to a more aggressive policy environment. The U.S. household balance sheet has also received a welcome windfall gain from recovering housing and equity prices this year. However, many risks still remain including the well publicized “fiscal cliff” (expiration of certain tax rate cuts combined with forced spending cuts). The resulting fiscal contraction could amount to 4% of Gross Domestic Product, which we believe is enough to tip the economy back into recession. We believe there will ultimately be some compromise reached, which will be closer to a 1-2% headwind vs. the 3-4% that many fear. We believe that the U.S. will remain in a slow growth environment. We believe continued aggressive Fed policy (QE3) and an improving housing market should help us to avoid a recession.

Within the fixed income portion of the Fund, we are tactically managing the Fund’s duration around neutral and are positioned for a flattening yield curve. We continue to be positioned with an underweight to the Government sector, as we believe that there are more compelling opportunities in other sectors. We believe that corporate fundamentals remain strong, financial companies have de-levered significantly, and that communications issuers have solid balance sheets. Therefore, we maintained our overweight posture to the corporate sector at the end of the period. We also maintained our modest allocation to agency MBS.

The equity and fixed income managers will continue to work collaboratively to make decisions regarding portfolio weights in stocks, bonds, and cash. As of October 31, 2012, the Fund’s equity exposure was at 66% compared to 60% in its benchmark and the Fund’s 50-70% range.

4

Diversification by Industry
as of October 31, 2012
Industry (Sector)	Percentage of Net Assets
Equity Securities
Automobiles and Components (Consumer Discretionary)		0.6	%
Banks (Financials)		3.6
Capital Goods (Industrials)		4.8
Consumer Durables and Apparel (Consumer Discretionary)		0.7
Diversified Financials (Financials)		5.3
Energy (Energy)		8.0
Food and Staples Retailing (Consumer Staples)		0.9
Food, Beverage and Tobacco (Consumer Staples)		4.2
Health Care Equipment and Services (Health Care)		2.3
Insurance (Financials)		1.7
Materials (Materials)		2.2
Media (Consumer Discretionary)		2.9
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		8.1
Retailing (Consumer Discretionary)		4.2
Semiconductors and Semiconductor Equipment (Information Technology)		2.7
Software and Services (Information Technology)		5.2
Technology Hardware and Equipment (Information Technology)		6.2
Telecommunication Services (Services)		0.8
Transportation (Industrials)		0.6
Utilities (Utilities)		1.2
Total		66.2	%
Fixed Income Securities
Air Transportation (Transportation)		0.3	%
Arts, Entertainment and Recreation (Services)		1.0
Beverage and Tobacco Product Manufacturing (Consumer Staples)		0.4
Chemical Manufacturing (Basic Materials)		0.0
Computer and Electronic Product Manufacturing (Technology)		0.1
Couriers and Messengers (Services)		0.0
Electrical Equipment and Appliance Manufacturing (Technology)		0.2
Finance and Insurance (Finance)		5.5
Food and Staples Retailing (Food and Staples Retailing)		0.2
Food Manufacturing (Consumer Staples)		0.4
General Obligations (General Obligations)		0.4
Health Care and Social Assistance (Health Care)		0.2
Health Care/Services (Health Care/Services)		0.1
Higher Education (Univ., Dorms, etc.) (Higher Education (Univ., Dorms, etc.))		0.1
Information (Technology)		0.3
Miscellaneous Manufacturing (Capital Goods)		0.0
Motor Vehicle and Parts Manufacturing (Consumer Cyclical)		0.2
Petroleum and Coal Products Manufacturing (Energy)		0.6
Pipeline Transportation (Utilities)		0.2
Real Estate, Rental and Leasing (Finance)		0.2
Refunded (Refunded)		0.1
Retail Trade (Consumer Cyclical)		0.2
Soap, Cleaning Compound and Toilet Manufacturing (Consumer Staples)		0.4
Tax Allocation (Tax Allocation)		0.1
Transportation (Transportation)		0.5
Utilities (Utilities)		0.7
Wholesale Trade (Consumer Cyclical)		0.0
Total		12.4	%
U.S. Government Agencies		1.2
U.S. Government Securities		18.7
Short-Term Investments		1.3
Other Assets and Liabilities		0.2
Total		100.0	%

Distribution by Credit Quality
as of October 31, 2012
Credit Rating *	Percentage of Net Assets
Aaa / AAA		0.3	%
Aa / AA		2.2
A		4.5
Baa / BBB		5.2
Ba / BB		0.2
U.S. Government Agencies and Securities		19.9
Non Debt Securities and Other Short-Term Instruments		67.5
Other Assets & Liabilities		0.2
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

5

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 66.2%
		Automobiles and Components - 0.6%
	317	Ford Motor Co. w/ rights	$	3,535
		Banks - 3.6%
	121	BB&T Corp.		3,509
	85	PNC Financial Services Group, Inc.		4,958
	369	Wells Fargo & Co.		12,418
				20,885
		Capital Goods - 4.8%
	73	3M Co.		6,404
	58	Boeing Co.		4,085
	94	Ingersoll-Rand plc		4,421
	116	PACCAR, Inc.		5,023
	60	Stanley Black & Decker, Inc.		4,165
	46	United Technologies Corp.		3,603
				27,701
		Consumer Durables and Apparel - 0.7%
	33	Coach, Inc.		1,827
	68	Mattel, Inc.		2,498
				4,325
		Diversified Financials - 5.3%
	37	Ameriprise Financial, Inc.		2,142
	23	BlackRock, Inc.		4,344
	147	Citigroup, Inc.		5,489
	34	Goldman Sachs Group, Inc.		4,100
	166	Invesco Ltd.		4,044
	256	JP Morgan Chase & Co.		10,679
				30,798
		Energy - 8.0%
	70	Anadarko Petroleum Corp.		4,830
	86	BP plc ADR		3,706
	37	Chevron Corp.		4,078
	170	Exxon Mobil Corp.		15,490
	107	Halliburton Co.		3,452
	77	Noble Corp.		2,906
	57	Occidental Petroleum Corp.		4,508
	70	Southwestern Energy Co. ●		2,415
	205	Statoilhydro ASA ADR		5,028
				46,413
		Food and Staples Retailing - 0.9%
	110	CVS Caremark Corp.		5,109
		Food, Beverage and Tobacco - 4.2%
	133	General Mills, Inc.		5,339
	36	Kraft Foods Group, Inc. ●		1,646
	119	Mondelez International, Inc.		3,169
	79	PepsiCo, Inc.		5,463
	47	Philip Morris International, Inc.		4,118
	120	Unilever N.V. NY Shares ADR		4,417
				24,152
		Health Care Equipment and Services - 2.3%
	64	Baxter International, Inc.		4,033
	85	Covidien plc		4,671
	87	UnitedHealth Group, Inc.		4,889
				13,593
		Insurance - 1.7%
	59	American International Group, Inc. ●		2,071
	163	Marsh & McLennan Cos., Inc.		5,561
	111	Unum Group		2,242
				9,874
		Materials - 2.2%
	120	Dow Chemical Co.		3,522
	99	International Paper Co.		3,533
	67	Mosaic Co.		3,480
	61	Nucor Corp.		2,428
				12,963
		Media - 2.9%
	58	CBS Corp. Class B		1,863
	177	Comcast Corp. Class A		6,620
	113	Thomson Reuters Corp.		3,191
	108	Walt Disney Co.		5,295
				16,969
		Pharmaceuticals, Biotechnology and Life Sciences - 8.1%
	92	Agilent Technologies, Inc.		3,300
	55	Amgen, Inc.		4,734
	54	Celgene Corp. ●		3,974
	206	Daiichi Sankyo Co., Ltd.		3,145
	28	Johnson & Johnson		1,976
	226	Merck & Co., Inc.		10,294
	294	Pfizer, Inc.		7,319
	27	Roche Holding AG		5,292
	71	UCB S.A.		4,134
	65	Vertex Pharmaceuticals, Inc. ●		3,112
				47,280
		Retailing - 4.2%
	2,007	Allstar Co. ⌂●†		3,513
	8	AutoZone, Inc. ●		2,812
	2,225	Buck Holdings L.P. ⌂●†		2,145
	74	Kohl's Corp.		3,964
	258	Lowe's Co., Inc.		8,357
	68	Nordstrom, Inc.		3,849
				24,640
		Semiconductors and Semiconductor Equipment - 2.7%
	116	Analog Devices, Inc.		4,525
	191	Intel Corp.		4,133
	159	Maxim Integrated Products, Inc.		4,376
	80	Xilinx, Inc.		2,604
				15,638
		Software and Services - 5.2%
	64	Accenture plc		4,334
	79	Automatic Data Processing, Inc.		4,560
	104	eBay, Inc. ●		5,008
	11	Google, Inc. ●		7,409
	181	Microsoft Corp.		5,176
	275	Western Union Co.		3,498
				29,985
		Technology Hardware and Equipment - 6.2%
	27	Apple, Inc.		16,068
	492	Cisco Systems, Inc.		8,428
	182	EMC Corp. ●		4,439
	115	Hewlett-Packard Co.		1,590
	92	Qualcomm, Inc.		5,371
				35,896
		Telecommunication Services - 0.8%
	175	Vodafone Group plc ADR		4,750
		Transportation - 0.6%
	39	FedEx Corp.		3,606

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

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 66.2% - (continued)
		Utilities - 1.2%
	96	NextEra Energy, Inc.	$	6,733
		Total common stocks
		(cost $328,006)	$	384,845
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.2%
		Finance and Insurance - 0.2%
		Ally Master Owner Trust
$	900	1.54%, 09/16/2019	$	900
		Marriott Vacation Club Owner Trust
	61	5.36%, 10/20/2028 ■		61
				961
		Total asset & commercial mortgage backed securities
		(cost $961)	$	961
CORPORATE BONDS - 10.9%
		Air Transportation - 0.3%
		Continental Airlines, Inc.
$	675	5.98%, 04/19/2022	$	753
		Southwest Airlines Co.
	400	5.75%, 12/15/2016		455
	565	6.15%, 08/01/2022		643
				1,851
		Arts, Entertainment and Recreation - 1.0%
		CBS Corp.
	1,270	3.38%, 03/01/2022		1,335
	30	4.30%, 02/15/2021		33
	105	5.75%, 04/15/2020		127
		Comcast Corp.
	310	4.65%, 07/15/2042		336
	1,000	5.90%, 03/15/2016		1,163
		DirecTV Holdings LLC
	665	6.38%, 03/01/2041		801
		Discovery Communications, Inc.
	45	4.95%, 05/15/2042		51
		News America, Inc.
	220	4.50%, 02/15/2021		251
		Time Warner Cable, Inc.
	175	4.50%, 09/15/2042		180
	780	5.85%, 05/01/2017		933
		Viacom, Inc.
	145	3.88%, 12/15/2021		159
		Virgin Media Secured Finance plc
	210	5.25%, 01/15/2021		245
				5,614
		Beverage and Tobacco Product Manufacturing - 0.4%
		Altria Group, Inc.
	520	4.75%, 05/05/2021		603
		Anheuser-Busch InBev Worldwide, Inc.
	800	7.75%, 01/15/2019		1,085
		BAT International Finance plc
	565	3.25%, 06/07/2022 ■		587
		Molson Coors Brewing Co.
	12	2.00%, 05/01/2017		12
	80	3.50%, 05/01/2022		86
	85	5.00%, 05/01/2042		98
				2,471
		Chemical Manufacturing - 0.0%
		Agrium, Inc.
	105	6.13%, 01/15/2041		134
		Computer and Electronic Product Manufacturing - 0.1%
		Dell, Inc.
	520	5.88%, 06/15/2019		616
		Couriers and Messengers - 0.0%
		FedEx Corp.
	50	2.63%, 08/01/2022		50
		Electrical Equipment and Appliance Manufacturing - 0.2%
		General Electric Co.
	1,225	5.00%, 02/01/2013		1,239
		Finance and Insurance - 5.3%
		ACE INA Holdings, Inc.
	125	5.88%, 06/15/2014		135
		American Express Centurion Bank
	1,200	6.00%, 09/13/2017		1,460
		Bank of America Corp.
	1,200	5.42%, 03/15/2017		1,302
		Barclays Bank plc
	350	2.38%, 01/13/2014		357
		BP Capital Markets plc
	575	4.75%, 03/10/2019		676
		Brandywine Operating Partnership
	350	5.70%, 05/01/2017		392
		Capital One Financial Corp.
	445	2.15%, 03/23/2015		457
		CDP Financial, Inc.
	575	4.40%, 11/25/2019 ■		666
		Citigroup, Inc.
	800	5.85%, 08/02/2016		918
	300	6.13%, 05/15/2018		358
	300	6.88%, 03/05/2038		400
	105	8.13%, 07/15/2039		160
		Credit Agricole S.A.
	715	3.50%, 04/13/2015 ■		744
		Discover Financial Services, Inc.
	645	6.45%, 06/12/2017		758
		Eaton Vance Corp.
	530	6.50%, 10/02/2017		641
		Everest Reinsurance Holdings, Inc.
	885	5.40%, 10/15/2014		938
		Ford Motor Credit Co. LLC
	585	3.00%, 06/12/2017		598
		General Electric Capital Corp.
	800	4.38%, 09/16/2020		895
	925	5.88%, 01/14/2038		1,139

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

7

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 10.9% - (continued)
		Finance and Insurance - 5.3% - (continued)
		Goldman Sachs Group, Inc.
$	500	3.70%, 08/01/2015	$	527
	1,200	5.63%, 01/15/2017		1,330
	470	6.25%, 02/01/2041		558
		HCP, Inc.
	335	6.00%, 01/30/2017		387
		HSBC Holdings plc
	600	6.10%, 01/14/2042		805
		ING Bank N.V.
	900	3.75%, 03/07/2017 ■		953
		Jackson National Life Insurance Co.
	1,200	8.15%, 03/15/2027 ■		1,494
		JP Morgan Chase & Co.
	375	3.25%, 09/23/2022		384
	475	3.70%, 01/20/2015		503
	1,045	5.13%, 09/15/2014		1,117
	230	5.40%, 01/06/2042		277
	100	6.30%, 04/23/2019		123
		Merrill Lynch & Co., Inc.
	2,000	5.00%, 02/03/2014		2,090
	300	6.40%, 08/28/2017		354
		Morgan Stanley
	550	5.75%, 01/25/2021		615
		National City Corp.
	125	6.88%, 05/15/2019		155
		Nordea Bank AB
	330	3.70%, 11/13/2014 ■		348
		PNC Funding Corp.
	625	5.40%, 06/10/2014		673
		Prudential Financial, Inc.
	300	4.50%, 11/15/2020		336
		Rabobank Netherlands
	750	3.20%, 03/11/2015 ■		788
		Republic New York Capital I
	250	7.75%, 11/15/2026		252
		Sovereign Bancorp, Inc.
	1,000	8.75%, 05/30/2018		1,161
		Svenska Handelsbanken AB
	550	4.88%, 06/10/2014 ■		580
		Wachovia Corp.
	1,445	5.25%, 08/01/2014		1,551
	100	5.75%, 06/15/2017		120
		WEA Finance LLC
	250	7.13%, 04/15/2018 ■		308
		Wellpoint, Inc.
	81	3.30%, 01/15/2023		84
				30,867
		Food and Staples Retailing - 0.2%
		CVS Caremark Corp.
	1,150	6.13%, 08/15/2016		1,360
		Food Manufacturing - 0.4%
		Kellogg Co.
	725	4.00%, 12/15/2020		816
		Kraft Foods Group, Inc.
	145	2.25%, 06/05/2017 ■		151
	90	3.50%, 06/06/2022 ■		97
	155	5.00%, 06/04/2042 ■		181
		Mondelez International, Inc.
	700	4.13%, 02/09/2016		773
				2,018
		Health Care and Social Assistance - 0.2%
		Amgen, Inc.
	600	5.15%, 11/15/2041		691
		Express Scripts, Inc.
	195	6.25%, 06/15/2014		212
		Kaiser Foundation Hospitals
	60	3.50%, 04/01/2022		63
	115	4.88%, 04/01/2042		130
				1,096
		Information - 0.3%
		AT&T, Inc.
	175	6.55%, 02/15/2039		241
		BellSouth Telecommunications, Inc.
	250	7.00%, 12/01/2095		320
		France Telecom S.A.
	250	4.13%, 09/14/2021		279
		SBA Tower Trust
	370	4.25%, 04/15/2015 ■Δ		389
		Verizon Communications, Inc.
	490	3.50%, 11/01/2021		543
	130	4.75%, 11/01/2041		151
				1,923
		Miscellaneous Manufacturing - 0.0%
		United Technologies Corp.
	65	3.10%, 06/01/2022		70
		Motor Vehicle and Parts Manufacturing - 0.2%
		Daimler Finance NA LLC
	1,000	2.63%, 09/15/2016 ■		1,043
		Petroleum and Coal Products Manufacturing - 0.6%
		Atmos Energy Corp.
	1,160	6.35%, 06/15/2017		1,412
		Gazprom Neft OAO via GPN Capital S.A.
	200	4.38%, 09/19/2022 ■		200
		Motiva Enterprises LLC
	80	5.75%, 01/15/2020 ■		98
		Shell International Finance B.V.
	1,200	4.38%, 03/25/2020		1,419
				3,129
		Pipeline Transportation - 0.2%
		Kinder Morgan Energy Partners L.P.
	1,000	6.95%, 01/15/2038		1,342
		Real Estate, Rental and Leasing - 0.2%
		ERAC USA Finance Co.
	180	2.25%, 01/10/2014 ■		182
	70	2.75%, 03/15/2017 ■		73
	410	4.50%, 08/16/2021 ■		451
	250	5.63%, 03/15/2042 ■		285
				991
		Retail Trade - 0.2%
		AutoZone, Inc.
	355	3.70%, 04/15/2022		378

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

8

Shares or Principal Amount				Market Value ╪
CORPORATE BONDS - 10.9% - (continued)
			Retail Trade - 0.2% - (continued)
			Lowe's Cos., Inc.
$	600		4.63%, 04/15/2020	$	700
					1,078
			Soap, Cleaning Compound and Toilet Manufacturing - 0.4%
			Procter & Gamble Co.
	1,751		9.36%, 01/01/2021		2,332
			Utilities - 0.7%
			Consolidated Edison Co. of NY
	655		5.30%, 12/01/2016		758
			Indianapolis Power and Light
	1,500		6.60%, 06/01/2037 ■		1,997
			Southern California Edison Co.
	750		5.55%, 01/15/2037		973
					3,728
			Wholesale Trade - 0.0%
			Heineken N.V.
	45		2.75%, 04/01/2023 ■		46
	10		4.00%, 10/01/2042 ■		10
					56
			Total corporate bonds
			(cost $55,490)	$	63,008
MUNICIPAL BONDS - 1.3%
			General Obligations - 0.4%
			California State GO, Taxable,
$	250		7.55%, 04/01/2039	$	349
			Chicago, IL, Metropolitan Water Reclamation GO,
	130		5.72%, 12/01/2038		165
			Los Angeles, CA, USD GO,
	800		5.75%, 07/01/2034		948
			Oregon State GO,
	1,000		4.76%, 06/30/2028		1,181
					2,643
			Health Care/Services - 0.1%
			University of California, Regents MedCenter Pooled Rev,
	370		6.58%, 05/15/2049		493
			Higher Education (Univ., Dorms, etc.) - 0.1%
			University of California, Build America Bonds Rev,
	370		5.77%, 05/15/2043		453
			Refunded - 0.1%
			Irvine Ranch, CA, Water Dist Joint Powers Agency,
	515		2.61%, 03/15/2014		530
			Tax Allocation - 0.1%
			Dallas, TX, Area Rapid Transit Sales Tax Rev,
	425		6.00%, 12/01/2044		580
			Transportation - 0.5%
			Bay Area, CA, Toll Auth Bridge Rev,
	575		6.26%, 04/01/2049		798
			Illinois State Toll Highway Auth, Taxable Rev,
	350		6.18%, 01/01/2034		443
			Maryland State Transportation Auth,
	255		5.89%, 07/01/2043		339
			New York & New Jersey PA,
	185		5.86%, 12/01/2024		239
	115		6.04%, 12/01/2029		145
			North Texas Tollway Auth Rev,
	630		6.72%, 01/01/2049		862
					2,826
			Total municipal bonds
			(cost $6,042)	$	7,525
U.S. GOVERNMENT AGENCIES - 1.2%
			FHLMC - 0.7%
$	98		4.00%, 03/01/2041	$	104
	2,012		5.00%, 09/01/2035 - 06/01/2041		2,187
	1,724		5.50%, 07/01/2036 - 06/01/2041		1,877
					4,168
			GNMA - 0.5%
	660		6.00%, 11/20/2023 - 09/15/2034		756
	888		6.50%, 04/15/2026 - 02/15/2035		1,040
	918		7.00%, 11/15/2031 - 11/15/2033		1,092
	154		8.00%, 12/15/2029 - 02/15/2031		171
					3,059
			Total U.S. government agencies
			(cost $6,745)	$	7,227
U.S. GOVERNMENT SECURITIES - 18.7%
		Other Direct Federal Obligations - 1.9%
			FFC - 1.9%
$	3,676		4.40%, 12/06/2013 - 12/27/2013 ○	$	3,649
	5,000		9.80%, 04/06/2018		7,235
					10,884
		U.S. Treasury Securities - 16.8%
			U.S. Treasury Bonds - 4.3%
	200		2.75%, 08/15/2042		196
	600		3.00%, 05/15/2042		620
	7,304		4.38%, 11/15/2039 - 05/15/2041		9,623
	5,000		6.00%, 02/15/2026		7,287
	4,775		6.25%, 08/15/2023		6,889
					24,615

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

9

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
U.S. GOVERNMENT SECURITIES - 18.7% - (continued)
U.S. Treasury Securities - 16.8% - (continued)
		U.S. Treasury Notes - 12.5%
$	13,675	0.25%, 01/31/2014 - 09/30/2014			$	13,669
	1,500	0.63%, 05/31/2017				1,499
	534	0.88%, 01/31/2017				540
	5,400	1.00%, 09/30/2016				5,498
	11,600	1.25%, 10/31/2015				11,898
	4,900	1.38%, 01/15/2013				4,912
	5,000	1.50%, 06/30/2016				5,182
	4,150	1.63%, 08/15/2022				4,127
	6,500	1.88%, 02/28/2014				6,641
	4,775	3.50%, 05/15/2020				5,558
	2,000	3.88%, 05/15/2018				2,331
	5,000	4.25%, 08/15/2013				5,159
	5,200	4.50%, 05/15/2017				6,098
						73,112
						97,727
		Total U.S. government securities
		(cost $98,705)			$	108,611
		Total long-term investments
		(cost $495,949)			$	572,177
SHORT-TERM INVESTMENTS - 1.3%
Repurchase Agreements - 1.3%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,342, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $1,369)
$	1,342	0.30%, 10/31/2012			$	1,342
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $547, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $558)
	547	0.25%, 10/31/2012				547
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $940, collateralized by FNMA 2.50%, 2027, value of $959)
	940	0.35%, 10/31/2012				940
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $357, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $364)
	357	0.35%, 10/31/2012				357
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,658, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $1,690)
	1,658	0.28%, 10/31/2012				1,658
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,102, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $2,144)
	2,102	0.25%, 10/31/2012				2,102
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $10, collateralized by U.S. Treasury Note 8.13%, 2019, value of $10)
	10	0.25%, 10/31/2012				10
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $487, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $497)
	487	0.30%, 10/31/2012				487
						7,443
		Total short-term investments
		(cost $7,443)			$	7,443
		Total investments
		(cost $503,392) ▲	99.8	%	$	579,620
		Other assets and liabilities	0.2	%		1,397
		Total net assets	100.0	%	$	581,017

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

10

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

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $504,393 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	94,119
Unrealized Depreciation		(18,892	)
Net Unrealized Appreciation	$	75,227

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $5,658, which represents 1.0% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $11,732, which represents 2.0% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
08/2011		2,007	Allstar Co.	$	2,043
06/2007		2,225	Buck Holdings L.P.		493

At October 31, 2012, the aggregate value of these securities was $5,658, which represents 1.0% of total net assets.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

Securities Sold Short Outstanding at October 31, 2012
Description	Principal Amount		Maturity Date	Market Value ╪		Unrealized Appreciation/ Depreciation
FHLMC, 5.00%	$	1,000	11/15/2038	$	1,082	$	2
FHLMC, 5.50%		1,600	12/15/2041		1,739		(3	)
				$	2,821	$	(1	)

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

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

11

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Municipal Bond Abbreviations:
GO	General Obligation
PA	Port Authority
Rev	Revenue
USD	United School District

Other Abbreviations:
ADR	American Depositary Receipt
FFC	Federal Financing Corp.
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

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

12

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	961	$	–	$	961	$	–
Common Stocks ‡		384,845		366,616		12,571		5,658
Corporate Bonds		63,008		–		61,612		1,396
Municipal Bonds		7,525		–		7,525		–
U.S. Government Agencies		7,227		–		7,227		–
U.S. Government Securities		108,611		4,323		104,288		–
Short-Term Investments		7,443		–		7,443		–
Total	$	579,620	$	370,939	$	201,627	$	7,054
Liabilities:
Securities Sold Short	$	2,821	$	–	$	2,821	$	–
Total	$	2,821	$	–	$	2,821	$	–

♦ For the year ended October 31, 2012, investments valued at $3,465 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

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

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

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of October 31, 2012
Assets:
Common Stocks	$	7,481	$	3,745	$	(800	)*	$	—	$	—	$	(4,768	)	$	—	$	—	$	5,658
Corporate Bonds		1,364		—		85	†		—		—		(53	)		—		—		1,396
Total	$	8,845	$	3,745	$	(715	)	$	—	$	—	$	(4,821	)	$	—	$	—	$	7,054

*	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(800).
†	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $85.

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

13

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $503,392)	$	579,620
Cash		43
Receivables:
Investment securities sold		3,148
Fund shares sold		334
Dividends and interest		2,060
Other assets		63
Total assets		585,268
Liabilities:
Securities sold short, at market value (proceeds $2,820)		2,821
Payables:
Fund shares redeemed		1,124
Investment management fees		87
Administrative fees		—
Distribution fees		47
Accrued expenses		172
Total liabilities		4,251
Net assets	$	581,017
Summary of Net Assets:
Capital stock and paid-in-capital	$	704,165
Undistributed net investment income		435
Accumulated net realized loss		(199,811	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		76,228
Net assets	$	581,017
Shares authorized		910,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$16.06/$16.99
Shares outstanding		30,074
Net assets	$	483,041
Class B: Net asset value per share	$	15.94
Shares outstanding		991
Net assets	$	15,803
Class C: Net asset value per share	$	16.07
Shares outstanding		4,880
Net assets	$	78,414
Class R3: Net asset value per share	$	16.23
Shares outstanding		23
Net assets	$	378
Class R4: Net asset value per share	$	16.23
Shares outstanding		90
Net assets	$	1,456
Class R5: Net asset value per share	$	16.26
Shares outstanding		7
Net assets	$	121
Class Y: Net asset value per share	$	16.27
Shares outstanding		111
Net assets	$	1,804

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

14

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	8,967
Interest		6,529
Less: Foreign tax withheld		(142	)
Total investment income		15,354
Expenses:
Investment management fees		4,041
Administrative services fees		4
Transfer agent fees		1,420
Distribution fees
Class A		1,224
Class B		217
Class C		791
Class R3		1
Class R4		5
Custodian fees		7
Accounting services fees		107
Registration and filing fees		107
Board of Directors' fees		17
Audit fees		17
Other expenses		156
Total expenses (before waivers and fees paid indirectly)		8,114
Expense waivers		(301	)
Transfer agent fee waivers		(40	)
Commission recapture		(6	)
Total waivers and fees paid indirectly		(347	)
Total expenses, net		7,767
Net Investment Income		7,587
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		21,937
Net realized loss on securities sold short		(7	)
Net realized gain on futures		55
Net realized gain on foreign currency contracts		362
Net realized gain on other foreign currency transactions		8
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		22,355
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		34,017
Net unrealized depreciation of securities sold short		(1	)
Net unrealized depreciation of foreign currency contracts		(117	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(1	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		33,898
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		56,253
Net Increase in Net Assets Resulting from Operations	$	63,840

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

15

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	7,587		$	7,062
Net realized gain on investments, other financial instruments and foreign currency transactions		22,355			47,669
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		33,898			(26,043	)
Net Increase In Net Assets Resulting From Operations		63,840			28,688
Distributions to Shareholders:
From net investment income
Class A		(7,249	)		(6,605	)
Class B		(113	)		(132	)
Class C		(593	)		(445	)
Class R3		(3	)		(2	)
Class R4		(38	)		(63	)
Class R5		(2	)		(2	)
Class Y		(37	)		(30	)
Total distributions		(8,035	)		(7,279	)
Capital Share Transactions:
Class A		(50,859	)		(83,320	)
Class B		(14,780	)		(21,467	)
Class C		(7,648	)		(16,677	)
Class R3		128			73
Class R4		(3,543	)		3,287
Class R5		3			2
Class Y		(144	)		31
Net decrease from capital share transactions		(76,843	)		(118,071	)
Net Decrease In Net Assets		(21,038	)		(96,662	)
Net Assets:
Beginning of period		602,055			698,717
End of period	$	581,017		$	602,055
Undistributed (distribution in excess of) net investment income (loss)	$	435		$	968

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

16

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Balanced Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

17

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

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

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

18

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

19

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and

20

losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

In connection with the Fund’s ability to purchase investments on a when-issued or forward commitment basis, the Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. Although the Fund may enter into TBA commitments with the intention of acquiring or delivering securities for its portfolio, the Fund can extend the settlement date, roll the transaction, or dispose of a commitment prior to settlement if deemed appropriate to do so. If the TBA commitment is closed through the acquisition of an offsetting TBA commitment, the Fund realizes a gain or loss. In a TBA roll transaction, the Fund generally purchases or sells the initial TBA commitment prior to the agreed upon settlement date and enters into a new TBA commitment for future delivery or receipt of the mortgage-backed securities. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

21

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund may enter into “dollar rolls” in which the Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. The Fund gives up the right to receive interest paid on the investments sold. The Fund would benefit to the extent of any differences between the price received for the security and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund records dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Fund’s portfolio turnover rate. The Fund had open dollar roll transactions as of October 31, 2012, as disclosed on the Schedule of Investments, the Statement of Assets and Liabilities and the Statement of Operations.

d) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of October 31, 2012.

22

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. As of October 31, 2012, the Fund had no outstanding futures contracts.

c) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	55	$	—		$	—	$	—	$	—	$	—	$	55
Net realized gain on foreign currency contracts		—		362			—		—		—		—		362
Total	$	55	$	362		$	—	$	—	$	—	$	—	$	417
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(117	)	$	—	$	—	$	—	$	—	$	(117	)
Total	$	—	$	(117	)	$	—	$	—	$	—	$	—	$	(117	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate

23

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted

changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	8,035	$	7,279

24

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	435
Accumulated Capital Losses *		(198,810	)
Unrealized Appreciation †		75,227
Total Accumulated Deficit	$	(123,148	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(85	)
Accumulated Net Realized Gain (Loss)		85

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	198,810
Total	$	198,810

During the year ended October 31, 2012, the Fund utilized $17,469 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

25

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

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

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

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

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

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

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A

Class B

Class C

Class R3

Class R4

Class R5

Class Y

1.18%

NA

NA

1.40%

1.10%

0.80%

NA

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

26

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.18	%
Class B		2.05
Class C		1.92
Class R3		1.40
Class R4		1.10
Class R5		0.80
Class Y		0.75

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $357 and contingent deferred sales charges of $17 from the Fund.

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

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $28.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

27

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

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

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		6		26	%
Class R4		7		8
Class R5		7		100
Class Y		8		7

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	142,690
Sales Proceeds Excluding U.S. Government Obligations		223,911
Cost of Purchases for U.S. Government Obligations		26,739
Sales Proceeds for U.S. Government Obligations		18,111

28

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		2,036		451		(5,782	)		—		(3,295	)		1,977		429		(8,017	)		—		(5,611	)
Amount	$	31,759	$	6,974	$	(89,592	)	$	—	$	(50,859	)	$	29,425	$	6,322	$	(119,067	)	$	—	$	(83,320	)
Class B
Shares		54		7		(1,023	)		—		(962	)		53		8		(1,519	)		—		(1,458	)
Amount	$	834	$	109	$	(15,723	)	$	—	$	(14,780	)	$	788	$	125	$	(22,380	)	$	—	$	(21,467	)
Class C
Shares		330		36		(859	)		—		(493	)		164		28		(1,318	)		—		(1,126	)
Amount	$	5,151	$	557	$	(13,356	)	$	—	$	(7,648	)	$	2,421	$	413	$	(19,511	)	$	—	$	(16,677	)
Class R3
Shares		8		—		—			—		8			6		—		(2	)		—		4
Amount	$	134	$	3	$	(9	)	$	—	$	128		$	100	$	2	$	(29	)	$	—	$	73
Class R4
Shares		18		2		(254	)		—		(234	)		256		4		(35	)		—		225
Amount	$	279	$	38	$	(3,860	)	$	—	$	(3,543	)	$	3,765	$	63	$	(541	)	$	—	$	3,287
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	1	$	2	$	—		$	—	$	3		$	—	$	2	$	—		$	—	$	2
Class Y
Shares		12		2		(22	)		—		(8	)		9		2		(9	)		—		2
Amount	$	182	$	37	$	(363	)	$	—	$	(144	)	$	134	$	30	$	(133	)	$	—	$	31
Total
Shares		2,458		498		(7,940	)		—		(4,984	)		2,465		471		(10,900	)		—		(7,964	)
Amount	$	38,340	$	7,720	$	(122,903	)	$	—	$	(76,843	)	$	36,633	$	6,957	$	(161,661	)	$	—	$	(118,071	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		342	$	5,304
For the Year Ended October 31, 2011		527	$	7,844

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

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

29

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

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

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

30

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31

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Financial Highlights

– Selected Per-Share Data – (A)

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	14.63	$	0.22	$	1.44		$	1.66		$	(0.23	)	$	–		$	–	$	(0.23	)	$	16.06
B		14.51		0.09		1.42			1.51			(0.08	)		–			–		(0.08	)		15.94
C		14.64		0.10		1.45			1.55			(0.12	)		–			–		(0.12	)		16.07
R3		14.78		0.18		1.47			1.65			(0.20	)		–			–		(0.20	)		16.23
R4		14.79		0.24		1.44			1.68			(0.24	)		–			–		(0.24	)		16.23
R5		14.81		0.28		1.46			1.74			(0.29	)		–			–		(0.29	)		16.26
Y		14.82		0.29		1.46			1.75			(0.30	)		–			–		(0.30	)		16.27
For the Year Ended October 31, 2011 (E)
A		14.23		0.18		0.40			0.58			(0.18	)		–			–		(0.18	)		14.63
B		14.10		0.05		0.41			0.46			(0.05	)		–			–		(0.05	)		14.51
C		14.24		0.07		0.41			0.48			(0.08	)		–			–		(0.08	)		14.64
R3		14.38		0.15		0.41			0.56			(0.16	)		–			–		(0.16	)		14.78
R4		14.39		0.19		0.41			0.60			(0.20	)		–			–		(0.20	)		14.79
R5		14.40		0.24		0.41			0.65			(0.24	)		–			–		(0.24	)		14.81
Y		14.41		0.25		0.41			0.66			(0.25	)		–			–		(0.25	)		14.82
For the Year Ended October 31, 2010
A		12.67		0.17		1.55			1.72			(0.16	)		–			–		(0.16	)		14.23
B		12.54		0.06		1.53			1.59			(0.03	)		–			–		(0.03	)		14.10
C		12.67		0.07		1.56			1.63			(0.06	)		–			–		(0.06	)		14.24
R3		12.81		0.13		1.58			1.71			(0.14	)		–			–		(0.14	)		14.38
R4		12.81		0.18		1.57			1.75			(0.17	)		–			–		(0.17	)		14.39
R5		12.82		0.21		1.58			1.79			(0.21	)		–			–		(0.21	)		14.40
Y		12.83		0.23		1.57			1.80			(0.22	)		–			–		(0.22	)		14.41
For the Year Ended October 31, 2009 (E)
A		10.80		0.21		1.94			2.15			(0.28	)		–			–		(0.28	)		12.67
B		10.69		0.12		1.92			2.04			(0.19	)		–			–		(0.19	)		12.54
C		10.80		0.12		1.94			2.06			(0.19	)		–			–		(0.19	)		12.67
R3		10.92		0.18		1.97			2.15			(0.26	)		–			–		(0.26	)		12.81
R4		10.92		0.17		2.01			2.18			(0.29	)		–			–		(0.29	)		12.81
R5		10.93		0.24		1.97			2.21			(0.32	)		–			–		(0.32	)		12.82
Y		10.93		0.28		1.95			2.23			(0.33	)		–			–		(0.33	)		12.83
For the Year Ended October 31, 2008
A		18.52		0.26		(5.74	)		(5.48	)		(0.25	)		(1.99	)		–		(2.24	)		10.80
B		18.34		0.15		(5.70	)		(5.55	)		(0.11	)		(1.99	)		–		(2.10	)		10.69
C		18.51		0.16		(5.73	)		(5.57	)		(0.15	)		(1.99	)		–		(2.14	)		10.80
R3		18.70		0.21		(5.78	)		(5.57	)		(0.22	)		(1.99	)		–		(2.21	)		10.92
R4		18.70		0.26		(5.78	)		(5.52	)		(0.27	)		(1.99	)		–		(2.26	)		10.92
R5		18.71		0.31		(5.79	)		(5.48	)		(0.31	)		(1.99	)		–		(2.30	)		10.93
Y		18.71		0.33		(5.80	)		(5.47	)		(0.32	)		(1.99	)		–		(2.31	)		10.93

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

32

– Ratios and Supplemental Data –

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	11.42	%	$	483,041		1.24	%		1.18	%		1.40	%		29	%
	10.43			15,803		2.24			2.05			0.55			–
	10.60			78,414		1.92			1.92			0.67			–
	11.22			378		1.56			1.40			1.17			–
	11.44			1,456		1.16			1.10			1.59			–
	11.84			121		0.88			0.80			1.78			–
	11.89			1,804		0.75			0.75			1.83			–
	4.10			488,193		1.23			1.18			1.20			43
	3.24			28,334		2.15			2.03			0.34			–
	3.33			78,642		1.90			1.90			0.47			–
	3.87			228		1.52			1.40			0.98			–
	4.18			4,788		1.14			1.10			1.29			–
	4.52			107		0.85			0.80			1.58			–
	4.60			1,763		0.74			0.74			1.64			–
	13.64			554,735		1.23			1.18			1.21			62
	12.72			48,096		2.13			2.03			0.38			–
	12.89			92,526		1.90			1.90			0.49			–
	13.38			153		1.55			1.42			0.91			–
	13.72			1,420		1.13			1.12			1.28			–
	14.06			102		0.85			0.81			1.51			–
	14.14			1,685		0.73			0.73			1.66			–
	20.47			580,354		1.32			1.15			1.90			73
	19.42			73,778		2.25			2.04			1.06			–
	19.46			98,891		1.98			1.98			1.08			–
	20.20			13		1.84			1.32			1.65			–
	20.47			1,275		1.13			1.13			1.61			–
	20.83			9		0.85			0.83			2.18			–
	20.98			1,610		0.76			0.76			2.49			–
	(33.24	)		593,816		1.18			1.18			1.75			79
	(33.80	)		103,632		2.03			2.00			0.93			–
	(33.68	)		106,819		1.87			1.87			1.06			–
	(33.39	)		9		1.57			1.43			1.49			–
	(33.16	)		113		1.11			1.11			1.80			–
	(32.96	)		7		0.79			0.79			2.13			–
	(32.91	)		11,347		0.70			0.70			2.22			–

33

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Balanced Fund (formerly The Hartford Advisers Fund) (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Balanced Fund (formerly The Hartford Advisers Fund) of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

34

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

35

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

36

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

37

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 16.59%.

38

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,013.39	$	5.97	$	1,000.00	$	1,019.20	$	5.99		1.18	%		184		366
Class B	$	1,000.00	$	1,008.87	$	10.30	$	1,000.00	$	1,014.88	$	10.33		2.04			184		366
Class C	$	1,000.00	$	1,009.63	$	9.70	$	1,000.00	$	1,015.48	$	9.73		1.92			184		366
Class R3	$	1,000.00	$	1,012.18	$	7.08	$	1,000.00	$	1,018.10	$	7.10		1.40			184		366
Class R4	$	1,000.00	$	1,013.68	$	5.47	$	1,000.00	$	1,019.71	$	5.48		1.08			184		366
Class R5	$	1,000.00	$	1,015.17	$	4.05	$	1,000.00	$	1,021.11	$	4.06		0.80			184		366
Class Y	$	1,000.00	$	1,015.39	$	3.85	$	1,000.00	$	1,021.32	$	3.86		0.76			184		366

39

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Balanced Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

40

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

41

The Hartford Balanced Fund (formerly The Hartford Advisers Fund)

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

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

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

42

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company. (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

43

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-B12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Balanced Income Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Balanced Income Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	7
Investment Valuation Hierarchy Level Summary at October 31, 2012	30
Statement of Assets and Liabilities at October 31, 2012	31
Statement of Operations for the Year Ended October 31, 2012	33
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	34
Notes to Financial Statements	35
Financial Highlights	52
Report of Independent Registered Public Accounting Firm	54
Directors and Officers (Unaudited)	55
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	57
Quarterly Portfolio Holdings Information (Unaudited)	57
Federal Tax Information (Unaudited)	58
Expense Example (Unaudited)	59
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	60

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Balanced Income Fund inception 07/31/2006

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide current income with growth of capital as a secondary objective.

Performance Overview 7/31/06 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Balanced Income A#		14.05	%		5.90	%		6.95	%
Balanced Income A##		7.78	%		4.71	%		5.99	%
Balanced Income B#		13.44	%		5.17	%		6.19	%
Balanced Income B##		8.44	%		4.84	%		6.19	%
Balanced Income C#		13.22	%		5.15	%		6.16	%
Balanced Income C##		12.22	%		5.15	%		6.16	%
Balanced Income I#		14.31	%		6.04	%		7.06	%
Balanced Income R3#		13.84	%		5.97	%		7.07	%
Balanced Income R4#		14.08	%		6.11	%		7.19	%
Balanced Income R5#		14.33	%		6.25	%		7.30	%
Balanced Income Y#		14.98	%		6.38	%		7.40	%
Balanced Income Fund Blended Index		13.83	%		4.51	%		5.71	%
Barclays Corporate Index		10.21	%		8.08	%		7.78	%
Russell 1000 Value Index		16.89	%		-1.00	%		1.95	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 2/26/10. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Balanced Income Fund Blended Index is a blended index comprised of the following indices: Russell 1000 Value Index (45%), Barclays Corporate Index (formerly known as Barclays Capital Corporate Index) (44%), Barclays U.S. High-Yield Index (formerly known as Barclays U.S. High-Yield Index) (5.5%) and JP Morgan EMBI Plus Index (5.5%).

Barclays Corporate Index (formerly known as Barclays Capital Corporate Index) is an unmanaged index and is the Corporate component of the U.S. Credit Index within the Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index).

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Balanced Income Fund

Manager Discussion

October 31, 2012 (Unaudited)

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

How did the Fund perform?

The Class A shares of The Hartford Balanced Income Fund returned 14.05%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its blended benchmark (45% Russell 1000 Value Index, 44% Barclays Corporate Index, 5.5% Barclays High Yield 2% Capped Index, and 5.5% JP Morgan EMBI Plus Index) which returned 13.83% for the same period. The Fund outperformed the 8.94% return of the average fund in the Lipper Mixed-Asset Target Allocation Moderate Funds peer group, a group of funds that hold between 40-60% in equity securities and the remainder in bonds, cash, and cash equivalents.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of euro area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

The Russell 1000 Value Index rose 16.89% during the period. The Consumer Discretionary (+30%) and Telecommunication Services (+26%) sectors posted the sharpest gains, while Information Technology (-4%) and Energy (+5%) lagged on a relative basis during the period.

Within fixed income markets, corporate bonds, high yield bonds, and emerging markets debt rose during the period. High yield securities and investment grade corporate securities, as measured by the Barclays High Yield (2% issuer cap) and Barclays Corporate indices, gained 13.58% and 10.21% respectively. Emerging markets bonds, as measured by the JP Morgan Emerging Markets Bond Index Plus, rose by 15.94%.

The equity component of the Fund outperformed its benchmark primarily due to stock selection. Stock selection was strongest within the Consumer Discretionary, Utilities, and Information Technology sectors and was weakest within the Telecommunication Services and Materials sectors. Sector allocation, a fall-out of the bottom-up stock selection process, detracted from the Fund’s relative performance, in part due to underweight allocations (i.e. the Fund’s sector position was less than the benchmark position) to Consumer Discretionary and Financials and an overweight allocation to Information Technology. A modest cash allocation detracted in an upward trending market.

Among the top contributors to relative returns in the equity sleeve were Home Depot (Consumer Discretionary), M&T Bank Corp (Financials), and Hewlett-Packard (Information Technology.) Shares of leading home improvement retailer Home Depot outperformed after the company posted solid quarterly earnings and raised its outlook for the full fiscal year. Investors showed confidence that Home Depot will benefit from a continued recovery in the housing market. Shares of commercial and retail banking firm M&T Bank outperformed following the announced acquisition of Hudson City Bank. Investors viewed the deal as attractive from both an earnings and capital perspective. Not owning shares of information technologyfirm Hewlett-Packard, a component of the Russell 1000 Value Index, contributed to relative returns. The stock underperformed after the company announced that fiscal 2012 earnings were expected to be at the lower end of its guidance. Merck & Co (Health Care) was a top contributor to absolute performance (i.e. total return) for the period.

3

The Hartford Balanced Income Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

Among the top detractors from relative returns in the equity portion of the Fund were Intel (Information Technology), Royal Dutch Shell (Energy), and Wells Fargo (Financials.) Shares of Intel underperformed on a relative basis after the company lowered its third quarter revenue outlook, citing sluggish demand for its products. An out of benchmark allocation in Royal Dutch Shell, a global integrated oil and gas company, hurt relative performance during the period as the shares underperformed after the company posted disappointing quarterly earnings in part due to low refining margins and soft chemical earnings. Wells Fargo, a U.S.-based diversified bank, hurt relative performance as we initiated our position later in the period and missed the strong appreciation early in the period. Stocks that detracted most from absolute returns included information technology companies Intel and Cisco Systems, and insurance company Travelers.

The Fund’s fixed income component outperformed its benchmark for the period due primarily to sector allocation. An overweight to High Yield contributed positively to relative returns as the sector outperformed the blended index. Security selection within Investment Grade Credit and Emerging Market Debt also contributed positively to relative returns. Among investment grade corporates, overweights to the Banking and REIT sectors were additive to relative returns. Within the emerging markets debt portion of the Fund, security selection within Venezuela, Mexico, and Brazil contributed positively to relative results, more than offsetting the negative contribution from security selection in Indonesia and Turkey during the period.

Asset allocation between equities and fixed income contributed positively to relative results during the period due to an underweight to fixed income and an overweight to equities in an environment where equities outperformed the broad fixed income markets.

What is the outlook?

Overall, we expect global economic growth to continue, but at a slow rate and with varying degrees of recovery by region. In Europe, the European Central Bank (ECB) bond buying plan has reduced the fears of a cataclysmic liquidity event, although the region remains in recession and still faces many challenges ahead. The pledge of ECB President Mario Draghi to serve as a credible backstop for the embattled peripheral European countries has caused a sharp drop in credit spreads. Coupled with noticeable improvement in competiveness, we believe that a more favorable policy environment should give the eurozone economy a lift in early 2013, after experiencing a pronounced economic decline in the second half of 2012.

China’s economy continues to slow and the risks of a hard landing certainly remain. However, Chinese government officials have shown early signs that they will stimulate their economy. Chinese money market rates have eased noticeably in recent months, suggesting that the construction sector outlook is likely to get brighter next year. The upcoming leadership transition should also bring more clarity on policy initiatives in the first half of 2013.

The U.S. has been better positioned than many other economies, partly because its deleveraging process is more advanced and partly in response to a more aggressive policy environment. The U.S. household balance sheet has also received a welcome windfall gain from recovering housing and equity prices this year. Housing has been a bright spot in the U.S. with the recent Case-Shiller data showing year-over-year price appreciation for the first time in years. However, many risks still remain including the well publicized “fiscal cliff”(expiration of certain tax rate cuts combined with forced spending cuts). We believe that the fiscal contraction could amount to 4% of GDP, enough to tip the economy back into recession. We believe there will ultimately be some compromise reached, which will be closer to a 1-2% headwind vs. the 3-4% that many fear. We believe that the U.S. will remain in a slow growth environment. Continued aggressive Fed policy (QE3) and an improving housing market should help us to avoid a recession.

Based on bottom-up stock decisions, we ended the period most overweight in Consumer Staples, Industrials, and Health Care in the equity portion of the Fund. Our largest equity underweights were in Financials, Consumer Discretionary, and Energy, relative to the Russell 1000 Value index.

We maintain a favorable outlook for the investment grade corporate bond market, based on the strength of corporate balance sheets, attractive valuations and strong technical demand. We expect the U.S. economic recovery to continue on a slow, albeit stable growth trajectory, but the potential for expiring tax cuts and government spending reductions in 2013 could pose significant headwinds to future growth and threaten another recession if not properly addressed. We characterize the global backdrop as highly uncertain, with European economies slowing due to austerity measures and growing uncertainty on how policy makers will respond to the European debt crisis. We expect further accommodative monetary policy in the U.S. and Europe for the remainder of 2012, with the potential for additional stimulus if markets deteriorate.

Despite the recent rally, we believe that high yield bonds remain attractive, given strong fundamentals, attractive yield advantage and a supportive technical backdrop. The trailing

4

12-month par-weighted default rate declined to 1.77% in October, well below the 25-year average of 4.20%. Many issuers have strengthened their balance sheets and liquidity positions since the 2008 credit crisis. In recent years, proceeds from new issuance have been used mainly to refinance existing debt, which should help mitigate default risk over the next few years. Finally, the current yield of 6.49% in the high yield market, according to the Barclays U.S. Corporate High Yield index, compares favorably to other fixed income sectors. One issue that we feel has become increasingly important in high yield is negative convexity - the prospect that capital appreciation is likely to be limited because of the callable nature of high yield debt.

We have adopted a modestly positive risk stance in emerging markets debt portfolios as we come into the fourth quarter of 2012. Recent policy developments in Europe, another round of liquidity from the Fed and the Bank of Japan, as well as signs of stability in China's domestic economy leave us with a more favorable outlook for our market as they suggest that pressures from deleveraging and weaker global economic activity may begin to abate.

The equity and fixed income managers will continue to work collaboratively to make decisions regarding the Fund’s mix of equities and fixed income. At the end of the period, the Fund had a bias towards equities relative to its benchmark.

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		0.2	%
Aa / AA		2.4
A		13.4
Baa / BBB		23.5
Ba / BB		4.3
B		3.4
Caa / CCC or Lower		1.7
Unrated		0.3
U.S. Government Agencies and Securities		1.1
Non Debt Securities and Other Short-Term Instruments		48.0
Other Assets & Liabilities		1.7
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Equity Securities
Banks (Financials)		4.0	%
Capital Goods (Industrials)		5.3
Commercial and Professional Services (Industrials)		0.4
Consumer Durables and Apparel (Consumer Discretionary)		0.5
Consumer Services (Consumer Discretionary)		0.3
Diversified Financials (Financials)		2.6
Energy (Energy)		6.3
Food and Staples Retailing (Consumer Staples)		0.6
Food, Beverage and Tobacco (Consumer Staples)		4.2
Household and Personal Products (Consumer Staples)		1.2
Insurance (Financials)		2.6
Materials (Materials)		1.8
Media (Consumer Discretionary)		0.4
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		6.6
Semiconductors and Semiconductor Equipment (Information Technology)		2.9
Software and Services (Information Technology)		0.6
Technology Hardware and Equipment (Information Technology)		0.4
Telecommunication Services (Services)		1.8
Transportation (Industrials)		0.6
Utilities (Utilities)		2.8
Total		45.9	%
Fixed Income Securities
Accommodation and Food Services (Services)		0.1	%
Administrative Waste Management and Remediation (Services)		0.2
Agriculture, Forestry, Fishing and Hunting (Consumer Staples)		0.0
Air Transportation (Transportation)		0.1
Airport Revenues (Airport Revenues)		0.0
Arts, Entertainment and Recreation (Services)		3.3
Beverage and Tobacco Product Manufacturing (Consumer Staples)		1.3
Chemical Manufacturing (Basic Materials)		0.6
Computer and Electronic Product Manufacturing (Technology)		0.6
Construction (Consumer Cyclical)		0.2
Couriers and Messengers (Services)		0.1
Electrical Equipment, Appliance Manufacturing (Technology)		0.2
Fabricated Metal Product Manufacturing (Basic Materials)		0.0
Finance and Insurance (Finance)		18.6
Food Manufacturing (Consumer Staples)		0.6
Food Services (Consumer Cyclical)		0.1
Furniture and Related Product Manufacturing (Consumer Cyclical)		0.0
General Obligations (General Obligations)		0.3
Health Care and Social Assistance (Health Care)		2.5
Information (Technology)		3.3
Machinery Manufacturing (Capital Goods)		0.1
Mining (Basic Materials)		0.7

5

The Hartford Balanced Income Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

Diversification by Industry

as of October 31, 2012

Industry (Sector) - (continued)	Percentage of Net Assets
Fixed Income Securities - (continued)
Miscellaneous (Miscellaneous)		0.0
Miscellaneous Manufacturing (Capital Goods)		0.6
Motor Vehicle and Parts Manufacturing (Consumer Cyclical)		0.2
Nonmetallic Mineral Product Manufacturing (Basic Materials)		0.1
Other Services (Services)		0.1
Paper Manufacturing (Basic Materials)		0.1
Petroleum and Coal Products Manufacturing (Energy)		3.5
Pipeline Transportation (Utilities)		0.6
Plastics and Rubber Products Manufacturing (Basic Materials)		0.0
Primary Metal Manufacturing (Basic Materials)		0.3
Printing and Related Support Activities (Services)		0.0
Professional, Scientific and Technical Services (Services)		0.1
Public Administration (Services)		0.1
Rail Transportation (Transportation)		0.4
Real Estate, Rental and Leasing (Finance)		1.0
Retail Trade (Consumer Cyclical)		1.0
Soap, Cleaning Compound and Toilet Manufacturing (Consumer Staples)		0.3
Support Activities For Transportation (Transportation)		0.0
Transportation (Transportation)		0.2
Transportation Equipment Manufacturing (Transportation)		0.0
Truck Transportation (Transportation)		0.1
Utilities (Utilities)		2.9
Water Transportation (Transportation)		0.0
Wholesale Trade (Consumer Cyclical)		0.3
Total		44.8	%
Foreign Government Obligations		4.4	%
U.S. Government Securities		1.1
Short-Term Investments		2.1
Other Assets and Liabilities		1.7
Total		100.0	%

6

The Hartford Balanced Income Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 45.8%
		Banks - 4.0%
	340	M&T Bank Corp.	$	35,420
	293	National Bank of Canada		22,623
	800	Wells Fargo & Co.		26,942
				84,985
		Capital Goods - 5.3%
	222	3M Co.		19,421
	384	Eaton Corp.		18,119
	1,133	General Electric Co.		23,870
	287	Illinois Tool Works, Inc.		17,607
	72	Lockheed Martin Corp.		6,775
	67	Schneider Electric S.A.		4,181
	146	Stanley Black & Decker, Inc.		10,131
	175	United Technologies Corp.		13,657
				113,761
		Commercial and Professional Services - 0.4%
	235	Waste Management, Inc.		7,685
		Consumer Durables and Apparel - 0.5%
	312	Mattel, Inc.		11,469
		Consumer Services - 0.3%
	70	McDonald's Corp.		6,058
		Diversified Financials - 2.5%
	114	BlackRock, Inc.		21,669
	764	JP Morgan Chase & Co.		31,830
				53,499
		Energy - 6.3%
	234	BP plc ADR		10,036
	406	Chevron Corp.		44,757
	260	ConocoPhillips Holding Co.		15,035
	327	Exxon Mobil Corp.		29,767
	1,030	Royal Dutch Shell plc Class B		36,422
				136,017
		Food and Staples Retailing - 0.6%
	420	Sysco Corp.		13,051
		Food, Beverage and Tobacco - 4.2%
	292	Altria Group, Inc.		9,272
	56	British American Tobacco plc		2,759
	170	General Mills, Inc.		6,794
	90	H.J. Heinz Co.		5,193
	256	Imperial Tobacco Group plc		9,697
	308	Kraft Foods Group, Inc. ●		13,990
	91	PepsiCo, Inc.		6,297
	248	Philip Morris International, Inc.		21,957
	370	Unilever N.V. NY Shares ADR		13,584
				89,543
		Household and Personal Products - 1.2%
	196	Kimberly-Clark Corp.		16,345
	144	Procter & Gamble Co.		10,001
				26,346
		Insurance - 2.6%
	155	ACE Ltd.		12,218
	1,077	Marsh & McLennan Cos., Inc.		36,667
	109	Swiss Re Ltd.		7,571
				56,456
		Materials - 1.8%
	357	Dow Chemical Co.		10,471
	200	E.I. DuPont de Nemours & Co.		8,925
	281	International Paper Co.		10,075
	228	Nucor Corp.		9,143
				38,614
		Media - 0.4%
	302	Thomson Reuters Corp.		8,522
	47	WPP plc		614
				9,136
		Pharmaceuticals, Biotechnology and Life Sciences - 6.6%
	161	AstraZeneca plc ADR		7,480
	600	Johnson & Johnson		42,464
	1,031	Merck & Co., Inc.		47,060
	1,137	Pfizer, Inc.		28,282
	89	Roche Holding AG		17,092
				142,378
		Semiconductors and Semiconductor Equipment - 2.9%
	549	Analog Devices, Inc.		21,484
	963	Intel Corp.		20,819
	286	Linear Technology Corp.		8,944
	401	Maxim Integrated Products, Inc.		11,033
				62,280
		Software and Services - 0.6%
	435	Microsoft Corp.		12,406
		Technology Hardware and Equipment - 0.4%
	515	Cisco Systems, Inc.		8,825
		Telecommunication Services - 1.8%
	709	AT&T, Inc.		24,524
	508	Vodafone Group plc ADR		13,830
				38,354
		Transportation - 0.6%
	163	United Parcel Service, Inc. Class B		11,947
		Utilities - 2.8%
	64	American Electric Power Co., Inc.		2,857
	50	Dominion Resources, Inc.		2,649
	1,119	National Grid plc		12,757
	130	NextEra Energy, Inc.		9,089
	171	Northeast Utilities		6,732
	48	PG&E Corp.		2,059
	87	PPL Corp.		2,568
	334	UGI Corp.		10,793
	419	Xcel Energy, Inc.		11,829
				61,333
		Total common stocks
		(cost $907,411)	$	984,143
PREFERRED STOCKS - 0.1%
		Diversified Financials - 0.1%
	23	Citigroup Capital XIII	$	626
	25	GMAC Capital Trust I ۞		662
				1,288
		Total preferred stocks
		(cost $1,243)	$	1,288

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

7

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 1.3%
		Finance and Insurance - 1.3%
		Argent Securities, Inc.
$	2,251	0.36%, 06/25/2036 Δ	$	739
		Banc of America Funding Corp.
	1,281	0.51%, 05/20/2047 Δ		903
	1,487	5.77%, 05/25/2037		1,280
		Bear Stearns Adjustable Rate Mortgage Trust
	1,426	2.25%, 08/25/2035 Δ		1,390
	1,313	2.47%, 10/25/2035 Δ		1,229
		Bear Stearns Commercial Mortgage Securities, Inc.
	455	5.20%, 12/11/2038		524
	550	5.54%, 09/11/2041 - 10/12/2041		636
		CFCRE Commercial Mortgage Trust
	1,310	5.75%, 12/15/2047 ■Δ		1,205
		Citigroup Commercial Mortgage Trust, Inc.
	1,322	0.56%, 03/25/2037 Δ		534
		Commercial Mortgage Pass-Through Certificates
	1,130	4.93%, 11/15/2045 ■		1,009
	100	5.94%, 06/10/2046 Δ		114
		Countrywide Home Loans, Inc.
	394	3.00%, 04/20/2036 Δ		226
		CS First Boston Mortgage Securities Corp.
	786	5.50%, 06/25/2035		765
		Fieldstone Mortgage Investment Corp.
	473	0.55%, 04/25/2047 Δ		246
		First Franklin Mortgage Loan Trust
	1,602	0.45%, 04/25/2036 Δ		689
		First Horizon Alternative Mortgage Securities
	918	2.55%, 04/25/2036 Δ		640
	2,367	2.60%, 09/25/2035 Δ		1,934
		GSR Mortgage Loan Trust
	1,530	2.71%, 01/25/2036 Δ		1,127
	1,231	3.38%, 11/25/2035 Δ		1,054
		Indymac Index Mortgage Loan Trust
	493	2.54%, 01/25/2036 Δ		429
	442	2.62%, 08/25/2035 Δ		285
	665	2.96%, 09/25/2036 Δ		446
		JP Morgan Chase Commercial Mortgage Securities Corp.
	1,248	4.83%, 10/15/2045 ■Δ		1,078
	275	5.47%, 04/15/2043 Δ		312
	850	5.49%, 08/15/2046 ■Δ		808
		JP Morgan Mortgage Acquisition Corp.
	2,281	0.45%, 08/25/2036 Δ		732
		Merrill Lynch Mortgage Investors Trust
	257	2.90%, 07/25/2035 Δ		194
		Merrill Lynch Mortgage Trust
	100	5.05%, 07/12/2038		111
		Morgan Stanley ABS Capital I
	2,007	0.27%, 12/25/2036 Δ		885
		Morgan Stanley Capital I
	100	5.23%, 09/15/2042		111
		Option One Mortgage Loan Trust
	355	0.46%, 03/25/2037 Δ		138
		SBA Tower Trust
	1,050	2.93%, 12/15/2017 ■		1,077
		Soundview Home Equity Loan Trust, Inc.
	1,720	0.45%, 07/25/2036 Δ		799
	465	0.46%, 06/25/2036 Δ		255
	2,160	0.49%, 05/25/2036 Δ		1,151
	2,210	1.31%, 09/25/2037 Δ		1,055
		Structured Adjustable Rate Mortgage Loan Trust
	948	0.51%, 09/25/2034 Δ		760
		Wells Fargo Commercial Mortgage Trust
	360	4.78%, 10/15/2045 ■		319
		Wells Fargo Mortgage Backed Securities Trust
	453	5.17%, 10/25/2035 Δ		451
		WF-RBS Commercial Mortgage Trust
	1,000	4.96%, 11/15/2045 ■		877
				28,517
		Total asset & commercial mortgage backed securities
		(cost $26,587)	$	28,517
CORPORATE BONDS - 42.9%
		Accommodation and Food Services - 0.1%
		Caesars Operating Escrow
$	500	8.50%, 02/15/2020 ■	$	491
	435	9.00%, 02/15/2020 ■		433
		Choice Hotels International, Inc.
	41	5.70%, 08/28/2020		44
	375	5.75%, 07/01/2022		411
		Harrah's Operating Co., Inc.
	620	11.25%, 06/01/2017		671
		MGM Mirage, Inc.
	25	9.00%, 03/15/2020		28
	155	11.13%, 11/15/2017		171
		Starwood Hotels & Resorts, Inc.
	60	7.15%, 12/01/2019		74
		Wynn Las Vegas LLC
	130	5.38%, 03/15/2022 ■		134
	250	7.75%, 08/15/2020		280
	260	7.88%, 05/01/2020		290
				3,027
		Administrative Waste Management and Remediation - 0.2%
		Clean Harbors, Inc.
	150	5.25%, 08/01/2020 ■		154
		Iron Mountain, Inc.
	175	5.75%, 08/15/2024		174
	360	7.75%, 10/01/2019		406
	525	8.38%, 08/15/2021		580
		Republic Services, Inc.
	2,850	3.55%, 06/01/2022		3,019
	595	3.80%, 05/15/2018		659
				4,992
		Agriculture, Forestry, Fishing and Hunting - 0.0%
		Southern States Coop, Inc.
	25	11.25%, 05/15/2015 ■		26

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

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Agriculture, Forestry, Fishing and Hunting - 0.0% - (continued)
		Weyerhaeuser Co.
$	110	7.38%, 03/15/2032	$	140
				166
		Air Transportation - 0.1%
		Continental Airlines, Inc.
	1,760	4.00%, 10/29/2024		1,831
	18	5.98%, 04/19/2022		20
	38	6.90%, 04/19/2022		40
				1,891
		Arts, Entertainment and Recreation - 3.3%
		AMC Entertainment, Inc.
	450	8.75%, 06/01/2019		497
	631	9.75%, 12/01/2020		709
		Bresnan Broadband Holdings LLC
	150	8.00%, 12/15/2018 ■		161
		BSKYB Finance UK plc
	350	6.50%, 10/15/2035 ■		450
		CBS Corp.
	920	3.38%, 03/01/2022		967
	150	5.50%, 05/15/2033		167
	1,000	5.75%, 04/15/2020		1,209
	1,250	8.88%, 05/15/2019		1,721
		CCO Holdings LLC
	1,185	5.25%, 09/30/2022		1,191
	45	6.50%, 04/30/2021		48
	500	6.63%, 01/31/2022		542
	309	7.25%, 10/30/2017		338
	200	7.38%, 06/01/2020		224
	215	8.13%, 04/30/2020		242
		Cequel Communications, LLC
	195	6.38%, 09/15/2020 ■		197
		Citycenter Holdings LLC
	365	7.63%, 01/15/2016		390
		Clear Channel Worldwide Holdings, Inc.
	240	9.25%, 12/15/2017		257
		Comcast Corp.
	1,000	5.65%, 06/15/2035		1,192
	400	5.70%, 05/15/2018		487
	1,000	5.90%, 03/15/2016		1,163
	1,250	6.40%, 05/15/2038		1,646
	1,980	6.45%, 03/15/2037		2,606
	510	7.05%, 03/15/2033		687
		DirecTV Holdings LLC
	200	3.55%, 03/15/2015		212
	2,100	3.80%, 03/15/2022		2,188
	305	4.60%, 02/15/2021		338
	325	5.00%, 03/01/2021		370
	146	5.20%, 03/15/2020		168
	175	6.00%, 08/15/2040		201
	400	6.38%, 03/01/2041		482
		Discovery Communications, Inc.
	290	3.70%, 06/01/2015		311
		Emdeon, Inc.
	221	11.00%, 12/31/2019		251
		Equinix, Inc.
	95	7.00%, 07/15/2021		105
	30	8.13%, 03/01/2018		33
		Fidelity National Information Services, Inc.
	280	5.00%, 03/15/2022		285
	95	7.63%, 07/15/2017		104
		Gray Television, Inc.
	915	7.50%, 10/01/2020 ■		904
		Great Canadian Gaming Co.
CAD	190	6.63%, 07/25/2022 ■		196
		Greektown Superholdings, Inc.
	510	13.00%, 07/01/2015		548
		Grupo Televisa S.A.
	95	6.63%, 01/15/2040		128
		Isle of Capri Casinos, Inc.
	120	7.75%, 03/15/2019		129
	290	8.88%, 06/15/2020 ■		305
		NBC Universal Media LLC
	1,900	2.88%, 01/15/2023		1,915
	1,070	3.65%, 04/30/2015		1,147
	1,350	5.95%, 04/01/2041		1,681
		Net Servicos De Comnicacao S.A.
	323	7.50%, 01/27/2020		373
		News America Holdings, Inc.
	75	7.75%, 12/01/2045		107
	100	8.88%, 04/26/2023		136
		News America, Inc.
	4,925	3.00%, 09/15/2022 ■		5,020
	850	6.15%, 02/15/2041		1,100
	285	6.40%, 12/15/2035		365
	2,450	6.90%, 03/01/2019		3,077
		Regal Cinemas Corp.
	195	8.63%, 07/15/2019		214
		Regal Entertainment Group
	120	9.13%, 08/15/2018		133
		Sinclair Television Group, Inc.
	260	9.25%, 11/01/2017 ■		288
		Sirius XM Radio, Inc.
	1,040	5.25%, 08/15/2022 ■		1,040
		Time Warner Cable, Inc.
	1,290	4.00%, 09/01/2021		1,433
	1,040	4.50%, 09/15/2042		1,069
	2,150	5.88%, 11/15/2040		2,617
	2,000	6.55%, 05/01/2037		2,603
	625	6.75%, 06/15/2039		834
	300	7.30%, 07/01/2038		419
	970	8.25%, 04/01/2019		1,312
		Time Warner Entertainment Co., L.P.
	30	8.38%, 03/15/2023		43
		Time Warner, Inc.
	360	3.40%, 06/15/2022		385
	600	4.00%, 01/15/2022		667
	2,275	4.88%, 03/15/2020		2,675
	1,500	5.88%, 11/15/2016		1,775
	1,985	6.10%, 07/15/2040		2,532
	350	6.25%, 03/29/2041		453
	75	6.63%, 05/15/2029		97
	1,010	7.63%, 04/15/2031		1,449
		Univision Communications, Inc.
	455	6.75%, 09/15/2022 ■		455

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

9

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Arts, Entertainment and Recreation - 3.3% - (continued)
		Viacom, Inc.
$	305	1.25%, 02/27/2015	$	308
	215	3.88%, 12/15/2021		236
	2,450	4.25%, 09/15/2015		2,661
	470	4.38%, 09/15/2014		502
	500	4.50%, 03/01/2021		566
	340	6.13%, 10/05/2017		415
	1,500	6.88%, 04/30/2036		2,039
		Videotron Ltee
	245	5.00%, 07/15/2022		254
		Virgin Media Finance plc
	465	5.25%, 02/15/2022		486
		Virgin Media Secured Finance plc
	500	5.25%, 01/15/2021		583
	100	6.50%, 01/15/2018		108
				69,921
		Beverage and Tobacco Product Manufacturing - 1.3%
		Altria Group, Inc.
	3,800	2.85%, 08/09/2022		3,811
	550	8.50%, 11/10/2013		593
	115	9.25%, 08/06/2019		162
	451	9.70%, 11/10/2018		643
	185	10.20%, 02/06/2039		325
		Anheuser-Busch InBev Worldwide, Inc.
	3,570	1.38%, 07/15/2017		3,624
	400	1.50%, 07/14/2014		407
	1,825	5.38%, 11/15/2014 - 01/15/2020		2,185
	100	8.00%, 11/15/2039		166
	500	8.20%, 01/15/2039		841
		BAT International Finance plc
	35	9.50%, 11/15/2018 ■		49
		Constellation Brands, Inc.
	65	4.63%, 03/01/2023		66
	585	6.00%, 05/01/2022		664
		Diageo Capital plc
	180	5.75%, 10/23/2017		219
		International CCE, Inc.
	500	3.50%, 09/15/2020		530
		Lorillard Tobacco Co.
	1,025	7.00%, 08/04/2041		1,275
	1,210	8.13%, 06/23/2019		1,556
		Molson Coors Brewing Co.
	476	2.00%, 05/01/2017		492
	110	3.50%, 05/01/2022		118
		PepsiCo, Inc.
	750	7.90%, 11/01/2018		1,023
		Pernod-Ricard S.A.
	190	4.45%, 01/15/2022 ■		213
	500	5.50%, 01/15/2042 ■		604
	2,290	5.75%, 04/07/2021 ■		2,773
		Philip Morris International, Inc.
	1,400	1.13%, 08/21/2017		1,397
	400	5.65%, 05/16/2018		491
	400	6.38%, 05/16/2038		573
		Reynolds American, Inc.
	1,345	3.25%, 11/01/2022		1,360
	685	7.63%, 06/01/2016		829
	100	7.75%, 06/01/2018		126
				27,115
		Chemical Manufacturing - 0.6%
		Agrium, Inc.
	1,650	3.15%, 10/01/2022		1,680
	200	6.75%, 01/15/2019		250
		Celanese US Holdings LLC
	50	6.63%, 10/15/2018		55
		CF Industries Holdings, Inc.
	195	6.88%, 05/01/2018		240
	35	7.13%, 05/01/2020		44
		Cytec Industries, Inc.
	50	6.00%, 10/01/2015		55
		Dow Chemical Co.
	2,850	4.25%, 11/15/2020		3,159
	100	5.90%, 02/15/2015		111
	975	7.60%, 05/15/2014		1,075
		Ecolab, Inc.
	425	1.00%, 08/09/2015		427
	1,285	3.00%, 12/08/2016		1,379
		Ferro Corp.
	680	7.88%, 08/15/2018		627
		Hexion Specialty Chemicals
	245	8.88%, 02/01/2018		247
		Hexion U.S. Finance Corp.
	215	6.63%, 04/15/2020		214
	225	9.00%, 11/15/2020		202
		Ineos Group Holdings plc
	990	8.50%, 02/15/2016 ■		955
		Momentive Performance Materials, Inc.
	250	9.00%, 01/15/2021		173
		MPM Escrow LLC/MPM Finance Corp.
	370	8.88%, 10/15/2020 ■		363
		Nufarm Australia Ltd.
	220	6.38%, 10/15/2019 ■		226
		PTT Global Chemical PCL
	200	4.25%, 09/19/2022 ■		206
		Sinopec Group Overseas Development 2012 Ltd.
	245	3.90%, 05/17/2022 ■		266
		Yara International ASA
	160	5.25%, 12/15/2014 ■		172
				12,126
		Computer and Electronic Product Manufacturing - 0.6%
		CDW Escrow Corp.
	1,072	8.50%, 04/01/2019		1,144
		CDW LLC/CDW Finance
	515	8.00%, 12/15/2018		562
		eAccess Ltd.
	75	8.25%, 04/01/2018 ■		84
		Esterline Technologies Corp.
	265	7.00%, 08/01/2020		293
		Freescale Semiconductor, Inc.
	190	8.05%, 02/01/2020		178
	740	9.25%, 04/15/2018 ■		792
	44	10.75%, 08/01/2020		46
		Hewlett-Packard Co.
	1,700	2.65%, 06/01/2016		1,702
	365	3.75%, 12/01/2020		355
	635	4.30%, 06/01/2021		624
	1,475	4.65%, 12/09/2021		1,477

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

10

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Computer and Electronic Product Manufacturing - 0.6% - (continued)
		Jabil Circuit, Inc.
$	380	5.63%, 12/15/2020	$	404
		Lockheed Martin Corp.
	210	2.13%, 09/15/2016		218
		Raytheon Co.
	1,250	4.88%, 10/15/2040		1,484
		Seagate HDD Cayman
	350	6.88%, 05/01/2020		365
	51	7.00%, 11/01/2021		53
		Siemens Financieringsmaatschappij N.V.
	1,300	6.13%, 08/17/2026 ■		1,715
		Sorenson Communications, Inc.
	500	10.50%, 02/01/2015 ■		410
				11,906
		Construction - 0.2%
		Aguila 3 S.A.
	165	7.88%, 01/31/2018 ■		174
		Empresas ICA, S.A.B. de C.V.
	470	8.90%, 02/04/2021 §		508
		K Hovnanian Enterprises, Inc.
	811	9.13%, 11/15/2020 ■		843
		KB Home
	365	7.50%, 09/15/2022		397
	411	8.00%, 03/15/2020		459
		Lennar Corp.
	1,180	4.75%, 12/15/2017 - 11/15/2022 ■		1,206
	95	5.60%, 05/31/2015		102
		Pulte Homes, Inc.
	295	5.20%, 02/15/2015		316
		Ryland Group, Inc.
	150	5.38%, 10/01/2022		152
				4,157
		Couriers and Messengers - 0.1%
		United Parcel Service, Inc.
	1,540	2.45%, 10/01/2022		1,572
		Electrical Equipment, Appliance Manufacturing - 0.2%
		General Electric Co.
	2,550	0.85%, 10/09/2015		2,555
	795	4.13%, 10/09/2042		833
				3,388
		Fabricated Metal Product Manufacturing - 0.0%
		Anixter International, Inc.
	145	5.63%, 05/01/2019		153
		Ball Corp.
	135	5.00%, 03/15/2022		142
	240	5.75%, 05/15/2021		258
		Crown Americas, Inc.
	55	6.25%, 02/01/2021		61
	115	7.63%, 05/15/2017		122
		Ply Gem Industries, Inc.
	310	9.38%, 04/15/2017 ■		325
				1,061
		Finance and Insurance - 17.3%
		Abbey National Treasury Services plc
	200	3.88%, 11/10/2014 ■		206
		ABN Amro Bank N.V.
	1,000	4.25%, 02/02/2017 ■		1,084
		ACE Capital Trust II
	90	9.70%, 04/01/2030		132
		Aetna, Inc.
	155	1.75%, 05/15/2017		157
		Akbank T.A.S.
	185	3.88%, 10/24/2017 ■		185
	150	5.00%, 10/24/2022 ■		152
		Allied World Assurance Co., Ltd.
	23	7.50%, 08/01/2016		27
		Allstate (The) Corp.
	500	5.55%, 05/09/2035		627
		Ally Financial, Inc.
	650	6.75%, 12/01/2014		700
	125	7.50%, 09/15/2020		147
	590	8.00%, 03/15/2020		704
		American Express Centurion Bank
	300	6.00%, 09/13/2017		365
		American Express Co.
	1,700	1.75%, 06/12/2015		1,743
	250	7.25%, 05/20/2014		275
	1,850	8.13%, 05/20/2019		2,503
		American Express Credit Corp.
	685	2.38%, 03/24/2017		720
	325	2.75%, 09/15/2015		343
	1,750	2.80%, 09/19/2016		1,863
	700	5.88%, 05/02/2013		719
		American International Group, Inc.
	360	3.65%, 01/15/2014		371
	1,205	3.80%, 03/22/2017		1,300
	950	4.88%, 09/15/2016 - 06/01/2022		1,069
	100	5.05%, 10/01/2015		110
	375	5.45%, 05/18/2017		429
	1,300	5.85%, 01/16/2018		1,519
	3,050	6.40%, 12/15/2020		3,746
	850	8.18%, 05/15/2058		1,060
		Ameriprise Financial, Inc.
	370	5.65%, 11/15/2015		421
		Aon Corp.
	500	3.13%, 05/27/2016		529
	275	5.00%, 09/30/2020		317
		BAE Systems Holdings, Inc.
	40	4.95%, 06/01/2014 ■		42
		Banco Btg Pactual
	395	5.75%, 09/28/2022 ■		413
		Banco de Credito del Peru/Panama
	30	5.38%, 09/16/2020 §		33
	71	6.88%, 09/16/2026 ■		82
		Banco do Brasil
	225	3.88%, 10/10/2022		224
		Bancolombia S.A.
	536	5.13%, 09/11/2022		560
	125	6.13%, 07/26/2020		140
		Bangkok Bank PCL
	206	3.88%, 09/27/2022 ■		209

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

11

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Finance and Insurance - 17.3% - (continued)
		Bank of America Corp.
$	500	1.50%, 10/09/2015	$	501
	900	3.88%, 03/22/2017		971
	1,500	4.90%, 05/01/2013		1,530
	5,425	5.63%, 07/01/2020		6,329
	915	5.65%, 05/01/2018		1,065
	2,115	5.70%, 01/24/2022		2,516
	2,040	5.75%, 12/01/2017		2,363
	2,840	5.88%, 01/05/2021		3,329
	3,760	6.00%, 09/01/2017 - 10/15/2036		4,436
	1,520	7.63%, 06/01/2019		1,928
		Bank of Montreal
	1,615	2.50%, 01/11/2017		1,700
		Barclays Bank plc
	910	5.14%, 10/14/2020		952
	1,000	5.20%, 07/10/2014		1,069
	3,130	6.05%, 12/04/2017 ■		3,419
		BB&T Corp.
	1,470	1.60%, 08/15/2017		1,497
	200	4.90%, 06/30/2017		227
		Bear Stearns & Co., Inc.
	1,750	5.30%, 10/30/2015		1,956
	1,000	5.70%, 11/15/2014		1,094
	280	7.25%, 02/01/2018		348
		BM&F Bovespa S.A.
	385	5.50%, 07/16/2020 §		445
		BNP Paribas
	1,980	2.38%, 09/14/2017		1,995
		Boston Properties L.P.
	435	3.70%, 11/15/2018		474
		BP Capital Markets plc
	425	1.70%, 12/05/2014		435
	1,675	2.25%, 11/01/2016		1,750
	375	3.13%, 10/01/2015		401
	3,800	3.25%, 05/06/2022		4,076
		Branch Banking & Trust Co.
	250	5.63%, 09/15/2016		284
		Brandywine Operating Partnership
	1,100	4.95%, 04/15/2018		1,206
	215	5.70%, 05/01/2017		240
	150	7.50%, 05/15/2015		170
		Capital One Bank
	850	8.80%, 07/15/2019		1,131
		Capital One Financial Corp.
	1,006	2.15%, 03/23/2015		1,034
	500	4.75%, 07/15/2021		574
	1,075	6.15%, 09/01/2016		1,231
	125	6.75%, 09/15/2017		154
	325	7.38%, 05/23/2014		357
		Caterpillar Financial Services Corp.
	1,710	1.63%, 06/01/2017		1,753
	2,100	2.05%, 08/01/2016		2,188
		Cigna Corp.
	1,700	4.00%, 02/15/2022		1,858
	800	5.38%, 02/15/2042		944
	900	5.88%, 03/15/2041		1,113
		CIT Group, Inc.
	335	5.00%, 05/15/2017		353
	686	5.25%, 03/15/2018		729
	545	5.38%, 05/15/2020		582
	180	5.50%, 02/15/2019 ■		192
	70	6.63%, 04/01/2018 ■		78
		Citigroup, Inc.
	1,250	2.65%, 03/02/2015		1,289
	445	4.59%, 12/15/2015		485
	590	4.75%, 05/19/2015		639
	1,500	5.38%, 08/09/2020		1,755
	845	5.85%, 07/02/2013		873
	160	5.88%, 01/30/2042		199
	1,485	6.00%, 10/31/2033		1,595
	7,250	6.13%, 05/15/2018 - 08/25/2036		8,453
	3,035	6.38%, 08/12/2014		3,307
	430	6.50%, 08/19/2013		450
	250	6.63%, 06/15/2032		289
	2,115	6.88%, 03/05/2038		2,817
	270	8.50%, 05/22/2019		360
		CNH Capital LLC
	245	3.88%, 11/01/2015 ■		251
	270	6.25%, 11/01/2016 ■		292
		Community Choice Financial, Inc.
	535	10.75%, 05/01/2019		520
		Credit Acceptance Corp.
	360	9.13%, 02/01/2017		395
		Credit Suisse Guernsey
	2,500	1.63%, 03/06/2015 ■		2,540
		Credit Suisse New York
	1,000	3.50%, 03/23/2015		1,058
	700	5.00%, 05/15/2013		717
	1,500	5.40%, 01/14/2020		1,679
		DBS Bank Ltd.
	275	3.63%, 09/21/2022 §		284
		Discover Financial Services, Inc.
	960	5.20%, 04/27/2022 ■		1,084
		Equity One, Inc.
	65	6.00%, 09/15/2017		75
		ERP Operating L.P.
	1,475	4.63%, 12/15/2021		1,689
	300	5.13%, 03/15/2016		337
		Everest Reinsurance Holdings, Inc.
	70	5.40%, 10/15/2014		74
		Federal Realty Investment Trust
	55	5.95%, 08/15/2014		60
		Felcor Escrow Holdings
	340	6.75%, 06/01/2019		363
		Fibria Overseas Finance Ltd.
	250	6.75%, 03/03/2021 §		277
	365	7.50%, 05/04/2020 ■		404
		Fifth Third Bancorp
	356	3.63%, 01/25/2016		383
	425	5.45%, 01/15/2017		480
	1,300	8.25%, 03/01/2038		1,885

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

12

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Finance and Insurance - 17.3% - (continued)
		Ford Motor Credit Co. LLC
$	2,100	2.75%, 05/15/2015	$	2,141
	1,500	3.88%, 01/15/2015		1,564
	675	4.21%, 04/15/2016		719
	2,220	4.25%, 02/03/2017 - 09/20/2022		2,323
	240	5.00%, 05/15/2018		265
	195	8.00%, 12/15/2016		236
	200	8.13%, 01/15/2020		254
		General Electric Capital Corp.
	1,650	1.63%, 07/02/2015		1,678
	4,000	2.30%, 04/27/2017		4,132
	1,600	2.95%, 05/09/2016		1,693
	725	3.50%, 06/29/2015		769
	2,625	4.65%, 10/17/2021		2,970
	55	5.50%, 01/08/2020		65
	725	5.55%, 05/04/2020		863
	4,075	5.63%, 05/01/2018		4,841
	1,995	5.88%, 01/14/2038		2,456
	90	6.15%, 08/07/2037		115
	800	6.25%, 12/15/2022 ♠		872
	4,530	6.75%, 03/15/2032		6,026
		Globo Communicacao e Participacoes S.A.
	265	5.31%, 05/11/2022 ■		292
		Goldman Sachs Group, Inc.
	3,600	3.30%, 05/03/2015		3,760
	1,000	4.75%, 07/15/2013		1,027
	1,820	5.25%, 07/27/2021		2,034
	2,000	5.38%, 03/15/2020		2,261
	3,250	5.63%, 01/15/2017		3,603
	3,975	5.75%, 01/24/2022		4,615
	75	5.95%, 01/15/2027		81
	1,000	6.00%, 05/01/2014		1,072
	665	6.25%, 02/01/2041		790
	200	6.35%, 02/15/2034		206
	1,220	6.45%, 05/01/2036		1,302
	2,400	6.75%, 10/01/2037		2,643
	1,271	7.50%, 02/15/2019		1,587
		Grupo Aval Ltd.
	300	4.75%, 09/26/2022 ■		300
		Guardian Life Insurance Co.
	250	7.38%, 09/30/2039 ■		347
		Halyk Savings Bank of Kazakhstan JSC
	380	9.25%, 10/16/2013 §		399
		Harley-Davidson Financial Services, Inc.
	2,185	1.15%, 09/15/2015 ■		2,195
		HCP, Inc.
	640	3.75%, 02/01/2016 - 02/01/2019		679
	330	6.00%, 01/30/2017		381
	1,000	6.70%, 01/30/2018		1,207
	1,125	6.75%, 02/01/2041		1,498
		Health Care, Inc.
	3,000	4.13%, 04/01/2019		3,236
	266	5.25%, 01/15/2022		304
		Host Hotels & Resorts L.P.
	190	6.00%, 11/01/2020		211
		Host Marriott L.P.
	57	6.75%, 06/01/2016		59
		HSBC Bank plc
	330	3.50%, 06/28/2015 ■		351
		HSBC Bank USA
	3,240	2.38%, 02/13/2015		3,351
	175	5.00%, 09/27/2020		190
	250	6.00%, 08/09/2017		291
		HSBC Holdings plc
	1,000	4.00%, 03/30/2022		1,095
	1,665	5.10%, 04/05/2021		1,963
	1,000	6.50%, 09/15/2037		1,228
	2,100	6.80%, 06/01/2038		2,677
		Ineos Finance plc
	190	7.50%, 05/01/2020 ■		192
		ING US, Inc.
	545	5.50%, 07/15/2022 ■		593
		Itau Unibanco Holding S.A.
	575	5.50%, 08/06/2022 §		604
		John Deere Capital Corp.
	2,900	0.70%, 09/04/2015		2,904
	1,000	0.95%, 06/29/2015		1,010
	1,835	3.15%, 10/15/2021		1,979
	395	3.90%, 07/12/2021		445
		JP Morgan Chase & Co.
	2,220	1.10%, 10/15/2015		2,217
	2,270	3.25%, 09/23/2022		2,327
	385	4.25%, 10/15/2020		424
	4,300	4.35%, 08/15/2021		4,806
	500	4.40%, 07/22/2020		556
	2,220	4.63%, 05/10/2021		2,504
	4,070	5.13%, 09/15/2014		4,349
	1,025	5.40%, 01/06/2042		1,236
	3,750	6.00%, 01/15/2018		4,463
	1,325	6.30%, 04/23/2019		1,634
	1,000	6.40%, 05/15/2038		1,336
		Key Bank NA
	250	5.45%, 03/03/2016		282
		Kimco Realty Corp.
	450	4.30%, 02/01/2018		495
	20	5.58%, 11/23/2015		22
		Ladder Capital Finance Holdings LLC
	766	7.38%, 10/01/2017 ■		776
		Liberty Property L.P.
	115	4.75%, 10/01/2020		127
	350	5.50%, 12/15/2016		398
		Lincoln National Corp.
	1,035	6.15%, 04/07/2036		1,193
	450	7.00%, 06/15/2040		581
		Lloyds Banking Group plc
	944	7.88%, 11/01/2020 ■		970
		Majapahit Holding B.V.
	100	7.75%, 01/20/2020 §		126
		Marsh & McLennan Cos., Inc.
	825	2.30%, 04/01/2017		842
	565	4.80%, 07/15/2021		640
	295	4.85%, 02/15/2013		298
	36	5.75%, 09/15/2015		41
		Massachusetts Mutual Life Insurance Co.
	425	8.88%, 06/01/2039 ■		654
		Massmutual Global Funding
	630	3.13%, 04/14/2016 ■		669

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

13

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Finance and Insurance - 17.3% - (continued)
		Merrill Lynch & Co., Inc.
$	621	5.70%, 05/02/2017	$	683
	320	6.40%, 08/28/2017		377
	1,790	6.88%, 04/25/2018		2,161
	4,575	7.75%, 05/14/2038		6,029
		MetLife Global Funding I
	300	2.50%, 09/29/2015 ■		314
	500	3.13%, 01/11/2016 ■		531
		MetLife Institutional Funding II
	2,500	1.63%, 04/02/2015 ■		2,548
		MetLife, Inc.
	965	1.76%, 12/15/2017		981
	275	6.38%, 06/15/2034		360
	50	7.72%, 02/15/2019		66
		Morgan Stanley
	1,475	4.75%, 03/22/2017		1,596
	1,600	4.88%, 11/01/2022		1,618
	2,900	5.45%, 01/09/2017		3,211
	675	5.50%, 07/28/2021		750
	1,890	5.63%, 09/23/2019		2,099
	1,726	5.75%, 01/25/2021		1,931
	2,300	6.00%, 04/28/2015		2,505
	1,265	6.38%, 07/24/2042		1,454
	3,385	6.63%, 04/01/2018		3,937
		National City Corp.
	40	4.90%, 01/15/2015		44
	585	6.88%, 05/15/2019		725
		National Money Mart Co.
	580	10.38%, 12/15/2016		647
		National Rural Utilities Cooperative Finance Corp.
	235	1.90%, 11/01/2015		243
		Nationstar Mortgage LLC
	675	7.88%, 10/01/2020 ■		695
		Nationwide Mutual Insurance Co.
	225	9.38%, 08/15/2039 ■		326
		New York Life Global Funding
	800	2.45%, 07/14/2016 ■		832
	200	3.00%, 05/04/2015 ■		211
		Nordea Bank AB
	760	4.88%, 05/13/2021 ■		804
		Nuveen Investments, Inc.
	255	9.13%, 10/15/2017 ■		255
	616	9.50%, 10/15/2020 ■		620
		Oversea-Chinese Banking Corp., Ltd.
	275	3.75%, 11/15/2022		285
		Pacific Life Insurance Co.
	100	9.25%, 06/15/2039 ■		142
		PKO Finance AB
	375	4.63%, 09/26/2022 ■		387
		PNC Bank NA
	1,690	2.70%, 11/01/2022		1,699
		PNC Funding Corp.
	3,000	5.25%, 11/15/2015		3,360
	190	5.63%, 02/01/2017		221
		Pricoa Global Funding I
	400	5.45%, 06/11/2014 ■		430
		Principal Financial Group, Inc.
	620	3.30%, 09/15/2022		634
	65	7.88%, 05/15/2014		72
	40	8.88%, 05/15/2019		53
		Provident Funding Associates L.P.
	630	10.25%, 04/15/2017 ■		689
		Prudential Financial, Inc.
	1,660	5.80%, 11/16/2041		1,997
	170	6.10%, 06/15/2017		202
	265	6.20%, 01/15/2015		292
		Realty Income Corp.
	2,676	3.25%, 10/15/2022		2,679
	185	6.75%, 08/15/2019		227
		Royal Bank of Canada
	3,000	0.80%, 10/30/2015		3,010
		Royal Bank of Scotland plc
	1,920	2.55%, 09/18/2015		1,968
	1,500	3.40%, 08/23/2013		1,527
	710	3.95%, 09/21/2015		761
	400	4.88%, 08/25/2014 ■		425
	475	4.88%, 03/16/2015		510
	100	5.63%, 08/24/2020		117
	350	6.13%, 01/11/2021		424
		Russian Agricultural Bank OJSC
	440	5.30%, 12/27/2017 §		471
		Santander Holdings USA, Inc.
	730	3.00%, 09/24/2015		744
		SB Capital S.A.
	500	5.13%, 10/29/2022 ■		498
	1,545	5.72%, 06/16/2021 §		1,686
	200	6.13%, 02/07/2022 §		224
		Simon Property Group L.P.
	100	4.20%, 02/01/2015		107
	120	4.38%, 03/01/2021		135
	100	5.75%, 12/01/2015		113
	200	6.13%, 05/30/2018		245
		SLM Corp.
	1,950	4.63%, 09/25/2017		2,001
	200	5.63%, 08/01/2033		187
	415	6.25%, 01/25/2016		448
	640	7.25%, 01/25/2022		706
	181	8.00%, 03/25/2020		210
	395	8.45%, 06/15/2018		469
		Societe Generale
	2,195	2.75%, 10/12/2017		2,212
		Speedy Cash, Inc.
	116	10.75%, 05/15/2018 ■		123
		Standard Bank plc
	100	8.13%, 12/02/2019		113
		State Street Capital Trust IV
	100	1.39%, 06/15/2037 Δ		77
		SunTrust Banks, Inc.
	991	3.50%, 01/20/2017		1,066
	410	3.60%, 04/15/2016		439
		Teachers Insurance & Annuity Association of America
	272	6.85%, 12/16/2039 ■		377
		TitleMax, Inc.
	345	13.25%, 07/15/2015		383

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

14

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Finance and Insurance - 17.3% - (continued)
		TMX Finance LLC
$	65	13.25%, 07/15/2015	$	72
		Toyota Motor Credit Corp.
	2,840	1.25%, 10/05/2017		2,838
		Turkiye Garanti Bankasi A.S.
	285	4.00%, 09/13/2017 ■		287
		Turkiye Is Bankasi
	215	6.00%, 10/24/2022 ■		219
		U.S. Bancorp
	2,100	1.65%, 05/15/2017		2,147
	961	2.95%, 07/15/2022		991
		UBS AG Stamford CT
	2,125	2.25%, 01/28/2014		2,157
	2,950	5.88%, 07/15/2016 - 12/20/2017		3,399
	1,510	7.63%, 08/17/2022		1,628
		UDR, Inc.
	125	4.25%, 06/01/2018		139
		United Dominion Realty Trust, Inc.
	55	6.05%, 06/01/2013		57
		UnitedHealth Group, Inc.
	555	1.40%, 10/15/2017		558
	530	6.00%, 02/15/2018		650
	100	6.63%, 11/15/2037		138
	1,981	6.88%, 02/15/2038		2,808
		Ventas Realty L.P.
	200	3.13%, 11/30/2015		212
	2,175	3.25%, 08/15/2022		2,160
	325	4.25%, 03/01/2022		349
	316	4.75%, 06/01/2021		352
		VTB Bank OJSC Via VTB Capital S.A.
	775	6.55%, 10/13/2020 §		816
		VTB Capital S.A.
	390	6.88%, 05/29/2018 §		421
		W.R. Berkley Corp.
	25	5.88%, 02/15/2013		25
		Wachovia Bank NA
	1,250	4.80%, 11/01/2014		1,343
	1,750	5.00%, 08/15/2015		1,905
	1,000	5.85%, 02/01/2037		1,288
	1,275	6.60%, 01/15/2038		1,807
		Wachovia Capital Trust III
	325	5.57%, 12/10/2012 ♠Δ		323
		Wachovia Corp.
	755	4.88%, 02/15/2014		793
	300	5.50%, 08/01/2035		349
	670	5.63%, 10/15/2016		780
	50	5.75%, 06/15/2017		60
		Wellpoint, Inc.
	1,015	1.25%, 09/10/2015		1,025
	1,365	3.13%, 05/15/2022		1,391
	1,525	4.63%, 05/15/2042		1,620
	1,000	5.85%, 01/15/2036		1,197
	525	6.00%, 02/15/2014		560
	60	7.00%, 02/15/2019		76
		Wells Fargo & Co.
	1,520	1.25%, 02/13/2015		1,537
	2,000	1.50%, 07/01/2015		2,033
	1,000	2.10%, 05/08/2017		1,030
	615	3.50%, 03/08/2022		656
	100	3.63%, 04/15/2015		107
	1,375	3.68%, 06/15/2016		1,493
	750	5.63%, 12/11/2017		898
	500	5.75%, 05/16/2016		575
		XL Capital Ltd.
	50	5.25%, 09/15/2014		53
		Xstrata Finance Canada Corp.
	800	3.60%, 01/15/2017 ■		841
		Xstrata Finance Canada Ltd.
	4,200	2.45%, 10/25/2017 ■		4,189
				372,521
		Food Manufacturing - 0.6%
		Archer-Daniels-Midland Co.
	750	4.48%, 03/01/2021		874
		Cargill, Inc.
	2,925	4.10%, 11/01/2042 ■		2,958
	517	4.31%, 05/14/2021 ■		573
	1,000	6.00%, 11/27/2017 ■		1,205
		ConAgra Foods, Inc.
	735	2.10%, 03/15/2018		744
	620	3.25%, 09/15/2022		634
		Kellogg Co.
	550	7.45%, 04/01/2031		777
		Kraft Foods Group, Inc.
	675	3.50%, 06/06/2022 ■		732
	770	5.00%, 06/04/2042 ■		899
	500	6.50%, 02/09/2040		705
	1,075	6.75%, 02/19/2014		1,159
	1,000	6.88%, 02/01/2038		1,427
		Mondelez International, Inc.
	300	6.50%, 08/11/2017		370
				13,057
		Food Services - 0.1%
		ARAMARK Corp.
	105	8.50%, 02/01/2015		107
		ARAMARK Holdings Corp.
	120	8.63%, 05/01/2016 ■Þ		123
		McDonald's Corp.
	355	3.70%, 02/15/2042		372
	600	5.30%, 03/15/2017		712
	400	6.30%, 10/15/2037		574
				1,888
		Furniture and Related Product Manufacturing - 0.0%
		Masco Corp.
	155	6.13%, 10/03/2016		170
	25	6.50%, 08/15/2032		26
	310	7.13%, 03/15/2020		359
	160	7.75%, 08/01/2029		183
				738
		Health Care and Social Assistance - 2.5%
		Alere, Inc.
	210	7.88%, 02/01/2016		219
	730	9.00%, 05/15/2016		771

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

15

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Health Care and Social Assistance - 2.5% - (continued)
		American Renal Holdings, Inc.
$	270	8.38%, 05/15/2018	$	286
		Amgen, Inc.
	1,500	2.13%, 05/15/2017		1,560
	700	4.10%, 06/15/2021		784
	635	4.50%, 03/15/2020		718
	4,190	5.15%, 11/15/2041		4,828
	500	5.85%, 06/01/2017		603
	425	6.40%, 02/01/2039		554
	225	6.90%, 06/01/2038		306
		AstraZeneca plc
	1,540	1.95%, 09/18/2019		1,576
	200	5.90%, 09/15/2017		245
	1,000	6.45%, 09/15/2037		1,417
		Baxter International, Inc.
	1,845	2.40%, 08/15/2022		1,875
		Biomet, Inc.
	455	6.50%, 08/01/2020 - 10/01/2020 ■		458
		BioScrip, Inc.
	170	10.25%, 10/01/2015		182
		Cardinal Health, Inc.
	250	4.00%, 06/15/2015		268
		Catholic Health Initiatives
	130	1.60%, 11/01/2017		131
	435	2.95%, 11/01/2022		441
		Community Health Systems, Inc.
	345	5.13%, 08/15/2018		358
	500	7.13%, 07/15/2020		529
		CVS Caremark Corp.
	1,115	3.25%, 05/18/2015		1,186
	2,245	5.75%, 06/01/2017 - 05/15/2041		2,810
	1,325	6.13%, 09/15/2039		1,777
	150	6.25%, 06/01/2027		204
	36	6.94%, 01/10/2030		45
		CVS Pass-Through Trust
	17	6.04%, 12/10/2028		20
		DaVita, Inc.
	385	6.63%, 11/01/2020		411
		Elan Finance plc
	530	6.25%, 10/15/2019 ■		535
		Express Scripts Holding Co.
	5,000	2.10%, 02/12/2015 ■		5,114
		Express Scripts, Inc.
	195	3.13%, 05/15/2016		207
	250	6.25%, 06/15/2014		272
		Fresenius Medical Care U.S. Finance II, Inc.
	115	5.63%, 07/31/2019 ■		121
	96	5.88%, 01/31/2022 ■		102
	30	6.50%, 09/15/2018 ■		34
		Gilead Sciences, Inc.
	3,700	4.40%, 12/01/2021		4,277
		HCA, Inc.
	1,490	5.88%, 03/15/2022 - 05/01/2023		1,516
	645	6.38%, 01/15/2015		694
	985	6.50%, 02/15/2016 - 02/15/2020		1,083
	115	7.25%, 09/15/2020		127
	225	7.50%, 11/15/2095		192
		Health Management Associates, Inc.
	365	7.38%, 01/15/2020		393
		HealthSouth Corp.
	315	7.25%, 10/01/2018		340
		Hologic, Inc.
	65	6.25%, 08/01/2020 ■		69
		IMS Health, Inc.
	255	12.50%, 03/01/2018 ■		303
		Kaiser Foundation Hospitals
	650	3.50%, 04/01/2022		685
		Laboratory Corp. of America Holdings
	850	3.75%, 08/23/2022		904
		Life Technologies Corp.
	305	4.40%, 03/01/2015		323
		Medco Health Solutions, Inc.
	525	2.75%, 09/15/2015		549
		Memorial Sloan-Kettering Cancer Center
	695	5.00%, 07/01/2042		807
		Pfizer, Inc.
	1,000	6.20%, 03/15/2019		1,280
	1,450	7.20%, 03/15/2039		2,319
		Radiation Therapy Services, Inc.
	276	8.88%, 01/15/2017		265
	390	9.88%, 04/15/2017		275
		Rite Aid Corp.
	75	8.00%, 08/15/2020		86
	60	9.75%, 06/12/2016		65
	125	10.38%, 07/15/2016		132
		Roche Holdings, Inc.
	250	6.00%, 03/01/2019 ■		314
		Savient Pharmaceuticals, Inc.
	565	4.75%, 02/01/2018 ۞		147
		Schering-Plough Corp.
	1,000	6.50%, 12/01/2033		1,486
		Tenet Healthcare Corp.
	345	4.75%, 06/01/2020 ■		342
	315	6.25%, 11/01/2018		341
	200	8.88%, 07/01/2019		224
	130	10.00%, 05/01/2018		148
		Valeant Pharmaceuticals International, Inc.
	600	6.75%, 08/15/2021 ■		638
		Warner Chilcott plc
	296	7.75%, 09/15/2018		312
		Watson Pharmaceuticals, Inc.
	340	1.88%, 10/01/2017		345
	775	3.25%, 10/01/2022		798
				52,726
		Information - 3.3%
		America Movil S.A.B. de C.V.
	620	2.38%, 09/08/2016		648
	1,175	3.13%, 07/16/2022		1,212
	1,785	4.38%, 07/16/2042		1,868
	160	5.00%, 03/30/2020		188
	385	6.13%, 03/30/2040		508

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

16

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Information - 3.3% - (continued)
		AT&T, Inc.
$	1,500	3.00%, 02/15/2022	$	1,594
	205	3.88%, 08/15/2021		233
	475	4.45%, 05/15/2021		565
	2,000	5.10%, 09/15/2014		2,168
	1,170	5.35%, 09/01/2040		1,435
	1,250	5.50%, 02/01/2018		1,519
	90	6.15%, 09/15/2034		116
	1,800	6.30%, 01/15/2038		2,410
	460	6.50%, 09/01/2037		625
		Audatex North America, Inc.
	510	6.75%, 06/15/2018 ■		547
		BellSouth Telecommunications, Inc.
	153	7.00%, 12/01/2095		196
		British Telecommunications plc
	1,160	2.00%, 06/22/2015		1,190
		Cellco Partnership - Verizon Wireless Capital LLC
	325	8.50%, 11/15/2018		453
		CenturyLink, Inc.
	1,300	5.80%, 03/15/2022		1,368
	850	6.45%, 06/15/2021		932
		CenturyTel, Inc.
	205	6.00%, 04/01/2017		227
		Comcast Corp.
	500	5.70%, 07/01/2019		616
		Cricket Communications, Inc.
	805	7.75%, 05/15/2016 - 10/15/2020		844
		CSC Holdings LLC
	130	6.75%, 11/15/2021 ■		145
		CSC Holdings, Inc.
	355	7.63%, 07/15/2018		411
		Deutsche Telekom International Finance B.V.
	710	3.13%, 04/11/2016 ■		751
	425	4.88%, 07/08/2014		453
	1,130	4.88%, 03/06/2042 ■		1,231
	670	8.75%, 06/15/2030		1,034
		DISH DBS Corp.
	675	5.88%, 07/15/2022		709
	430	6.75%, 06/01/2021		479
	885	7.88%, 09/01/2019		1,037
		First Data Corp.
	260	6.75%, 11/01/2020 ■		260
	905	7.38%, 06/15/2019 ■		937
	686	8.25%, 01/15/2021 ■		686
	36	8.75%, 01/15/2022 ■Þ		36
		Frontier Communications Co.
	309	7.88%, 04/15/2015		345
		GCI, Inc.
	95	6.75%, 06/01/2021		95
		Harron Communications L.P.
	275	9.13%, 04/01/2020 ■		297
		Hughes Satelite Systems
	236	6.50%, 06/15/2019		253
		Intelsat Bermuda Ltd.
	1,732	11.50%, 02/04/2017 Þ		1,823
		Intelsat Jackson Holdings S.A.
	410	6.63%, 12/15/2022 ■		407
	620	7.25%, 04/01/2019		665
	235	7.50%, 04/01/2021		252
	10	8.50%, 11/01/2019		11
		Lawson Software, Inc.
	530	9.38%, 04/01/2019		586
		Leap Wireless International, Inc.
	140	4.50%, 07/15/2014 ۞		135
		Level 3 Communications, Inc.
	80	8.88%, 06/01/2019 ■		84
		Level 3 Escrow, Inc.
	466	8.13%, 07/01/2019		497
		Level 3 Financing, Inc.
	349	7.00%, 06/01/2020 ■		355
	415	8.63%, 07/15/2020		452
		Mediacom LLC
	150	7.25%, 02/15/2022		161
	420	9.13%, 08/15/2019		465
		MetroPCS Wireless, Inc.
	340	6.63%, 11/15/2020		366
	540	7.88%, 09/01/2018		591
		Nara Cable Funding Ltd.
	675	8.88%, 12/01/2018 ■		638
		Nippon Telegraph & Telephone Corp.
	1,505	1.40%, 07/18/2017		1,518
		Oracle Corp.
	1,000	5.38%, 07/15/2040		1,302
	1,300	5.75%, 04/15/2018		1,601
		Qwest Communications International, Inc.
	100	7.13%, 04/01/2018		106
		SBA Communications Corp.
	430	5.63%, 10/01/2019 ■		437
		SBA Telecommunications, Inc.
	170	5.75%, 07/15/2020 ■		177
		SBA Tower Trust
	205	4.25%, 04/15/2015 ■Δ		215
		Softbrands, Inc.
	140	11.50%, 07/15/2018		162
		Sprint Nextel Corp.
	420	7.00%, 03/01/2020 ■		487
	465	9.00%, 11/15/2018 ■		574
		Syniverse Holdings, Inc.
	940	9.13%, 01/15/2019		1,001
		Telecom Italia Capital
	900	7.00%, 06/04/2018		1,027
	450	7.20%, 07/18/2036		457
	300	7.72%, 06/04/2038		323
		Telefonica Emisiones SAU
	525	2.58%, 04/26/2013		525
	300	3.99%, 02/16/2016		304
	500	5.46%, 02/16/2021		508
	375	5.88%, 07/15/2019		394
		Telefonica Europe B.V.
	440	8.25%, 09/15/2030		494
		Telefonos de Mexico S.A.B. de C.V.
	100	5.50%, 11/15/2019		118
		Telemar Norte Leste S.A.
	100	5.50%, 10/23/2020 §		107

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

17

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Information - 3.3% - (continued)
		TW Telecom Holdings, Inc.
$	90	5.38%, 10/01/2022 ■	$	92
		UPCB Finance VI Ltd.
	470	6.88%, 01/15/2022 ■		503
		Verizon Communications, Inc.
	400	4.60%, 04/01/2021		476
	800	4.90%, 09/15/2015		897
	2,000	5.55%, 02/15/2016		2,302
	1,125	6.10%, 04/15/2018		1,409
	1,150	6.35%, 04/01/2019		1,485
	970	6.40%, 02/15/2038		1,347
	2,300	6.90%, 04/15/2038		3,338
	500	7.35%, 04/01/2039		770
	280	8.75%, 11/01/2018		390
		Verizon Global Funding Corp.
	310	7.75%, 12/01/2030		469
		Verizon Wireless Capital LLC
	800	5.55%, 02/01/2014		848
		Vivendi S.A.
	1,335	2.40%, 04/10/2015 ■		1,352
	1,000	3.45%, 01/12/2018 ■		1,023
		Vodafone Group plc
	2,000	1.25%, 09/26/2017		2,011
		Wind Acquisition Finance S.A.
	245	7.25%, 02/15/2018 ■		238
		Windstream Corp.
	280	7.50%, 06/01/2022		297
	480	7.75%, 10/15/2020		517
	165	8.13%, 09/01/2018		179
		Zayo Group LLC
	755	8.13%, 01/01/2020		827
	60	10.13%, 07/01/2020		67
				70,783
		Machinery Manufacturing - 0.1%
		Case New Holland, Inc.
	290	7.88%, 12/01/2017		341
		Perusahaan Listrik Negara
	200	5.50%, 11/22/2021 ■		226
		Xerox Corp.
	275	4.25%, 02/15/2015		292
	100	6.35%, 05/15/2018		117
	1,100	8.25%, 05/15/2014		1,216
				2,192
		Mining - 0.6%
		ALROSA Finance S.A.
	415	7.75%, 11/03/2020 §		475
		American Rock Salt Co. LLC
	111	8.25%, 05/01/2018 ■		102
		Codelco, Inc.
	225	3.00%, 07/17/2022 ■		227
	100	3.75%, 11/04/2020 ■		108
	115	3.75%, 11/04/2020 §		125
	235	3.88%, 11/03/2021 §		256
	435	4.25%, 07/17/2042 ■		442
	430	4.25%, 07/17/2042 §		437
		Consol Energy, Inc.
	25	8.25%, 04/01/2020		27
		Falconbridge Ltd.
	75	5.38%, 06/01/2015		81
	75	6.00%, 10/15/2015		84
		FMG Resources Pty Ltd.
	680	6.00%, 04/01/2017 ■		653
	655	7.00%, 11/01/2015 ■		661
	350	8.25%, 11/01/2019 ■		350
		Freeport-McMoRan Copper & Gold, Inc.
	1,910	3.55%, 03/01/2022		1,945
		Inco Ltd.
	30	7.20%, 09/15/2032		37
		Newmont Mining Corp.
	1,660	3.50%, 03/15/2022		1,712
		Peabody Energy Corp.
	425	6.00%, 11/15/2018		441
	280	7.38%, 11/01/2016		321
		Rio Tinto Finance USA Ltd.
	920	2.25%, 09/20/2016		957
	100	3.50%, 11/02/2020		106
	225	4.13%, 05/20/2021		250
		Teck Resources Ltd.
	1,015	3.00%, 03/01/2019		1,033
	1,300	5.20%, 03/01/2042		1,290
	350	10.75%, 05/15/2019		421
		Vale Overseas Ltd.
	500	6.88%, 11/21/2036		615
		Vale S.A.
	610	5.63%, 09/11/2042		653
				13,809
		Miscellaneous Manufacturing - 0.6%
		BE Aerospace, Inc.
	895	5.25%, 04/01/2022		933
	305	6.88%, 10/01/2020		339
		Boeing Co.
	1,000	6.13%, 02/15/2033		1,346
		Hutchison Whampoa International Ltd.
	965	3.50%, 01/13/2017 ■		1,025
	900	5.75%, 09/11/2019 ■		1,078
		L-3 Communications Corp.
	430	3.95%, 11/15/2016		467
		Owens-Brockway Glass Container, Inc.
	155	7.38%, 05/15/2016		178
		Reynolds Group Issuer, Inc.
	565	5.75%, 10/15/2020 ■		570
	270	6.87%, 02/15/2021 Δ		287
	690	7.13%, 04/15/2019 Δ		735
		Textron, Inc.
	300	6.20%, 03/15/2015		329
		TransDigm Group, Inc.
	781	5.50%, 10/15/2020 ■		791
	475	7.75%, 12/15/2018		523
		United Technologies Corp.
	1,925	4.50%, 06/01/2042		2,214
	950	6.13%, 07/15/2038		1,308
				12,123
		Motor Vehicle and Parts Manufacturing - 0.2%
		American Axle & Manufacturing Holdings, Inc.
	295	6.63%, 10/15/2022		292

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

18

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Motor Vehicle and Parts Manufacturing - 0.2% - (continued)
		Daimler Finance NA LLC
$	1,900	1.65%, 04/10/2015 ■	$	1,927
		DaimlerChrysler NA Holdings Corp.
	100	8.50%, 01/18/2031		160
		Ford Motor Co.
	370	7.45%, 07/16/2031		468
		Meritor, Inc.
	270	8.13%, 09/15/2015		272
	25	10.63%, 03/15/2018		25
		Tenneco, Inc.
	240	7.75%, 08/15/2018		261
		TRW Automotive, Inc.
	435	7.25%, 03/15/2017 ■		495
				3,900
		Nonmetallic Mineral Product Manufacturing - 0.1%
		Ardagh Packaging Finance plc
	240	9.13%, 10/15/2020 ■		251
		Rearden G Holdings EINS GmbH
	333	7.88%, 03/30/2020 §		368
		Silgan Holdings, Inc.
	500	5.00%, 04/01/2020		514
				1,133
		Other Services - 0.1%
		Service Corp. International
	120	6.75%, 04/01/2016		133
	460	7.63%, 10/01/2018		544
		Sonic Automotive, Inc.
	590	7.00%, 07/15/2022 ■		632
				1,309
		Paper Manufacturing - 0.1%
		Boise Cascade LLC
	170	6.38%, 11/01/2020 ■		173
		Clearwater Paper Corp.
	20	7.13%, 11/01/2018		22
		Georgia-Pacific LLC
	30	5.40%, 11/01/2020 ■		36
		Kimberly-Clark Corp.
	1,000	6.13%, 08/01/2017		1,245
		Neenah Paper, Inc.
	172	7.38%, 11/15/2014		172
		P.H. Glatfelter Co.
	185	5.38%, 10/15/2020 ■		187
				1,835
		Petroleum and Coal Products Manufacturing - 3.5%
		Alpha Natural Resources, Inc.
	56	6.00%, 06/01/2019		49
	40	6.25%, 06/01/2021		35
		Anadarko Petroleum Corp.
	170	5.75%, 06/15/2014		182
	1,650	5.95%, 09/15/2016		1,917
	1,300	6.45%, 09/15/2036		1,672
	150	6.95%, 06/15/2019		191
	125	7.95%, 06/15/2039		186
		Antero Resources Finance Corp.
	190	7.25%, 08/01/2019		205
	125	9.38%, 12/01/2017		138
		BG Energy Capital plc
	1,800	4.00%, 10/15/2021 ■		2,020
		Canadian Natural Resources Ltd.
	1,430	1.45%, 11/14/2014		1,453
	600	5.70%, 05/15/2017		716
		Chesapeake Energy Corp.
	520	2.50%, 05/15/2037 ۞		462
	160	6.63%, 08/15/2020		168
	255	6.88%, 11/15/2020		270
		CNOOC Finance 2012 Ltd.
	2,466	3.88%, 05/02/2022 ■		2,647
		CNPC HK Overseas Capital Ltd.
	1,900	2.75%, 04/19/2017 ■		1,964
	315	4.50%, 04/28/2021 ■		353
		ConocoPhillips
	1,775	6.50%, 02/01/2039		2,611
	250	7.00%, 03/30/2029		336
		Continental Resources, Inc.
	150	5.00%, 09/15/2022		158
	530	5.00%, 09/15/2022 ■		559
		Devon Energy Corp.
	1,400	1.88%, 05/15/2017		1,434
	555	4.75%, 05/15/2042		628
	260	7.95%, 04/15/2032		396
		Devon Financing Corp.
	350	7.88%, 09/30/2031		522
		Empresa Nacional del Petroleo
	100	4.75%, 12/06/2021 §		109
		EnCana Corp.
	725	5.15%, 11/15/2041		794
		Endeavour International Corp.
	370	12.00%, 03/01/2018 ■		403
		Ensco plc
	450	4.70%, 03/15/2021		518
		Everest Acquisition LLC
	55	6.88%, 05/01/2019 ■		59
	620	9.38%, 05/01/2020 ■		685
		Ferrellgas Partners L.P.
	155	6.50%, 05/01/2021		150
		Gazprom Neft OAO via GPN Capital S.A.
	2,350	4.38%, 09/19/2022 ■		2,356
		Harvest Operations Corp.
	520	6.88%, 10/01/2017		569
		Hess Corp.
	1,150	5.60%, 02/15/2041		1,384
	500	6.00%, 01/15/2040		635
	185	7.00%, 02/15/2014		200
	1,325	7.30%, 08/15/2031		1,826
	45	7.88%, 10/01/2029		65
		Hornbeck Offshore Services, Inc.
	225	5.88%, 04/01/2020		229
		IPIC GMTN Ltd.
	240	5.50%, 03/01/2022 §		277
		Kazmunaigaz Finance Sub B.V.
	320	11.75%, 01/23/2015 §		384
		Marathong Oil Corp.
	3,310	2.80%, 11/01/2022		3,336
		MEG Energy Corp.
	315	6.38%, 01/30/2023 ■		337

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

19

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Petroleum and Coal Products Manufacturing - 3.5% - (continued)
		Newfield Exploration Co.
$	501	5.63%, 07/01/2024	$	535
	160	5.75%, 01/30/2022		173
	150	7.13%, 05/15/2018		157
		Nexen, Inc.
	400	6.40%, 05/15/2037		513
	650	7.50%, 07/30/2039		933
		Pemex Project Funding Master Trust
	650	6.63%, 06/15/2038		812
		Petrobras International Finance Co.
	250	5.38%, 01/27/2021		284
	455	5.75%, 01/20/2020		525
	1,344	5.88%, 03/01/2018		1,547
	269	6.75%, 01/27/2041		344
	144	7.88%, 03/15/2019		182
		Petrohawk Energy Corp.
	1,315	6.25%, 06/01/2019		1,476
		Petroleos de Venezuela S.A.
	745	5.25%, 04/12/2017 §		589
	533	5.38%, 04/12/2027 §		333
	140	8.50%, 11/02/2017 ■		126
	968	8.50%, 11/02/2017 §		869
	337	12.75%, 02/17/2022 §		346
		Petroleos Mexicanos
	2,000	5.50%, 06/27/2044 ■		2,180
	145	6.50%, 06/02/2041		180
		Phillips 66
	1,400	2.95%, 05/01/2017 ■		1,493
		Pioneer Natural Resources Co.
	95	5.88%, 07/15/2016		108
	260	6.65%, 03/15/2017		310
	145	6.88%, 05/01/2018		178
		Plains Exploration & Production Co.
	45	6.63%, 05/01/2021		45
	126	6.75%, 02/01/2022		127
		PT Pertamina
	200	6.50%, 05/27/2041 §		238
		Range Resources Corp.
	430	5.75%, 06/01/2021		460
	15	6.75%, 08/01/2020		17
		Ras Laffan Liquefied Natural Gas Co., Ltd.
	1,293	5.83%, 09/30/2016 ■		1,427
		Reliance Holdings USA
	255	5.40%, 02/14/2022 ■		283
		Rosetta Resources, Inc.
	260	9.50%, 04/15/2018		287
		Schlumberger Norge AS
	1,395	1.25%, 08/01/2017 ■		1,397
		Seadrill Ltd.
	565	5.63%, 09/15/2017 ■		565
		Shelf Drilling Holdings Ltd.
	630	8.63%, 11/01/2018 ■		633
		Shell International Finance B.V.
	2,400	6.38%, 12/15/2038		3,535
		Tosco Corp.
	500	8.13%, 02/15/2030		765
		Total Capital International S.A.
	1,600	1.55%, 06/28/2017		1,634
	3,065	2.88%, 02/17/2022		3,226
		Total Capital S.A.
	615	2.70%, 01/25/2023		637
		Transocean, Inc.
	1,100	2.50%, 10/15/2017		1,114
	215	4.95%, 11/15/2015		236
	1,260	5.05%, 12/15/2016		1,411
	400	5.25%, 03/15/2013		406
	300	6.00%, 03/15/2018		354
	1,100	6.50%, 11/15/2020		1,336
		Valero Energy Corp.
	410	4.50%, 02/01/2015		442
	310	6.13%, 02/01/2020		383
	195	6.63%, 06/15/2037		243
		Williams Partners L.P.
	2,295	3.35%, 08/15/2022		2,379
	385	3.80%, 02/15/2015		411
	125	5.25%, 03/15/2020		147
	200	6.30%, 04/15/2040		257
				74,176
		Pipeline Transportation - 0.6%
		DCP Midstream LLC
	600	4.75%, 09/30/2021 ■		639
	250	6.75%, 09/15/2037 ■		300
		El Paso Corp.
	370	6.50%, 09/15/2020		417
	450	7.00%, 06/15/2017		514
	50	7.75%, 01/15/2032		60
		El Paso Natural Gas Co.
	70	5.95%, 04/15/2017		81
	50	7.25%, 06/01/2018		58
		Energy Transfer Equity L.P.
	425	7.50%, 10/15/2020		483
		Enterprise Products Operating LLC
	410	1.25%, 08/13/2015		414
	1,300	5.95%, 02/01/2041		1,616
	500	6.50%, 01/31/2019		633
		Kinder Morgan Energy Partners L.P.
	4,650	5.00%, 12/15/2013 - 08/15/2042		5,033
	150	6.55%, 09/15/2040		197
	90	6.95%, 01/15/2038		121
	350	7.30%, 08/15/2033		473
	50	7.75%, 03/15/2032		70
	100	9.00%, 02/01/2019		135
		Kinder Morgan Finance Co.
	110	5.70%, 01/05/2016		120
	275	6.00%, 01/15/2018 ■		302
		MarkWest Energy Partners L.P.
	175	5.50%, 02/15/2023		184
	135	6.25%, 06/15/2022		146
		NGPL Pipeco LLC
	160	7.12%, 12/15/2017 ■		172
		Plains All American Pipeline L.P.
	100	3.95%, 09/15/2015		108
	125	5.75%, 01/15/2020		153
		TransCanada Pipelines Ltd.
	45	7.63%, 01/15/2039		71

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

20

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Pipeline Transportation - 0.6% - (continued)
		Transnet Ltd.
$	200	4.50%, 02/10/2016 §	$	213
				12,713
		Plastics and Rubber Products Manufacturing - 0.0%
		Continental Rubber of America Corp.
	470	4.50%, 09/15/2019 ■		480
		Nortek, Inc.
	205	8.50%, 04/15/2021 ■		219
				699
		Primary Metal Manufacturing - 0.3%
		ArcelorMittal
	3,350	6.50%, 02/25/2022		3,291
	125	9.25%, 02/15/2015		139
		Novelis, Inc.
	125	8.38%, 12/15/2017		136
		Rio Tinto Alcan, Inc.
	2,300	1.63%, 08/21/2017		2,311
	50	6.13%, 12/15/2033		64
		Samarco Mineracao S.A.
	455	4.13%, 11/01/2022 ■		452
				6,393
		Printing and Related Support Activities - 0.0%
		Quebecor Media, Inc.
	335	5.75%, 01/15/2023 ■		342
	440	7.75%, 03/15/2016		451
				793
		Professional, Scientific and Technical Services - 0.1%
		Electronic Data Systems Corp.
	40	7.45%, 10/15/2029		47
		IBM Corp.
	750	7.63%, 10/15/2018		1,017
		Lamar Media Corp.
	625	5.00%, 05/01/2023 ■		625
	95	5.88%, 02/01/2022		101
		Lender Processing Services, Inc.
	330	5.75%, 04/15/2023		349
		SunGard Data Systems, Inc.
	365	6.63%, 11/01/2019 ■☼		368
	315	7.38%, 11/15/2018		339
	45	7.63%, 11/15/2020		49
	162	10.25%, 08/15/2015		166
				3,061
		Public Administration - 0.1%
		Waste Management, Inc.
	1,800	2.60%, 09/01/2016		1,900
	325	6.13%, 11/30/2039		417
	250	6.38%, 03/11/2015		282
				2,599
		Rail Transportation - 0.4%
		Burlington Northern Santa Fe Corp.
	3,340	3.05%, 03/15/2022 - 09/01/2022		3,484
	150	5.75%, 05/01/2040		192
		Canadian Pacific Railway Co.
	1,200	4.50%, 01/15/2022		1,338
		CSX Corp.
	185	4.25%, 06/01/2021		207
	1,000	4.75%, 05/30/2042		1,118
		Georgian Railway LLC
	240	7.75%, 07/11/2022 ■		269
		Norfolk Southern Corp.
	1,930	3.95%, 10/01/2042		1,973
				8,581
		Real Estate, Rental and Leasing - 1.0%
		Air Lease Corp.
	645	4.50%, 01/15/2016 ■		645
	625	5.63%, 04/01/2017 ■		641
		COX Communications, Inc.
	800	5.45%, 12/15/2014		878
	220	6.45%, 12/01/2036 ■		281
	700	8.38%, 03/01/2039 ■		1,111
		Duke Realty L.P.
	1,061	3.88%, 10/15/2022		1,104
	1,000	4.38%, 06/15/2022		1,075
	15	5.95%, 02/15/2017		17
	895	6.75%, 03/15/2020		1,098
	260	7.38%, 02/15/2015		292
		ERAC USA Finance Co.
	65	2.25%, 01/10/2014 ■		66
	585	2.75%, 07/01/2013 - 03/15/2017 ■		606
	1,370	3.30%, 10/15/2022 ■		1,383
	1,000	5.63%, 03/15/2042 ■		1,140
	300	6.38%, 10/15/2017 ■		366
	125	7.00%, 10/15/2037 ■		163
		H & E Equipment Services, Inc.
	225	7.00%, 09/01/2022 ■		234
		HDTFS, Inc.
	195	5.88%, 10/15/2020 ■		197
	130	6.25%, 10/15/2022 ■		132
		Hertz Corp.
	275	6.75%, 04/15/2019		292
		International Lease Finance Corp.
	415	5.65%, 06/01/2014		435
	785	5.75%, 05/15/2016		829
	3,120	5.88%, 04/01/2019 - 08/15/2022		3,268
	510	6.25%, 05/15/2019		550
	165	6.75%, 09/01/2016 ■		187
	465	7.13%, 09/01/2018 ■		546
		ProLogis L.P.
	460	4.00%, 01/15/2018		487
	175	4.50%, 08/15/2017		191
	250	6.13%, 12/01/2016		287
	95	6.25%, 03/15/2017		108
	400	6.63%, 05/15/2018		474
		Realogy Corp.
	673	7.63%, 01/15/2020 ■		755
		Regency Centers L.P.
	830	5.25%, 08/01/2015		913
	15	5.88%, 06/15/2017		17
		United Rental Financing Escrow Corp.
	65	5.75%, 07/15/2018 ■		70
	570	7.38%, 05/15/2020 ■		617
	135	7.63%, 04/15/2022 ■		148
		United Rentals North America, Inc.
	315	6.13%, 06/15/2023		319
		UR Merger Sub Corp.
	100	8.38%, 09/15/2020		109
	95	10.88%, 06/15/2016		106
				22,137

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

21

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Retail Trade - 1.0%
		99 Cents Only Stores
$	620	11.00%, 12/15/2019 ■	$	704
		Affinia Group, Inc.
	40	10.75%, 08/15/2016 ■		43
		AmeriGas Finance LLC
	240	6.75%, 05/20/2020		258
	155	7.00%, 05/20/2022		168
		AutoZone, Inc.
	1,823	3.70%, 04/15/2022		1,942
	700	7.13%, 08/01/2018		879
		Building Materials Corp.
	200	6.75%, 05/01/2021 ■		218
		Energy Transfer Partners
	660	5.20%, 02/01/2022		758
	835	6.13%, 02/15/2017		977
	125	6.63%, 10/15/2036		155
	746	8.50%, 04/15/2014		820
		GRD Holding III Corp.
	315	10.75%, 06/01/2019 ■		319
		Home Depot, Inc.
	1,400	5.88%, 12/16/2036		1,893
		Macy's Retail Holdings, Inc.
	20	7.00%, 02/15/2028		24
		May Department Stores
	20	6.70%, 09/15/2028		24
		Michaels Stores, Inc.
	440	7.75%, 11/01/2018		472
		PC Merger Sub, Inc.
	490	8.88%, 08/01/2020 ■		521
		QVC, Inc.
	30	5.13%, 07/02/2022 ■		31
		Sally Holdings LLC
	135	5.75%, 06/01/2022		144
	225	6.88%, 11/15/2019		250
		Sotheby's
	595	5.25%, 10/01/2022 ■		604
		Wal-Mart Stores, Inc.
	600	3.25%, 10/25/2020		668
	1,000	5.00%, 10/25/2040		1,225
	600	5.25%, 09/01/2035		751
	2,000	6.20%, 04/15/2038		2,785
	2,800	6.50%, 08/15/2037		4,056
				20,689
		Soap, Cleaning Compound and Toilet Manufacturing - 0.3%
		Colgate-Palmolive Co.
	3,425	2.30%, 05/03/2022		3,503
		Procter & Gamble Co.
	816	1.45%, 08/15/2016		837
	1,200	5.55%, 03/05/2037		1,633
		Revlon Consumer Products
	265	9.75%, 11/15/2015		279
				6,252
		Support Activities For Transportation - 0.0%
		Transnet SOC Ltd.
	890	4.00%, 07/26/2022 ■		890
		Transportation Equipment Manufacturing - 0.0%
		Huntington Ingalls Industries, Inc.
	240	6.88%, 03/15/2018		259
	106	7.13%, 03/15/2021		114
				373
		Truck Transportation - 0.1%
		Penske Truck Leasing Co.
	2,975	2.50%, 07/11/2014 - 03/15/2016 ■		2,970
				2,970
		Utilities - 2.9%
		Abu Dhabi National Energy Co.
	385	4.13%, 03/13/2017 §		411
		AES (The) Corp.
	160	7.75%, 10/15/2015		180
	295	8.00%, 10/15/2017		337
		AES Panama S.A.
	15	6.35%, 12/21/2016 §		16
		Calpine Corp.
	640	7.25%, 10/15/2017 ■		679
	220	7.50%, 02/15/2021 ■		239
		Carolina Power & Light Co.
	2,060	4.10%, 05/15/2042		2,213
		CenterPoint Energy Resources Corp.
	290	4.50%, 01/15/2021		332
		Centrais Eletricas Brasileiras S.A.
	855	5.75%, 10/27/2021 §		958
		Cia Saneamento Basico de Estado de Sao Paulo
	243	6.25%, 12/16/2020 §		264
		Comision Federal de Electricidad
	200	5.75%, 02/14/2042 §		227
		Commonwealth Edison Co.
	720	3.40%, 09/01/2021		793
	100	5.80%, 03/15/2018		123
		Consolidated Edison Co. of NY
	1,400	4.20%, 03/15/2042		1,551
	140	5.70%, 06/15/2040		187
	700	5.85%, 04/01/2018		863
		Dolphin Subsidiary II, Inc.
	460	7.25%, 10/15/2021		519
		Dominion Resources, Inc.
	1,075	1.40%, 09/15/2017		1,082
	3,000	1.95%, 08/15/2016		3,104
	900	5.15%, 07/15/2015		1,002
		Duke Energy Corp.
	1,000	2.15%, 11/15/2016		1,035
	1,350	3.55%, 09/15/2021		1,447
	500	5.30%, 10/01/2015		566
		Duke Energy Indiana, Inc.
	225	3.75%, 07/15/2020		251
		E.CL S.A.
	100	5.63%, 01/15/2021 §		114
		Edison International
	1,210	3.75%, 09/15/2017		1,315
		Enel Finance International S.A.
	200	3.88%, 10/07/2014 ■		206
		Entergy Corp.
	115	3.63%, 09/15/2015		121

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

22

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 42.9% - (continued)
		Utilities - 2.9% - (continued)
		Exelon Generation Co. LLC
$	325	4.00%, 10/01/2020	$	350
	2,725	4.25%, 06/15/2022 ■		2,917
	270	5.20%, 10/01/2019		311
	125	5.35%, 01/15/2014		131
		Florida Power & Light Co.
	1,300	4.13%, 02/01/2042		1,409
		Georgia Power Co.
	4,550	0.75%, 08/10/2015		4,571
	320	4.75%, 09/01/2040		365
		Great Plains Energy, Inc.
	181	4.85%, 06/01/2021		206
		IPALCO Enterprises, Inc.
	30	7.25%, 04/01/2016 ■		33
		Kansas City Power & Light Co.
	50	7.15%, 04/01/2019		65
		MidAmerican Energy Holdings Co.
	100	5.75%, 04/01/2018		120
	500	5.95%, 05/15/2037		644
		National Power Corp.
	35	9.63%, 05/15/2028		55
		Nevada Power Co.
	100	6.50%, 08/01/2018		127
		NiSource Finance Corp.
	1,450	3.85%, 02/15/2023		1,535
	1,460	5.25%, 09/15/2017 - 02/15/2043		1,638
	140	6.40%, 03/15/2018		170
		Oncor Electric Delivery Co. LLC
	700	4.55%, 12/01/2041		714
	1,000	5.00%, 09/30/2017		1,141
	615	5.25%, 09/30/2040		690
		Pacific Gas & Electric Co.
	625	2.45%, 08/15/2022		631
	346	3.25%, 09/15/2021		374
	75	3.50%, 10/01/2020		84
	2,400	6.05%, 03/01/2034		3,212
	725	8.25%, 10/15/2018		992
		PacifiCorp
	840	4.10%, 02/01/2042		910
	1,000	5.50%, 01/15/2019		1,224
	250	6.25%, 10/15/2037		352
		Pepco Holdings, Inc.
	230	2.70%, 10/01/2015		238
		Progress Energy, Inc.
	345	3.15%, 04/01/2022		355
	500	5.63%, 01/15/2016		571
	3,051	7.05%, 03/15/2019		3,897
	540	7.75%, 03/01/2031		767
		PSEG Power LLC
	850	2.75%, 09/15/2016		891
	975	8.63%, 04/15/2031		1,454
		Public Service Co. of Colorado
	1,930	3.60%, 09/15/2042		1,953
		San Diego Gas & Electric Co.
	285	4.50%, 08/15/2040		331
		Scana Corp.
	500	4.75%, 05/15/2021		548
		Sierra Pacific Power Co.
	100	6.00%, 05/15/2016		117
		Southern California Edison Co.
	925	4.50%, 09/01/2040		1,074
	500	6.00%, 01/15/2034		678
		Southern Co.
	300	2.38%, 09/15/2015		313
		Tampa Electric Co.
	2,095	2.60%, 09/15/2022		2,153
		Texas Competitive Electric Co.
	820	11.50%, 10/01/2020 ■		586
		Union Electric Co.
	145	6.40%, 06/15/2017		179
		Virginia Electric & Power Co.
	545	2.95%, 01/15/2022		579
	325	3.45%, 09/01/2022		360
	200	6.35%, 11/30/2037		287
		Xcel Energy, Inc.
	150	4.70%, 05/15/2020		177
				62,614
		Water Transportation - 0.0%
		ACL I Corp.
	575	10.63%, 02/15/2016 Þ		565
		Marquette Transport Co.
	225	10.88%, 01/15/2017		235
				800
		Wholesale Trade - 0.3%
		Controladora Mabe S.A. de C.V.
	440	7.88%, 10/28/2019 §		510
		HD Supply, Inc.
	220	8.13%, 04/15/2019 ■		242
		Heineken N.V.
	1,770	1.40%, 10/01/2017 ■		1,778
		International Paper Co.
	500	7.30%, 11/15/2039		694
		Interpublic (The) Group of Co., Inc.
	120	6.25%, 11/15/2014		130
		J.M. Huber Corp.
	270	9.88%, 11/01/2019 ■		300
		SABMiller Holdings, Inc.
	1,500	2.45%, 01/15/2017 ■		1,573
	1,475	3.75%, 01/15/2022 ■		1,622
				6,849
		Total corporate bonds
		(cost $870,616)	$	921,925
FOREIGN GOVERNMENT OBLIGATIONS - 4.4%
		Argentina - 0.1%
		Argentina (Republic of)
$	4,550	2.50%, 12/31/2038	$	1,479
EUR	80	7.82%, 12/31/2033		63
	1,114	8.28%, 12/31/2033		724
	260	8.75%, 06/02/2017		221
			$	2,487
		Bolivia - 0.0%
		Bolivia (Government of)
	215	4.88%, 10/29/2022 ■		215

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

23

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 4.4% - (continued)
		Brazil - 0.3%
		Brazil (Republic of)
$	635	2.63%, 01/05/2023	$	633
	619	5.63%, 01/07/2041		792
BRL	700	6.00%, 05/15/2015 ◄		376
	165	6.00%, 01/17/2017		195
	1,716	7.13%, 01/20/2037		2,583
	1,042	8.25%, 01/20/2034		1,709
	15	12.25%, 03/06/2030		31
				6,319
		Chile - 0.0%
		Chile (Republic of)
	170	3.25%, 09/14/2021		185
		Colombia - 0.2%
		Colombia (Republic of)
	455	6.13%, 01/18/2041		621
	1,360	7.38%, 01/27/2017 - 03/18/2019		1,705
COP	1,450,000	7.75%, 04/14/2021		997
COP	10,000	9.85%, 06/28/2027		9
	85	10.38%, 01/28/2033		157
	535	11.75%, 02/25/2020		865
COP	108,000	12.00%, 10/22/2015		73
				4,427
		Croatia - 0.1%
		Croatia (Republic of)
	460	6.25%, 04/27/2017 ■		506
	375	6.25%, 04/27/2017 §		412
	255	6.38%, 03/24/2021 §		289
				1,207
		Dominican Republic - 0.0%
		Dominican Republic
	383	9.04%, 01/23/2018 §		440
		El Salvador - 0.0%
		El Salvador (Republic of)
	175	7.63%, 02/01/2041 §		204
	80	7.65%, 06/15/2035 §		93
	10	8.25%, 04/10/2032 §		12
				309
		Guatemala (Republic of) - 0.0%
		Guatemala (Republic of)
	240	5.75%, 06/06/2022 ■		274
		Hungary - 0.1%
		Hungary (Republic of)
EUR	280	3.88%, 02/24/2020		334
EUR	505	4.38%, 07/04/2017		637
EUR	550	5.75%, 06/11/2018		733
EUR	166	6.00%, 01/11/2019 §		223
	750	7.63%, 03/29/2041		891
				2,818
		Iceland - 0.0%
		Iceland (Republic of)
	226	5.88%, 05/11/2022 ■		246
		Indonesia - 0.4%
		Indonesia (Republic of)
	355	4.88%, 05/05/2021 §		405
	1,350	5.25%, 01/17/2042 §		1,556
	1,000	5.88%, 03/13/2020 §		1,201
	485	6.63%, 02/17/2037 §		650
	265	6.75%, 03/10/2014 §		283
	2,000	6.88%, 03/09/2017 - 01/17/2018 §		2,407
	780	7.25%, 04/20/2015 §		881
	985	7.50%, 01/15/2016 §		1,152
	200	7.75%, 01/17/2038 §		303
	360	10.38%, 05/04/2014 §		407
	105	11.63%, 03/04/2019 §		159
				9,404
		Ivory Coast - 0.1%
		Ivory Coast (Republic of)
	100	3.75%, 12/31/2032 ■		90
	880	3.75%, 12/31/2032 §		792
				882
		Korea (Republic of) - 0.0%
		Korea (Republic of)
	220	7.13%, 04/16/2019		287
		Latvia - 0.0%
		Latvia (Republic of)
	385	5.25%, 02/22/2017 ■		426
	200	5.25%, 02/22/2017 §		221
				647
		Mexico - 0.5%
		Mexican Bonos
MXN	9,692	8.00%, 12/17/2015		803
		Mexican Bonos De Desarrollo
MXN	12,322	7.25%, 12/15/2016		1,015
		United Mexican States
	982	4.75%, 03/08/2044		1,090
	1,260	5.63%, 01/15/2017		1,473
	3,214	5.75%, 10/12/2110		3,776
	230	5.88%, 01/15/2014		243
	768	6.05%, 01/11/2040		1,019
	804	6.63%, 03/03/2015		908
	235	6.75%, 09/27/2034		333
	191	7.50%, 04/08/2033		290
				10,950
		Panama - 0.1%
		Panama (Republic of)
	433	7.25%, 03/15/2015		493
	345	8.88%, 09/30/2027		560
	120	9.38%, 04/01/2029		206
				1,259
		Peru - 0.1%
		Peru (Republic of)
	905	8.38%, 05/03/2016		1,122
	854	8.75%, 11/21/2033		1,495
	25	9.88%, 02/06/2015		30
		Peru Bono Soberano
PEN	75	7.84%, 08/12/2020		36
				2,683

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

24

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 4.4% - (continued)
		Philippines - 0.3%
		Philippines (Republic of)
$	1,155	6.38%, 01/15/2032 - 10/23/2034	$	1,589
	215	7.75%, 01/14/2031		332
	357	8.00%, 01/15/2016		431
	875	9.38%, 01/18/2017		1,155
	345	9.50%, 02/02/2030		603
	100	9.88%, 01/15/2019		145
	630	10.63%, 03/16/2025		1,107
				5,362
		Poland - 0.0%
		Poland (Republic of)
	200	6.38%, 07/15/2019		249
		Qatar (State of) - 0.1%
		Qatar (State of)
	925	3.13%, 01/20/2017 §		978
	160	5.25%, 01/20/2020 §		191
				1,169
		Russia - 0.6%
		Russian Federation
	1,800	3.25%, 04/04/2017 ■		1,910
	1,200	3.25%, 04/04/2017 §		1,273
	200	3.63%, 04/29/2015 ■		212
	700	3.63%, 04/29/2015 §		743
	600	4.50%, 04/04/2022 §		671
	1,300	5.00%, 04/29/2020 §		1,505
	1,400	5.63%, 04/04/2042 §		1,682
	3,302	7.50%, 03/31/2030 §		4,181
	690	12.75%, 06/24/2028 §		1,363
				13,540
		Slovakia (Slovak Republic) - 0.0%
		Slovak Republic
	535	4.38%, 05/21/2022 ■		571
		South Africa - 0.1%
		South Africa (Republic of)
	340	4.67%, 01/17/2024		376
	825	6.25%, 03/08/2041		1,058
	100	6.88%, 05/27/2019		124
				1,558
		Sri Lanka - 0.0%
		Sri Lanka (Republic of)
	320	5.88%, 07/25/2022 ■		350
		Turkey - 0.7%
		Turkey (Republic of)
	270	5.13%, 03/25/2022		303
	335	6.00%, 01/14/2041		394
	305	6.25%, 09/26/2022		369
	2,140	6.75%, 04/03/2018		2,548
	519	6.88%, 03/17/2036		668
	1,790	7.00%, 09/26/2016		2,081
	2,175	7.25%, 03/15/2015		2,428
	1,700	7.38%, 02/05/2025		2,223
	2,230	7.50%, 07/14/2017		2,691
				13,705
		Ukraine - 0.1%
		Ukraine (Government of)
	350	6.25%, 06/17/2016 ■		346
	200	6.25%, 06/17/2016 §		197
	410	6.58%, 11/21/2016 §		405
	260	6.75%, 11/14/2017 §		257
	105	6.88%, 09/23/2015 §		105
	200	7.75%, 09/23/2020 §		209
	220	9.25%, 07/24/2017 ■		240
				1,759
		United Arab Emirates - 0.0%
		Emirate of Abu Dhabi
	200	6.75%, 04/08/2019 §		255
		Uruguay - 0.0%
		Uruguay (Republic of)
	214	7.63%, 03/21/2036		332
	181	7.88%, 01/15/2033		281
				613
		Venezuela - 0.5%
		Venezuela (Republic of)
	1,165	6.00%, 12/09/2020 §		888
	356	7.00%, 12/01/2018 §		306
	1,924	8.25%, 10/13/2024 §		1,587
	1,445	9.00%, 05/07/2023 §		1,268
	1,070	9.25%, 09/15/2027		966
	2,775	11.75%, 10/21/2026 §		2,810
	1,958	12.75%, 08/23/2022 §		2,100
	170	13.63%, 08/15/2018		188
				10,113
		Total foreign government obligations
		(cost $90,800)	$	94,283
MUNICIPAL BONDS - 0.5%
		Airport Revenues - 0.0%
		New York & New Jersey PA,
$	15	4.93%, 10/01/2051	$	17
		General Obligations - 0.3%
		California State GO,
	725	7.30%, 10/01/2039		973
	230	7.60%, 11/01/2040		325
	550	7.63%, 03/01/2040		769
		California State GO, Taxable,
	2,570	7.55%, 04/01/2039		3,585
		Illinois State GO,
	155	5.10%, 06/01/2033		153
	585	5.67%, 03/01/2018		664
				6,469
		Miscellaneous - 0.0%
		California State Public Works Board Lease Rev,
	50	8.36%, 10/01/2034		63
		Transportation - 0.2%
		New Jersey State Turnpike Auth,
	250	7.10%, 01/01/2041		360
		New Jersey State Turnpike Auth, Taxable,
	50	7.41%, 01/01/2040		74

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

25

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬					Market Value ╪
MUNICIPAL BONDS - 0.5% - (continued)
		Transportation - 0.2% - (continued)
		New York and New Jersey PA,
$	2,500	4.46%, 10/01/2062			$	2,516
	350	5.86%, 12/01/2024				453
		North Texas Tollway Auth Rev,
	455	6.72%, 01/01/2049				623
						4,026
		Total municipal bonds
		(cost $9,527)			$	10,575
SENIOR FLOATING RATE INTERESTS♦ - 0.1%
		Arts, Entertainment and Recreation - 0.0%
		Kabel Deutschland GmbH
$	295	4.25%, 02/01/2019			$	296
		Finance and Insurance - 0.0%
		Asurion Corp., Term Loan
	325	5.50%, 05/24/2018				327
		Health Care and Social Assistance - 0.0%
		Hologic, Inc.
	125	4.50%, 08/01/2019				126
		Mining - 0.1%
		Arch Coal, Inc.
	409	5.75%, 05/16/2018				412
		Utilities - 0.0%
		Texas Competitive Electric Holdings Co. LLC
	599	4.75%, 10/10/2017				386
		Total senior floating rate interests
		(cost $1,600)			$	1,547
U.S. GOVERNMENT SECURITIES - 1.1%
U.S. Treasury Securities - 1.1%
		U.S. Treasury Bonds - 0.2%
$	3,800	4.50%, 02/15/2036 ╦			$	5,056
		U.S. Treasury Notes - 0.9%
	17,800	3.25%, 12/31/2016 ‡				19,761
						24,817
		Total U.S. government securities
		(cost $24,952)			$	24,817
		Total long-term investments (cost $1,932,736)			$	2,067,095
SHORT-TERM INVESTMENTS - 2.1%
Repurchase Agreements - 2.1%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $8,103, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $8,265)
$	8,103	0.30%, 10/31/2012			$	8,103
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $3,299, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $3,365)
	3,299	0.25%, 10/31/2012				3,299
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $5,673, collateralized by FNMA 2.50%, 2027, value of $5,786)
	5,673	0.35%, 10/31/2012				5,673
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,155, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $2,198)
	2,155	0.35%, 10/31/2012				2,155
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $10,011, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $10,198)
	10,011	0.28%, 10/31/2012				10,011
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $12,688, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $12,942)
	12,688	0.25%, 10/31/2012				12,688
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $58, collateralized by U.S. Treasury Note 8.13%, 2019, value of $59)
	57	0.25%, 10/31/2012				57
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,941, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $3,000)
	2,941	0.30%, 10/31/2012				2,941
						44,927
		Total short-term investments
		(cost $44,927)			$	44,927
		Total investments
		(cost $1,977,663) ▲	98.3	%	$	2,112,022
		Other assets and liabilities	1.7	%		36,758
		Total net assets	100.0	%	$	2,148,780

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

26

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

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $1,978,747 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	140,967
Unrealized Depreciation		(7,692	)
Net Unrealized Appreciation	$	133,275

● Non-income producing.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  Securities valued at $1,217, held on behalf of the Fund at the custody bank, were received from broker(s) as collateral in connection with swap contracts.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

Þ This security may pay interest in additional principal instead of cash.

◄ The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $152,448, which represents 7.1% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $48,984, which represents 2.3% of total net assets.

۞ Convertible security.

♠ Perpetual maturity security.  Maturity date shown is the first call date.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $365 at October 31, 2012.

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

27

The Hartford Balanced Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Futures Contracts Outstanding at October 31, 2012

Description	Number of Contracts*		Expiration Date	Notional Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 30-Year Bond Future		178	12/19/2012	$	26,643	$	26,578	$	(65	)
Short position contracts:
U.S. Treasury 10-Year Note Future		357	12/19/2012	$	47,463	$	47,492	$	(29	)
U.S. Treasury 5-Year Note Future		26	12/31/2012		3,233		3,231		2
U.S. Treasury CME Ultra Long Term Bond Future		41	12/19/2012		6,748		6,769		(21	)
								$	(48	)
								$	(113	)

* The number of contracts does not omit 000's.

Cash of $232 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
BRL	Buy	12/04/2012	MSC	$	142	$	145	$	3
COP	Sell	12/19/2012	CBK		1,087		1,074		13
EUR	Sell	11/30/2012	BNP		317		316		1
EUR	Sell	12/19/2012	DEUT		97		97		–
EUR	Sell	12/19/2012	JPM		1,248		1,248		–
EUR	Sell	12/19/2012	UBS		319		320		(1	)
GBP	Buy	11/05/2012	RBC		614		614		–
MXN	Buy	12/19/2012	CBK		1,110		1,082		(28	)
MXN	Buy	12/19/2012	SSG		48		47		(1	)
MXN	Sell	12/19/2012	JPM		2,433		2,432		1
MYR	Buy	12/19/2012	UBS		267		270		3
PEN	Sell	12/19/2012	CBK		33		33		–
TRY	Buy	12/19/2012	BOA		563		567		4
								$	(5	)

Credit Default Swap Contracts Outstanding at October 31, 2012

Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)			Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices:
Buy protection:
ABX.HE.AAA.06	BCLY	$	763		(0.18	)%	07/25/45	$	71		$	46		$	(25	)
ABX.HE.PENAAA.06	BCLY		969		(0.11	)%	05/25/46		265			206			(59	)
CDX.NA.HY.19	BCLY		3,130		(5.00	)%	12/20/17		21			25			4
Total								$	357		$	277		$	(80	)
Sell protection:
CDX.NA.HY.18	GSC	$	27,893		5.00	%	06/20/17	$	(514	)	$	14		$	528
Total traded indices								$	(157	)	$	291		$	448
Credit default swaps on single-name issues:
Buy protection:
China (People's Republic of)	BCLY	$	4,585		(1.00)% / 0.65%		09/20/17	$	32		$	(79	)	$	(111	)
China (People's Republic of)	DEUT		3,840		(1.00)% / 0.65%		09/20/17		30			(66	)		(96	)
Total								$	62		$	(145	)	$	(207	)

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

28

Credit Default Swap Contracts Outstanding at October 31, 2012 - (continued)

Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)	Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on single-name issues: - (continued)
Sell protection:
Hewlett Packard Co.	GSC	$	320	1.00% / 3.26%	09/20/17	$	(27	)	$	(32	)	$	(5	)
Hewlett Packard Co.	MSC		605	1.00% / 3.26%	09/20/17		(47	)		(61	)		(14	)
Total						$	(74	)	$	(93	)	$	(19	)
Total single name issues						$	(12	)	$	(238	)	$	(226	)
						$	(169	)	$	53		$	222

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.  Notional shown in U.S. dollars unless otherwise noted.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign government issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative.  The implied credit spread of a particular entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement.  Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on October 31, 2012.  For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

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

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
BNP	BNP Paribas Securities
BOA	Banc of America Securities LLC
CBK	Citibank NA
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG
Currency Abbreviations:
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Colombian Peso
EUR	EURO
GBP	British Pound
MXN	Mexican New Peso
MYR	Malaysian Ringgit
PEN	Peruvian New Sol
TRY	Turkish New Lira
Index Abbreviations:
ABX.HE	Markit Asset Backed Security Home Equity
ABX.HE.PEN	Markit Asset Backed Security Home Equity Penultimate
CDX.NA.HY	Credit Derivatives North American High Yield

Municipal Bond Abbreviations:
GO	General Obligation
PA	Port Authority
Rev	Revenue
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate

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

29

The Hartford Balanced Income Fund

Investments Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	28,517	$	–	$	19,777	$	8,740
Common Stocks ‡		984,143		893,050		91,093		–
Corporate Bonds		921,925		–		919,084		2,841
Foreign Government Obligations		94,283		–		94,068		215
Municipal Bonds		10,575		–		10,575		–
Preferred Stocks		1,288		1,288		–		–
Senior Floating Rate Interests		1,547		–		1,547		–
U.S. Government Securities		24,817		–		24,817		–
Short-Term Investments		44,927		–		44,927		–
Total	$	2,112,022	$	894,338	$	1,205,888	$	11,796
Credit Default Swaps *		532		–		532		–
Foreign Currency Contracts *		25		–		25		–
Futures *		2		2		–		–
Total	$	559	$	2	$	557	$	–
Liabilities:
Credit Default Swaps *		310		–		310		–
Foreign Currency Contracts *		30		–		30		–
Futures *		115		115		–		–
Total	$	455	$	115	$	340	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

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

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

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

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of  October 31, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	—	$	175	$	402	†	$	531	$	8,005	$	(373	)	$	—	$	—		$	8,740
Corporate Bonds and Foreign Government Obligations		186		1		73	‡		1		2,927		(2	)		—		(130	)		3,056
Total	$	186	$	176	$	475		$	532	$	10,932	$	(375	)	$	—	$	(130	)	$	11,796

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $402.

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $74.

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

30

The Hartford Balanced Income Fund

Statements of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,977,663)	$	2,112,022
Cash		1,159	*
Unrealized appreciation on foreign currency contracts		25
Unrealized appreciation on swap contracts		532
Receivables:
Investment securities sold		4,299
Fund shares sold		26,516
Dividends and interest		13,127
Variation margin		122
Swap premiums paid		419
Other assets		312
Total assets		2,158,533
Liabilities:
Unrealized depreciation on foreign currency contracts		30
Unrealized depreciation on swap contracts		310
Payables:
Investment securities purchased		4,808
Fund shares redeemed		3,077
Investment management fees		278
Administrative fees		2
Distribution fees		209
Variation margin		182
Accrued expenses		262
Swap premiums received		588
Other liabilities		7
Total liabilities		9,753
Net assets	$	2,148,780
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,983,644
Undistributed net investment income		4,522
Accumulated net realized gain		26,155
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		134,459
Net assets	$	2,148,780

* Cash of $232 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

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

31

The Hartford Balanced Income Fund

Statements of Assets and Liabilities – (continued)

October 31, 2012

(000’s Omitted)

Shares authorized		1,050,000
Par value	$	0 .001
Class A: Net asset value per share/Maximum offering price per share		$12.24/$12.95
Shares outstanding		92,396
Net assets	$	1,131,250
Class B: Net asset value per share	$	12.20
Shares outstanding		1,348
Net assets	$	16,451
Class C: Net asset value per share	$	12.13
Shares outstanding		53,540
Net assets	$	649,208
Class I: Net asset value per share	$	12.24
Shares outstanding		25,111
Net assets	$	307,422
Class R3: Net asset value per share	$	12.29
Shares outstanding		2,270
Net assets	$	27,888
Class R4: Net asset value per share	$	12.28
Shares outstanding		1,186
Net assets	$	14,568
Class R5: Net asset value per share	$	12.29
Shares outstanding		13
Net assets	$	164
Class Y: Net asset value per share	$	12.34
Shares outstanding		148
Net assets	$	1,829

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

32

The Hartford Balanced Income Fund

Statements of Operations

October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	21,617
Interest		28,766
Less: Foreign tax withheld		(308	)
Total investment income		50,075
Expenses:
Investment management fees		8,283
Administrative services fees		42
Transfer agent fees		1,454
Distribution fees
Class A		1,853
Class B		90
Class C		3,694
Class R3		81
Class R4		15
Custodian fees		32
Accounting services fees		264
Registration and filing fees		232
Board of Directors' fees		25
Audit fees		18
Other expenses		201
Total expenses (before waivers and fees paid indirectly)		16,284
Expense waivers		(2,821	)
Commission recapture		(5	)
Total waivers and fees paid indirectly		(2,826	)
Total expenses, net		13,458
Net Investment Income		36,617
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		27,963
Net realized loss on futures		(241	)
Net realized loss on swap contracts		(48	)
Net realized gain on foreign currency contracts		21
Net realized loss on other foreign currency transactions		(40	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		27,655
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		105,299
Net unrealized depreciation of futures		(242	)
Net unrealized appreciation of swap contracts		350
Net unrealized depreciation of foreign currency contracts		(14	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(2	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		105,391
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		133,046
Net Increase in Net Assets Resulting from Operations	$	169,663

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

33

The Hartford Balanced Income Fund

Statements of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	36,617		$	12,742
Net realized gain on investments, other financial instruments and foreign currency transactions		27,655			4,528
Net unrealized appreciation of investments, other financial instruments and foreign currency transactions		105,391			12,866
Net Increase In Net Assets Resulting From Operations		169,663			30,136
Distributions to Shareholders:
From net investment income
Class A		(19,641	)		(8,300	)
Class B		(283	)		(143	)
Class C		(7,668	)		(2,280	)
Class I		(5,040	)		(1,041	)
Class R3		(389	)		(45	)
Class R4		(194	)		(10	)
Class R5		(4	)		(4	)
Class Y		(22	)		(5	)
Total distributions		(33,241	)		(11,828	)
Capital Share Transactions:
Class A		658,746			204,729
Class B		5,691			4,020
Class C		471,539			83,513
Class I		227,464			42,804
Class R3		20,914			5,193
Class R4		13,365			334
Class R5		31			4
Class Y		1,616			5
Net increase from capital share transactions		1,399,366			340,602
Net Increase In Net Assets		1,535,788			358,910
Net Assets:
Beginning of period		612,992			254,082
End of period	$	2,148,780		$	612,992
Undistributed (distribution in excess of) net investment income (loss)	$	4,522		$	1,512

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

34

The Hartford Balanced Income Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Balanced Income Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

35

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

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

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

36

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

37

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

38

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments,

39

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

f) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated

40

with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of October 31, 2012.

c) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

41

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Credit Default Swap Contracts – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of October 31, 2012.

d) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	25	$	—	$	—	$	—	$	—	$	25
Unrealized appreciation on swap contracts		—		—		532		—		—		—		532
Variation margin receivable *		122		—		—		—		—		—		122
Total	$	122	$	25	$	532	$	—	$	—	$	—	$	679
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	30	$	—	$	—	$	—	$	—	$	30
Unrealized depreciation on swap contracts		—		—		310		—		—		—		310
Variation margin payable *		182		—		—		—		—		—		182
Total	$	182	$	30	$	310	$	—	$	—	$	—	$	522

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(113) as reported in the Schedule of Investments.

42

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on futures	$	(241	)	$	—		$	—		$	—	$	—	$	—	$	(241	)
Net realized loss on swap contracts		—			—			(48	)		—		—		—		(48	)
Net realized gain on foreign currency contracts		—			21			—			—		—		—		21
Total	$	(241	)	$	21		$	(48	)	$	—	$	—	$	—	$	(268	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	(242	)	$	—		$	—		$	—	$	—	$	—	$	(242	)
Net change in unrealized appreciation of swap contracts		—			—			350			—		—		—		350
Net change in unrealized depreciation of foreign currency contracts		—			(14	)		—			—		—		—		(14	)
Total	$	(242	)	$	(14	)	$	350		$	—	$	—	$	—	$	94

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the

43

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	33,241	$	11,828

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	17,916
Undistributed Long-Term Capital Gain		13,778
Unrealized Appreciation *		133,440
Total Accumulated Earnings	$	165,134

* Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent

44

differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(366	)
Accumulated Net Realized Gain (Loss)		366

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

During the year ended October 31, 2012, the Fund utilized $922 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

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

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

45

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Average Daily Net Assets	Annual Fee
On first $250 million		0.700%
On next $250 million		0.630%
On next $500 million		0.600%
On next $1.5 billion		0.570%
On next $2.5 billion		0.550%
On next $5 billion		0.530%
Over $10 billion		0.525%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

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

HIFSCO voluntarily agreed to waive management fees of 0.50% of average daily net assets until February 29, 2012.

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

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B*		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	0.89%		1.64%		1.64%		0.64%		1.14%		0.84%		0.64%		0.59%

* Due to the reduced Class B Distribution and Service Plan (12b-1) fees effective June 30, 2012, the limit on net operating expenses attributable to Class B shares is 0.89%.

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	0.75%		1.50%		1.50%		0.50%		1.00%		0.70%		0.40%		0.35%

46

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.83	%
Class B		1.30
Class C		1.58
Class I		0.59
Class R3		1.11
Class R4		0.83
Class R5		0.56
Class Y		0.56

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $17,127 and contingent deferred sales charges of $130 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. Effective January 1, 2011, Class B shares’ Rule 12b-1 fee was reduced from 1.00% to 0.25% in accordance with FINRA rules, although it is possible that such fees may be charged in the future. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $173.  These commissions are in turn paid to sales representatives of the broker/dealers.

47

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		11		0	%
Class R4		11		1
Class R5		11		85
Class Y		13		9

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,681,976
Sales Proceeds Excluding U.S. Government Obligations		355,455
Cost of Purchases for U.S. Government Obligations		53,439
Sales Proceeds for U.S. Government Obligations		32,431

48

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		63,789		1,615		(8,878	)		—		56,526		23,720		734		(5,482	)		—		18,972
Amount	$	743,556	$	18,846	$	(103,656	)	$	—	$	658,746	$	256,063	$	7,863	$	(59,197	)	$	—	$	204,729
Class B
Shares		750		20		(272	)		—		498		509		13		(149	)		—		373
Amount	$	8,622	$	237	$	(3,168	)	$	—	$	5,691	$	5,481	$	140	$	(1,601	)	$	—	$	4,020
Class C
Shares		43,872		561		(3,706	)		—		40,727		8,989		183		(1,393	)		—		7,779
Amount	$	508,056	$	6,494	$	(43,011	)	$	—	$	471,539	$	96,508	$	1,951	$	(14,946	)	$	—	$	83,513
Class I
Shares		21,997		324		(2,850	)		—		19,471		5,520		86		(1,635	)		—		3,971
Amount	$	257,129	$	3,794	$	(33,459	)	$	—	$	227,464	$	59,430	$	926	$	(17,552	)	$	—	$	42,804
Class R3
Shares		2,613		33		(858	)		—		1,788		1,041		4		(579	)		—		466
Amount	$	30,676	$	388	$	(10,150	)	$	—	$	20,914	$	11,415	$	45	$	(6,267	)	$	—	$	5,193
Class R4
Shares		1,437		15		(308	)		—		1,144		41		1		(11	)		—		31
Amount	$	16,938	$	180	$	(3,753	)	$	—	$	13,365	$	442	$	10	$	(118	)	$	—	$	334
Class R5
Shares		2		—		—			—		2		—		1		—			—		1
Amount	$	27	$	4	$	—		$	—	$	31	$	—	$	4	$	—		$	—	$	4
Class Y
Shares		143		2		(9	)		—		136		—		—		—			—		—
Amount	$	1,700	$	21	$	(105	)	$	—	$	1,616	$	—	$	5	$	—		$	—	$	5
Total
Shares		134,603		2,570		(16,881	)		—		120,292		39,820		1,022		(9,249	)		—		31,593
Amount	$	1,566,704	$	29,964	$	(197,302	)	$	—	$	1,399,366	$	429,339	$	10,944	$	(99,681	)	$	—	$	340,602

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		28	$	332
For the Year Ended October 31, 2011		16	$	173

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

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

49

The Hartford Balanced Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

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

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

50

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51

The Hartford Balanced Income Fund

Financial Highlights

- Selected Per-Share Date (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	11.02	$	0.35	$	1.18		$	1.53		$	(0.31	)	$	–		$	–	$	(0.31	)	$	12.24
B		10.98		0.30		1.16			1.46			(0.24	)		–			–		(0.24	)		12.20
C		10.94		0.25		1.18			1.43			(0.24	)		–			–		(0.24	)		12.13
I		11.02		0.37		1.18			1.55			(0.33	)		–			–		(0.33	)		12.24
R3		11.06		0.31		1.20			1.51			(0.28	)		–			–		(0.28	)		12.29
R4		11.06		0.33		1.21			1.54			(0.32	)		–			–		(0.32	)		12.28
R5		11.06		0.38		1.18			1.56			(0.33	)		–			–		(0.33	)		12.29
Y		11.05		0.37		1.26			1.63			(0.34	)		–			–		(0.34	)		12.34
For the Year Ended October 31, 2011 (E)
A		10.55		0.37		0.44			0.81			(0.34	)		–			–		(0.34	)		11.02
B		10.51		0.28		0.44			0.72			(0.25	)		–			–		(0.25	)		10.98
C		10.48		0.29		0.44			0.73			(0.27	)		–			–		(0.27	)		10.94
I		10.54		0.39		0.45			0.84			(0.36	)		–			–		(0.36	)		11.02
R3		10.58		0.32		0.46			0.78			(0.30	)		–			–		(0.30	)		11.06
R4		10.58		0.37		0.44			0.81			(0.33	)		–			–		(0.33	)		11.06
R5		10.58		0.41		0.44			0.85			(0.37	)		–			–		(0.37	)		11.06
Y		10.57		0.42		0.43			0.85			(0.37	)		–			–		(0.37	)		11.05
For the Year Ended October 31, 2010
A		9.44		0.33		1.11			1.44			(0.33	)		–			–		(0.33	)		10.55
B		9.40		0.29		1.07			1.36			(0.25	)		–			–		(0.25	)		10.51
C		9.40		0.26		1.10			1.36			(0.28	)		–			–		(0.28	)		10.48
I(F)		9.81		0.25		0.74			0.99			(0.26	)		–			–		(0.26	)		10.54
R3(I)		9.75		0.13		0.84			0.97			(0.14	)		–			–		(0.14	)		10.58
R4(I)		9.75		0.14		0.84			0.98			(0.15	)		–			–		(0.15	)		10.58
R5(I)		9.75		0.16		0.84			1.00			(0.17	)		–			–		(0.17	)		10.58
Y		9.46		0.42		1.05			1.47			(0.36	)		–			–		(0.36	)		10.57
For the Year Ended October 31, 2009 (E)
A		8.22		0.38		1.23			1.61			(0.39	)		–			–		(0.39	)		9.44
B		8.20		0.31		1.23			1.54			(0.34	)		–			–		(0.34	)		9.40
C		8.19		0.31		1.23			1.54			(0.33	)		–			–		(0.33	)		9.40
Y		8.24		0.42		1.22			1.64			(0.42	)		–			–		(0.42	)		9.46
For the Year Ended October 31, 2008
A		11.02		0.40		(2.75	)		(2.35	)		(0.41	)		(0.04	)		–		(0.45	)		8.22
B		10.98		0.33		(2.74	)		(2.41	)		(0.33	)		(0.04	)		–		(0.37	)		8.20
C		10.97		0.33		(2.74	)		(2.41	)		(0.33	)		(0.04	)		–		(0.37	)		8.19
Y		11.03		0.44		(2.75	)		(2.31	)		(0.44	)		(0.04	)		–		(0.48	)		8.24

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on February 26, 2010.

(G) Not annualized.

(H) Annualized.

(I) Commenced operations on May 28, 2010.

52

- Ratios and Supplemental Data -

Total Return(B)				Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)				Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)				Ratio of Net Investment Income to Average Net Assets				Portfolio Turnover Rate(D)
	14.05	%		$	1,131,250		1.04	%			0.83	%			2.98	%			30	%
	13.44				16,451		1.54				1.30				2.55				–
	13.22				649,208		1.79				1.58				2.19				–
	14.31				307,422		0.81				0.59				3.19				–
	13.84				27,888		1.41				1.11				2.64				–
	14.08				14,568		1.17				0.83				2.77				–
	14.33				164		0.76				0.56				3.29				–
	14.98				1,829		0.74				0.56				3.14				–
	7.78				395,347		1.17				0.67				3.44				29
	6.96				9,328		2.05				1.50				2.61				–
	7.05				140,127		1.90				1.40				2.70				–
	8.11				62,139		0.94				0.44				3.62				–
	7.45				5,333		1.50				1.00				2.96				–
	7.82				463		1.22				0.70				3.37				–
	8.13				119		0.91				0.40				3.75				–
	8.23				136		0.81				0.31				3.84				–
	15.55				178,227		1.24				0.74				3.73				34
	14.69				5,008		2.13				1.50				3.07				–
	14.66				52,740		1.98				1.48				2.82				–
	10.23		(G)		17,593		0.99		(H)		0.49		(H)		3.52		(H)		–
	10.03		(G)		166		1.58		(H)		1.01		(H)		3.03		(H)		–
	10.17		(G)		112		1.28		(H)		0.71		(H)		3.40		(H)		–
	10.33		(G)		110		0.96		(H)		0.41		(H)		3.70		(H)		–
	15.87				126		0.86				0.35				4.24				–
	20.29				59,923		1.32				1.19				4.56				63
	19.37				3,681		2.26				1.90				3.80				–
	19.44				6,409		2.10				1.94				3.81				–
	20.67				108		0.94				0.85				4.96				–
	(22.01	)			36,544		1.25				1.25				4.10				44
	(22.53	)			1,945		2.14				2.00				3.35				–
	(22.55	)			4,007		2.04				2.00				3.34				–
	(21.67	)			90		0.91				0.90				4.43				–

53

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Balanced Income Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Balanced Income Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

54

The Hartford Balanced Income Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

55

The Hartford Balanced Income Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

56

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

57

The Hartford Balanced Income Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

58

The Hartford Balanced Income Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,055.13	$	4.60	$	1,000.00	$	1,020.66	$	4.52		0.89	%		184		366
Class B	$	1,000.00	$	1,053.99	$	5.78	$	1,000.00	$	1,019.51	$	5.69		1.12			184		366
Class C	$	1,000.00	$	1,051.47	$	8.46	$	1,000.00	$	1,016.89	$	8.31		1.64			184		366
Class I	$	1,000.00	$	1,056.32	$	3.31	$	1,000.00	$	1,021.92	$	3.25		0.64			184		366
Class R3	$	1,000.00	$	1,053.92	$	5.89	$	1,000.00	$	1,019.41	$	5.79		1.14			184		366
Class R4	$	1,000.00	$	1,055.68	$	4.34	$	1,000.00	$	1,020.91	$	4.27		0.84			184		366
Class R5	$	1,000.00	$	1,056.96	$	3.31	$	1,000.00	$	1,021.92	$	3.25		0.64			184		366
Class Y	$	1,000.00	$	1,058.77	$	3.05	$	1,000.00	$	1,022.17	$	3.00		0.59			184		366

59

The Hartford Balanced Income Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Balanced Income Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

60

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

61

The Hartford Balanced Income Fund

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

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with The Hartford’s preferred partnership agreement with the Sub-adviser, the Fund’s contractual management fee had been reduced at all levels and an additional breakpoint had been added to the Fund’s management fee schedule.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that the Fund’s contractual management fee had recently been reduced at all asset levels and that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

62

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

63

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-BI12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Capital Appreciation Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Capital Appreciation Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	9
Statement of Assets and Liabilities at October 31, 2012	10
Statement of Operations for the Year Ended October 31, 2012	11
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	12
Notes to Financial Statements	13
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Capital Appreciation Fund inception 07/22/1996

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Capital Appreciation A#		8.84	%		-4.36	%		7.96	%
Capital Appreciation A##		2.86	%		-5.43	%		7.35	%
Capital Appreciation B#		7.93	%		-5.13	%		7.29	%*
Capital Appreciation B##		2.93	%		-5.47	%		7.29	%*
Capital Appreciation C#		8.11	%		-5.04	%		7.21	%
Capital Appreciation C##		7.11	%		-5.04	%		7.21	%
Capital Appreciation I#		9.19	%		-4.07	%		8.16	%
Capital Appreciation R3#		8.59	%		-4.62	%		8.00	%
Capital Appreciation R4#		8.92	%		-4.31	%		8.21	%
Capital Appreciation R5#		9.25	%		-4.02	%		8.39	%
Capital Appreciation Y#		9.36	%		-3.93	%		8.46	%
Russell 3000 Index		14.75	%		0.59	%		7.47	%
S&P 500 Index		15.19	%		0.36	%		6.90	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

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

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

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Capital Appreciation Fund

Manager Discussion

October 31, 2012

Portfolio Managers
Saul J. Pannell, CFA	Frank D. Catrickes, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Capital Appreciation Fund returned 8.84%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the Russell 3000 Index, which returned 14.75% for the same period. The Fund also underperformed the 13.22% return of the average fund in the Lipper Large-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

All ten sectors in the Russell 3000 Index posted positive returns during the period. Strong performers included the Telecommunications Services (+25.6%), Health Care (+22.5%), and Consumer Discretionary (+19.7%) sectors, while the Energy (+5.2%), Information Technology (+8.8%) and Materials (+10.3%) sectors lagged on a relative basis.

The Fund underperformed its benchmark primarily due to weak security selection. Positive stock selection within the Information Technology, Financials and Utilities sectors was not enough to offset weak stock selection within the Consumer Discretionary, Telecommunication Services, and Materials sectors. Sector allocation, a result of bottom-up stock selection, contributed modestly to benchmark-relative returns due to an overweight position (i.e. the Fund’s sector position was greater than the benchmark position) in the strong-performing Consumer Discretionary sector and an underweight to the weaker performing Information Technology sector.

Chesapeake Energy (Energy), Ford Motor Company (Consumer Discretionary), and NII Holdings (Telecommunication Services) detracted most from relative returns during the period. Chesapeake Energy, a US-based producer of natural gas, oil, and natural gas liquids, underperformed due to concerns that increased spending on leaseholds and capital expenditures would not result in higher production as well as concerns regarding the company’s corporate governance. U.S. auto-maker Ford Motor Company posted a slight positive absolute return (i.e. total return) over the period but lagged the benchmark, and our overweight position weighed on relative returns. Although profitability was strong, particularly in North America, losses in Europe contributed to skepticism among investors. NII Holdings offers a fully integrated wireless communications tool with digital cellular service, text/numeric paging, wireless internet access and Nextel DirectConnect for business customers in Latin America. NII Holdings’ share price declined due to weak reported revenue and concerns about near-term profitability. Top detractors from absolute returns also included MetroPCS Communications (Telecommunication Services).

The top contributors to relative performance included Gilead Sciences (Health Care), American International Group (Financials) and JPMorgan Chase (Financials). U.S.-based biopharmaceutical company Gilead Sciences outperformed after the firm's results exceeded expectations on strong antiviral product sales, and investors reacted positively to the firm's plans for developing its hepatitis C franchise. The share price of insurer American International Group climbed as a result of improving fundamentals in the broader global insurance industry combined with a decrease in the US Government’s stake in the company, which has removed an overhang on the shares. Shares of US-based global financial services firm JPMorgan Chase rebounded as investors gained confidence that the firm’s trading loss has largely been addressed. Computer, smartphone, and application designer and retailer Apple (Consumer Discretionary) was also among the top contributors to absolute performance during the period.

3

The Hartford Capital Appreciation Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

Although we continue to have concerns about the macroeconomic environment due to significant unresolved challenges in the U.S. and Europe, we believe these challenges are largely priced in at current valuations. As a result, we ended the period with a cautiously optimistic positioning.

In this environment we continue to focus our efforts on stock-by-stock fundamental research consistent with the Fund’s opportunistic investment strategy. We continue to seek out and identify companies that we believe hold the potential for capital appreciation in a moderate growth environment. At the end of the period, our bottom-up decisions resulted in overweights in the Consumer Discretionary, Industrials, and Financials sectors and underweights in Consumer Staples, Utilities, and Information Technology sectors relative to the Russell 3000 Index.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Equity Securities
Automobiles and Components (Consumer Discretionary)		8.0	%
Banks (Financials)		1.8
Capital Goods (Industrials)		5.5
Commercial and Professional Services (Industrials)		1.1
Consumer Services (Consumer Discretionary)		2.9
Diversified Financials (Financials)		10.2
Energy (Energy)		9.3
Food and Staples Retailing (Consumer Staples)		2.9
Food, Beverage and Tobacco (Consumer Staples)		0.3
Health Care Equipment and Services (Health Care)		2.8
Insurance (Financials)		4.3
Materials (Materials)		2.7
Media (Consumer Discretionary)		4.2
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		8.0
Real Estate (Financials)		0.5
Retailing (Consumer Discretionary)		6.8
Semiconductors and Semiconductor Equipment (Information Technology)		1.3
Software and Services (Information Technology)		8.0
Technology Hardware and Equipment (Information Technology)		5.1
Telecommunication Services (Services)		1.4
Transportation (Industrials)		10.7
Total		97.8	%
Fixed Income Securities
Finance and Insurance (Finance)		0.4	%
Total		0.4	%
Short-Term Investments		1.4
Other Assets and Liabilities		0.4
Total		100.0	%

4

The Hartford Capital Appreciation Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.8%
		Automobiles and Components - 8.0%
	46,856	Ford Motor Co. w/ rights	$	522,912
	13,513	Goodyear (The) Tire & Rubber Co. ●		154,181
	284	Hyundai Motor Co., Ltd.		58,314
	4,315	TRW Automotive Holdings Corp. ●		200,700
				936,107
		Banks - 1.8%
	2,141	Grupo Financiero Santander Mexico S.A.B. de C.V. ●		29,268
	988	Hana Financial Holdings		28,737
	34,446	Mitsubishi UFJ Financial Group, Inc.		155,833
				213,838
		Capital Goods - 5.5%
	5,469	General Electric Co.		115,186
	20,560	Itochu Corp.		205,796
	3,129	KBR, Inc.		87,166
	4,692	Rolls-Royce Holdings plc		64,847
	2,864	Safran S.A.		114,064
	383	TransDigm Group, Inc.		50,987
				638,046
		Commercial and Professional Services - 1.1%
	3,114	Pentair Ltd.		131,540
		Consumer Services - 2.9%
	758	Ctrip.com International Ltd. ADR ●		15,163
	—	Diamond Resorts LLC ⌂†		102,728
	3,714	Dunkin' Brands Group, Inc.		115,124
	2,212	Wyndham Worldwide Corp.		111,474
				344,489
		Diversified Financials - 10.2%
	22,611	Bank of America Corp.		210,731
	9,489	Citigroup, Inc.		354,783
	16,793	ING Groep N.V. ●		149,429
	11,343	JP Morgan Chase & Co.		472,768
				1,187,711
		Energy - 9.3%
	3,242	BG Group plc		60,195
	3,247	BP plc ADR		139,242
	3,524	Cheniere Energy, Inc. ●		56,695
	5,762	Chesapeake Energy Corp.		116,733
	5,075	Ensco plc		293,428
	510	Halliburton Co.		16,452
	2,478	Imperial Oil Ltd.		108,771
	16,391	JX Holdings, Inc.		87,299
	3,483	Tesoro Corp.		131,351
	2,489	Valero Energy Corp.		72,429
				1,082,595
		Food and Staples Retailing - 2.9%
	5,137	CVS Caremark Corp.		238,357
	4,036	Kroger (The) Co.		101,780
				340,137
		Food, Beverage and Tobacco - 0.3%
	1,240	Mondelez International., Inc.		32,921
		Health Care Equipment and Services - 2.8%
	1,793	Covidien plc		98,531
	5,521	Hologic, Inc. ●		113,839
	3,036	St. Jude Medical, Inc.		116,142
				328,512
		Insurance - 4.3%
	3,799	Aflac, Inc.		189,113
	9,047	American International Group, Inc. ●		316,012
				505,125
		Materials - 2.7%
	20,321	Glencore International plc		112,766
	4,650	International Paper Co.		166,613
	20,000	PTT Chemical Public Co., Ltd. ●		39,613
	6,530	Sino Forest Corp. Class A ⌂●†		—
				318,992
		Media - 4.2%
	231	DirecTV ●		11,795
	1,866	Gannett Co., Inc.		31,537
	25	Harvey Weinstein Co. Holdings Class A-1 ⌂●†∞		—
	2,840	Time Warner, Inc.		123,403
	3,707	Viacom, Inc. Class B		190,079
	2,683	Walt Disney Co.		131,650
				488,464
		Pharmaceuticals, Biotechnology and Life Sciences - 8.0%
	11,186	Excel Medical Fund L.P. ⌂●†Ђ		8,331
	4,156	Gilead Sciences, Inc. ●		279,083
	1,307	Johnson & Johnson		92,555
	1,448	Merck & Co., Inc.		66,086
	2,478	Shionogi & Co., Ltd.		41,135
	11,153	Teva Pharmaceutical Industries Ltd. ADR		450,800
				937,990
		Real Estate - 0.5%
	5,686	Westfield Group REIT		62,857
		Retailing - 6.8%
	1,099	Abercrombie & Fitch Co. Class A		33,616
	384	AutoZone, Inc. ●		144,150
	36,752	Buck Holdings L.P. ⌂●†		35,430
	1,893	Family Dollar Stores, Inc.		124,887
	495	Gap, Inc.		17,688
	4,880	Liberty Media - Interactive A ●		97,608
	228	Priceline.com, Inc. ●		130,533
	8,982	Staples, Inc.		103,429
	2,722	TJX Cos., Inc.		113,321
				800,662
		Semiconductors and Semiconductor Equipment - 1.3%
	1,522	ASML Holding N.V. ADR		83,687
	4,309	Teradyne, Inc. ●		63,001
				146,688
		Software and Services - 8.0%
	6,913	Activision Blizzard, Inc.		75,277
	3,196	Amadeus IT Holding S.A. Class A		79,183
	32	Equinix, Inc. ●		5,683
	7,144	Genpact Ltd.		125,804
	345	Google, Inc. ●		234,656
	8,331	Microsoft Corp.		237,722
	5,198	Oracle Corp.		161,392
	589	Splunk, Inc. ●		16,509
				936,226
		Technology Hardware and Equipment - 5.1%
	240	Apple, Inc.		143,062
	2,272	Aruba Networks, Inc. ●		41,278
	7,807	Ciena Corp. ●		96,882
	890	EMC Corp. ●		21,727

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

5

The Hartford Capital Appreciation Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 97.8% - (continued)
		Technology Hardware and Equipment - 5.1% - (continued)
	51,557	Hon Hai Precision Industry Co., Ltd.			$	156,324
	8,446	Juniper Networks, Inc. ●				139,952
						599,225
		Telecommunication Services - 1.4%
	7,688	Vivendi S.A.				157,536
		Transportation - 10.7%
	64,144	AirAsia Berhad				63,664
	3,040	CSX Corp.				62,233
	21,989	Delta Air Lines, Inc. ●				211,756
	2,810	FedEx Corp.				258,455
	14,973	Hertz Global Holdings, Inc. ●				198,686
	16,540	JetBlue Airways Corp. ●				87,494
	487	Union Pacific Corp.				59,903
	16,092	United Continental Holdings, Inc. ●				309,123
						1,251,314
		Total common stocks
		(cost $11,074,917)			$	11,440,975
CORPORATE BONDS - 0.4%
		Finance and Insurance - 0.4%
		MBIA Insurance Co.
$	95,840	14.00%, 01/15/2033 ■Δ			$	46,482
		Total corporate bonds
		(cost $95,224)			$	46,482
		Total long-term investments (cost $11,170,141)			$	11,487,457
SHORT-TERM INVESTMENTS - 1.4%
Repurchase Agreements - 1.4%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $30,100, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $30,702)
$	30,100	0.30%, 10/31/2012			$	30,100
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $12,256, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $12,501)
	12,256	0.25%, 10/31/2012				12,256
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $21,073, collateralized by FNMA 2.50%, 2027, value of $21,494)
	21,073	0.35%, 10/31/2012				21,073
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $8,005, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $8,165)
	8,005	0.35%, 10/31/2012				8,005
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $37,188, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $37,885)
	37,187	0.28%, 10/31/2012				37,187
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $47,133, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $48,075)
	47,132	0.25%, 10/31/2012				47,132
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $214, collateralized by U.S. Treasury Note 8.13%, 2019, value of $219)
	214	0.25%, 10/31/2012				214
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $10,925, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $11,144)
	10,925	0.30%, 10/31/2012				10,925
						166,892
		Total short-term investments
		(cost $166,892)			$	166,892
		Total investments
		(cost $11,337,033) ▲	99.6	%	$	11,654,349
		Other assets and liabilities	0.4	%		45,434
		Total net assets	100.0	%	$	11,699,783

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

6

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

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $11,257,428 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,114,021
Unrealized Depreciation		(717,100	)
Net Unrealized Appreciation	$	396,921

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $146,489, which represents 1.3% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.  

● Non-income producing.    

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $46,482, which represents 0.4% of total net assets.  

∞ Securities exempt from registration under Regulation D of the Securities Act of 1933.  The Fund may only be able to resell these securities if they are subsequently registered or if an exemption from registration under the federal and state securities laws is available.  Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value and percentage of net assets of these securities rounds to zero.  

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
06/2007		36,752	Buck Holdings L.P.	$	7,960
07/2011		–	Diamond Resorts LLC		89,870
07/2010 - 08/2012		11,186	Excel Medical Fund L.P.		11,068
10/2005		25	Harvey Weinstein Co. Holdings Class A-1  - Reg D		23,636
01/2010 - 06/2011		6,530	Sino Forest Corp. Class A		111,489

At October 31, 2012, the aggregate value of these securities was $146,489, which represents 1.3% of total net assets.

Ђ As of October 31, 2012, the Fund has future commitments to purchase an additional $3,936.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
EUR	Buy	12/14/2012	BOA	$	96,798	$	99,474	$	2,676
EUR	Buy	12/14/2012	CSFB		43,839		45,021		1,182
EUR	Buy	11/05/2012	GSC		5,890		5,888		(2	)
EUR	Buy	12/14/2012	GSC		96,816		99,474		2,658
EUR	Buy	12/14/2012	MSC		39,273		40,445		1,172
EUR	Sell	12/14/2012	BCLY		116,217		116,523		(306	)
EUR	Sell	12/14/2012	CBK		146,821		147,017		(196	)
EUR	Sell	12/14/2012	CSFB		188,198		191,080		(2,882	)
EUR	Sell	12/14/2012	DEUT		150,131		150,591		(460	)
EUR	Sell	12/14/2012	MSC		129,094		130,658		(1,564	)
EUR	Sell	12/14/2012	UBS		139,379		140,907		(1,528	)

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

7

The Hartford Capital Appreciation Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)
Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
GBP	Buy	11/05/2012	RBC	$	59,029	$	59,031	$	2
JPY	Buy	12/14/2012	BCLY		87,866		91,490		3,624
JPY	Buy	12/14/2012	CBK		87,885		91,490		3,605
JPY	Buy	12/14/2012	CSFB		87,707		91,485		3,778
JPY	Buy	12/14/2012	DEUT		107,813		111,493		3,680
JPY	Buy	12/14/2012	MSC		87,614		91,485		3,871
JPY	Buy	12/14/2012	UBS		87,803		91,476		3,673
JPY	Sell	12/14/2012	BCLY		134,319		133,119		1,200
JPY	Sell	12/14/2012	DEUT		57,747		57,530		217
JPY	Sell	12/14/2012	DEUT		267,738		269,772		(2,034	)
JPY	Sell	12/14/2012	MSC		57,761		57,530		231
JPY	Sell	12/14/2012	MSC		268,413		269,772		(1,359	)
JPY	Sell	11/05/2012	SSG		18,612		18,593		19
JPY	Sell	12/14/2012	UBS		268,017		269,368		(1,351	)
								$	19,906

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

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG
Currency Abbreviations:
EUR	EURO
GBP	British Pound
JPY	Japanese Yen
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust

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

8

The Hartford Capital Appreciation Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles and Components	$	936,107	$	877,793	$	58,314	$	–
Banks		213,838		29,268		184,570		–
Capital Goods		638,046		253,339		384,707		–
Commercial and Professional Services		131,540		131,540		–		–
Consumer Services		344,489		241,761		–		102,728
Diversified Financials		1,187,711		1,038,282		149,429		–
Energy		1,082,595		935,101		147,494		–
Food and Staples Retailing		340,137		340,137		–		–
Food, Beverage and Tobacco		32,921		32,921		–		–
Health Care Equipment and Services		328,512		328,512		–		–
Insurance		505,125		505,125		–		–
Materials		318,992		166,613		152,379		–
Media		488,464		488,464		–		–
Pharmaceuticals, Biotechnology and Life Sciences		937,990		888,524		41,135		8,331
Real Estate		62,857		–		62,857		–
Retailing		800,662		765,232		–		35,430
Semiconductors and Semiconductor Equipment		146,688		146,688		–		–
Software and Services		936,226		857,043		79,183		–
Technology Hardware and Equipment		599,225		442,901		156,324		–
Telecommunication Services		157,536		–		157,536		–
Transportation		1,251,314		1,187,650		63,664		–
Total		11,440,975		9,656,894		1,637,592		146,489
Corporate Bonds		46,482		–		46,482		–
Short-Term Investments		166,892		–		166,892		–
Total	$	11,654,349	$	9,656,894	$	1,850,966	$	146,489
Foreign Currency Contracts*		31,588		–		31,588		–
Total	$	31,588	$	–	$	31,588	$	–
Liabilities:
Foreign Currency Contracts*		11,682		–		11,682		–
Total	$	11,682	$	–	$	11,682	$	–

♦	For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

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

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of October 31, 2012
Assets:
Common Stocks	$	197,135	$	59,312	$	(25,758	)*	$	—	$	2,113	$	(86,313	)	$	—	$	—	$	146,489
Total	$	197,135	$	59,312	$	(25,758	)	$	—	$	2,113	$	(86,313	)	$	—	$	—	$	146,489

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(25,758).

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

9

The Hartford Capital Appreciation Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $11,337,033)	$	11,654,349
Cash		1,562
Unrealized appreciation on foreign currency contracts		31,588
Receivables:
Investment securities sold		138,997
Fund shares sold		12,935
Dividends and interest		29,162
Other assets		297
Total assets		11,868,890
Liabilities:
Unrealized depreciation on foreign currency contracts		11,682
Payables:
Investment securities purchased		113,502
Fund shares redeemed		38,972
Investment management fees		1,676
Administrative fees		15
Distribution fees		732
Accrued expenses		2,528
Total liabilities		169,107
Net assets	$	11,699,783
Summary of Net Assets:
Capital stock and paid-in-capital	$	12,714,912
Undistributed net investment income		50,153
Accumulated net realized loss		(1,402,209	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		336,927
Net assets	$	11,699,783

Shares authorized		1,615,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$32.65/$34.55
Shares outstanding		148,835
Net assets	$	4,859,760
Class B: Net asset value per share	$	28.60
Shares outstanding		13,683
Net assets	$	391,388
Class C: Net asset value per share	$	28.80
Shares outstanding		57,029
Net assets	$	1,642,578
Class I: Net asset value per share	$	32.72
Shares outstanding		92,421
Net assets	$	3,024,465
Class R3: Net asset value per share	$	34.41
Shares outstanding		3,552
Net assets	$	122,235
Class R4: Net asset value per share	$	34.98
Shares outstanding		4,822
Net assets	$	168,689
Class R5: Net asset value per share	$	35.40
Shares outstanding		5,245
Net assets	$	185,705
Class Y: Net asset value per share	$	35.58
Shares outstanding		36,676
Net assets	$	1,304,963

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

10

The Hartford Capital Appreciation Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	218,257
Interest		13,671
Less: Foreign tax withheld		(8,208	)
Total investment income		223,720
Expenses:
Investment management fees		82,180
Administrative services fees		748
Transfer agent fees		20,593
Distribution fees
Class A		13,163
Class B		4,699
Class C		18,382
Class R3		653
Class R4		483
Custodian fees		214
Accounting services fees		2,054
Registration and filing fees		617
Board of Directors' fees		342
Audit fees		142
Other expenses		2,376
Total expenses (before waivers and fees paid indirectly)		146,646
Expense waivers		(37	)
Transfer agent fee waivers		(30	)
Commission recapture		(542	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(609	)
Total expenses, net		146,037
Net Investment Income		77,683
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		178,016
Net realized loss on foreign currency contracts		(14,607	)
Net realized loss on other foreign currency transactions		(492	)
Net Realized Gain on Investments and Foreign Currency Transactions		162,917
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		748,528
Net unrealized appreciation of foreign currency contracts		60,343
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(70	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		808,801
Net Gain on Investments and Foreign Currency Transactions		971,718
Net Increase in Net Assets Resulting from Operations	$	1,049,401

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

11

The Hartford Capital Appreciation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	77,683		$	98,963
Net realized gain on investments and foreign currency transactions		162,917			1,498,121
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		808,801			(2,497,872	)
Net Increase (Decrease) In Net Assets Resulting From Operations		1,049,401			(900,788	)
Distributions to Shareholders:
From net investment income
Class A		(96,230	)		—
Class B		(4,952	)		—
Class C		(21,104	)		—
Class I		(64,375	)		—
Class R3		(1,994	)		—
Class R4		(3,660	)		—
Class R5		(4,025	)		—
Class Y		(27,689	)		—
Total distributions		(224,029	)		—
Capital Share Transactions:
Class A		(1,341,961	)		(2,382,527	)
Class B		(199,865	)		(234,200	)
Class C		(573,112	)		(767,045	)
Class I		(428,136	)		(1,242,070	)
Class R3		(25,386	)		20,562
Class R4		(70,218	)		(33,140	)
Class R5		(32,280	)		(1,199	)
Class Y		(251,784	)		(619,114	)
Net decrease from capital share transactions		(2,922,742	)		(5,258,733	)
Net Decrease In Net Assets		(2,097,370	)		(6,159,521	)
Net Assets:
Beginning of period		13,797,153			19,956,674
End of period	$	11,699,783		$	13,797,153
Undistributed (distribution in excess of) net investment income (loss)	$	50,153		$	224,030

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

12

The Hartford Capital Appreciation Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Capital Appreciation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where

13

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

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

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally

14

traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

·

Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate

15

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest,

16

will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

17

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:
	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	31,588	$	—	$	—	$	—	$	—	$	31,588
Total	$	—	$	31,588	$	—	$	—	$	—	$	—	$	31,588
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	11,682	$	—	$	—	$	—	$	—	$	11,682
Total	$	—	$	11,682	$	—	$	—	$	—	$	—	$	11,682

The ratio of foreign currency contracts to net assets at October 31, 2012 was 18.40%, compared to the twelve-month period ended October 31, 2012, average to net assets of 13.36%.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(14,607	)	$	—	$	—	$	—	$	—	$	(14,607	)
Total	$	—	$	(14,607	)	$	—	$	—	$	—	$	—	$	(14,607	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	60,343		$	—	$	—	$	—	$	—	$	60,343
Total	$	—	$	60,343		$	—	$	—	$	—	$	—	$	60,343

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed

18

securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	224,029	$	—

19

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis are as follows:

	Amount
Undistributed Ordinary Income	$	59,052
Accumulated Capital Losses *		(1,470,826	)
Unrealized Appreciation †		396,645
Total Accumulated Deficit	$	(1,015,129	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(27,531	)
Accumulated Net Realized Gain (Loss)		27,531

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	1,470,826
Total	$	1,470,826

During the year ended October 31, 2012, the Fund utilized $52,125 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized

20

tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

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

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

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

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

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

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A

Class B

Class C

Class I

Class R3

Class R4

Class R5

Class Y

1.29%

NA

NA

1.04%

1.40%

1.10%

0.80%

NA

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

21

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.16	%
Class B		2.00
Class C		1.87
Class I		0.86
Class R3		1.40
Class R4		1.10
Class R5		0.80
Class Y		0.70

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $5,175 and contingent deferred sales charges of $836 from the Fund.

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

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $175.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $18. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

22

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

8. Affiliate Holdings:

As of October 31, 2012, 6% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	9,085,913
Sales Proceeds Excluding U.S. Government Obligations		12,046,459

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		11,731		3,110		(57,835	)		—		(42,994	)		24,455		—		(96,070	)		—		(71,615	)
Amount	$	368,064	$	90,076	$	(1,800,101	)	$	—	$	(1,341,961	)	$	817,803	$	—	$	(3,200,330	)	$	—	$	(2,382,527	)
Class B
Shares		111		176		(7,528	)		—		(7,241	)		311		—		(8,346	)		—		(8,035	)
Amount	$	3,055	$	4,506	$	(207,426	)	$	—	$	(199,865	)	$	9,069	$	—	$	(243,269	)	$	—	$	(234,200	)
Class C
Shares		2,553		686		(24,015	)		—		(20,776	)		6,268		—		(32,717	)		—		(26,449	)
Amount	$	70,784	$	17,633	$	(661,529	)	$	—	$	(573,112	)	$	189,270	$	—	$	(956,315	)	$	—	$	(767,045	)
Class I
Shares		24,761		1,525		(40,163	)		—		(13,877	)		59,038		—		(100,354	)		—		(41,316	)
Amount	$	770,534	$	44,145	$	(1,242,815	)	$	—	$	(428,136	)	$	2,008,451	$	—	$	(3,250,521	)	$	—	$	(1,242,070	)
Class R3
Shares		690		64		(1,484	)		—		(730	)		1,414		—		(843	)		—		571
Amount	$	22,596	$	1,945	$	(49,927	)	$	—	$	(25,386	)	$	50,348	$	—	$	(29,786	)	$	—	$	20,562
Class R4
Shares		1,750		110		(3,912	)		—		(2,052	)		1,617		—		(2,557	)		—		(940	)
Amount	$	58,349	$	3,411	$	(131,978	)	$	—	$	(70,218	)	$	58,014	$	—	$	(91,154	)	$	—	$	(33,140	)
Class R5
Shares		1,027		127		(2,086	)		—		(932	)		2,932		—		(2,929	)		—		3
Amount	$	34,710	$	3,984	$	(70,974	)	$	—	$	(32,280	)	$	98,009	$	—	$	(99,208	)	$	—	$	(1,199	)
Class Y
Shares		8,986		856		(17,076	)		—		(7,234	)		10,324		—		(28,944	)		—		(18,620	)
Amount	$	295,153	$	26,919	$	(573,856	)	$	—	$	(251,784	)	$	368,490	$	—	$	(987,604	)	$	—	$	(619,114	)
Total
Shares		51,609		6,654		(154,099	)		—		(95,836	)		106,359		—		(272,760	)		—		(166,401	)
Amount	$	1,623,245	$	192,619	$	(4,738,606	)	$	—	$	(2,922,742	)	$	3,599,454	$	—	$	(8,858,187	)	$	—	$	(5,258,733	)

23

The Hartford Capital Appreciation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		1,010	$	31,724
For the Year Ended October 31, 2011		1,082	$	36,097

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

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

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

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

24

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

25

The Hartford Capital Appreciation Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	30.55	$	0.25		$	2.38		$	2.63		$	(0.53	)	$	–		$	–	$	(0.53	)	$	32.65
B		26.76		(0.31	)		2.40			2.09			(0.25	)		–			–		(0.25	)		28.60
C		26.94		(0.16	)		2.31			2.15			(0.29	)		–			–		(0.29	)		28.80
I		30.61		0.36			2.37			2.73			(0.62	)		–			–		(0.62	)		32.72
R3		32.17		0.10			2.61			2.71			(0.47	)		–			–		(0.47	)		34.41
R4		32.68		0.28			2.57			2.85			(0.55	)		–			–		(0.55	)		34.98
R5		33.09		0.40			2.58			2.98			(0.67	)		–			–		(0.67	)		35.40
Y		33.26		0.55			2.47			3.02			(0.70	)		–			–		(0.70	)		35.58
For the Year Ended October 31, 2011 (E)
A		32.40		0.19			(2.04	)		(1.85	)		–			–			–		–			30.55
B		28.62		(0.08	)		(1.78	)		(1.86	)		–			–			–		–			26.76
C		28.79		(0.05	)		(1.80	)		(1.85	)		–			–			–		–			26.94
I		32.39		0.27			(2.05	)		(1.78	)		–			–			–		–			30.61
R3		34.22		0.10			(2.15	)		(2.05	)		–			–			–		–			32.17
R4		34.66		0.21			(2.19	)		(1.98	)		–			–			–		–			32.68
R5		34.99		0.32			(2.22	)		(1.90	)		–			–			–		–			33.09
Y		35.13		0.36			(2.23	)		(1.87	)		–			–			–		–			33.26
For the Year Ended October 31, 2010 (E)
A		28.02		0.14			4.24			4.38			–			–			–		–			32.40
B		24.95		(0.10	)		3.77			3.67			–			–			–		–			28.62
C		25.07		(0.07	)		3.79			3.72			–			–			–		–			28.79
I		27.94		0.21			4.24			4.45			–			–			–		–			32.39
R3		29.67		0.05			4.50			4.55			–			–			–		–			34.22
R4		29.96		0.16			4.54			4.70			–			–			–		–			34.66
R5		30.15		0.26			4.58			4.84			–			–			–		–			34.99
Y		30.24		0.29			4.60			4.89			–			–			–		–			35.13
For the Year Ended October 31, 2009 (E)
A		23.43		0.14			4.76			4.90			(0.31	)		–			–		(0.31	)		28.02
B		20.77		(0.05	)		4.28			4.23			(0.05	)		–			–		(0.05	)		24.95
C		20.91		(0.03	)		4.29			4.26			(0.10	)		–			–		(0.10	)		25.07
I		23.41		0.14			4.82			4.96			(0.43	)		–			–		(0.43	)		27.94
R3		24.92		0.05			5.07			5.12			(0.37	)		–			–		(0.37	)		29.67
R4		25.08		0.15			5.12			5.27			(0.39	)		–			–		(0.39	)		29.96
R5		25.21		0.20			5.17			5.37			(0.43	)		–			–		(0.43	)		30.15
Y		25.28		0.27			5.14			5.41			(0.45	)		–			–		(0.45	)		30.24
For the Year Ended October 31, 2008 (E)
A		46.08		0.20			(19.12	)		(18.92	)		–			(3.73	)		–		(3.73	)		23.43
B		41.59		(0.09	)		(17.00	)		(17.09	)		–			(3.73	)		–		(3.73	)		20.77
C		41.82		(0.06	)		(17.12	)		(17.18	)		–			(3.73	)		–		(3.73	)		20.91
I		45.90		0.28			(19.04	)		(18.76	)		–			(3.73	)		–		(3.73	)		23.41
R3		48.91		0.09			(20.35	)		(20.26	)		–			(3.73	)		–		(3.73	)		24.92
R4		49.05		0.22			(20.46	)		(20.24	)		–			(3.73	)		–		(3.73	)		25.08
R5		49.15		0.34			(20.55	)		(20.21	)		–			(3.73	)		–		(3.73	)		25.21
Y		49.23		0.36			(20.58	)		(20.22	)		–			(3.73	)		–		(3.73	)		25.28

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.84	%	$	4,859,760		1.16	%		1.16	%		0.63	%		74	%
	7.93			391,388		2.01			2.00			(0.23	)		–
	8.11			1,642,578		1.87			1.87			(0.09	)		–
	9.19			3,024,465		0.86			0.86			0.93			–
	8.59			122,235		1.41			1.40			0.39			–
	8.92			168,689		1.11			1.10			0.68			–
	9.25			185,705		0.80			0.80			1.00			–
	9.36			1,304,963		0.70			0.70			1.09			–
	(5.71	)		5,859,434		1.12			1.12			0.55			75
	(6.50	)		559,856		1.95			1.95			(0.28	)		–
	(6.43	)		2,096,461		1.84			1.84			(0.16	)		–
	(5.50	)		3,254,198		0.87			0.87			0.81			–
	(5.99	)		137,767		1.41			1.40			0.30			–
	(5.71	)		224,653		1.10			1.10			0.59			–
	(5.43	)		204,417		0.80			0.80			0.89			–
	(5.32	)		1,460,367		0.70			0.70			0.98			–
	15.63			8,535,338		1.15			1.15			0.45			70
	14.71			828,754		1.95			1.95			(0.36	)		–
	14.84			3,001,079		1.85			1.85			(0.25	)		–
	15.93			4,781,187		0.88			0.88			0.70			–
	15.34			126,972		1.42			1.41			0.17			–
	15.69			270,804		1.10			1.10			0.49			–
	16.05			215,999		0.80			0.80			0.79			–
	16.17			2,196,541		0.70			0.70			0.89			–
	21.40			9,038,634		1.22			1.22			0.58			77
	20.44			1,027,505		2.07			2.02			(0.22	)		–
	20.54			2,905,481		1.93			1.93			(0.15	)		–
	21.84			2,616,775		0.89			0.89			0.59			–
	21.08			30,633		1.46			1.46			0.19			–
	21.53			189,912		1.12			1.12			0.60			–
	21.89			173,619		0.81			0.81			0.75			–
	22.01			1,474,927		0.72			0.72			1.05			–
	(44.46	)		8,682,603		1.12			1.12			0.54			82
	(44.90	)		1,064,188		1.92			1.92			(0.29	)		–
	(44.86	)		2,637,037		1.84			1.84			(0.19	)		–
	(44.27	)		438,528		0.81			0.81			0.87			–
	(44.64	)		7,809		1.46			1.46			0.28			–
	(44.46	)		75,127		1.12			1.12			0.60			–
	(44.30	)		35,734		0.83			0.83			0.93			–
	(44.24	)		1,074,711		0.72			0.72			0.95			–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Capital Appreciation Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Capital Appreciation Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles. 

Minneapolis, MN December 17, 2012

28

The Hartford Capital Appreciation Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford Capital Appreciation Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund. 

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. 

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

31

The Hartford Capital Appreciation Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford Capital Appreciation Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	993.00	$	5.80	$	1,000.00	$	1,019.31	$	5.88		1.16	%		184		366
Class B	$	1,000.00	$	988.59	$	10.00	$	1,000.00	$	1,015.08	$	10.13		2.00			184		366
Class C	$	1,000.00	$	989.35	$	9.36	$	1,000.00	$	1,015.73	$	9.48		1.87			184		366
Class I	$	1,000.00	$	994.23	$	4.36	$	1,000.00	$	1,020.76	$	4.42		0.87			184		366
Class R3	$	1,000.00	$	991.64	$	7.01	$	1,000.00	$	1,018.10	$	7.10		1.40			184		366
Class R4	$	1,000.00	$	993.19	$	5.51	$	1,000.00	$	1,019.61	$	5.58		1.10			184		366
Class R5	$	1,000.00	$	994.66	$	4.01	$	1,000.00	$	1,021.12	$	4.06		0.80			184		366
Class Y	$	1,000.00	$	995.24	$	3.53	$	1,000.00	$	1,021.59	$	3.58		0.70			184		366

33

The Hartford Capital Appreciation Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Capital Appreciation Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the Fund had underperformed relative to its peer group and benchmark for the 1-, 3- and 5-year periods. HIFSCO noted that it would continue to monitor the performance of the Fund.

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

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

Costs of the Services and Profitability of the Advisers

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

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

35

The Hartford Capital Appreciation Fund

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

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

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

36

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-CA12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Capital Appreciation II Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Capital Appreciation II Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	11
Statement of Assets and Liabilities at October 31, 2012	12
Statement of Operations for the Year Ended October 31, 2012	13
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	14
Notes to Financial Statements	15
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Federal Tax Information (Unaudited)	34
Expense Example (Unaudited)	35
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	36

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Capital Appreciation II Fund inception 04/29/2005
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital.

Performance Overview 4/29/05 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Capital Appreciation II A#		8.83	%		-2.37	%		6.09	%
Capital Appreciation II A##		2.84	%		-3.47	%		5.30	%
Capital Appreciation II B#		7.91	%		-3.15	%		5.26	%
Capital Appreciation II B##		2.91	%		-3.51	%		5.26	%
Capital Appreciation II C#		7.94	%		-3.08	%		5.34	%
Capital Appreciation II C##		6.94	%		-3.08	%		5.34	%
Capital Appreciation II I#		9.05	%		-2.06	%		6.38	%
Capital Appreciation II R3#		8.67	%		-2.63	%		5.95	%
Capital Appreciation II R4#		8.99	%		-2.30	%		6.23	%
Capital Appreciation II R5#		9.09	%		-2.07	%		6.43	%
Capital Appreciation II Y#		9.26	%		-1.93	%		6.55	%
Russell 3000 Index		14.75	%		0.59	%		5.20	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

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

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Capital Appreciation II Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Michael T. Carmen, CFA	Nicolas M. Choumenkovitch	Saul J. Pannell, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager
Kent M. Stahl, CFA	Frank D. Catrickes, CFA	David W. Palmer, CFA
Senior Vice President and Director, Investments and Risk Management	Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Capital Appreciation II Fund returned 8.83%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the Russell 3000 Index, which returned 14.75% for the same period. The Fund also underperformed the 11.12% return of the average fund in the Lipper Multi-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

All ten sectors in the Russell 3000 Index posted positive returns during the period. Strong performing sectors included Telecommunication Services (+26%), Health Care (+23%), and Consumer Discretionary (+20%), while the Energy (+5%) and Information Technology (+9%) sectors lagged on a relative basis.

The Fund underperformed its benchmark primarily due to security selection. Weak stock selection within the Energy, Consumer Staples, and Information Technology sectors more than offset stronger stock selection in the Financials and Health Care sectors. Sector allocation, a result of the bottom-up stock selection process, contributed positively to relative returns. An overweight position (i.e. the Fund’s sector position was greater than the benchmark position) in the stronger-performing Consumer Discretionary and underweight position in the weaker-performing Utilities sectors contributed positively to relative returns.

Western Union (Information Technology), Molycorp (Materials), and Chesapeake Energy (Energy) were the largest detractors from relative returns. Shares of Western Union plunged during the period after the company reported below expectation revenue and cut its full-year profit forecast for 2013. Shares of Molycorp, a U.S.-based rare earth oxide (REO) producer with projects in China and Europe, dipped during the period due to ongoing concerns about the demand environment and pricing for rare earth metals. Shares of U.S.-based producer of natural gas, oil, and natural gas liquids company Chesapeake Energy underperformed as the company’s balance sheet continued to be a source of concern.Molycorp and Deckers Outdoors (Consumer Discretionary) were also among the largest absolute (i.e. total return) detractors during the period, as was Chesapeake Energy (Energy).

The top contributors to relative performance included Regeneron Pharmaceuticals (Health Care), Pulte Group (Consumer Discretionary), and SXC Health Solutions (Health Care). Shares of U.S.-based biopharmaceutical company Regeneron moved higher on positive news regarding Eylea, the firm's recently launched macular degeneration drug, including approval in Japan and the FDA' s approval of a new eye disease indication for the drug.Shares of U.S.-based homebuilder Pulte Group continued to rebound as signs of stabilization in housing began to turn sentiment toward the housing sector and investors began contemplating future home price appreciation. Shares of SXC Health Solutions rose after the company announced plans to merge with competitor

3

The Hartford Capital Appreciation II Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

Catalyst Health Solutions in April 2012. Top contributors to absolute performance included Apple (Information Technology) and Gilead Sciences (Health Care).

What is the outlook?

We continue to focus our efforts on stock-by-stock fundamental research across the Fund’s opportunistic and complementary investment strategies. At the end of the period, the Fund’s largest overweight allocations were to the Health Care, Consumer Discretionary, and Energy sectors and largest underweight allocations were to the Consumer Staples, Utilities, and Telecommunication Services sectors relative to the Russell 3000 benchmark.

Diversification by Industry
as of October 31, 2012
Industry (Sector)	Percentage of Net Assets
Equity Securities
Automobiles and Components (Consumer Discretionary)		1.9	%
Banks (Financials)		2.3
Capital Goods (Industrials)		6.9
Commercial and Professional Services (Industrials)		1.7
Consumer Durables and Apparel (Consumer Discretionary)		2.3
Consumer Services (Consumer Discretionary)		2.0
Diversified Financials (Financials)		6.0
Energy (Energy)		12.9
Food and Staples Retailing (Consumer Staples)		1.1
Food, Beverage and Tobacco (Consumer Staples)		2.7
Health Care Equipment and Services (Health Care)		5.8
Household and Personal Products (Consumer Staples)		0.4
Insurance (Financials)		4.1
Materials (Materials)		6.0
Media (Consumer Discretionary)		3.5
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		9.4
Real Estate (Financials)		2.3
Retailing (Consumer Discretionary)		5.8
Semiconductors and Semiconductor Equipment (Information Technology)		1.5
Software and Services (Information Technology)		10.8
Technology Hardware and Equipment (Information Technology)		4.0
Telecommunication Services (Services)		0.3
Transportation (Industrials)		3.6
Utilities (Utilities)		0.7
Total		98.0	%
Short-Term Investments		2.6
Other Assets and Liabilities		(0.6	)
Total		100.0	%

4

The Hartford Capital Appreciation II Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.0%
		Automobiles and Components - 1.9%
	6	Continental AG	$	600
	138	Dana Holding Corp.		1,810
	429	Ford Motor Co. w/ rights		4,786
	251	Goodyear (The) Tire & Rubber Co. ●		2,868
	28	Harley-Davidson, Inc.		1,328
	317	Modine Manufacturing Co. ●		2,156
	249	Stoneridge, Inc. ●		1,236
	36	Tenneco Automotive, Inc. ●		1,089
				15,873
		Banks - 2.3%
	4	Flagstar Bancorp, Inc. ●		55
	41	Hana Financial Holdings		1,199
	139	Mitsubishi UFJ Financial Group, Inc.		631
	98	PNC Financial Services Group, Inc.		5,680
	326	Wells Fargo & Co.		10,968
				18,533
		Capital Goods - 6.9%
	18	3M Co.		1,598
	35	AGCO Corp. ●		1,588
	62	AMETEK, Inc.		2,190
	55	Assa Abloy Ab		1,841
	48	Belden, Inc.		1,718
	8	Cubic Corp.		400
	147	DigitalGlobe, Inc. ●		3,819
	12	Dover Corp.		681
	25	Eaton Corp.		1,202
	74	European Aeronautic Defence & Space Co. N.V.		2,627
	10	Fanuc Corp.		1,641
	11	Flowserve Corp.		1,518
	—	Foster Wheeler AG ●		—
	58	General Cable Corp. ●		1,657
	36	Illinois Tool Works, Inc.		2,202
	86	Itochu Corp.		863
	29	Joy Global, Inc.		1,805
	24	L-3 Communications Holdings, Inc.		1,779
	54	Lockheed Martin Corp.		5,075
	220	Meritor, Inc. ●		970
	73	Northrop Grumman Corp.		5,048
	21	PACCAR, Inc.		889
	87	Polypore International, Inc. ●		3,075
	46	Rexel S.A.		825
	261	Rolls-Royce Holdings plc		3,602
	50	Safran S.A.		1,988
	15	Stanley Black & Decker, Inc.		1,070
	15	TransDigm Group, Inc.		1,966
	14	United Technologies Corp.		1,062
	34	WESCO International, Inc. ●		2,225
				56,924
		Commercial and Professional Services - 1.7%
	105	ACCO Brands Corp. ●		757
	30	ADT (The) Corp. ●		1,264
	47	IHS, Inc. ●		3,998
	83	Manpower, Inc.		3,161
	70	Pentair Ltd.		2,948
	37	Verisk Analytics, Inc. ●		1,907
				14,035
		Consumer Durables and Apparel - 2.3%
	106	D.R. Horton, Inc.		2,213
	12	Deckers Outdoor Corp. ●		339
	187	Fifth & Pacific Cos., Inc. ●		2,054
	365	Furniture Brands International, Inc. ●		554
	147	Hanesbrands, Inc. ●		4,917
	68	Mattel, Inc.		2,510
	60	Pulte Group, Inc. ●		1,039
	23	PVH Corp.		2,499
	10	True Religion Apparel, Inc.		267
	10	V.F. Corp.		1,526
	25	Vera Bradley, Inc. ●		751
	7	Whirlpool Corp.		667
				19,336
		Consumer Services - 2.0%
	27	Accor S.A.		831
	364	Burger King Worldwide, Inc. ●		5,415
	36	DeVry, Inc.		935
	67	Dunkin' Brands Group, Inc.		2,070
	42	ITT Educational Services, Inc. ●		896
	501	Sands China Ltd. §		1,873
	53	Tim Hortons, Inc.		2,636
	25	Yum! Brands, Inc.		1,718
				16,374
		Diversified Financials - 6.0%
	71	Ameriprise Financial, Inc.		4,167
	1,022	Bank of America Corp.		9,522
	37	BlackRock, Inc.		7,011
	204	Citigroup, Inc.		7,614
	76	Direct Line Insurance Group plc ●		237
	40	Discover Financial Services, Inc.		1,648
	23	Goldman Sachs Group, Inc.		2,803
	215	JP Morgan Chase & Co.		8,963
	82	Nasdaq OMX Group, Inc.		1,945
	54	NYSE Euronext		1,332
	30	Oaktree Capital Group LLC		1,279
	59	Solar Cayman Ltd. ⌂■●†		5
	73	Waddell and Reed Financial, Inc. Class A w/ rights		2,422
				48,948
		Energy - 12.9%
	115	Alpha Natural Resources, Inc. ●		989
	185	Anadarko Petroleum Corp.		12,745
	32	Atwood Oceanics, Inc. ●		1,506
	120	Baker Hughes, Inc.		5,030
	507	BG Group plc		9,404
	203	BP plc		1,449
	152	BP plc ADR		6,505
	30	Cameron International Corp. ●		1,519
	67	Canadian Natural Resources Ltd. ADR		2,026
	27	Cheniere Energy, Inc. ●		441
	16	Chevron Corp.		1,805
	270	Cobalt International Energy, Inc. ●		5,625
	72	Consol Energy, Inc.		2,540
	44	Ensco plc		2,563
	16	Exxon Mobil Corp.		1,486
	125	Halliburton Co.		4,045
	—	Inpex Corp.		1,099
	413	JX Holdings, Inc.		2,200
	351	Karoon Gas Australia Ltd. ●		2,024
	64	Kior, Inc. ●		425

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

5

The Hartford Capital Appreciation II Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.0% - (continued)
		Energy - 12.9% - (continued)
	154	Lone Pine Resources, Inc. ●	$	230
	87	McDermott International, Inc. ●		936
	98	Newfield Exploration Co. ●		2,666
	80	Occidental Petroleum Corp.		6,307
	62	Patterson-UTI Energy, Inc.		1,011
	94	Peabody Energy Corp.		2,622
	57	QEP Resources, Inc.		1,647
	75	Repsol S.A.		1,498
	20	Royal Dutch Shell plc ADR		1,420
	6	SemGroup Corp. ●		234
	189	Southwestern Energy Co. ●		6,562
	180	Superior Energy Services, Inc. ●		3,667
	78	Tesoro Corp.		2,949
	97	Trican Well Service Ltd.		1,163
	253	Uranium One, Inc. ●		550
	194	Valero Energy Corp.		5,657
	37	Whiting Petroleum Corp. ●		1,534
				106,079
		Food and Staples Retailing - 1.1%
	137	CVS Caremark Corp.		6,347
	28	FamilyMart Co., Ltd.		1,352
	17	Wal-Mart Stores, Inc.		1,268
				8,967
		Food, Beverage and Tobacco - 2.7%
	32	Archer-Daniels-Midland Co.		859
	24	Constellation Brands, Inc. Class A ●		856
	22	Dean Foods Co. ●		372
	28	General Mills, Inc.		1,131
	107	Green Mountain Coffee Roasters, Inc. ●		2,581
	16	Groupe Danone		969
	24	Kraft Foods Group, Inc. ●		1,105
	10	Lorillard, Inc.		1,125
	130	Maple Leaf Foods, Inc. w/ Rights		1,440
	56	Molson Coors Brewing Co.		2,416
	31	Mondelez International, Inc.		828
	92	PepsiCo, Inc.		6,359
	13	Philip Morris International, Inc.		1,138
	29	Unilever N.V. NY Shares ADR		1,062
				22,241
		Health Care Equipment and Services - 5.8%
	64	Aetna, Inc.		2,779
	175	Cardinal Health, Inc.		7,183
	1,635	CareView Communications, Inc. ●		1,668
	139	Catamaran Corp. ●		6,573
	8	Cie Generale d'Optique Essilor International S.A.		762
	28	CIGNA Corp.		1,413
	60	Edwards Lifesciences Corp. ●		5,239
	382	Hologic, Inc. ●		7,867
	207	Medtronic, Inc.		8,616
	42	St. Jude Medical, Inc.		1,595
	94	Universal Health Services, Inc. Class B		3,886
				47,581
		Household and Personal Products - 0.4%
	9	Energizer Holdings, Inc.		664
	47	Herbalife Ltd.		2,388
				3,052
		Insurance - 4.1%
	19	ACE Ltd.		1,473
	127	Aflac, Inc.		6,297
	308	AIA Group Ltd.		1,216
	223	American International Group, Inc. ●		7,799
	136	Assured Guaranty Ltd.		1,882
	128	AXA S.A.		2,036
	238	Brasil Insurance Participacoes e Administracao S.A.		2,101
	272	China Pacific Insurance Co. Ltd.		848
	56	Marsh & McLennan Cos., Inc.		1,891
	57	Principal Financial Group, Inc.		1,559
	25	Reinsurance Group of America, Inc.		1,323
	151	Unum Group		3,068
	82	XL Group plc		2,039
				33,532
		Materials - 6.0%
	11	Agrium U.S., Inc.		1,203
	23	Air Liquide		2,714
	16	Akzo Nobel N.V.		864
	59	Antofagasta plc		1,194
	65	AuRico Gold, Inc. ●		546
	41	Barrick Gold Corp.		1,656
	15	Cabot Corp.		540
	56	Celanese Corp.		2,144
	126	Continental Gold Ltd. ●		1,196
	77	Crown Holdings, Inc. ●		2,951
	30	Dow Chemical Co.		868
	549	Glencore International plc		3,047
	91	International Paper Co.		3,276
	196	Louisiana-Pacific Corp. ●		3,095
	103	Methanex Corp. ADR		3,082
	160	Molycorp, Inc. ●		1,666
	82	Mosaic Co.		4,302
	94	Norbord, Inc. ●		1,952
	61	Packaging Corp. of America		2,140
	453	PTT Chemical Public Co., Ltd. ●		896
	57	Rock Tenn Co. Class A		4,169
	357	Sino Forest Corp. Class A ⌂●†		—
	112	SunCoke Energy, Inc. ●		1,808
	29	Umicore S.A.		1,505
	61	Walter Energy, Inc.		2,120
				48,934
		Media - 3.5%
	41	AMC Networks, Inc. Class A ●		1,908
	45	CBS Corp. Class B		1,455
	16	Charter Communications, Inc. ●		1,208
	35	Comcast Corp. Class A		1,312
	13	DirecTV ●		672
	16	Liberty Global, Inc. ●		948
	105	Omnicom Group, Inc.		5,027
	72	Pandora Media, Inc. ●		601
	30	Thomson Reuters Corp.		854
	192	Time Warner, Inc.		8,335
	54	Viacom, Inc. Class B		2,747
	74	Walt Disney Co.		3,634
				28,701
		Pharmaceuticals, Biotechnology and Life Sciences - 9.4%
	217	Agilent Technologies, Inc.		7,813
	30	Algeta ASA ●		807
	33	Alkermes plc ●		617

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

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.0% - (continued)
		Pharmaceuticals, Biotechnology and Life Sciences - 9.4% - (continued)
	151	Almirall S.A.	$	1,349
	252	Arena Pharmaceuticals, Inc. ●		1,997
	277	AVANIR Pharmaceuticals, Inc. ●		791
	6	Biogen Idec, Inc. ●		778
	59	Bristol-Myers Squibb Co.		1,955
	37	Cubist Pharmaceuticals, Inc. ●		1,603
	44	Daiichi Sankyo Co., Ltd.		667
	28	Elan Corp. plc ADR ●		306
	79	Eli Lilly & Co.		3,862
	136	Exelixis, Inc. ●		646
	103	Gilead Sciences, Inc. ●		6,946
	97	Johnson & Johnson		6,839
	40	Map Pharmaceuticals, Inc. ●		622
	291	Merck & Co., Inc.		13,285
	15	Onyx Pharmaceuticals, Inc. ●		1,191
	51	Pfizer, Inc.		1,264
	14	Puma Biotechnology, Inc. ●		284
	13	Regeneron Pharmaceuticals, Inc. ●		1,873
	59	Rigel Pharmaceuticals, Inc. ●		523
	42	Roche Holding AG		8,046
	37	Seattle Genetics, Inc. ●		923
	93	Teva Pharmaceutical Industries Ltd. ADR		3,770
	473	TherapeuticsMD, Inc. ●		1,230
	15	Waters Corp. ●		1,252
	52	Watson Pharmaceuticals, Inc. ●		4,474
	133	WuXi PharmaTech Cayman, Inc. ●		1,890
				77,603
		Real Estate - 2.3%
	17	American Tower Corp. REIT		1,266
	86	BR Malls Participacoes S.A.		1,133
	56	CBRE Group, Inc. ●		1,011
	468	China Overseas Grand Oceans Group Ltd.		487
	23	Daito Trust Construction Co., Ltd.		2,301
	13	Health Care, Inc. REIT		791
	5	Public Storage REIT		749
	55	Realogy Holdings Corp. ●		1,967
	164	Sunstone Hotel Investors, Inc. REIT ●		1,620
	13	Unibail-Rodamco SE REIT		3,005
	251	Westfield Group REIT		2,769
	61	Weyerhaeuser Co. REIT		1,699
				18,798
		Retailing - 5.8%
	84	Abercrombie & Fitch Co. Class A		2,583
	727	Allstar Co. ⌂†		1,273
	24	Amazon.com, Inc. ●		5,571
	7	AutoZone, Inc. ●		2,792
	30	Bed Bath & Beyond, Inc. ●		1,707
	1,405	Buck Holdings L.P. ⌂●†		1,354
	31	Buckle (The), Inc.		1,400
	55	CarMax, Inc. ●		1,843
	78	Chico's FAS, Inc.		1,443
	59	Dick's Sporting Goods, Inc.		2,965
	29	Dollar General Corp. ●		1,391
	80	Express, Inc. ●		890
	13	Family Dollar Stores, Inc.		884
	49	GameStop Corp. Class A		1,122
	22	HSN, Inc.		1,125
	38	J.C. Penney Co., Inc.		922
	52	Kohl's Corp.		2,781
	64	Liberty Media - Interactive A ●		1,275
	76	LKQ Corp. ●		1,592
	179	Lowe's Co., Inc.		5,807
	12	Netflix, Inc. ●		957
	55	Target Corp.		3,506
	69	Urban Outfitters, Inc. ●		2,478
				47,661
		Semiconductors and Semiconductor Equipment - 1.5%
	41	Analog Devices, Inc.		1,592
	68	ASML Holding N.V. ADR		3,755
	255	GT Advanced Technologies, Inc. ●		1,108
	51	Intel Corp.		1,110
	204	Micron Technology, Inc. ●		1,107
	156	RF Micro Devices, Inc. ●		688
	483	Taiwan Semiconductor Manufacturing Co., Ltd.		1,472
	87	Teradyne, Inc. ●		1,276
				12,108
		Software and Services - 10.8%
	22	Accenture plc		1,497
	464	Activision Blizzard, Inc.		5,053
	35	Akamai Technologies, Inc. ●		1,322
	185	Amadeus IT Holding S.A. Class A		4,576
	43	Automatic Data Processing, Inc.		2,509
	106	Booz Allen Hamilton Holding Corp.		1,424
	64	Broadsoft, Inc. ●		2,446
	352	Cadence Design Systems, Inc. ●		4,457
	51	Check Point Software Technologies Ltd. ADR ●		2,253
	52	eBay, Inc. ●		2,516
	23	Equinix, Inc. ●		4,083
	41	Global Payments, Inc.		1,736
	8	Google, Inc. ●		5,119
	65	IAC/InterActiveCorp.		3,120
	7	IBM Corp.		1,323
	92	iGate Corp. ●		1,472
	58	LinkedIn Corp. Class A ●		6,152
	4	Mastercard, Inc.		1,724
	243	Microsoft Corp.		6,933
	225	Oracle Corp.		6,975
	35	Paychex, Inc.		1,129
	22	Rovi Corp. ●		300
	30	Salesforce.com, Inc. ●		4,331
	94	Solera Holdings, Inc.		4,419
	17	Splunk, Inc. ●		474
	55	Tibco Software, Inc. ●		1,378
	56	TiVo, Inc. ●		568
	25	Velti plc ●		181
	39	VeriFone Systems, Inc. ●		1,145
	499	Western Union Co.		6,343
	23	WEX Inc.		1,712
				88,670
		Technology Hardware and Equipment - 4.0%
	38	3D Systems Corp. ●		1,673
	32	Acme Packet, Inc. ●		537
	11	Apple, Inc.		6,249
	74	Arrow Electronics, Inc. ●		2,614
	516	Cisco Systems, Inc.		8,842

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

7

The Hartford Capital Appreciation II Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 98.0% - (continued)
		Technology Hardware and Equipment - 4.0% - (continued)
	285	Flextronics International Ltd. ●			$	1,646
	14	Harris Corp.				627
	236	JDS Uniphase Corp. ●				2,284
	276	Juniper Networks, Inc. ●				4,578
	30	NetApp, Inc. ●				810
	24	SanDisk Corp. ●				992
	28	Trimble Navigation Ltd. ●				1,335
	23	Universal Display Corp. ●				760
						32,947
		Telecommunication Services - 0.3%
	32	AT&T, Inc.				1,093
	111	Sprint Nextel Corp. ●				613
	79	Telefonica S.A.				1,042
						2,748
		Transportation - 3.6%
	23	Canadian National Railway Co.				1,960
	14	Canadian Pacific Railway Ltd. ADR				1,334
	10	FedEx Corp.				874
	460	Hertz Global Holdings, Inc. ●				6,099
	586	JetBlue Airways Corp. ●				3,100
	118	Knight Transportation, Inc.				1,784
	51	Spirit Airlines, Inc. ●				891
	236	Toll Holdings Ltd.				1,087
	249	United Continental Holdings, Inc. ●				4,774
	110	United Parcel Service, Inc. Class B				8,027
						29,930
		Utilities - 0.7%
	36	Entergy Corp.				2,598
	87	UGI Corp.				2,805
						5,403
		Total common stocks
		(cost $789,375)			$	804,978
WARRANTS - 0.0%
		Pharmaceuticals, Biotechnology and Life Sciences - 0.0%
	13	Novavax, Inc. ⌂●			$	—
		Total warrants
		(cost $–)			$	—
		Total long-term investments (cost $789,375)			$	804,978
SHORT-TERM INVESTMENTS - 2.6%
Repurchase Agreements - 2.6%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $3,843, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $3,920)
$	3,843	0.30%, 10/31/2012			$	3,843
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,565, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $1,596)
	1,565	0.25%, 10/31/2012				1,565
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,691, collateralized by FNMA 2.50%, 2027, value of $2,744)
	2,691	0.35%, 10/31/2012				2,691
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,022, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $1,042)
	1,022	0.35%, 10/31/2012				1,022
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $4,748, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $4,837)
	4,748	0.28%, 10/31/2012				4,748
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $6,018, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $6,138)
	6,018	0.25%, 10/31/2012				6,018
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $27, collateralized by U.S. Treasury Note 8.13%, 2019, value of $28)
	27	0.25%, 10/31/2012				27
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,395, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $1,423)
	1,395	0.30%, 10/31/2012				1,395
						21,309
		Total short-term investments
		(cost $21,309)			$	21,309
		Total investments
		(cost $810,684) ▲	100.6	%	$	826,287
		Other assets and liabilities	(0.6	)%		(4,803	)
		Total net assets	100.0	%	$	821,484

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

8

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

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $835,843 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	56,956
Unrealized Depreciation		(66,512	)
Net Unrealized Depreciation	$	(9,556	)

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $2,632, which represents 0.3% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $5, which rounds to zero percent of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $1,873, which represents 0.2% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
08/2011		727	Allstar Co.	$	740
06/2007		1,405	Buck Holdings L.P.		316
07/2008		13	Novavax, Inc. Warrants		–
06/2011		357	Sino Forest Corp. Class A		2,362
03/2007		59	Solar Cayman Ltd.  - 144A		17

At October 31, 2012, the aggregate value of these securities was $2,632, which represents 0.3% of total net assets.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
CAD	Sell	11/05/2012	DEUT	$	108	$	108	$	–
EUR	Buy	12/14/2012	BOA		2,038		2,094		56
EUR	Buy	12/14/2012	CSFB		3,297		3,291		(6	)
EUR	Buy	11/05/2012	GSC		85		85		–
EUR	Buy	12/14/2012	GSC		3,214		3,305		91
EUR	Buy	12/14/2012	JPM		397		392		(5	)
EUR	Buy	12/14/2012	MSC		2,396		2,468		72
EUR	Buy	12/14/2012	MSC		8,877		8,709		(168	)
EUR	Sell	12/14/2012	BCLY		3,043		3,052		(9	)
EUR	Sell	12/14/2012	CBK		3,212		3,271		(59	)

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

9

The Hartford Capital Appreciation II Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
EUR	Sell	12/14/2012	CSFB	$	6,672	$	6,774	$	(102	)
EUR	Sell	12/14/2012	DEUT		1,350		1,354		(4	)
EUR	Sell	12/14/2012	MSC		4,253		4,308		(55	)
EUR	Sell	12/14/2012	UBS		4,524		4,576		(52	)
GBP	Buy	11/05/2012	RBC		4,788		4,788		–
GBP	Sell	11/02/2012	MSC		86		86		–
JPY	Buy	12/14/2012	BCLY		692		721		29
JPY	Buy	12/14/2012	BCLY		835		817		(18	)
JPY	Buy	12/14/2012	BOA		348		342		(6	)
JPY	Buy	12/14/2012	CBK		693		721		28
JPY	Buy	12/14/2012	CSFB		691		721		30
JPY	Buy	12/14/2012	DEUT		1,359		1,391		32
JPY	Buy	12/14/2012	MSC		690		721		31
JPY	Buy	12/14/2012	MSC		1,558		1,514		(44	)
JPY	Buy	12/14/2012	UBS		1,571		1,626		55
JPY	Sell	12/14/2012	BCLY		2,788		2,763		25
JPY	Sell	12/14/2012	DEUT		1,241		1,236		5
JPY	Sell	12/14/2012	DEUT		2,582		2,602		(20	)
JPY	Sell	12/14/2012	MSC		1,241		1,236		5
JPY	Sell	12/14/2012	MSC		2,593		2,606		(13	)
JPY	Sell	11/05/2012	SSG		1,079		1,078		1
JPY	Sell	12/14/2012	UBS		2,593		2,606		(13	)
								$	(114	)

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

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG
Currency Abbreviations:
CAD	Canadian Dollar
EUR	EURO
GBP	British Pound
JPY	Japanese Yen
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust

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

10

The Hartford Capital Appreciation II Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles and Components	$	15,873	$	15,273	$	600	$	–
Banks		18,533		16,703		1,830		–
Capital Goods		56,924		43,537		13,387		–
Commercial and Professional Services		14,035		14,035		–		–
Consumer Durables and Apparel		19,336		19,336		–		–
Consumer Services		16,374		13,670		2,704		–
Diversified Financials		48,948		48,943		–		5
Energy		106,079		88,405		17,674		–
Food and Staples Retailing		8,967		7,615		1,352		–
Food, Beverage and Tobacco		22,241		21,272		969		–
Health Care Equipment and Services		47,581		46,819		762		–
Household and Personal Products		3,052		3,052		–		–
Insurance		33,532		29,432		4,100		–
Materials		48,934		38,714		10,220		–
Media		28,701		28,701		–		–
Pharmaceuticals, Biotechnology and Life Sciences		77,603		66,734		10,869		–
Real Estate		18,798		10,236		8,562		–
Retailing		47,661		45,034		–		2,627
Semiconductors and Semiconductor Equipment		12,108		10,636		1,472		–
Software and Services		88,670		84,094		4,576		–
Technology Hardware and Equipment		32,947		32,947		–		–
Telecommunication Services		2,748		1,706		1,042		–
Transportation		29,930		28,843		1,087		–
Utilities		5,403		5,403		–		–
Total		804,978		721,140		81,206		2,632
Warrants		–		–		–		–
Short-Term Investments		21,309		–		21,309		–
Total	$	826,287	$	721,140	$	102,515	$	2,632
Foreign Currency Contracts*		460		–		460		–
Total	$	460	$	–	$	460	$	–
Liabilities:
Foreign Currency Contracts*		574		–		574		–
Total	$	574	$	–	$	574	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

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

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of October 31, 2012
Assets:
Common Stocks	$	9,701	$	2,365	$	(1,310	)†	$	—	$	—	$	(3,009	)	$	—	$	(5,115	)	$	2,632
Total	$	9,701	$	2,365	$	(1,310	)	$	—	$	—	$	(3,009	)	$	—	$	(5,115	)	$	2,632

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(1,310).

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

11

The Hartford Capital Appreciation II Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $810,684)	$	826,287
Cash		126
Unrealized appreciation on foreign currency contracts		460
Receivables:
Investment securities sold		6,440
Fund shares sold		582
Dividends and interest		915
Other assets		96
Total assets		834,906
Liabilities:
Unrealized depreciation on foreign currency contracts		574
Bank overdraft — foreign cash		4
Payables:
Investment securities purchased		9,503
Fund shares redeemed		2,882
Investment management fees		158
Administrative fees		1
Distribution fees		86
Accrued expenses		214
Total liabilities		13,422
Net assets	$	821,484
Summary of Net Assets:
Capital stock and paid-in-capital	$	941,510
Undistributed net investment income		189
Accumulated net realized loss		(135,717	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		15,502
Net assets	$	821,484
Shares authorized		1,000,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$13.93/$14.74
Shares outstanding		29,560
Net assets	$	411,923
Class B: Net asset value per share	$	13.10
Shares outstanding		3,954
Net assets	$	51,815
Class C: Net asset value per share	$	13.18
Shares outstanding		16,872
Net assets	$	222,460
Class I: Net asset value per share	$	14.22
Shares outstanding		6,133
Net assets	$	87,227
Class R3: Net asset value per share	$	13.79
Shares outstanding		1,757
Net assets	$	24,232
Class R4: Net asset value per share	$	14.07
Shares outstanding		736
Net assets	$	10,362
Class R5: Net asset value per share	$	14.28
Shares outstanding		89
Net assets	$	1,276
Class Y: Net asset value per share	$	14.40
Shares outstanding		846
Net assets	$	12,189

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

12

The Hartford Capital Appreciation II Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	14,210
Interest		30
Less: Foreign tax withheld		(325	)
Total investment income		13,915
Expenses:
Investment management fees		8,062
Administrative services fees		64
Transfer agent fees		1,587
Distribution fees
Class A		1,099
Class B		576
Class C		2,455
Class R3		113
Class R4		29
Custodian fees		69
Accounting services fees		126
Registration and filing fees		146
Board of Directors' fees		26
Audit fees		23
Other expenses		199
Total expenses (before waivers and fees paid indirectly)		14,574
Expense waivers		(765	)
Commission recapture		(76	)
Total waivers and fees paid indirectly		(841	)
Total expenses, net		13,733
Net Investment Income		182
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		34,347
Net realized loss on foreign currency contracts		(402	)
Net realized loss on other foreign currency transactions		(214	)
Net Realized Gain on Investments and Foreign Currency Transactions		33,731
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		39,934
Net unrealized appreciation of foreign currency contracts		477
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		26
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		40,437
Net Gain on Investments and Foreign Currency Transactions		74,168
Net Increase in Net Assets Resulting from Operations	$	74,350

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

13

The Hartford Capital Appreciation II Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income (loss)	$	182		$	(4,500	)
Net realized gain on investments and foreign currency transactions		33,731			102,882
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		40,437			(109,212	)
Net Increase (Decrease) In Net Assets Resulting From Operations		74,350			(10,830	)
Capital Share Transactions:
Class A		(92,747	)		(44,966	)
Class B		(14,612	)		(10,728	)
Class C		(63,368	)		(40,375	)
Class I		(34,210	)		8,537
Class R3		2,261			7,528
Class R4		(3,229	)		4,068
Class R5		(74	)		534
Class Y		(23,007	)		(15,198	)
Net decrease from capital share transactions		(228,986	)		(90,600	)
Net Decrease In Net Assets		(154,636	)		(101,430	)
Net Assets:
Beginning of period		976,120			1,077,550
End of period	$	821,484		$	976,120
Undistributed (distribution in excess of) net investment income (loss)	$	189		$	(142	)

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

14

The Hartford Capital Appreciation II Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Capital Appreciation II Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

15

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

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

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

16

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

17

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and

18

losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated

19

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	460	$	—	$	—	$	—	$	—	$	460
Total	$	—	$	460	$	—	$	—	$	—	$	—	$	460
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	574	$	—	$	—	$	—	$	—	$	574
Total	$	—	$	574	$	—	$	—	$	—	$	—	$	574

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(402	)	$	—	$	—	$	—	$	—	$	(402	)
Total	$	—	$	(402	)	$	—	$	—	$	—	$	—	$	(402	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	477		$	—	$	—	$	—	$	—	$	477
Total	$	—	$	477		$	—	$	—	$	—	$	—	$	477

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

20

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at October 31, 2012, are as follows:

	Amount
Undistributed Ordinary Income	$	895
Accumulated Capital Losses *		(111,378	)
Unrealized Depreciation †		(9,543	)
Total Accumulated Deficit	$	(120,026	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on

21

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	149
Accumulated Net Realized Gain (Loss)		55
Capital Stock and Paid-in-Capital		(204	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	111,378
Total	$	111,378

During the year ended October 31, 2012, the Fund utilized $20,590 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

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

22

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million	0.9500%
On next $250 million	0.9000%
On next $500 million	0.8000%
On next $1.5 billion	0.7500%
On next $2.5 billion	0.7000%
On next $5 billion	0.6800%
Over $10 billion	0.6750%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $250 million	1.0000%
On next $250 million	0.9500%
On next $500 million	0.9000%
On next $4 billion	0.8500%
On next $5 billion	0.8475%
Over $10 billion	0.8450%

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

Average Daily Net Assets	Annual Fee
On first $5 billion	0.014%
On next $5 billion	0.012%
Over $10 billion	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.25%		2.00%		2.00%		1.00%		1.35%		1.05%		0.95%		0.90%

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.60%		2.35%		2.35%		1.35%		1.70%		1.40%		1.10%		1.05%

23

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.31	%
Class B		2.09
Class C		2.05
Class I		1.04
Class R3		1.45
Class R4		1.17
Class R5		0.99
Class Y		0.94

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $764 and contingent deferred sales charges of $142 from the Fund.

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

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $42.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the

24

Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

8. Investment Transactions:

For the year ended October 31, 2012, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,195,308
Sales Proceeds Excluding U.S. Government Obligations		1,412,404

9. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued From Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		3,837		—		(10,779	)		—		(6,942	)		8,043		—		(11,464	)		—		(3,421	)
Amount	$	51,605	$	—	$	(144,352	)	$	—	$	(92,747	)	$	111,755	$	—	$	(156,721	)	$	—	$	(44,966	)
Class B
Shares		85		—		(1,234	)		—		(1,149	)		264		—		(1,090	)		—		(826	)
Amount	$	1,075	$	—	$	(15,687	)	$	—	$	(14,612	)	$	3,529	$	—	$	(14,257	)	$	—	$	(10,728	)
Class C
Shares		1,103		—		(6,076	)		—		(4,973	)		3,162		—		(6,352	)		—		(3,190	)
Amount	$	13,969	$	—	$	(77,337	)	$	—	$	(63,368	)	$	42,278	$	—	$	(82,653	)	$	—	$	(40,375	)
Class I
Shares		1,691		—		(4,196	)		—		(2,505	)		6,016		—		(5,591	)		—		425
Amount	$	22,735	$	—	$	(56,945	)	$	—	$	(34,210	)	$	85,198	$	—	$	(76,661	)	$	—	$	8,537
Class R3
Shares		723		—		(561	)		—		162			972		—		(429	)		—		543
Amount	$	9,643	$	—	$	(7,382	)	$	—	$	2,261		$	13,412	$	—	$	(5,884	)	$	—	$	7,528
Class R4
Shares		290		—		(509	)		—		(219	)		581		—		(277	)		—		304
Amount	$	3,914	$	—	$	(7,143	)	$	—	$	(3,229	)	$	7,791	$	—	$	(3,723	)	$	—	$	4,068
Class R5
Shares		30		—		(37	)		—		(7	)		59		—		(22	)		—		37
Amount	$	430	$	—	$	(504	)	$	—	$	(74	)	$	857	$	—	$	(323	)	$	—	$	534
Class Y
Shares		177		—		(1,889	)		—		(1,712	)		810		—		(1,749	)		—		(939	)
Amount	$	2,473	$	—	$	(25,480	)	$	—	$	(23,007	)	$	10,313	$	—	$	(25,511	)	$	—	$	(15,198	)
Total
Shares		7,936		—		(25,281	)		—		(17,345	)		19,907		—		(26,974	)		—		(7,067	)
Amount	$	105,844	$	—	$	(334,830	)	$	—	$	(228,986	)	$	275,133	$	—	$	(365,733	)	$	—	$	(90,600	)

25

The Hartford Capital Appreciation II Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		60	$	802
For the Year Ended October 31, 2011		47	$	640

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

11. Industry Classifications:

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

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

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

26

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

27

The Hartford Capital Appreciation II Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income		Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	12.80	$	0.03		$	1.10		$	1.13		$	–	$	–		$	–	$	–		$	13.93
B		12.14		(0.08	)		1.04			0.96			–		–			–		–			13.10
C		12.21		(0.07	)		1.04			0.97			–		–			–		–			13.18
I		13.04		0.08			1.10			1.18			–		–			–		–			14.22
R3		12.69		0.01			1.09			1.10			–		–			–		–			13.79
R4		12.91		0.06			1.10			1.16			–		–			–		–			14.07
R5		13.09		0.08			1.11			1.19			–		–			–		–			14.28
Y		13.18		0.19			1.03			1.22			–		–			–		–			14.40
For the Year Ended October 31, 2011
A		12.94		(0.03	)		(0.11	)		(0.14	)		–		–			–		–			12.80
B		12.37		(0.14	)		(0.09	)		(0.23	)		–		–			–		–			12.14
C		12.42		(0.12	)		(0.09	)		(0.21	)		–		–			–		–			12.21
I		13.13		0.02			(0.11	)		(0.09	)		–		–			–		–			13.04
R3		12.86		(0.06	)		(0.11	)		(0.17	)		–		–			–		–			12.69
R4		13.04		(0.02	)		(0.11	)		(0.13	)		–		–			–		–			12.91
R5		13.18		0.02			(0.11	)		(0.09	)		–		–			–		–			13.09
Y		13.25		0.03			(0.10	)		(0.07	)		–		–			–		–			13.18
For the Year Ended October 31, 2010
A		10.74		(0.03	)		2.23			2.20			–		–			–		–			12.94
B		10.35		(0.14	)		2.16			2.02			–		–			–		–			12.37
C		10.39		(0.12	)		2.15			2.03			–		–			–		–			12.42
I		10.86		0.02			2.25			2.27			–		–			–		–			13.13
R3		10.71		(0.05	)		2.20			2.15			–		–			–		–			12.86
R4		10.82		(0.02	)		2.24			2.22			–		–			–		–			13.04
R5		10.91		0.02			2.25			2.27			–		–			–		–			13.18
Y		10.96		0.04			2.25			2.29			–		–			–		–			13.25
For the Year Ended October 31, 2009
A		8.73		–			2.01			2.01			–		–			–		–			10.74
B		8.47		(0.06	)		1.94			1.88			–		–			–		–			10.35
C		8.50		(0.06	)		1.95			1.89			–		–			–		–			10.39
I		8.80		0.03			2.03			2.06			–		–			–		–			10.86
R3		8.73		(0.03	)		2.01			1.98			–		–			–		–			10.71
R4		8.79		–			2.03			2.03			–		–			–		–			10.82
R5		8.84		0.02			2.05			2.07			–		–			–		–			10.91
Y		8.86		0.04			2.06			2.10			–		–			–		–			10.96
For the Year Ended October 31, 2008
A		16.95		0.02			(7.07	)		(7.05	)		–		(1.17	)		–		(1.17	)		8.73
B		16.62		(0.09	)		(6.89	)		(6.98	)		–		(1.17	)		–		(1.17	)		8.47
C		16.66		(0.07	)		(6.92	)		(6.99	)		–		(1.17	)		–		(1.17	)		8.50
I		17.02		0.04			(7.09	)		(7.05	)		–		(1.17	)		–		(1.17	)		8.80
R3		17.00		(0.01	)		(7.09	)		(7.10	)		–		(1.17	)		–		(1.17	)		8.73
R4		17.05		0.01			(7.10	)		(7.09	)		–		(1.17	)		–		(1.17	)		8.79
R5		17.10		0.04			(7.13	)		(7.09	)		–		(1.17	)		–		(1.17	)		8.84
Y		17.12		–			(7.09	)		(7.09	)		–		(1.17	)		–		(1.17	)		8.86

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

28

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.83	%	$	411,923		1.41	%		1.32	%		0.23	%		135	%
	7.91			51,815		2.26			2.10			(0.55	)		–
	7.94			222,460		2.12			2.06			(0.51	)		–
	9.05			87,227		1.10			1.05			0.49			–
	8.67			24,232		1.69			1.45			0.11			–
	8.99			10,362		1.37			1.18			0.37			–
	9.09			1,276		1.09			1.00			0.57			–
	9.26			12,189		0.97			0.95			0.63			–
	(1.08	)		467,407		1.41			1.41			(0.19	)		140
	(1.86	)		61,934		2.25			2.25			(1.03	)		–
	(1.69	)		266,634		2.13			2.13			(0.91	)		–
	(0.69	)		112,597		1.11			1.11			0.12			–
	(1.32	)		20,237		1.72			1.70			(0.48	)		–
	(1.00	)		12,333		1.40			1.40			(0.17	)		–
	(0.68	)		1,255		1.11			1.10			0.13			–
	(0.53	)		33,723		0.99			0.99			0.23			–
	20.48			516,406		1.44			1.44			(0.20	)		155
	19.52			73,313		2.28			2.28			(1.04	)		–
	19.54			310,899		2.15			2.15			(0.91	)		–
	20.90			107,796		1.11			1.11			0.13			–
	20.07			13,520		1.74			1.73			(0.50	)		–
	20.52			8,486		1.40			1.40			(0.18	)		–
	20.81			777		1.12			1.11			0.12			–
	20.89			46,353		1.00			1.00			0.25			–
	23.02			497,959		1.54			1.54			0.02			168
	22.20			72,940		2.44			2.22			(0.67	)		–
	22.23			297,280		2.25			2.25			(0.70	)		–
	23.41			95,280		1.16			1.16			0.37			–
	22.68			8,057		1.81			1.81			(0.30	)		–
	23.09			5,308		1.43			1.43			0.04			–
	23.42			816		1.14			1.14			0.29			–
	23.70			54,222		1.02			1.02			0.49			–
	(44.43	)		479,795		1.40			1.40			0.12			159
	(44.92	)		66,057		2.27			2.27			(0.75	)		–
	(44.87	)		269,662		2.14			2.14			(0.62	)		–
	(44.23	)		79,436		1.08			1.08			0.43			–
	(44.60	)		4,148		1.77			1.77			(0.28	)		–
	(44.40	)		1,232		1.43			1.43			0.08			–
	(44.26	)		151		1.16			1.16			0.37			–
	(44.20	)		21,827		1.01			1.01			0.51			–

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Capital Appreciation II Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Capital Appreciation II Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

30

The Hartford Capital Appreciation II Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

31

The Hartford Capital Appreciation II Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

32

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

33

The Hartford Capital Appreciation II Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

34

The Hartford Capital Appreciation II Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	984.45	$	6.24	$	1,000.00	$	1,018.85	$	6.34		1.25	%		184		366
Class B	$	1,000.00	$	980.54	$	9.96	$	1,000.00	$	1,015.08	$	10.13		2.00			184		366
Class C	$	1,000.00	$	980.65	$	9.96	$	1,000.00	$	1,015.08	$	10.13		2.00			184		366
Class I	$	1,000.00	$	985.45	$	4.99	$	1,000.00	$	1,020.11	$	5.08		1.00			184		366
Class R3	$	1,000.00	$	984.30	$	6.73	$	1,000.00	$	1,018.35	$	6.85		1.35			184		366
Class R4	$	1,000.00	$	985.29	$	5.24	$	1,000.00	$	1,019.86	$	5.33		1.05			184		366
Class R5	$	1,000.00	$	985.51	$	4.74	$	1,000.00	$	1,020.36	$	4.82		0.95			184		366
Class Y	$	1,000.00	$	986.30	$	4.49	$	1,000.00	$	1,020.61	$	4.57		0.90			184		366

35

The Hartford Capital Appreciation II Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Capital Appreciation II Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

36

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board reviewed the Fund’s performance over multiple periods as compared to its peer group and benchmark. The Board noted that the Fund had underperformed relative to its peer group and benchmark for the 1-year period and that its performance was in line with the peer group and benchmark for the 3- and 5-year periods. HIFSCO noted that it would continue to monitor the Fund’s performance.

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

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

37

The Hartford Capital Appreciation II Fund

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

Costs of the Services and Profitability of the Advisers

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

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

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with The Hartford’s preferred partnership agreement with the Sub-adviser, the Fund’s contractual management fees had been reduced at all asset levels and an additional breakpoint had been added to the Fund’s management fee schedule.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that the Fund’s contractual management fees had recently been reduced at all asset levels and that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The

38

Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

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

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

39

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-CAII12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Checks and Balances Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Checks and Balances Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	4
Investment Valuation Hierarchy Level Summary at October 31, 2012	5
Statement of Assets and Liabilities at October 31, 2012	6
Statement of Operations for the Year Ended October 31, 2012	7
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	8
Notes to Financial Statements	9
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management Agreement (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Checks and Balances Fund inception 05/31/2007

(advised by Hartford Investment Financial Services, LLC)

Investment objective – Seeks long-term capital appreciation and income.

Performance Overview 5/31/07 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year	5 Year	Since Inception
Checks and Balances A#	10.43%	1.13%	2.05%
Checks and Balances A##	4.35%	-0.01%	0.99%
Checks and Balances B#	9.45%	0.31%	1.24%
Checks and Balances B##	4.45%	-0.06%	1.07%
Checks and Balances C#	9.63%	0.38%	1.30%
Checks and Balances C##	8.63%	0.38%	1.30%
Checks and Balances I#	10.70%	1.39%	2.30%
Checks and Balances R3#	10.08%	0.85%	1.80%
Checks and Balances R4#	10.29%	1.11%	2.03%
Checks and Balances R5#	10.70%	1.37%	2.28%
Barclays U.S. Aggregate Bond Index	5.25%	6.38%	6.53%
Russell 3000 Index	14.75%	0.59%	0.81%
S&P 500 Index	15.19%	0.36%	0.68%

# Without sales charge

## With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 2/29/08. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 8/29/08. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses.

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

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

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

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Checks and Balances Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

Vernon J. Meyer, CFA

Senior Vice President of HIFSCO,

Chairman of the HIFSCO Investment Oversight Committee

How did the Fund perform?

The Class A shares of The Hartford Checks and Balances Fund returned 10.43%, before sales charge, for the twelve-month period ended October 31, 2012, versus 9.34% for the Lipper Mixed-Asset Target Allocation Growth Funds average, 5.25% for the Barclays U.S. Aggregate Bond Index, 15.19% for the S&P 500 Index, and 14.75% for the Russell 3000 Index.

Why did the Fund perform this way?

The Fund makes equal allocations of its assets to Class Y shares of certain Hartford Mutual Funds (“Underlying Funds”): The Hartford Capital Appreciation Fund, The Hartford Dividend and Growth Fund, and The Hartford Total Return Bond Fund. The Underlying Funds may invest in a wide variety of instruments which primarily include U.S. and foreign equity securities, fixed income and money market securities. The Fund is not actively managed, and the Fund’s assets will be rebalanced back to one-third in each Underlying Fund as soon as reasonably practicable whenever the Fund’s investment in any single Underlying Fund deviates from the target allocation by more than 5%.

The Fund’s relative performance benefited most from the performance of The Hartford Total Return Bond Fund. The return of The Hartford Capital Appreciation Fund detracted most from relative performance.

What is the outlook?

The Fund will continue to make equal allocations of its assets to the three Underlying Funds. Please refer to www.hartfordinvestor.com for the shareholder report of each Underlying Fund.

Composition by Investments

as of October 31, 2012

Fund Name	Percentage of Net Assets
The Hartford Capital Appreciation Fund, Class Y	33.3	%
The Hartford Dividend and Growth Fund, Class Y	33.3
The Hartford Total Return Bond Fund, Class Y	33.4
Other Assets and Liabilities	0.0
Total	100.0	%

3

The Hartford Checks and Balances Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 100.0%
EQUITY FUNDS - 66.6%
	16,011	The Hartford Capital Appreciation Fund, Class Y			$	569,678
	26,900	The Hartford Dividend and Growth Fund, Class Y				569,732
						1,139,410
		Total equity funds
		(cost $937,246)			$	1,139,410
	FIXED INCOME FUNDS - 33.4%
	50,397	The Hartford Total Return Bond Fund, Class Y			$	570,491
		Total fixed income funds
		(cost $539,435)			$	570,491
		Total investments in affiliated investment companies
		(cost $1,476,681)			$	1,709,901
		Total long-term investments (cost $1,476,681)			$	1,709,901
		Total investments
		(cost $1,476,681) ▲	100.0	%	$	1,709,901
		Other assets and liabilities	–	%		(194	)
		Total net assets	100.0	%	$	1,709,707

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

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $1,548,801 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	161,100
Unrealized Depreciation		—
Net Unrealized Appreciation	$	161,100

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

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

4

The Hartford Checks and Balances Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	1,709,901	$	1,709,901	$	–	$	–
Total	$	1,709,901	$	1,709,901	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

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

5

The Hartford Checks and Balances Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $1,476,681)	$	1,709,901
Receivables:
Investment securities sold		2,212
Fund shares sold		1,463
Dividends and interest		1,528
Other assets		72
Total assets		1,715,176
Liabilities:
Payables:
Investment securities purchased		123
Fund shares redeemed		4,889
Administrative fees		1
Distribution fees		158
Accrued expenses		298
Total liabilities		5,469
Net assets	$	1,709,707
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,542,025
Undistributed net investment income		866
Accumulated net realized loss		(66,404	)
Unrealized appreciation of investments		233,220
Net assets	$	1,709,707
Shares authorized		1,000,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.92/$10.50
Shares outstanding		128,739
Net assets	$	1,277,312
Class B: Net asset value per share	$	9.88
Shares outstanding		11,604
Net assets	$	114,693
Class C: Net asset value per share	$	9.89
Shares outstanding		28,739
Net assets	$	284,190
Class I: Net asset value per share	$	9.93
Shares outstanding		2,141
Net assets	$	21,254
Class R3: Net asset value per share	$	9.90
Shares outstanding		1,087
Net assets	$	10,764
Class R4: Net asset value per share	$	9.91
Shares outstanding		139
Net assets	$	1,375
Class R5: Net asset value per share	$	9.93
Shares outstanding		12
Net assets	$	119

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

6

The Hartford Checks and Balances Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends from underlying affiliated funds	$	45,166
Total investment income		45,166
Expenses:
Administrative services fees		22
Transfer agent fees		2,215
Distribution fees
Class A		3,282
Class B		1,191
Class C		2,984
Class R3		51
Class R4		3
Custodian fees		1
Accounting services fees		211
Registration and filing fees		165
Board of Directors' fees		46
Audit fees		29
Other expenses		289
Total expenses		10,489
Net Investment Income		34,677
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		2,913
Net realized loss on investments in underlying affiliated funds		(1,144	)
Net Realized Gain on Investments		1,769
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		134,531
Net Changes in Unrealized Appreciation of Investments		134,531
Net Gain on Investments		136,300
Net Increase in Net Assets Resulting from Operations	$	170,977

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

7

The Hartford Checks and Balances Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	34,677		$	23,069
Net realized gain on investments		1,769			2,647
Net unrealized appreciation of investments		134,531			505
Net Increase In Net Assets Resulting From Operations		170,977			26,221
Distributions to Shareholders:
From net investment income
Class A		(27,865	)		(20,476	)
Class B		(1,578	)		(806	)
Class C		(4,139	)		(2,255	)
Class I		(488	)		(364	)
Class R3		(174	)		(81	)
Class R4		(21	)		(10	)
Class R5		(3	)		(2	)
Total from net investment income		(34,268	)		(23,994	)
From net realized gain on investments
Class A		(5,889	)		—
Class B		(545	)		—
Class C		(1,371	)		—
Class I		(90	)		—
Class R3		(41	)		—
Class R4		(4	)		—
Class R5		(1	)		—
Total from net realized gain on investments		(7,941	)		—
Total distributions	��	(42,209	)		(23,994	)
Capital Share Transactions:
Class A		(155,595	)		(93,397	)
Class B		(17,230	)		(21,167	)
Class C		(48,250	)		(45,940	)
Class I		(70	)		(1,347	)
Class R3		787			7,410
Class R4		476			613
Class R5		3			(9	)
Net decrease from capital share transactions		(219,879	)		(153,837	)
Net Decrease In Net Assets		(91,111	)		(151,610	)
Net Assets:
Beginning of period		1,800,818			1,952,428
End of period	$	1,709,707		$	1,800,818
Undistributed (distribution in excess of) net investment income (loss)	$	866		$	457

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

8

The Hartford Checks and Balances Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Checks and Balances Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, seeks its investment goal through investment in Class Y shares of a combination of Hartford mutual funds (“Underlying Funds”): The Hartford Capital Appreciation Fund, The Hartford Dividend and Growth Fund and The Hartford Total Return Bond Fund. The Fund is managed by Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”).

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

9

The Hartford Checks and Balances Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

10

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds in direct proportion to the amount of assets the Fund allocates to each Underlying Fund. The market values of the Underlying Funds may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

11

The Hartford Checks and Balances Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	34,268	$	23,994
Long-Term Capital Gains ‡		7,941		—

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

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	866
Undistributed Long-Term Capital Gain		5,716
Unrealized Appreciation *		161,100
Total Accumulated Earnings	$	167,682

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund had no reclassifications.

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

12

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – HIFSCO serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. The Fund is managed by HIFSCO in accordance with the Fund’s investment objective and policies. The Fund does not currently pay any fees to HIFSCO for managing the Fund.

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

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

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5
	1.25%		2.00%		2.00%		1.00%		1.40%		1.10%		0.80%

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

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $3,707 and contingent deferred sales charges of $297 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for

13

The Hartford Checks and Balances Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $110.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		12		9	%
Class R5		12		100

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	207,076
Sales Proceeds Excluding U.S. Government Obligations		432,242

14

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		12,905		3,577		(32,702	)		—		(16,220	)		28,858		2,137		(41,117	)		—		(10,122	)
Amount	$	123,073	$	33,189	$	(311,857	)	$	—	$	(155,595	)	$	275,688	$	20,026	$	(389,111	)	$	—	$	(93,397	)
Class B
Shares		180		225		(2,208	)		—		(1,803	)		375		83		(2,697	)		—		(2,239	)
Amount	$	1,715	$	2,051	$	(20,996	)	$	—	$	(17,230	)	$	3,545	$	770	$	(25,482	)	$	—	$	(21,167	)
Class C
Shares		2,394		572		(8,017	)		—		(5,051	)		5,177		225		(10,316	)		—		(4,914	)
Amount	$	22,748	$	5,228	$	(76,226	)	$	—	$	(48,250	)	$	49,357	$	2,106	$	(97,403	)	$	—	$	(45,940	)
Class I
Shares		771		48		(829	)		—		(10	)		1,003		28		(1,189	)		—		(158	)
Amount	$	7,363	$	450	$	(7,883	)	$	—	$	(70	)	$	9,666	$	267	$	(11,280	)	$	—	$	(1,347	)
Class R3
Shares		580		23		(517	)		—		86			1,305		9		(553	)		—		761
Amount	$	5,553	$	215	$	(4,981	)	$	—	$	787		$	12,579	$	81	$	(5,250	)	$	—	$	7,410
Class R4
Shares		65		3		(18	)		—		50			86		1		(24	)		—		63
Amount	$	622	$	25	$	(171	)	$	—	$	476		$	828	$	10	$	(225	)	$	—	$	613
Class R5
Shares		—		—		—			—		—			—		—		(1	)		—		(1	)
Amount	$	—	$	3	$	—		$	—	$	3		$	—	$	2	$	(11	)	$	—	$	(9	)
Total
Shares		16,895		4,448		(44,291	)		—		(22,948	)		36,804		2,483		(55,897	)		—		(16,610	)
Amount	$	161,074	$	41,161	$	(422,114	)	$	—	$	(219,879	)	$	351,663	$	23,262	$	(528,762	)	$	—	$	(153,837	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		63	$	607
For the Year Ended October 31, 2011		84	$	802

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford

15

The Hartford Checks and Balances Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

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

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management agreement for the Fund (the “Existing Agreement”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford. The termination of the Existing Agreement and implementation of the New Agreement are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management agreement; and (ii) the day-to-day management of the Fund.

16

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17

The Hartford Checks and Balances Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	9.22	$	0.20	$	0.74		$	0.94		$	(0.20	)	$	(0.04	)	$	–	$	(0.24	)	$	9.92
B		9.19		0.13		0.72			0.85			(0.12	)		(0.04	)		–		(0.16	)		9.88
C		9.19		0.13		0.74			0.87			(0.13	)		(0.04	)		–		(0.17	)		9.89
I		9.23		0.23		0.74			0.97			(0.23	)		(0.04	)		–		(0.27	)		9.93
R3		9.20		0.17		0.74			0.91			(0.17	)		(0.04	)		–		(0.21	)		9.90
R4		9.22		0.20		0.73			0.93			(0.20	)		(0.04	)		–		(0.24	)		9.91
R5		9.23		0.23		0.74			0.97			(0.23	)		(0.04	)		–		(0.27	)		9.93
For the Year Ended October 31, 2011
A		9.22		0.13		–			0.13			(0.13	)		–			–		(0.13	)		9.22
B		9.18		0.05		0.02			0.07			(0.06	)		–			–		(0.06	)		9.19
C		9.19		0.06		–			0.06			(0.06	)		–			–		(0.06	)		9.19
I		9.22		0.15		0.02			0.17			(0.16	)		–			–		(0.16	)		9.23
R3		9.21		0.10		–			0.10			(0.11	)		–			–		(0.11	)		9.20
R4		9.21		0.12		0.02			0.14			(0.13	)		–			–		(0.13	)		9.22
R5		9.22		0.15		0.02			0.17			(0.16	)		–			–		(0.16	)		9.23
For the Year Ended October 31, 2010 (E)
A		8.29		0.13		0.93			1.06			(0.13	)		–			–		(0.13	)		9.22
B		8.26		0.06		0.92			0.98			(0.06	)		–			–		(0.06	)		9.18
C		8.26		0.07		0.92			0.99			(0.06	)		–			–		(0.06	)		9.19
I		8.29		0.15		0.93			1.08			(0.15	)		–			–		(0.15	)		9.22
R3		8.29		0.10		0.92			1.02			(0.10	)		–			–		(0.10	)		9.21
R4		8.29		0.14		0.91			1.05			(0.13	)		–			–		(0.13	)		9.21
R5		8.29		0.16		0.92			1.08			(0.15	)		–			–		(0.15	)		9.22
For the Year Ended October 31, 2009
A		7.32		0.19		1.03			1.22			(0.20	)		(0.05	)		–		(0.25	)		8.29
B		7.29		0.13		1.04			1.17			(0.15	)		(0.05	)		–		(0.20	)		8.26
C		7.29		0.13		1.04			1.17			(0.15	)		(0.05	)		–		(0.20	)		8.26
I		7.32		0.21		1.03			1.24			(0.22	)		(0.05	)		–		(0.27	)		8.29
R3		7.31		0.17		1.04			1.21			(0.18	)		(0.05	)		–		(0.23	)		8.29
R4		7.32		0.19		1.03			1.22			(0.20	)		(0.05	)		–		(0.25	)		8.29
R5		7.32		0.21		1.03			1.24			(0.22	)		(0.05	)		–		(0.27	)		8.29
For the Year Ended October 31, 2008
A		10.51		0.21		(3.17	)		(2.96	)		(0.23	)		–			–		(0.23	)		7.32
B		10.49		0.15		(3.19	)		(3.04	)		(0.16	)		–			–		(0.16	)		7.29
C		10.49		0.15		(3.18	)		(3.03	)		(0.17	)		–			–		(0.17	)		7.29
I(F)		9.89		0.14		(2.57	)		(2.43	)		(0.14	)		–			–		(0.14	)		7.32
R3(I)		9.38		0.03		(2.06	)		(2.03	)		(0.04	)		–			–		(0.04	)		7.31
R4(I)		9.38		0.03		(2.05	)		(2.02	)		(0.04	)		–			–		(0.04	)		7.32
R5(I)		9.38		0.03		(2.04	)		(2.01	)		(0.05	)		–			–		(0.05	)		7.32

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on February 29, 2008.

(G) Not annualized.

(H) Annualized.

(I) Commenced operations on August 29, 2008.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets(C)			Portfolio Turnover Rate(D)
	10.43	%	$	1,277,312		0.41	%		0.41	%		2.15	%		12	%
	9.45			114,693		1.22			1.22			1.35			–
	9.63			284,190		1.16			1.16			1.41			–
	10.70			21,254		0.16			0.16			2.38			–
	10.08			10,764		0.76			0.76			1.71			–
	10.29			1,375		0.47			0.47			1.92			–
	10.70			119		0.16			0.16			2.37			–
	1.44			1,337,009		0.41			0.41			1.36			19
	0.71			123,183		1.21			1.21			0.55			–
	0.66			310,632		1.16			1.16			0.61			–
	1.81			19,854		0.15			0.15			1.61			–
	1.05			9,211		0.76			0.76			1.00			–
	1.53			822		0.47			0.46			1.29			–
	1.83			107		0.15			0.15			1.62			–
	12.85			1,429,438		0.42			0.42			1.51			19
	11.87			143,627		1.23			1.23			0.69			–
	12.06			355,504		1.16			1.16			0.75			–
	13.09			21,297		0.17			0.17			1.75			–
	12.40			2,206		0.81			0.78			1.15			–
	12.76			241		0.50			0.47			1.75			–
	13.13			115		0.16			0.15			1.76			–
	17.34			1,073,060		0.46			0.46			2.45			3
	16.56			141,845		1.31			1.23			1.68			–
	16.56			298,931		1.22			1.22			1.76			–
	17.68			19,988		0.20			0.20			2.61			–
	17.18			598		0.87			0.78			1.46			–
	17.30			112		0.49			0.48			2.48			–
	17.65			98		0.17			0.17			2.84			–
	(28.70	)		649,297		0.42			0.41			2.08			6
	(29.32	)		88,364		1.26			1.23			1.22			–
	(29.29	)		211,502		1.17			1.17			1.26			–
	(23.71	)(G)		8,293		0.16	(H)		0.16	(H)		2.09	(H)		–
	(21.19	)(G)		80		0.81	(H)		0.80	(H)		1.93	(H)		–
	(21.06	)(G)		79		0.51	(H)		0.50	(H)		2.23	(H)		–
	(21.04	)(G)		79		0.21	(H)		0.21	(H)		2.52	(H)		–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Checks and Balances Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Checks and Balances Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

20

The Hartford Checks and Balances Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Checks and Balances Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

23

The Hartford Checks and Balances Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 2.36%.

24

The Hartford Checks and Balances Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,021.02	$	2.11	$	1,000.00	$	1,023.05	$	2.11		0.41	%		184		366
Class B	$	1,000.00	$	1,016.91	$	6.21	$	1,000.00	$	1,018.98	$	6.21		1.22			184		366
Class C	$	1,000.00	$	1,017.18	$	5.90	$	1,000.00	$	1,019.29	$	5.91		1.16			184		366
Class I	$	1,000.00	$	1,023.37	$	0.81	$	1,000.00	$	1,024.33	$	0.81		0.16			184		366
Class R3	$	1,000.00	$	1,019.33	$	3.84	$	1,000.00	$	1,021.34	$	3.84		0.76			184		366
Class R4	$	1,000.00	$	1,020.93	$	2.38	$	1,000.00	$	1,022.79	$	2.38		0.47			184		366
Class R5	$	1,000.00	$	1,023.39	$	0.80	$	1,000.00	$	1,024.35	$	0.80		0.16			184		366

25

The Hartford Checks and Balances Fund

Approval of Investment Management Agreement (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory agreement. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Checks and Balances Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO” or the “Adviser”) (the “Agreement”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Adviser to questions posed to it on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreement at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Adviser and its affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreement.

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

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

Nature, Extent, and Quality of Services Provided by the Adviser

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Adviser. The Board considered, among other things, the terms of the Agreement and the range of services provided by the Adviser. The Board considered the Adviser’s professional personnel who provide services to the Fund, including the Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered the Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of the Adviser’s communications with the Board and responsiveness to Board inquiries.

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

The Board noted that under the Agreement, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of

26

the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

Performance of the Fund and the Adviser

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

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

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

Costs of the Services and Profitability of the Adviser

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

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

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

Comparison of Fees and Services Provided by the Adviser

The Board considered comparative information with respect to the total expense ratios of the Fund, noting that there is no management fee for the Fund. In this regard, the Board requested and reviewed information from HIFSCO relating to the total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s overall expense ratios

27

The Hartford Checks and Balances Fund

Approval of Investment Management Agreement (Unaudited) – (continued)

relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

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

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

Economies of Scale

The Board requested and considered information regarding the Adviser’s realization of economies of scale with respect to the Fund and whether the expense levels reflect these economies of scale for the benefit of the Fund’s shareholders.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the expense ratios for the Fund at its current and reasonably anticipated asset levels.

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

* * * *

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

28

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-CB12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155   

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Conservative Allocation Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Conservative Allocation Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Federal Tax Information (Unaudited)	26
Expense Example (Unaudited)	27
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	28

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Conservative Allocation Fund inception 05/28/2004

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks current income and long-term capital appreciation.

Performance Overview 5/28/04 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Conservative Allocation A#		7.55	%		2.93	%		5.07	%
Conservative Allocation A##		1.64	%		1.78	%		4.37	%
Conservative Allocation B#		6.69	%		2.13	%		4.34	%*
Conservative Allocation B##		1.69	%		1.77	%		4.34	%*
Conservative Allocation C#		6.78	%		2.18	%		4.34	%
Conservative Allocation C##		5.78	%		2.18	%		4.34	%
Conservative Allocation I#		7.89	%		3.21	%		5.27	%
Conservative Allocation R3#		7.18	%		2.52	%		4.77	%
Conservative Allocation R4#		7.55	%		2.89	%		5.03	%
Conservative Allocation R5#		7.86	%		3.20	%		5.25	%
Barclays U.S. Aggregate Bond Index		5.25	%		6.38	%		5.72	%
MSCI All Country World Index		9.17	%		-2.42	%		5.89	%
S&P 500 Index		15.19	%		0.36	%		4.91	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

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

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

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

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Conservative Allocation Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Richard P. Meagher, CFA	Wendy M. Cromwell, CFA
Vice President, Asset Allocation Strategist and Portfolio Manager	Senior Vice President, Director of Strategic Asset Allocation, Asset Allocation Strategies Group, and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Conservative Allocation Fund returned 7.55%, before sales charge, for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target Conservative Funds category, a group of funds with investment strategies similar to those of the Fund, was 8.15%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 30% equities and 70% fixed income. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. A modest underweight allocation to equities detracted as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed positively on a relative basis. Strong benchmark-relative performance in the Alternative Strategies, World Bond, and Strategic Income funds more than offset weak benchmark-relative results from the International Opportunities, Global Real Asset, and Emerging Markets Research Equity funds.

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers.

3

The Hartford Conservative Allocation Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.0	%
The Hartford Capital Appreciation Fund, Class Y		2.7
The Hartford Dividend and Growth Fund, Class Y		5.3
The Hartford Emerging Markets Research Fund, Class Y		2.0
The Hartford Global Real Asset Fund, Class Y		12.4
The Hartford Inflation Plus Fund, Class Y		22.7
The Hartford International Opportunities Fund, Class Y		4.6
The Hartford International Small Company Fund, Class Y		1.6
The Hartford MidCap Value Fund, Class Y		0.9
The Hartford Small Company Fund, Class Y		0.9
The Hartford Strategic Income Fund, Class Y		2.0
The Hartford Total Return Bond Fund, Class Y		14.0
The Hartford World Bond Fund, Class Y		21.1
Other Assets and Liabilities		(0.2	)
Total		100.0	%

4

The Hartford Conservative Allocation Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 100.2%
	EQUITY FUNDS - 30.4%
	208	The Hartford Capital Appreciation Fund, Class Y			$	7,410
	685	The Hartford Dividend and Growth Fund, Class Y				14,513
	647	The Hartford Emerging Markets Research Fund, Class Y				5,476
	3,139	The Hartford Global Real Asset Fund, Class Y				33,680
	837	The Hartford International Opportunities Fund, Class Y				12,596
	328	The Hartford International Small Company Fund, Class Y				4,381
	186	The Hartford MidCap Value Fund, Class Y				2,464
	114	The Hartford Small Company Fund, Class Y				2,464
						82,984
		Total equity funds
		(cost $76,391)			$	82,984
	FIXED INCOME FUNDS - 69.8%
	2,542	The Hartford Alternative Strategies Fund, Class Y			$	27,325
	4,855	The Hartford Inflation Plus Fund, Class Y				61,946
	559	The Hartford Strategic Income Fund, Class Y				5,437
	3,375	The Hartford Total Return Bond Fund, Class Y				38,201
	5,333	The Hartford World Bond Fund, Class Y				57,494
						190,403
		Total fixed income funds
		(cost $180,906)			$	190,403
		Total investments in affiliated investment companies
		(cost $257,297)			$	273,387
		Total long-term investments
		(cost $257,297)			$	273,387
		Total investments
		(cost $257,297) ▲	100.2	%	$	273,387
		Other assets and liabilities	(0.2	)%		(477	)
		Total net assets	100.0	%	$	272,910

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

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $258,046 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	15,341
Unrealized Depreciation		—
Net Unrealized Appreciation	$	15,341

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

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

5

The Hartford Conservative Allocation Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	273,387	$	273,387	$	—	$	—
Total	$	273,387	$	273,387	$	—	$	—

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

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

6

The Hartford Conservative Allocation Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $257,297)	$	273,387
Receivables:
Investment securities sold		396
Fund shares sold		514
Dividends and interest		266
Other assets		34
Total assets		274,597
Liabilities:
Payables:
Investment securities purchased		461
Fund shares redeemed		1,143
Investment management fees		9
Administrative fees		1
Distribution fees		28
Accrued expenses		45
Total liabilities		1,687
Net assets	$	272,910
Summary of Net Assets:
Capital stock and paid-in-capital	$	252,678
Undistributed net investment income		108
Accumulated net realized gain		4,034
Unrealized appreciation of investments		16,090
Net assets	$	272,910
Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.35/$12.01
Shares outstanding		14,695
Net assets	$	166,842
Class B: Net asset value per share	$	11.33
Shares outstanding		1,548
Net assets	$	17,538
Class C: Net asset value per share	$	11.32
Shares outstanding		5,218
Net assets	$	59,053
Class I: Net asset value per share	$	11.34
Shares outstanding		131
Net assets	$	1,481
Class R3: Net asset value per share	$	11.37
Shares outstanding		845
Net assets	$	9,608
Class R4: Net asset value per share	$	11.33
Shares outstanding		1,253
Net assets	$	14,196
Class R5: Net asset value per share	$	11.36
Shares outstanding		369
Net assets	$	4,192

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

7

The Hartford Conservative Allocation Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	130
Dividends from underlying affiliated funds		4,522
Total investment income		4,652
Expenses:
Investment management fees		410
Administrative services fees		46
Transfer agent fees		264
Distribution fees
Class A		413
Class B		199
Class C		578
Class R3		47
Class R4		37
Custodian fees		1
Accounting services fees		33
Registration and filing fees		105
Board of Directors' fees		8
Audit fees		12
Other expenses		53
Total expenses (before fees paid indirectly)		2,206
Commission recapture		(1	)
Total fees paid indirectly		(1	)
Total expenses, net		2,205
Net Investment Income		2,447
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		2,512
Net realized gain on investments in underlying affiliated funds		13,613
Net realized gain on investments in securities		809
Net Realized Gain on Investments		16,934
Net Changes in Unrealized Depreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		1,011
Net unrealized depreciation of investments		(1,112	)
Net Changes in Unrealized Depreciation of Investments		(101	)
Net Gain on Investments		16,833
Net Increase in Net Assets Resulting from Operations	$	19,280

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

8

The Hartford Conservative Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	2,447		$	4,723
Net realized gain on investments		16,934			15,048
Net unrealized depreciation of investments		(101	)		(9,584	)
Net Increase In Net Assets Resulting From Operations		19,280			10,187
Distributions to Shareholders:
From net investment income
Class A		(2,414	)		(4,106	)
Class B		(175	)		(384	)
Class C		(518	)		(947	)
Class I		(22	)		(32	)
Class R3		(104	)		(114	)
Class R4		(205	)		(335	)
Class R5		(79	)		(168	)
Total distributions		(3,517	)		(6,086	)
Capital Share Transactions:
Class A		(6,564	)		(2,150	)
Class B		(5,026	)		(2,636	)
Class C		(148	)		2,138
Class I		147			508
Class R3		1,732			3,915
Class R4		182			32
Class R5		(857	)		(1,450	)
Net increase (decrease) from capital share transactions		(10,534	)		357
Net Increase In Net Assets		5,229			4,458
Net Assets:
Beginning of period		267,681			263,223
End of period	$	272,910		$	267,681
Undistributed (distribution in excess of) net investment income (loss)	$	108		$	318

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

9

The Hartford Conservative Allocation Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Conservative Allocation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

10

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

11

The Hartford Conservative Allocation Fund

Notes to Financial Statements - (continued)

October 31, 2012

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

12

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	3,517	$	6,086

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	108
Undistributed Long-Term Capital Gain		5,441
Accumulated Capital Losses *		(658	)
Unrealized Appreciation †		15,341
Total Accumulated Earnings	$	20,232

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	860
Accumulated Net Realized Gain (Loss)		(860	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

13

The Hartford Conservative Allocation Fund

Notes to Financial Statements - (continued)

October 31, 2012

(000’s Omitted)

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	658
Total	$	658

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2012, the Fund utilized $9,512 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

14

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

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

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

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

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5
	1.35%		2.10%		2.10%		1.10%		1.60%		1.30%		1.00%

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

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.58	%
Class B		1.39
Class C		1.32
Class I		0.30
Class R3		0.93
Class R4		0.63
Class R5		0.33

15

The Hartford Conservative Allocation Fund

Notes to Financial Statements - (continued)

October 31, 2012

(000’s Omitted)

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $685 and contingent deferred sales charges of $36 from the Fund.

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

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $26.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		10		3	%

16

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	226,404
Sales Proceeds Excluding U.S. Government Obligations		234,746

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		3,016		218		(3,830	)		—		(596	)		3,818		372		(4,379	)		—		(189	)
Amount	$	33,106	$	2,344	$	(42,014	)	$	—	$	(6,564	)	$	41,004	$	3,971	$	(47,125	)	$	—	$	(2,150	)
Class B
Shares		103		15		(573	)		—		(455	)		250		33		(527	)		—		(244	)
Amount	$	1,120	$	162	$	(6,308	)	$	—	$	(5,026	)	$	2,665	$	354	$	(5,655	)	$	—	$	(2,636	)
Class C
Shares		1,071		45		(1,128	)		—		(12	)		1,451		81		(1,335	)		—		197
Amount	$	11,739	$	474	$	(12,361	)	$	—	$	(148	)	$	15,622	$	859	$	(14,343	)	$	—	$	2,138
Class I
Shares		64		2		(52	)		—		14			92		3		(48	)		—		47
Amount	$	703	$	19	$	(575	)	$	—	$	147		$	996	$	28	$	(516	)	$	—	$	508
Class R3
Shares		521		10		(368	)		—		163			422		11		(68	)		—		365
Amount	$	5,683	$	104	$	(4,055	)	$	—	$	1,732		$	4,533	$	114	$	(732	)	$	—	$	3,915
Class R4
Shares		659		19		(654	)		—		24			336		32		(366	)		—		2
Amount	$	7,230	$	205	$	(7,253	)	$	—	$	182		$	3,642	$	335	$	(3,945	)	$	—	$	32
Class R5
Shares		53		7		(138	)		—		(78	)		549		16		(697	)		—		(132	)
Amount	$	581	$	79	$	(1,517	)	$	—	$	(857	)	$	5,867	$	168	$	(7,485	)	$	—	$	(1,450	)
Total
Shares		5,487		316		(6,743	)		—		(940	)		6,918		548		(7,420	)		—		46
Amount	$	60,162	$	3,387	$	(74,083	)	$	—	$	(10,534	)	$	74,329	$	5,829	$	(79,801	)	$	—	$	357

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		61	$	676
For the Year Ended October 31, 2011		36	$	388

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment

17

The Hartford Conservative Allocation Fund

Notes to Financial Statements - (continued)

October 31, 2012

(000’s Omitted)

fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

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

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

18

[This page is intentionally left blank]

19

The Hartford Conservative Allocation Fund

Financial Highlights

- Selected Per-Share Date(A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	10.71	$	0.12	$	0.68		$	0.80		$	(0.16	)	$	—		$	—	$	(0.16	)	$	11.35
B		10.71		0.03		0.68			0.71			(0.09	)		—			—		(0.09	)		11.33
C		10.70		0.04		0.68			0.72			(0.10	)		—			—		(0.10	)		11.32
I		10.69		0.16		0.67			0.83			(0.18	)		—			—		(0.18	)		11.34
R3		10.74		0.08		0.68			0.76			(0.13	)		—			—		(0.13	)		11.37
R4		10.69		0.11		0.69			0.80			(0.16	)		—			—		(0.16	)		11.33
R5		10.71		0.15		0.68			0.83			(0.18	)		—			—		(0.18	)		11.36
For the Year Ended October 31, 2011
A		10.55		0.21		0.22			0.43			(0.27	)		—			—		(0.27	)		10.71
B		10.55		0.13		0.21			0.34			(0.18	)		—			—		(0.18	)		10.71
C		10.54		0.13		0.22			0.35			(0.19	)		—			—		(0.19	)		10.70
I		10.54		0.23		0.22			0.45			(0.30	)		—			—		(0.30	)		10.69
R3		10.59		0.18		0.21			0.39			(0.24	)		—			—		(0.24	)		10.74
R4		10.54		0.21		0.20			0.41			(0.26	)		—			—		(0.26	)		10.69
R5		10.55		0.23		0.23			0.46			(0.30	)		—			—		(0.30	)		10.71
For the Year Ended October 31, 2010
A		9.57		0.23		0.98			1.21			(0.23	)		—			—		(0.23	)		10.55
B		9.57		0.15		0.97			1.12			(0.14	)		—			—		(0.14	)		10.55
C		9.56		0.15		0.98			1.13			(0.15	)		—			—		(0.15	)		10.54
I		9.56		0.28		0.95			1.23			(0.25	)		—			—		(0.25	)		10.54
R3		9.61		0.18		1.00			1.18			(0.20	)		—			—		(0.20	)		10.59
R4		9.56		0.22		0.98			1.20			(0.22	)		—			—		(0.22	)		10.54
R5		9.57		0.25		0.98			1.23			(0.25	)		—			—		(0.25	)		10.55
For the Year Ended October 31, 2009 (F)
A		8.30		0.25		1.28			1.53			(0.26	)		—			—		(0.26	)		9.57
B		8.30		0.19		1.27			1.46			(0.19	)		—			—		(0.19	)		9.57
C		8.29		0.19		1.27			1.46			(0.19	)		—			—		(0.19	)		9.56
I		8.29		0.26		1.29			1.55			(0.28	)		—			—		(0.28	)		9.56
R3		8.28		0.17		1.32			1.49			(0.16	)		—			—		(0.16	)		9.61
R4		8.29		0.25		1.27			1.52			(0.25	)		—			—		(0.25	)		9.56
R5		8.30		0.26		1.29			1.55			(0.28	)		—			—		(0.28	)		9.57
For the Year Ended October 31, 2008
A		11.63		0.33		(2.84	)		(2.51	)		(0.42	)		(0.40	)		—		(0.82	)		8.30
B		11.62		0.24		(2.82	)		(2.58	)		(0.34	)		(0.40	)		—		(0.74	)		8.30
C		11.62		0.23		(2.81	)		(2.58	)		(0.35	)		(0.40	)		—		(0.75	)		8.29
I		11.61		0.39		(2.86	)		(2.47	)		(0.45	)		(0.40	)		—		(0.85	)		8.29
R3		11.61		0.32		(2.86	)		(2.54	)		(0.39	)		(0.40	)		—		(0.79	)		8.28
R4		11.62		0.34		(2.85	)		(2.51	)		(0.42	)		(0.40	)		—		(0.82	)		8.29
R5		11.63		0.39		(2.87	)		(2.48	)		(0.45	)		(0.40	)		—		(0.85	)		8.30

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Ratios do not include expenses of the Underlying Funds.

(E) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(F) Per share amounts have been calculated using average shares outstanding method.

(G) During the year ended October 31, 2009, The Hartford Conservative Allocation Fund incurred $0.2 million in sales associated with the transition of assets from The Hartford Retirement Income Fund, which merged into the Fund on February 20, 2009.  These sales are excluded from the portfolio turnover rate calculation.

20

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Net Investment Income to Average Net Assets(D)			Portfolio Turnover Rate(E)
	7.55	%	$	166,842		0.58	%		0.58	%		1.13	%		83	%
	6.69			17,538		1.39			1.39			0.38			—
	6.78			59,053		1.33			1.33			0.37			—
	7.89			1,481		0.30			0.30			1.39			—
	7.18			9,608		0.93			0.93			0.62			—
	7.55			14,196		0.63			0.63			1.00			—
	7.86			4,192		0.33			0.33			1.43			—
	4.09			163,779		0.58			0.58			1.99			41
	3.24			21,454		1.37			1.37			1.20			—
	3.32			55,946		1.32			1.32			1.23			—
	4.29			1,248		0.30			0.30			2.16			—
	3.67			7,324		0.93			0.93			1.48			—
	3.95			13,142		0.62			0.62			1.93			—
	4.36			4,788		0.32			0.32			2.30			—
	12.74			163,353		0.58			0.58			2.26			28
	11.83			23,697		1.38			1.38			1.48			—
	11.92			53,036		1.33			1.33			1.51			—
	13.02			741		0.33			0.33			2.51			—
	12.41			3,357		0.94			0.93			1.75			—
	12.71			12,932		0.62			0.62			2.19			—
	13.02			6,107		0.32			0.32			2.51			—
	18.90			134,824		0.62			0.62			3.00			20	(G)
	18.01			24,438		1.46			1.38			2.26			—
	18.04			46,279		1.39			1.38			2.28			—
	19.19			908		0.36			0.36			3.17			—
	18.22			680		1.02			1.02			2.06			—
	18.89			8,078		0.66			0.66			2.94			—
	19.22			4,895		0.36			0.36			3.10			—
	(22.99	)		107,922		0.57			0.57			3.09			27
	(23.55	)		20,703		1.40			1.40			2.29			—
	(23.57	)		40,054		1.33			1.33			2.23			—
	(22.73	)		418		0.31			0.31			4.43			—
	(23.28	)		269		0.97			0.97			2.01			—
	(23.01	)		4,900		0.63			0.63			2.21			—
	(22.81	)		2,097		0.34			0.34			2.84			—

21

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Conservative Allocation Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Conservative Allocation Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

22

The Hartford Conservative Allocation Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

23

The Hartford Conservative Allocation Fund

Directors and Officers (Unaudited) - (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

24

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

25

The Hartford Conservative Allocation Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 23.45%.

26

The Hartford Conservative Allocation Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,015.89	$	2.99	$	1,000.00	$	1,022.17	$	3.00		0.59	%		184		366
Class B	$	1,000.00	$	1,011.89	$	7.03	$	1,000.00	$	1,018.15	$	7.05		1.39			184		366
Class C	$	1,000.00	$	1,012.24	$	6.73	$	1,000.00	$	1,018.45	$	6.75		1.33			184		366
Class I	$	1,000.00	$	1,016.65	$	1.57	$	1,000.00	$	1,023.58	$	1.58		0.31			184		366
Class R3	$	1,000.00	$	1,014.07	$	4.76	$	1,000.00	$	1,020.41	$	4.77		0.94			184		366
Class R4	$	1,000.00	$	1,015.01	$	3.19	$	1,000.00	$	1,021.97	$	3.20		0.63			184		366
Class R5	$	1,000.00	$	1,017.44	$	1.72	$	1,000.00	$	1,023.43	$	1.73		0.34			184		366

27

The Hartford Conservative Allocation Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Conservative Allocation Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

28

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

29

The Hartford Conservative Allocation Fund

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

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

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

30

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

31

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-CAL12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Disciplined Equity Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Disciplined Equity Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Disciplined Equity Fund inception 04/30/1998

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year		5 Year		10 Year
Disciplined Equity A#	14.39	%	0.13	%	6.11	%
Disciplined Equity A##	8.09	%	-1.00	%	5.51	%
Disciplined Equity B#	13.50	%	-0.52	%	5.55	%*
Disciplined Equity B##	8.50	%	-0.92	%	5.55	%*
Disciplined Equity C#	13.55	%	-0.62	%	5.33	%
Disciplined Equity C##	12.55	%	-0.62	%	5.33	%
Disciplined Equity R3#	14.22	%	-0.06	%	6.19	%
Disciplined Equity R4#	14.57	%	0.20	%	6.36	%
Disciplined Equity R5#	14.93	%	0.53	%	6.56	%
Disciplined Equity Y#	14.90	%	0.60	%	6.61	%
S&P 500 Index	15.19	%	0.36	%	6.90	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

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

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Disciplined Equity Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

Mammen Chally, CFA

Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Disciplined Equity Fund returned 14.39%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the S&P 500, which returned 15.19% for the same period. The Fund outperformed the 13.22% return of the average fund in the Lipper Large-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of euro area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

The Fund’s unfavorable stock selection in the Consumer Discretionary, Energy, and Materials sectors detracted from relative performance. This was partially offset by strong stock selection in the Health Care, Information Technology, and Financials sectors. Overall sector positioning, a fallout of the bottom up stock selection process, contributed modestly to relative returns during the period in part due to our overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Health Care. The Fund’s modest cash position also detracted from benchmark relative performance in an upward-trending market.

The largest detractors from both absolute (i.e. total return) and benchmark relative performance were Deckers Outdoor (Consumer Discretionary), Abercrombie & Fitch (Consumer Discretionary), and Chesapeake Energy (Energy). Deckers Outdoor is a designer and marketer of fashion-oriented footwear, including the UGG and Teva proprietary brands. Shares declined after the company issued disappointing earnings guidance and margin pressures from higher product costs led to a reduction in consensus earnings expectations. Chesapeake Energy, a producer of natural gas, natural gas liquids, and oil, underperformed on concerns that increased spending on leaseholds and increased capital expenditures would not result in higher production guidance. Retailer Abercrombie & Fitch reported a disappointing quarter as same store sales turned modestly negative in the European flagships.

The largest contributors to relative performance were Regeneron Pharmaceuticals (Health Care), TJX Companies (Consumer Discretionary), and TransDigm Group (Industrials). Regeneron Pharmaceuticals, a biotechnology company, performed well after a stronger-than-expected launch of macular degeneration treatment drug Eylea improved investor confidence and sent shares higher. Shares of discount retailer TJX benefitted from increasing same-store-sales growth in an environment of rising prices at some full-priced retailers. TransDigm Group, a global designer, producer and supplier of aircraft components on commercial and military aircraft in service, performed well after the company agreed to acquire Aero Instruments. Our positions in Apple (Information Technology), Merck (Health Care), and Philip Morris International (Consumer Staples) were among top contributors to absolute performance.

What is the outlook?

Overall, we expect global economic growth to continue, but at a slow rate and with varying degrees of recovery by region. The U.S. has been better positioned than many other economies, partly because its deleveraging process is more advanced and partly in response to a more aggressive policy environment. The U.S. household balance sheet has also received a welcome windfall gain from recovering housing and equity prices this year. Housing has been a bright spot in the U.S. with the recent Case-Shiller data showing year-over-year price appreciation for the first time in years. However, many risks still remain including the well publicized fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts). The fiscal contraction could amount to 4% of Gross

3

The Hartford Disciplined Equity Fund

Manager Discussion  – (continued)

October 31, 2012 (Unaudited)

Domestic Product, enough to tip the economy back into recession. We believe there will ultimately be some compromise reached, which will be closer to a 1-2% headwind vs. the 3-4% that many fear. We believe that the U.S. will remain in a slow growth environment. Continued aggressive Fed policy (QE3) and an improving housing market should help us to avoid a recession.

The Fund focuses on stock selection as the key driver of returns and uses proprietary fundamental and quantitative research in a disciplined framework to build a portfolio of the most attractive stocks. Sector exposures are residuals from this bottom-up stock selection process and are not explicit management decisions. Based on individual stock decisions, the Fund ended the period most overweight in the Health Care, Information Technology, and Consumer Staples sectors, and most underweight in Financials, Energy, and Telecommunication Services relative to the S&P 500 Index, the Fund’s benchmark.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Banks (Financials)	3.3	%
Capital Goods (Industrials)	8.6
Commercial and Professional Services (Industrials)	1.7
Consumer Durables and Apparel (Consumer Discretionary)	1.1
Consumer Services (Consumer Discretionary)	1.5
Diversified Financials (Financials)	5.8
Energy (Energy)	9.4
Food and Staples Retailing (Consumer Staples)	3.7
Food, Beverage and Tobacco (Consumer Staples)	7.1
Health Care Equipment and Services (Health Care)	3.3
Household and Personal Products (Consumer Staples)	0.6
Insurance (Financials)	3.9
Materials (Materials)	2.3
Media (Consumer Discretionary)	2.4
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)	12.2
Retailing (Consumer Discretionary)	5.7
Semiconductors and Semiconductor Equipment (Information Technology)	0.5
Software and Services (Information Technology)	14.1
Technology Hardware and Equipment (Information Technology)	6.4
Telecommunication Services (Services)	1.8
Utilities (Utilities)	3.7
Short-Term Investments	0.1
Other Assets and Liabilities	0.8
Total	100.0	%

4

The Hartford Disciplined Equity Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.1%
		Banks - 3.3%
	25	PNC Financial Services Group, Inc.	$	1,451
	54	Wells Fargo & Co.		1,834
				3,285
		Capital Goods - 8.6%
	23	AMETEK, Inc.		832
	11	Boeing Co.		806
	10	Cooper Industries plc Class A		784
	12	Dover Corp.		705
	58	General Electric Co.		1,229
	13	Illinois Tool Works, Inc.		784
	6	Parker-Hannifin Corp.		476
	7	TransDigm Group, Inc.		990
	19	United Technologies Corp.		1,494
	3	W.W. Grainger, Inc.		554
				8,654
		Commercial and Professional Services - 1.7%
	19	Equifax, Inc. ●		930
	14	Towers Watson & Co.		743
				1,673
		Consumer Durables and Apparel - 1.1%
	10	PVH Corp.		1,123
		Consumer Services - 1.5%
	17	McDonald's Corp.		1,514
		Diversified Financials - 5.8%
	13	Ameriprise Financial, Inc.		778
	141	Bank of America Corp.		1,317
	4	BlackRock, Inc.		785
	35	Citigroup, Inc. Θ		1,325
	39	JP Morgan Chase & Co. Θ		1,630
				5,835
		Energy - 9.4%
	11	Anadarko Petroleum Corp.		780
	11	Chevron Corp.		1,197
	28	Cobalt International Energy, Inc. ●		579
	19	ConocoPhillips Holding Co.		1,126
	22	Exxon Mobil Corp.		2,010
	15	Halliburton Co.		479
	11	National Oilwell Varco, Inc.		793
	22	Newfield Exploration Co. ●		595
	16	Occidental Petroleum Corp.		1,266
	13	Phillips 66		630
				9,455
		Food and Staples Retailing - 3.7%
	11	Costco Wholesale Corp.		1,116
	30	CVS Caremark Corp.		1,404
	34	Walgreen Co.		1,215
				3,735
		Food, Beverage and Tobacco - 7.1%
	36	Altria Group, Inc.		1,158
	26	Constellation Brands, Inc. Class A ●		916
	10	Lorillard, Inc.		1,145
	25	PepsiCo, Inc.		1,705
	25	Philip Morris International, Inc.		2,194
				7,118
		Health Care Equipment and Services - 3.3%
	14	Covidien plc		784
	11	McKesson Corp.		1,060
	26	UnitedHealth Group, Inc.		1,455
				3,299
		Household and Personal Products - 0.6%
	9	Energizer Holdings, Inc.		652
		Insurance - 3.9%
	11	ACE Ltd.		875
	24	Aon plc		1,292
	27	MetLife, Inc.		956
	14	Prudential Financial, Inc.		774
				3,897
		Materials - 2.3%
	34	Dow Chemical Co.		1,005
	12	Newmont Mining Corp.		673
	4	Sherwin-Williams Co.		592
				2,270
		Media - 2.4%
	27	Time Warner, Inc.		1,187
	23	Viacom, Inc. Class B		1,177
				2,364
		Pharmaceuticals, Biotechnology and Life Sciences - 12.2%
	14	Agilent Technologies, Inc.		499
	13	Amgen, Inc.		1,167
	5	Biogen Idec, Inc. ●		713
	14	Cubist Pharmaceuticals, Inc. ●		580
	32	Eli Lilly & Co.		1,559
	35	Forest Laboratories, Inc. ●		1,179
	22	Gilead Sciences, Inc. ●Θ		1,447
	65	Merck & Co., Inc.		2,945
	3	Regeneron Pharmaceuticals, Inc. ●		460
	13	Salix Pharmaceuticals Ltd. ●		491
	14	Watson Pharmaceuticals, Inc. ●		1,213
				12,253
		Retailing - 5.7%
	21	Abercrombie & Fitch Co. Class A Θ		636
	6	Amazon.com, Inc. ●Θ		1,456
	45	Lowe's Co., Inc.		1,461
	15	Ross Stores, Inc.		885
	30	TJX Cos., Inc.		1,248
				5,686
		Semiconductors and Semiconductor Equipment - 0.5%
	17	Avago Technologies Ltd.		553
		Software and Services - 14.1%
	23	Accenture plc		1,581
	74	Activision Blizzard, Inc.		801
	19	Automatic Data Processing, Inc.		1,074
	20	eBay, Inc. ●		984
	7	Factset Research Systems, Inc.		609
	40	Genpact Ltd.		700
	2	Google, Inc. ●		1,312
	20	Intuit, Inc.		1,197
	2	Mastercard, Inc.		802
	53	Microsoft Corp.		1,519
	63	Oracle Corp.		1,956
	8	Teradata Corp. ●		530

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

5

The Hartford Disciplined Equity Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount						Market Value ╪
COMMON STOCKS - 99.1% - (continued)
			Software and Services - 14.1% - (continued)
	29	��	VeriSign, Inc. ●			$	1,074
							14,139
			Technology Hardware and Equipment - 6.4%
	8		Apple, Inc.				4,463
	42		EMC Corp. ●				1,020
	15		Qualcomm, Inc.				907
							6,390
			Telecommunication Services - 1.8%
	52		AT&T, Inc.				1,787
			Utilities - 3.7%
	24		American Electric Power Co., Inc.				1,075
	10		NextEra Energy, Inc.				734
	10		Pinnacle West Capital Corp.				514
	49		Xcel Energy, Inc.				1,386
							3,709
			Total common stocks
			(cost $85,552)			$	99,391
			Total long-term investments (cost $85,552)			$	99,391
SHORT-TERM INVESTMENTS - 0.1%
Repurchase Agreements - 0.1%
			Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $24, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $24)
$	24		0.30%, 10/31/2012			$	24
			Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $10, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $10)
	10		0.25%, 10/31/2012				10
			Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $17, collateralized by FNMA 2.50%, 2027, value of $17)
	17		0.35%, 10/31/2012				17
			Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $6, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $7)
	6		0.35%, 10/31/2012				6
			RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $30, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $30)
	30		0.28%, 10/31/2012				30
			TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $38, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $38)
	37		0.25%, 10/31/2012				37
			UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $-, collateralized by U.S. Treasury Note 8.13%, 2019, value of $-)
	—		0.25%, 10/31/2012				—
			UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $9, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $9)
	9		0.30%, 10/31/2012				9
							133
			Total short-term investments
			(cost $133)			$	133
			Total investments
			(cost $85,685) ▲	99.2	%	$	99,524
			Other assets and liabilities	0.8	%		798
			Total net assets	100.0	%	$	100,322

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

6

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

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $85,896 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	15,452
Unrealized Depreciation		(1,824	)
Net Unrealized Appreciation	$	13,628

● Non-income producing.

Θ At October 31, 2012, this security, or a portion of this security, is designated to cover written call options in the table below:

Description	Option Type	Exercise Price/ Rate		Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
Abercrombie & Fitch Co.	Equity	$	40.00	11/17/2012		28	$	–	$	1	$	1
Amazon.com, Inc.	Equity	$	260.00	11/17/2012		4		–		1		1
Citigroup, Inc.	Equity	$	38.00	11/17/2012		30		2		1		(1	)
Gilead Sciences, Inc.	Equity	$	75.00	11/17/2012		15		–		1		1
JP Morgan Chase & Co.	Equity	$	44.00	11/17/2012		25		–		1		1
							$	2	$	5	$	3

* The number of contracts does not omit 000's.  Number of contracts shown in  U.S. dollars unless otherwise noted.

Written Put Option Contracts Outstanding at October 31, 2012

Description	Option Type	Exercise Price/ Rate		Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
Agilent Technologies, Inc.	Equity	$	33.00	11/17/2012		28	$	–	$	1	$	1
Anadarko Petroleum Corp.	Equity	$	62.50	11/17/2012		15		1		2		1
Apple, Inc.	Equity	$	570.00	11/17/2012		2		1		1		–
EMC Corp.	Equity	$	23.00	11/17/2012		41		1		2		1
Parker-Hannifin Corp.	Equity	$	75.00	11/17/2012		12		1		1		–
							$	4	$	7	$	3

* The number of contracts does not omit 000's.  Number of contracts shown in U.S. dollars unless otherwise noted.

Cash of $516 was pledged as collateral for open written put option contracts at October 31, 2012.

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

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

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

7

The Hartford Disciplined Equity Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	99,391	$	99,391	$	–	$	–
Short-Term Investments		133		–		133		–
Total	$	99,524	$	99,391	$	133	$	–
Written Options *		7		7		–		–
Total	$	7	$	7	$	–	$	–
Liabilities:
Written Options *		1		1		–		–
Total	$	1	$	1	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

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

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

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

8

The Hartford Disciplined Equity Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $85,685)	$	99,524
Cash		743	*
Receivables:
Investment securities sold		209
Fund shares sold		73
Dividends and interest		200
Other assets		36
Total assets		100,785
Liabilities:
Payables:
Investment securities purchased		105
Fund shares redeemed		281
Investment management fees		16
Administrative fees		—
Distribution fees		8
Accrued expenses		47
Written options (proceeds $12)		6
Total liabilities		463
Net assets	$	100,322
Summary of Net Assets:
Capital stock and paid-in-capital	$	116,730
Undistributed net investment income		744
Accumulated net realized loss		(30,997	)
Unrealized appreciation of investments		13,845
Net assets	$	100,322
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$14.57/$15.42
Shares outstanding		5,732
Net assets	$	83,534
Class B: Net asset value per share	$	13.70
Shares outstanding		202
Net assets	$	2,761
Class C: Net asset value per share	$	13.66
Shares outstanding		872
Net assets	$	11,913
Class R3: Net asset value per share	$	14.86
Shares outstanding		14
Net assets	$	209
Class R4: Net asset value per share	$	14.91
Shares outstanding		11
Net assets	$	167
Class R5: Net asset value per share	$	15.04
Shares outstanding		10
Net assets	$	144
Class Y: Net asset value per share	$	15.05
Shares outstanding		106
Net assets	$	1,594

^* Cash of  $516 was designated to cover open written put options at October 31, 2012.

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

9

The Hartford Disciplined Equity Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	2,979
Interest		5
Total investment income		2,984
Expenses:
Investment management fees		1,132
Administrative services fees		1
Transfer agent fees		308
Distribution fees
Class A		207
Class B		33
Class C		120
Class R3		1
Class R4		—
Custodian fees		6
Accounting services fees		24
Registration and filing fees		87
Board of Directors' fees		5
Audit fees		12
Other expenses		34
Total expenses (before waivers and fees paid indirectly)		1,970
Expense waivers		(64	)
Transfer agent fee waivers		(21	)
Commission recapture		(5	)
Total waivers and fees paid indirectly		(90	)
Total expenses, net		1,880
Net Investment Income		1,104
Net Realized Gain on Investments and Other Financial Instruments:
Net realized gain on investments in securities		22,543
Net realized gain on futures		532
Net realized gain on written options		173
Net Realized Gain on Investments and Other Financial Instruments		23,248
Net Changes in Unrealized Depreciation of Investments and Other Financial Instruments:
Net unrealized depreciation of investments		(7,286	)
Net unrealized depreciation of futures		(269	)
Net unrealized depreciation of written options		(7	)
Net Changes in Unrealized Depreciation of Investments and Other Financial Instruments		(7,562	)
Net Gain on Investments and Other Financial Instruments		15,686
Net Increase in Net Assets Resulting from Operations	$	16,790

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

10

The Hartford Disciplined Equity Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	1,104		$	894
Net realized gain on investments and other financial instruments		23,248			7,797
Net unrealized appreciation (depreciation) of investments and other financial instruments		(7,562	)		2,209
Net Increase In Net Assets Resulting From Operations		16,790			10,900
Distributions to Shareholders:
From net investment income
Class A		(200	)		(152	)
Class B		—			(4	)
Class C		—			(7	)
Class R3		(1	)		—
Class R4		—			—
Class R5		(1	)		—
Class Y		(598	)		(115	)
Total distributions		(800	)		(278	)
Capital Share Transactions:
Class A		(7,859	)		(7,442	)
Class B		(1,708	)		(2,164	)
Class C		(848	)		(1,054	)
Class R3		17			42
Class R4		13			21
Class R5		10			3
Class Y		(73,727	)		23,469
Net increase (decrease) from capital share transactions		(84,102	)		12,875
Net Increase (Decrease) In Net Assets		(68,112	)		23,497
Net Assets:
Beginning of period		168,434			144,937
End of period	$	100,322		$	168,434
Undistributed (distribution in excess of) net investment income (loss)	$	744		$	603

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

11

The Hartford Disciplined Equity Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Disciplined Equity Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

12

or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

13

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class

14

specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

15

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

a) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. As of October 31, 2012, the Fund had no outstanding futures contracts.

b) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund had no outstanding purchased options contracts as of October 31, 2012. Transactions involving written options contracts for the Fund during the year ended October 31, 2012, are summarized below:

16

Options Contract Activity During the Year Ended October 31, 2012:
Call Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		154		$	25
Written		2,367			182
Expired		(1,540	)		(106	)
Closed		(632	)		(75	)
Exercised		(247	)		(21	)
End of year		102		$	5

Put Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		218		$	13
Written		2,785			119
Expired		(2,487	)		(100	)
Closed		(384	)		(22	)
Exercised		(34	)		(3	)
End of year		98		$	7
* The number of contracts does not omit 000's.

c) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Liabilities:
Written options, market value	$	—	$	—	$	—	$	6	$	—	$	—	$	6
Total	$	—	$	—	$	—	$	6	$	—	$	—	$	6

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—	$	—	$	532		$	���	$	—	$	532
Net realized gain on written options		—		—		—		173			—		—		173
Total	$	—	$	—	$	—	$	705		$	—	$	—	$	705
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	—	$	—	$	—	$	(269	)	$	—	$	—	$	(269	)
Net change in unrealized depreciation of written options		—		—		—		(7	)		—		—		(7	)
Total	$	—	$	—	$	—	$	(276	)	$	—	$	—	$	(276	)

17

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	800	$	291

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	744
Accumulated Capital Losses *		(30,786	)
Unrealized Appreciation †		13,634
Total Accumulated Deficit	$	(16,408	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

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d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(163	)
Accumulated Net Realized Gain (Loss)		163

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	30,786
Total	$	30,786

During the year ended October 31, 2012, the Fund utilized $23,129 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision

19

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500%
On next $500 million		0.6750%
On next $4 billion		0.6250%
On next $5 billion		0.6225%
Over $10 billion		0.6200%

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

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016%
On next $5 billion		0.014%
Over $10 billion		0.012%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class R3		Class R4		Class R5		Class Y
	1.35%		2.10%		2.10%		1.50%		1.20%		0.90%		0.85%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.35	%
Class B		2.10
Class C		2.09
Class R3		1.50
Class R4		1.20
Class R5		0.90
Class Y		0.84

20

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $105 and contingent deferred sales charges of $7 from the Fund.

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

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $7.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		7		50	%
Class R4		9		82
Class R5		9		90
Class Y		15		14

21

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	68,524
Sales Proceeds Excluding U.S. Government Obligations		147,863

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		747		16		(1,331	)		—		(568	)		751		12		(1,349	)		—		(586	)
Amount	$	10,145	$	196	$	(18,200	)	$	—	$	(7,859	)	$	9,711	$	149	$	(17,302	)	$	—	$	(7,442	)
Class B
Shares		35		—		(166	)		—		(131	)		22		—		(199	)		—		(177	)
Amount	$	464	$	—	$	(2,172	)	$	—	$	(1,708	)	$	264	$	3	$	(2,431	)	$	—	$	(2,164	)
Class C
Shares		189		—		(249	)		—		(60	)		108		1		(198	)		—		(89	)
Amount	$	2,359	$	—	$	(3,207	)	$	—	$	(848	)	$	1,321	$	7	$	(2,382	)	$	—	$	(1,054	)
Class R3
Shares		4		—		(3	)		—		1			5		—		(1	)		—		4
Amount	$	50	$	1	$	(34	)	$	—	$	17		$	47	$	—	$	(5	)	$	—	$	42
Class R4
Shares		1		—		—			—		1			1		—		—			—		1
Amount	$	13	$	—	$	—		$	—	$	13		$	21	$	—	$	—		$	—	$	21
Class R5
Shares		1		—		—			—		1			—		—		—			—		—
Amount	$	11	$	1	$	(2	)	$	—	$	10		$	3	$	—	$	—		$	—	$	3
Class Y
Shares		1,434		46		(6,853	)		—		(5,373	)		2,590		9		(826	)		—		1,773
Amount	$	19,671	$	598	$	(93,996	)	$	—	$	(73,727	)	$	34,494	$	115	$	(11,140	)	$	—	$	23,469
Total
Shares		2,411		62		(8,602	)		—		(6,129	)		3,477		22		(2,573	)		—		926
Amount	$	32,713	$	796	$	(117,611	)	$	—	$	(84,102	)	$	45,861	$	274	$	(33,260	)	$	—	$	12,875

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		56	$	785
For the Year Ended October 31, 2011		78	$	1,009

22

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

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

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

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

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No.

23

The Hartford Disciplined Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

24

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25

The Hartford Disciplined Equity Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	12.77	$	0.09		$	1.74		$	1.83		$	(0.03	)	$	–	$	–	$	(0.03	)	$	14.57
B		12.07		(0.01	)		1.64			1.63			–			–		–		–			13.70
C		12.03		(0.01	)		1.64			1.63			–			–		–		–			13.66
R3		13.05		0.08			1.77			1.85			(0.04	)		–		–		(0.04	)		14.86
R4		13.07		0.12			1.78			1.90			(0.06	)		–		–		(0.06	)		14.91
R5		13.18		0.16			1.79			1.95			(0.09	)		–		–		(0.09	)		15.04
Y		13.20		0.15			1.80			1.95			(0.10	)		–		–		(0.10	)		15.05
For the Year Ended October 31, 2011 (E)
A		11.90		0.07			0.82			0.89			(0.02	)		–		–		(0.02	)		12.77
B		11.32		(0.03	)		0.79			0.76			(0.01	)		–		–		(0.01	)		12.07
C		11.28		(0.03	)		0.79			0.76			(0.01	)		–		–		(0.01	)		12.03
R3		12.18		0.04			0.85			0.89			(0.02	)		–		–		(0.02	)		13.05
R4		12.16		0.08			0.86			0.94			(0.03	)		–		–		(0.03	)		13.07
R5		12.24		0.13			0.84			0.97			(0.03	)		–		–		(0.03	)		13.18
Y		12.25		0.13			0.85			0.98			(0.03	)		–		–		(0.03	)		13.20
For the Year Ended October 31, 2010 (E)
A		10.44		0.08			1.58			1.66			(0.20	)		–		–		(0.20	)		11.90
B		9.89		–			1.50			1.50			(0.07	)		–		–		(0.07	)		11.32
C		9.84		–			1.49			1.49			(0.05	)		–		–		(0.05	)		11.28
R3		10.71		0.05			1.63			1.68			(0.21	)		–		–		(0.21	)		12.18
R4		10.68		0.09			1.61			1.70			(0.22	)		–		–		(0.22	)		12.16
R5		10.75		0.12			1.65			1.77			(0.28	)		–		–		(0.28	)		12.24
Y		10.76		0.14			1.64			1.78			(0.29	)		–		–		(0.29	)		12.25
For the Year Ended October 31, 2009 (E)
A		9.31		0.12			1.06			1.18			(0.05	)		–		–		(0.05	)		10.44
B		8.80		0.08			1.01			1.09			–			–		–		–			9.89
C		8.80		0.04			1.00			1.04			–			–		–		–			9.84
R3		9.56		0.09			1.11			1.20			(0.05	)		–		–		(0.05	)		10.71
R4		9.60		0.10			1.09			1.19			(0.11	)		–		–		(0.11	)		10.68
R5		9.62		0.14			1.10			1.24			(0.11	)		–		–		(0.11	)		10.75
Y		9.64		0.15			1.09			1.24			(0.12	)		–		–		(0.12	)		10.76
For the Year Ended October 31, 2008
A		14.91		0.05			(5.63	)		(5.58	)		(0.02	)		–		–		(0.02	)		9.31
B		14.16		(0.05	)		(5.31	)		(5.36	)		–			–		–		–			8.80
C		14.17		(0.06	)		(5.31	)		(5.37	)		–			–		–		–			8.80
R3		15.33		0.01			(5.78	)		(5.77	)		–			–		–		–			9.56
R4		15.37		0.06			(5.79	)		(5.73	)		(0.04	)		–		–		(0.04	)		9.60
R5		15.41		0.10			(5.81	)		(5.71	)		(0.08	)		–		–		(0.08	)		9.62
Y		15.43		0.12			(5.81	)		(5.69	)		(0.10	)		–		–		(0.10	)		9.64

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	14.39	%	$	83,534		1.44	%		1.35	%		0.69	%		46	%
	13.50			2,761		2.50			2.10			(0.08	)		–
	13.55			11,913		2.09			2.09			(0.06	)		–
	14.22			209		1.70			1.50			0.53			–
	14.57			167		1.31			1.20			0.85			–
	14.93			144		1.01			0.90			1.14			–
	14.90			1,594		0.85			0.85			1.04			–
	7.50			80,470		1.44			1.35			0.51			56
	6.69			4,020		2.42			2.10			(0.21	)		–
	6.72			11,221		2.10			2.09			(0.23	)		–
	7.30			165		1.65			1.50			0.34			–
	7.70			134		1.28			1.20			0.64			–
	7.94			117		0.96			0.90			0.96			–
	8.03			72,307		0.86			0.85			0.98			–
	16.00			81,949		1.47			1.35			0.71			41
	15.18			5,770		2.46			2.10			(0.04	)		–
	15.18			11,519		2.12			2.10			(0.04	)		–
	15.77			113		1.66			1.55			0.47			–
	16.01			105		1.25			1.23			0.82			–
	16.55			105		0.95			0.92			1.09			–
	16.63			45,376		0.85			0.85			1.21			–
	12.82			85,080		1.58			1.17			1.27			59
	12.39			8,165		2.65			1.60			0.86			–
	11.82			12,025		2.22			2.03			0.41			–
	12.65			20		2.04			1.38			0.98			–
	12.65			55		1.29			1.29			1.09			–
	13.12			8		0.95			0.95			1.47			–
	13.13			62,100		0.86			0.86			1.57			–
	(37.46	)		92,476		1.44			1.40			0.36			69
	(37.85	)		11,931		2.39			1.95			(0.18	)		–
	(37.90	)		13,691		2.13			2.13			(0.36	)		–
	(37.64	)		11		1.87			1.65			0.12			–
	(37.37	)		8		1.28			1.28			0.48			–
	(37.23	)		7		0.99			0.99			0.77			–
	(37.09	)		67,966		0.89			0.89			0.88			–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Disciplined Equity Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.  We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.  Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Disciplined Equity Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

28

The Hartford Disciplined Equity Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford Disciplined Equity Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

31

The Hartford Disciplined Equity Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford Disciplined Equity Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,013.21	$	6.83	$	1,000.00	$	1,018.35	$	6.85		1.35	%		184		366
Class B	$	1,000.00	$	1,009.58	$	10.60	$	1,000.00	$	1,014.59	$	10.63		2.10			184		366
Class C	$	1,000.00	$	1,009.61	$	10.66	$	1,000.00	$	1,014.53	$	10.68		2.10			184		366
Class R3	$	1,000.00	$	1,012.95	$	7.59	$	1,000.00	$	1,017.60	$	7.60		1.50			184		366
Class R4	$	1,000.00	$	1,014.29	$	6.08	$	1,000.00	$	1,019.10	$	6.09		1.20			184		366
Class R5	$	1,000.00	$	1,015.53	$	4.56	$	1,000.00	$	1,020.61	$	4.57		0.90			184		366
Class Y	$	1,000.00	$	1,015.52	$	4.36	$	1,000.00	$	1,020.81	$	4.37		0.85			184		366

33

The Hartford Disciplined Equity Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Disciplined Equity Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

35

The Hartford Disciplined Equity Fund

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

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

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

36

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-DE12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Diversified International Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Diversified International Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	13
Statement of Assets and Liabilities at October 31, 2012	15
Statement of Operations for the Year Ended October 31, 2012	16
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	17
Notes to Financial Statements	18
Financial Highlights	32
Report of Independent Registered Public Accounting Firm	34
Directors and Officers (Unaudited)	35
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	37
Quarterly Portfolio Holdings Information (Unaudited)	37
Federal Tax Information (Unaudited)	38
Expense Example (Unaudited)	39
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	40

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

38

The Hartford Diversified International Fund inception 06/30/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 6/30/08 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Diversified International A#		4.94	%		-3.52	%
Diversified International A##		-0.83	%		-4.77	%
Diversified International B#		4.17	%		-4.19	%
Diversified International B##		-0.83	%		-4.63	%
Diversified International C#		4.18	%		-4.22	%
Diversified International C##		3.18	%		-4.22	%
Diversified International I#		5.39	%		-3.13	%
Diversified International R3#		4.68	%		-3.74	%
Diversified International R4#		5.02	%		-3.48	%
Diversified International R5#		5.23	%		-3.21	%
Diversified International Y#		5.42	%		-3.12	%
MSCI All Country World ex USA Index		4.48	%		-1.67	%

# Without sales charge

## With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

MSCI All Country World ex USA Index is a broad-based, unmanaged, market capitalization weighted, total return index that measures the performance of both developed and emerging stock markets, excluding the U.S. The index is calculated to exclude companies and share classes which cannot be freely purchased by foreigners.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

39

The Hartford Diversified International Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Cheryl M. Duckworth, CFA	Kent M. Stahl, CFA	Jean-Marc Berteaux	Theodore B.P. Jayne, CFA
Senior Vice President and Associate Director of Global Industry Research	Senior Vice President and Director of Investments and Risk Management	Senior Vice President and Equity Portfolio Manager	Director and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Diversified International Fund returned 4.94%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the MSCI All Country World ex USA Index, which returned 4.48% for the same period. The Fund underperformed the 6.79% return of the average fund in the Lipper International Multi-Cap Growth peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Six out of ten sectors within the MSCI All Country World ex USA Index posted positive returns for the period. The Health Care (+17%), Consumer Staples (+14%), and Financials (+10%) sectors posted the largest gains while the Materials (-6%), Utilities (-3%), and Energy (-2%) sectors lagged on a relative basis.

Security selection was the primary driver of relative outperformance versus the benchmark during the period. Stock selection was strongest within the Industrials, Utilities, Materials, and Financials sectors. This was partially offset by weaker selection in the Health Care, Consumer Discretionary, and Consumer Staples sectors. Overall, sector allocation contributed modestly to benchmark-relative returns. Positive results from underweight positioning (i.e. the Fund’s sector position was less than the benchmark position) to the lagging Energy, Materials, and Utilities sectors were partially offset by an underweight to both the Financials and Consumer Staples sectors. A modest cash allocation also helped relative returns.

Top contributors to benchmark relative performance during the period included Almacenes Exito (Consumer Staples), Telefonica (Telecommunication Services), and CEMIG (Utilities). Shares of Almacenes Exito, Colombia's largest supermarket retailer, rose after the company announced strong profit growth and improved margins. This year the company has experienced same-store sales growth and square-meter growth, and the company is building a mall operation. Not owning benchmark component Telefonica helped relative returns as the stock posted a double-digit negative return during the period. Shares of Spain's biggest telecommunications company fell with the developing crisis in the Spanish market. Shares of CEMIG, Brazil's largest electric utility, rose after the Brazilian government announced an aggressive plan to reduce power prices in an effort to increase industrial competitiveness. Global insurer Swiss Reand biopharmaceutical firm UCB were also among the top contributors on an absolute basis.

The largest detractors from relative performance were Peugeot (Consumer Discretionary), NII Holdings (Telecommunication Services), and Ctrip.com International (Consumer Discretionary). France-based automobile manufacturer Peugeot’s stock retreated after the company issued a full-year profit warning driven by weakening prices in France. Shares of NII, a wireless telecommunications services company that operates primarily in Latin America, dropped after the company reported weak quarterly earnings and revised its outlook downward. Ctrip.com International, a China-based travel booking and tour company, also saw shares fall after quarterly earnings came in below analyst expectations and the company lowered revenue guidance. Aquarius Platinum, a platinum mining company, was also among the top detractors from absolute returns.

40

The Hartford Diversified International Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

The Fund is comprised of multiple specialized portfolios, each of which is run independently from the others. Collectively these strategies offer a diverse set of exposures to non-U.S. stocks across industries, regions, and market caps. The Fund ended the period most overweight in the Consumer Discretionary, Industrials and Information Technology sectors and most underweight in the Financials, Consumer Staples, and Energy sectors relative to its benchmark. On a regional basis, the Fund was most overweight in Europe and most underweight in North America, primarily Canada, at period-end.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of  Net Assets
Automobiles and Components (Consumer Discretionary)		4.6	%
Banks (Financials)		8.3
Capital Goods (Industrials)		8.9
Commercial and Professional Services (Industrials)		2.6
Consumer Durables and Apparel (Consumer Discretionary)		3.3
Consumer Services (Consumer Discretionary)		1.6
Diversified Financials (Financials)		2.1
Energy (Energy)		8.4
Food and Staples Retailing (Consumer Staples)		1.6
Food, Beverage and Tobacco (Consumer Staples)		5.2
Health Care Equipment and Services (Health Care)		0.9
Household and Personal Products (Consumer Staples)		0.9
Insurance (Financials)		4.2
Materials (Materials)		9.2
Media (Consumer Discretionary)		1.8
Other Investment Pools and Funds (Financials)		0.6
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		6.8
Real Estate (Financials)		2.9
Retailing (Consumer Discretionary)		4.0
Semiconductors and Semiconductor Equipment (Information Technology)		3.8
Software and Services (Information Technology)		3.9
Technology Hardware and Equipment (Information Technology)		2.0
Telecommunication Services (Services)		4.3
Transportation (Industrials)		3.7
Utilities (Utilities)		2.1
Short-Term Investments		2.4
Other Assets and Liabilities		(0.1	)
Total		100.0	%

41

The Hartford Diversified International Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.2%
		Argentina - 0.0%
	1	YPF Sociedad Anonima ADR	$	6
		Australia - 2.1%
	31	Aquarius Platinum Ltd.		19
	3	Bank of Queensland Ltd.		23
	3	Brambles Ltd.		20
	4	Caltex Australia Ltd.		67
	6	Domino's Pizza Enterprises Ltd.		54
	4	Energy Resources of Australia Ltd.		6
	6	Karoon Gas Australia Ltd. ●		38
	6	Myer Holdings Ltd.		11
	13	NRW Holdings Ltd.		27
	10	Qantas Airways Ltd. ●		13
	3	Transurban Group		20
	5	Westfield Group REIT		57
	2	Westfield Retail Trust REIT		7
	1	Westpac Banking Corp.		27
	17	Whitehaven Coal Ltd.		54
	2	Woolworths Ltd.		59
				502
		Austria - 0.2%
	1	Erste Group Bank AG		32
	1	Zumbotel AG		9
				41
		Belgium - 1.7%
	4	Ageas		95
	4	Agfa Gevaert N.V. ●		6
	1	Anheuser-Busch InBev N.V.		92
	—	Delhaize-Le Lion S.A.		17
	1	Nyrstar N.V. - Strip VVPR ●		—
	3	UCB S.A.		185
				395
		Brazil - 3.4%
	3	Banco ABC Brasil S.A.		16
	5	Banco do Estado do Rio Grande do Sul S.A.		36
	15	Banco Santander Brasil S.A.		105
	2	BR Malls Participacoes S.A.		31
	8	BR Properties S.A.		105
	10	Brasil Insurance Participacoes e Administracao S.A.		92
	2	Braskem S.A.		12
	3	CCR S.A.		24
	1	Cia de Bebidas das Americas ADR		34
	1	Cia. Hering		32
	2	Duratex S.A.		14
	3	Gerdau S.A. ADR		26
	9	GOL Linhas Aereas Inteligentes S.A. ADR ●		44
	2	HRT Participacoes em Petroleo S.A. ●		6
	3	Hypermarcas S.A. ●		21
	2	Localiza Rent a Car S.A.		35
	2	Mills Estruturas e Servicos de Engenharia S.A.		30
	4	Petroleo Brasileiro S.A. ADR		83
	1	Totvs S.A.		22
	1	Ultrapar Participacoes S.A.		24
	1	Valid Solucoes S.A.		17
				809
		Canada - 4.4%
	3	Advantage Oil & Gas Ltd. ●		9
	15	AuRico Gold, Inc. ●		128
	—	Bank of Nova Scotia		22
	8	Banro Corp. ●		38
	1	Barrick Gold Corp.		33
	—	Constellation Software, Inc.		34
	4	Continental Gold Ltd. ●		33
	2	EcoSynthetix, Inc. ●		5
	1	EnCana Corp.		21
	2	First Quantum Minerals Ltd.		34
	1	Goldcorp, Inc.		38
	3	Imperial Oil Ltd.		141
	7	Methanex Corp.		212
	1	Northern Dynasty Minerals Ltd. ●		5
	3	Pacific Rubiales Energy Corp.		67
	1	Painted Pony Petroleum Ltd. ●		14
	—	Potash Corp. of Saskatchewan, Inc.		12
	1	Thomson Reuters Corp.		40
	20	Torex Gold Resources, Inc. ●		42
	1	Tourmaline Oil Corp. ●		23
	7	Trican Well Service Ltd.		80
	2	Uranium Participation Corp. ●		11
				1,042
		China - 3.3%
	5	Anhui Conch Cement Co., Ltd.		18
	—	Baidu, Inc. ADR ●		35
	26	Bank of China Ltd.		11
	94	China Construction Bank		70
	14	China Pacific Insurance Co. Ltd.		44
	25	China Shanshui Cement Group		19
	11	China Shenhua Energy Co., Ltd.		45
	2	Ctrip.com International Ltd. ADR ●		42
	34	Dongfeng Motor Group Co., Ltd.		42
	3	Focus Media Holding Ltd. ADR		61
	2	Giant Interactive Group, Inc. ADR		11
	17	Golden Eagle Retail Group Ltd.		37
	181	Greatview Aseptic Packaging Co., Ltd.		95
	2	hiSoft Technology International Ltd. ADR ●		17
	132	Maoye International Holdings		26
	1	NetEase, Inc. ADR ●		43
	1	New Oriental Education & Technology Group, Inc. ADR		15
	1	Perfect World Co., Ltd. ADR		12
	65	Sinotrans Ltd.		10
	2	Sinovac Biotech Ltd. ●		6
	1	Sohu.com, Inc. ●		30
	5	Stella International Holdings Ltd.		12
	1	Tencent Holdings Ltd.		29
	2	WuXi PharmaTech Cayman, Inc. ●		21
	12	Zhuzhou CSR Times Electric		35
				786
		Colombia - 0.6%
	8	Almacenes Exito S.A.		152
		Denmark - 0.9%
	—	Carlsberg A/S Class B		21
	8	DSV A/S		170
	1	H. Lundbeck A/S		14
				205

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

42

The Hartford Diversified International Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
	COMMON STOCKS - 97.2% - (continued)
		Finland - 0.5%
	1	Kone Oyj Class B	$	45
	1	Outotec Oyj		68
				113
		France - 8.0%
	—	Air Liquide		19
	3	Alcatel-Lucent ●		3
	1	Alten Ltd.		16
	5	BNP Paribas		244
	—	Bureau Veritas S.A.		37
	1	Capital Gemini S.A.		53
	1	Carrefour S.A.		19
	—	Christian Dior		23
	—	Ciments Francais S.A.		8
	5	Club Mediterranee S.A. ●		81
	1	Compagnie De Saint-Gobain		38
	—	Dassault Systemes S.A.		30
	—	Devoteam S.A.		5
	3	Edenred		83
	1	France Telecom S.A.		14
	4	Gaz de France		92
	1	GFI Informatique S.A.		5
	1	Groupe Danone		70
	1	Groupe Steria S.C.A.		12
	1	Lagardere S.C.A.		18
	2	Legrand S.A.		61
	1	LVMH Moet Hennessy Louis Vuitton S.A.		90
	—	Michelin (C.G.D.E.) Class B		41
	1	Pernod-Ricard S.A.		59
	12	Peugeot S.A.		80
	2	Renault S.A.		111
	2	Safran S.A.		91
	1	Sanofi-Aventis S.A.		82
	1	Schneider Electric S.A.		68
	3	Scor SE		85
	2	Societe Generale Class A		54
	—	Sodexo, Inc.		28
	1	Thales S.A.		26
	1	Total S.A.		61
	1	Vinci S.A.		54
	1	Vivendi S.A.		17
	—	Zodiac Aerospace		34
				1,912
		Germany - 4.9%
	—	Adidas AG		22
	—	Allianz SE		28
	1	BASF SE		92
	—	Bertrandt AG		17
	1	Brenntag AG		147
	—	Continental AG		36
	1	Daimler AG		26
	2	Deutsche Lufthansa AG		24
	2	Deutsche Post AG		48
	3	E.On AG		64
	1	Elmos Semiconductor AG		5
	1	ElringKlinger AG		15
	—	Gerresheimer AG		21
	2	GSW Immobilien AG		69
	1	HeidelbergCement AG		28
	—	Hugo Boss AG		32
	10	Infineon Technologies AG		71
	—	MTU Aero Engines Holdings AG		24
	—	NORMA Group		13
	—	Pfeiffer Vacuum Technology AG		16
	—	Rational AG		10
	1	RWE AG		56
	—	Salzgitter AG		17
	2	SAP AG		151
	1	Siemens AG		78
	3	ThyssenKrupp AG		66
				1,176
		Greece - 0.0%
	1	Opap S.A.		7
		Hong Kong - 5.8%
	33	AAC Technologies Holdings, Inc.		118
	49	AIA Group Ltd.		194
	32	AMVIG Holdings Ltd.		9
	8	ASM Pacific Technology Ltd.		87
	65	Baoxin Automotive Group Ltd. ●		46
	25	Cathay Pacific Airways Ltd.		45
	80	China High Precision Automation Group Ltd. ⌂†		12
	1	China Mobile Ltd. ADR		44
	23	China Overseas Grand Oceans Group Ltd.		24
	54	China State Construction International Holdings Ltd.		64
	19	China Unicom Ltd.		31
	13	Clear Media Ltd.		7
	20	Dah Chong Hong Holdings Ltd.		18
	3	Dah Sing Financial Group		12
	48	Daphne International Holdings Ltd.		58
	4	Esprit Holdings Ltd. ⌂		5
	2	Esprit Holdings Ltd. Rights		1
	56	Golden Meditech Co., Ltd.		7
	121	Guangdong Investment Ltd.		99
	169	Huabao International Holdings Ltd.		84
	46	Intime Department Store		54
	12	Link (The) REIT		58
	10	MGM China Holdings Ltd.		18
	6	Minth Group Ltd.		6
	12	NagaCorp Ltd.		7
	11	Samsonite International S.A.		22
	14	Shanghai Industrial Holdings Ltd.		45
	29	SmarTones Telecommunications Holding Ltd.		58
	33	Techtronic Industries Co., Ltd.		62
	48	Vinda International Holdings Ltd.		67
	32	Xingda International Holdings		11
	16	Zhongsheng Group Holdings Ltd.		20
				1,393
		India - 0.7%
	3	Allahabad Bank Ltd.		6
	5	Bharti Televentures		26
	1	Canara Bank Ltd.		10
	1	Corp. Bank		8
	1	Grasim Industries Ltd.		34
	4	Karnataka Bank Ltd.		9
	5	Reliance Industries Ltd.		76
				169

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

43

Shares or Principal Amount			Market Value ╪
	COMMON STOCKS - 97.2% - (continued)
		Indonesia - 1.1%
	450	Bumi Serpong Damai PT	$	58
	196	Perusahaan Perkebunan London Sumatra Indonesia Tbk		47
	120	PT Bank Negara Indonesia Tbk		48
	10	PT Gudang Garam Tbk		53
	39	Semen Gresik Tbk		60
				266
		Ireland - 0.9%
	10	AER Lingus Group plc ●		14
	1	CRH plc		15
	7	Elan Corp. plc ADR ●		77
	4	Experian plc		64
	3	Grafton Group plc		14
	3	Smurfit Kappa Group plc		36
				220
		Israel - 1.0%
	—	Check Point Software Technologies Ltd. ADR ●		18
	1	EZchip Semiconductor Ltd. ●		28
	1	Orbotech Ltd. ●		11
	4	Teva Pharmaceutical Industries Ltd. ADR		168
				225
		Italy - 1.1%
	1	Ansaldo STS S.p.A.		9
	—	Azimut Holding S.p.A.		6
	—	Banca Generali S.p.A.		6
	1	Brunello Cucinelli S.p.A. ●		12
	1	Buzzi Unicem S.p.A.		15
	1	Eni S.p.A.		28
	4	Finmeccanica S.p.A.		21
	5	Geox S.p.A.		13
	12	Intesa Sanpaolo		20
	2	Italcementi S.p.A.		9
	12	Maire Tecnimont S.p.A.		9
	3	Salvatore Ferragamo Italia S.p.A.		61
	6	Saras S.p.A.		7
	5	Unicredit S.p.A.		24
	2	Unione di Banche Italiane ScpA		9
				249
		Japan - 15.5%
	1	Acom Co., Ltd.		27
	1	AEON Delight Co., Ltd.		12
	4	Aizawa Securities Co., Ltd.		6
	—	Alfresa Holdings Corp.		18
	—	Alpha Systems, Inc.		4
	2	Alpine Electronics, Inc.		13
	8	Amada Co., Ltd.		43
	1	Anritsu Corp.		8
	—	Benesse Holdings, Inc.		22
	4	Bridgestone Corp.		93
	1	Canon, Inc.		39
	1	Cawachi Ltd.		11
	3	Chubu Electric Power Co., Inc.		27
	1	Chubu Steel Plate Co., Ltd.		5
	—	CyberAgent, Inc.		82
	10	Daiichi Sankyo Co., Ltd.		150
	1	Daito Trust Construction Co., Ltd.		75
	2	DeNa Co., Ltd.		56
	—	Digital Garage, Inc.		10
	2	Don Quijote Co.		70
	—	Doshisha Co., Ltd.		8
	1	DTS Corp.		12
	—	East Japan Railway Co.		17
	1	Eighteenth (The) Bank Ltd.		3
	5	Eisai Co., Ltd.		241
	—	En-Japan, Inc.		7
	3	Exedy Corp.		59
	—	Fanuc Corp.		11
	1	Fuji Machine Manufacturing Co.		8
	—	Fuji Media Holdings, Inc.		15
	3	Fuji Photo Film Co., Ltd.		47
	1	Fukuyama Transporting Co., Ltd.		5
	1	Funai Electric Co., Ltd.		14
	—	Gendai Agency, Inc.		6
	1	Higashi-Nippon Bank Ltd.		2
	1	Hisaka Works Ltd.		7
	1	Hitachi Chemical Co., Ltd.		17
	2	Hitachi Kokusai Electric, Inc.		14
	2	Hosiden Corp.		12
	—	Inpex Corp.		57
	9	Isuzu Motors Ltd.		48
	4	Itochu Corp.		41
	1	Japan Digital Laboratory Co., Ltd.		13
	—	Japan Petroleum Exploration Co., Ltd.		15
	1	Japan Tobacco, Inc.		27
	1	JSR Corp.		21
	23	JX Holdings, Inc.		120
	2	Kakaku.com, Inc.		77
	4	Keihin Corp.		45
	1	Komatsu Ltd.		16
	2	Komori Corp.		8
	4	Konami Corp.		82
	2	K's Holdings Corp.		54
	—	Kyocera Corp.		11
	—	M3, Inc.		38
	1	Medipal Holdings Corp.		11
	1	Meitec Corp.		15
	1	Mimasu Semiconductor Industry Co., Ltd.		10
	1	Miraial Co., Ltd.		11
	6	Mitsubishi Chemical Holdings		24
	3	Mitsubishi Corp.		61
	3	Mitsubishi Electric Corp.		20
	1	Mitsubishi Estate Co., Ltd.		19
	4	Mitsubishi Gas Chemical Co.		21
	57	Mitsubishi UFJ Financial Group, Inc.		257
	1	Mitsui Fudosan Co., Ltd.		10
	2	Mitsumi Electric Co., Ltd.		11
	—	mixi, Inc.		8
	1	NEXT Co., Ltd.		11
	2	Nishimatsuya Chain Co., Ltd.		12
	5	Nissan Motor Co., Ltd.		38
	—	Nitto Denko Corp.		9
	1	Nok Corp.		22
	1	NSD Co., Ltd.		12
	3	Oita Bank Ltd.		10
	1	Olympus Corp.		19
	1	Ono Pharmaceutical Co., Ltd.		39
	—	Opt, Inc.		7

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

44

The Hartford Diversified International Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
	COMMON STOCKS - 97.2% - (continued)
		Japan - 15.5% - (continued)
	—	Pal Co., Ltd.	$	10
	—	Point, Inc.		16
	1	Pola Orbis Holdings, Inc.		46
	1	Proto Corp.		12
	4	Rakuten, Inc.		33
	1	Rohm Co., Ltd.		19
	1	Roland Corp.		9
	—	Secom Co., Ltd.		21
	2	Sega Sammy Holdings, Inc.		32
	—	Septeni Holdings Co., Ltd.		5
	2	Seven & I Holdings Co., Ltd.		49
	1	Shin-Etsu Chemical Co., Ltd.		40
	3	Shin-Etsu Polymer Co., Ltd.		10
	2	Shinkawa Ltd.		10
	3	Shinko Electric Industries Co., Ltd.		17
	10	Shionogi & Co., Ltd.		159
	—	Simplex Holdings, Inc.		10
	—	SMC Corp. of America		20
	1	SoftBank Corp.		25
	4	Stanley Electric Co., Ltd.		62
	1	Sugi Holdings Co., Ltd.		29
	1	Sumitomo Mitsui Financial Group, Inc.		28
	—	Suzuken Co., Ltd.		9
	2	T&D Holdings, Inc.		21
	1	THK Co., Ltd.		15
	2	Tochigi (The) Bank Ltd.		7
	—	Toei Animation Co., Ltd.		2
	5	Tokai Rika Co., Ltd.		56
	2	Tokai Rubber Industries Ltd.		21
	1	Tokio Marine Holdings, Inc.		16
	1	Tokyo Electron Ltd.		32
	10	Tokyo Gas Co., Ltd.		51
	1	Tokyo Seimitsu Co., Ltd.		18
	1	Toyoda Gosei Co., Ltd.		22
	2	Toyota Boshoku Corp.		19
	2	Toyota Motor Corp.		67
	—	Tri-Stage, Inc.		5
	2	Ushio, Inc.		16
	—	Yahoo Japan Corp.		13
	2	Yamanashi (The) Chuo Bank Ltd.		8
	1	Yamato Kogyo Co.		35
	1	Zuken, Inc.		5
				3,706
		Jersey - 0.1%
	—	Randgold Resources Ltd. ADR		13
		Malaysia - 1.1%
	136	AirAsia Berhad		135
	35	Axiata Group Berhad		75
	52	IHH Healthcare Berhad ●		55
				265
		Mauritius - 0.0%
	19	Golden Agri Resources Ltd.		10
		Mexico - 1.6%
	10	Alpek S.A. de C.V.		25
	5	America Movil S.A.B. de C.V. ADR ‡		135
	5	Cemex S.A.B. de C.V. ADR ●		46
	16	Empresas ICA, S.A.B. de C.V. ●		34
	—	Fomento Economico Mexicano S.A.B. de C.V. ADR		28
	4	Grupo Financiero Banorte S.A.B. de C.V.		20
	2	Grupo Financiero Santander Mexico S.A.B. de C.V. ●		33
	11	Grupo Mexico S.A.B. de C.V.		36
	13	OHL Mexico S.A.B. de C.V. ●		21
				378
		Netherlands - 2.8%
	11	AerCap Holdings N.V. ●		134
	1	Akzo Nobel N.V.		32
	3	ASML Holding N.V.		156
	1	Delta Lloyd N.V.		19
	1	European Aeronautic Defence & Space Co. N.V.		20
	—	Fugro N.V.		20
	1	Heineken N.V.		44
	17	ING Groep N.V. ●		147
	1	Koninklijke Philips Electronics N.V.		33
	1	NXP Semiconductors N.V. ●		16
	1	Royal Dutch Shell plc Class B		22
	—	Unilever N.V.		12
	1	Wolters Kluwer N.V.		18
				673
		Norway - 1.4%
	1	Kongsberg Gruppen ASA		11
	3	Statoil ASA		81
	3	Storebrand ASA		15
	11	Telenor ASA		214
				321
		Panama - 0.7%
	2	Copa Holdings S.A. Class A		174
		Papua New Guinea - 0.5%
	2	New Britain Palm Oil Ltd.		20
	11	Oil Search Ltd.		86
				106
		Peru - 0.2%
	11	Alicorp S.A.		30
	—	Credicorp Ltd.		24
				54
		Philippines - 0.6%
	38	BDO Unibank, Inc. ●		60
	175	Robinsons Land Corp.		80
				140
		Poland - 0.0%
	1	Warsaw Stock Exchange		7
		Portugal - 0.5%
	3	Galp Energia SGPS S.A.		45
	1	Jeronimo Martins		20
	9	Portugal Telecom SGPS S.A.		45
				110
		Russia - 0.1%
	3	Sberbank of Russia ADR		34
		Singapore - 0.6%
	15	Fortune REIT		12
	4	Hutchinson Port Holdings Trust		3

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

45

Shares or Principal Amount			Market Value ╪
	COMMON STOCKS - 97.2% – (continued)
		Singapore - 0.6% - (continued)
	1	Jardine Cycle & Carriage Ltd.	$	36
	13	Oversea-Chinese Banking Corp., Ltd.		96
				147
		South Africa - 0.2%
	—	Naspers Ltd.		30
	7	Raubex Group Ltd.		13
				43
		South Korea - 4.7%
	—	Amorepacific Corp.		60
	—	CJ O Shopping Co., Ltd.		53
	1	Daum Communications Corp.		62
	1	GS Holdings Corp.		65
	—	GS Home Shopping, Inc.		16
	4	Hana Financial Holdings		121
	—	Hyundai Department Store Co., Ltd.		49
	1	Hyundai Home Shopping Network Corp.		75
	1	Hyundai Motor Co., Ltd.		141
	—	KB Financial Group, Inc.		13
	1	KT Corp. ADR		14
	—	KT&G Corp.		20
	1	LIG Insurance Co., Ltd.		15
	—	Lotte Shopping Co.		30
	—	Mando Corp.		51
	—	NHN Corp.		55
	—	Samsung Electronics Co., Ltd.		146
	—	Samsung Engineering Co., Ltd.		34
	1	Shinhan Financial Group Co., Ltd.		37
	—	Shinsegae Food Co., Ltd.		30
	—	SK Telecom Co., Ltd.		43
				1,130
		Spain - 1.0%
	3	Almirall S.A.		28
	—	Industria de Diseno Textil S.A.		62
	7	Repsol S.A.		144
				234
		Sweden - 2.8%
	4	Alfa Laval Ab		63
	4	Assa Abloy Ab		131
	4	Atlas Copco Ab		95
	1	Axis Communications Ab		25
	4	Electrolux Ab Series B		90
	3	Hennes & Mauritz Ab		105
	4	Skf Ab Class B		86
	1	Swedish Match Ab		32
	3	Tele2 Ab Class B		50
				677
		Switzerland - 4.6%
	1	Adecco S.A.		60
	—	Belimon Holding AG		9
	1	Cie Financiere Richemont S.A.		67
	1	Credit Suisse Group AG		29
	—	Galenica AG		16
	—	Holcim Ltd.		26
	—	Inficon Holdings AG		5
	1	Julius Baer Group Ltd.		27
	—	Kuehne & Nagel International AG		18
	—	Lindt & Spruengli AG		9
	1	Micronas Semiconductor Holding AG		10
	3	Nestle S.A.		165
	—	Novartis AG		25
	—	Panalpina Welttransport Holding AG		14
	1	Roche Holding AG		146
	—	SGS S.A.		32
	—	Swatch Group AG		36
	3	Swiss Re Ltd.		230
	—	Tecan Group AG		18
	11	UBS AG ☼		161
				1,103
		Taiwan - 0.9%
	17	Chroma Ate, Inc.		33
	27	Taiwan Semiconductor Manufacturing Co., Ltd.		82
	3	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		46
	34	WPG Holdings Co., Ltd.		41
				202
		Thailand - 1.3%
	237	Asian Property Development Public Co., Ltd.		67
	268	Jasmine International PCL		42
	11	Kasikornbank Public Co., Ltd.		66
	33	PTT Chemical Public Co., Ltd. ●		65
	25	Total Access Communication Public Co., Ltd.		70
				310
		Turkey - 0.2%
	5	Turkcell Iletisim Hizmetleri A.S. ●		32
	2	Turkcell Iletisim Hizmetleri A.S. ADR ●		23
				55
		United Kingdom - 14.9%
	2	Aberdeen Asset Management plc		9
	5	Amlin plc		31
	12	Arm Holdings plc		132
	1	AstraZeneca plc		48
	3	AstraZeneca plc ADR		125
	4	Babcock International Group plc		65
	8	BAE Systems plc		42
	7	Barclays Bank plc ADR		24
	13	BG Group plc		235
	4	BHP Billiton plc		128
	28	BP plc		200
	6	British American Tobacco plc		273
	4	Burberry Group plc		72
	12	Capita plc		139
	2	Catlin Group Ltd.		15
	6	Compass Group plc		66
	1	Croda International plc		23
	2	Diageo Capital plc		53
	10	Direct Line Insurance Group plc ●		32
	1	easyJet plc		7
	1	Ensco plc		64
	3	Fresnillo plc		104
	3	GlaxoSmithKline plc		63
	4	Hammerson plc REIT		29
	10	Hays plc		13
	8	Home Retail Group		15
	17	HSBC Holdings plc		166
	6	ICAP plc		29
	4	Imperial Tobacco Group plc		147

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

46

The Hartford Diversified International Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
	COMMON STOCKS - 97.2% - (continued)
		United Kingdom - 14.9% - (continued)
	10	International Consolidated Airlines Group S.A. ●	$	27
	1	Intertek Group plc		27
	2	Jardine Lloyd Thompson Group plc		19
	2	Lancashire Holdings Ltd.		27
	4	Luxfer Holdings plc ●		43
	7	Marks & Spencer Group plc		45
	3	Mothercare plc		14
	6	NMC Health plc ●		19
	2	Paragon Group Companies plc		9
	3	Persimmon plc		39
	4	Prudential plc		55
	—	Reckitt Benckiser Group plc		28
	4	Redrow plc ●		10
	1	Renishaw plc		17
	3	Rexam plc		25
	4	Rio Tinto plc		187
	2	Rolls-Royce Holdings plc		26
	—	Rotork plc		13
	4	Severn Trent plc		109
	11	SIG plc		18
	2	Smith & Nephew plc		18
	2	Spectris plc		47
	1	Spirax-Sarco Engineering plc		29
	7	Standard Chartered plc		168
	4	Tesco plc		23
	23	Thomas Cook Group plc		8
	1	Victrex plc		16
	2	Virgin Media, Inc.		61
	28	Vodafone Group plc		77
				3,553
		United States - 0.3%
	1	Liberty Global, Inc. ●		59
		Total common stocks
		(cost $22,166)	$	23,172
	EXCHANGE TRADED FUNDS - 0.5%
		Hong Kong - 0.0%
	13	iShares FTSE A50 China Index ETF	$	16
		United States - 0.5%
	3	iShares MSCI ACWI Index Fund		115
		Total exchange traded funds
		(cost $123)	$	131
		Total long-term investments
		(cost $22,289)	$	23,303

SHORT-TERM INVESTMENTS - 2.4%
	Repurchase Agreements - 2.4%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $104, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $106)
$	104	0.30%, 10/31/2012			$	104
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $42, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $43)
	42	0.25%, 10/31/2012				42
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $73, collateralized by FNMA 2.50%, 2027, value of $74)
	73	0.35%, 10/31/2012				73
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $28, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $28)
	27	0.35%, 10/31/2012				27
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $128, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $131)
	128	0.28%, 10/31/2012				128
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $162, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $166)
	162	0.25%, 10/31/2012				162
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $1, collateralized by U.S. Treasury Note 8.13%, 2019, value of $1)
	1	0.25%, 10/31/2012				1
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $38, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $38)
	38	0.30%, 10/31/2012				38
						575
		Total short-term investments
		(cost $575)			$	575
		Total investments
		(cost $22,864) ▲	100.1	%	$	23,878
		Other assets and liabilities	(0.1	)%		(35	)
		Total net assets	100.0	%	$	23,843

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

47

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $23,451 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,247
Unrealized Depreciation		(1,820	)
Net Unrealized Appreciation	$	427

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $12, which represents 0.1% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
09/2011 - 10/2011		80	China High Precision Automation Group Ltd.	$	31
05/2012 - 07/2012		4	Esprit Holdings Ltd.		5

At October 31, 2012, the aggregate value of these securities was $17, which represents 0.1% of total net assets.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $24 at October 31, 2012.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty		Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
AUD	Buy	11/05/2012		CBK	$	20	$	20	$	–
AUD	Sell	11/02/2012		CBK		5		5		–
BRL	Sell	11/01/2012		JPM		2		2		–
CAD	Sell	11/06/2012		CSFB		1		1		–
CHF	Buy	11/02/2012		JPM		24		24		–
CHF	Sell	01/28/2013		CSFB		11		12		(1	)
CHF	Sell	11/05/2012		NAB		5		5		–
EUR	Buy	11/01/2012		DEUT		1		1		–
EUR	Buy	11/02/2012		DEUT		16		16		–
EUR	Sell	11/02/2012		DEUT		29		29		–
EUR	Sell	11/02/2012		GSC		4		4		–
EUR	Sell	11/05/2012		GSC		19		19		–
GBP	Buy	11/02/2012		MSC		9		9		–
GBP	Buy	11/05/2012		RBC		28		28		–
GBP	Sell	11/02/2012		MSC		22		22		–
HKD	Buy	11/02/2012		MSC		21		21		–
JPY	Buy	11/05/2012		BOA		29		28		(1	)
JPY	Buy	11/02/2012		CBK		9		9		–
JPY	Buy	11/01/2012		SSG		2		2		–
JPY	Buy	11/05/2012		SSG		187		187		–

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

48

The Hartford Diversified International Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty		Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
JPY	Buy	02/15/2013		SSG	$	9	$	9	$	–
JPY	Buy	03/14/2013		SSG		10		10		–
JPY	Sell	03/14/2013		BCLY		63		62		1
JPY	Sell	02/01/2013		DEUT		137		134		3
JPY	Sell	02/15/2013		DEUT		57		56		1
JPY	Sell	04/17/2013		DEUT		72		71		1
JPY	Sell	06/24/2013		DEUT		72		71		1
JPY	Sell	11/05/2012		UBS		28		28		–
NOK	Sell	11/05/2012		BNP		10		10		–
SEK	Buy	11/05/2012		MSC		4		4		–
SEK	Sell	11/01/2012		UBS		9		9		–
SEK	Sell	11/02/2012		UBS		14		14		–
									$	5

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

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
BNP	BNP Paribas Securities
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
NAB	National Australia Bank
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG
Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
Index Abbreviations:
ACWI	All Country World
Other Abbreviations:
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust

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

49

The Hartford Diversified International Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Argentina	$	6	$	6	$	–	$	–
Australia		502		–		502		–
Austria		41		–		41		–
Belgium		395		6		389		–
Brazil		809		809		–		–
Canada		1,042		1,042		–		–
China		786		293		493		–
Colombia		152		152		–		–
Denmark		205		–		205		–
Finland		113		–		113		–
France		1,912		13		1,899		–
Germany		1,176		13		1,163		–
Greece		7		–		7		–
Hong Kong		1,393		51		1,330		12
India		169		–		169		–
Indonesia		266		–		266		–
Ireland		220		105		115		–
Israel		225		225		–		–
Italy		249		–		249		–
Japan		3,706		32		3,674		–
Jersey		13		13		–		–
Malaysia		265		–		265		–
Mauritius		10		–		10		–
Mexico		378		378		–		–
Netherlands		673		150		523		–
Norway		321		11		310		–
Panama		174		174		–		–
Papua New Guinea		106		20		86		–
Peru		54		54		–		–
Philippines		140		–		140		–
Poland		7		–		7		–
Portugal		110		45		65		–
Russia		34		–		34		–
Singapore		147		3		144		–
South Africa		43		13		30		–
South Korea		1,130		44		1,086		–
Spain		234		–		234		–
Sweden		677		–		677		–
Switzerland		1,103		46		1,057		–
Taiwan		202		46		156		–
Thailand		310		–		310		–
Turkey		55		23		32		–
United Kingdom		3,553		375		3,178		–
United States		59		59		–		–
Total		23,172		4,201		18,959		12
Exchange Traded Funds		131		131		–		–
Short-Term Investments		575		–		575		–
Total	$	23,878	$	4,332	$	19,534	$	12
Foreign Currency Contracts*		7		–		7		–
Total	$	7	$	–	$	7	$	–
Liabilities:
Foreign Currency Contracts*		2		–		2		–
Total	$	2	$	–	$	2	$	–

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

50

The Hartford Diversified International Fund

Investment Valuation Hierarchy Level Summary – (continued)

October 31, 2012

(000’s Omitted)

♦ For the year ended October 31, 2012, investments valued at $308 were transferred from Level 1 to Level 2, and investments valued at $161 were transferred from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

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

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales		Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of October 31, 2012
Assets:
Common Stocks	$	14	$	—	$	—	†	$	—	$	—	$	—	$	—	$	(2	)	$	12
Total	$	14	$	—	$	—		$	—	$	—	$	—	$	—	$	(2	)	$	12

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 rounds to zero.

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

51

The Hartford Diversified International Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $22,864)	$	23,878
Foreign currency on deposit with custodian (cost $182)		183
Unrealized appreciation on foreign currency contracts		7
Receivables:
Investment securities sold		334
Fund shares sold		23
Dividends and interest		57
Other assets		49
Total assets		24,531
Liabilities:
Unrealized depreciation on foreign currency contracts		2
Bank overdraft		137
Payables:
Investment securities purchased		479
Fund shares redeemed		36
Investment management fees		5
Administrative fees		—
Distribution fees		1
Accrued expenses		28
Total liabilities		688
Net assets	$	23,843
Summary of Net Assets:
Capital stock and paid-in-capital	$	26,517
Undistributed net investment income		283
Accumulated net realized loss		(3,978	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		1,021
Net assets	$	23,843
Shares authorized		525,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$8.31/$8.79
Shares outstanding		1,010
Net assets	$	8,397	��
Class B: Net asset value per share	$	8.25
Shares outstanding		135
Net assets	$	1,111
Class C: Net asset value per share	$	8.23
Shares outstanding		213
Net assets	$	1,753
Class I: Net asset value per share	$	8.36
Shares outstanding		134
Net assets	$	1,119
Class R3: Net asset value per share	$	8.31
Shares outstanding		116
Net assets	$	963
Class R4: Net asset value per share	$	8.33
Shares outstanding		111
Net assets	$	924
Class R5: Net asset value per share	$	8.35
Shares outstanding		104
Net assets	$	868
Class Y: Net asset value per share	$	8.36
Shares outstanding		1,042
Net assets	$	8,708

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

52

The Hartford Diversified International Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	674
Interest		1
Less: Foreign tax withheld		(62	)
Total investment income		613
Expenses:
Investment management fees		205
Administrative services fees		4
Transfer agent fees		20
Distribution fees
Class A		20
Class B		11
Class C		16
Class R3		5
Class R4		2
Custodian fees		46
Accounting services fees		5
Registration and filing fees		89
Board of Directors' fees		1
Audit fees		21
Other expenses		13
Total expenses (before waivers and fees paid indirectly)		458
Expense waivers		(155	)
Commission recapture		—
Total waivers and fees paid indirectly		(155	)
Total expenses, net		303
Net Investment Income		310
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(582	)
Net realized loss on foreign currency contracts		(2	)
Net realized gain on other foreign currency transactions		3
Net Realized Loss on Investments and Foreign Currency Transactions		(581	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		1,377
Net unrealized appreciation of foreign currency contracts		—
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		1
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		1,378
Net Gain on Investments and Foreign Currency Transactions		797
Net Increase in Net Assets Resulting from Operations	$	1,107

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

53

The Hartford Diversified International Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	310		$	226
Net realized gain (loss) on investments and foreign currency transactions		(581	)		1,110
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		1,378			(2,536	)
Net Increase (Decrease) In Net Assets Resulting From Operations		1,107			(1,200	)
Distributions to Shareholders:
From net investment income
Class A		(58	)		(71	)
Class B		—			(2	)
Class C		—			(3	)
Class I		(11	)		(11	)
Class R3		(4	)		(6	)
Class R4		(7	)		(7	)
Class R5		(9	)		(9	)
Class Y		(96	)		(101	)
Total distributions		(185	)		(210	)
Capital Share Transactions:
Class A		(53	)		655
Class B		(73	)		39
Class C		172			164
Class I		137			127
Class R3		35			39
Class R4		29			35
Class R5		9			9
Class Y		96			101
Net increase from capital share transactions		352			1,169
Net Increase (Decrease) In Net Assets		1,274			(241	)
Net Assets:
Beginning of period		22,569			22,810
End of period	$	23,843		$	22,569
Undistributed (distribution in excess of) net investment income (loss)	$	283		$	147

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

54

The Hartford Diversified International Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Diversified International Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Classes R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

55

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

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

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current

56

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

57

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve

58

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

59

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	7	$	—	$	—	$	—	$	—	$	7
Total	$	—	$	7	$	—	$	—	$	—	$	—	$	7
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	2	$	—	$	—	$	—	$	—	$	2
Total	$	—	$	2	$	—	$	—	$	—	$	—	$	2

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)
Total	$	—	$	(2	)	$	—	$	—	$	—	$	—	$	(2	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	—		$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—		$	—	$	—	$	—	$	—	$	—

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

60

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	185	$	210

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	347
Accumulated Capital Losses *		(3,450	)
Unrealized Appreciation †		429
Total Accumulated Deficit	$	(2,674	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	11
Accumulated Net Realized Gain (Loss)		(11	)

61

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

	Amount
Short Term Capital Loss Carryforward	$	417
Long Term Capital Loss Carryforward		46
Total	$	463

Capital loss carryforwards with expiration:

Year of Expiration	Amount
2017	$	2,987
Total	$	2,987

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

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

62

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000%
On next $4.5 billion		0.8500%
On next $5 billion		0.8475%
Over $10 billion		0.8450%

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

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.45%		2.20%		2.20%		1.20%		1.65%		1.35%		1.05%		1.00%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended
	October 31, 2012
Class A		1.44	%
Class B		2.13
Class C		2.16
Class I		1.02
Class R3		1.65
Class R4		1.35
Class R5		1.05
Class Y		1.00

63

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $23 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

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

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares rounds to zero.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

64

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

			Percentage
	Shares		of Class
Class A		412		41	%
Class B		101		75
Class C		101		47
Class I		104		78
Class R3		102		88
Class R4		103		93
Class R5		104		100
Class Y		1,042		100

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	19,233
Sales Proceeds Excluding U.S. Government Obligations		18,717

65

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012													For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends			Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		167		8			(184	)		—		(9	)		238		8		(173	)		—		73
Amount	$	1,333	$	58		$	(1,444	)	$	—	$	(53	)	$	2,080	$	71	$	(1,496	)	$	—	$	655
Class B
Shares		6		—			(15	)		—		(9	)		14		—		(10	)		—		4
Amount	$	42	$	—		$	(115	)	$	—	$	(73	)	$	122	$	2	$	(85	)	$	—	$	39
Class C
Shares		39		—			(17	)		—		22			49		—		(31	)		—		18
Amount	$	303	$	—		$	(131	)	$	—	$	172		$	417	$	3	$	(256	)	$	—	$	164
Class I
Shares		18		2			(3	)		—		17			18		1		(5	)		—		14
Amount	$	148	$	11		$	(22	)	$	—	$	137		$	160	$	11	$	(44	)	$	—	$	127
Class R3
Shares		4		—			—			—		4			8		—		(3	)		—		5
Amount	$	31	$	4		$	—		$	—	$	35		$	59	$	6	$	(26	)	$	—	$	39
Class R4
Shares		6		1			(3	)		—		4			4		1		(2	)		—		3
Amount	$	45	$	7		$	(23	)	$	—	$	29		$	44	$	7	$	(16	)	$	—	$	35
Class R5
Shares		—		1			—			—		1			—		1		—			—		1
Amount	$	—	$	9		$	—		$	—	$	9		$	—	$	9	$	—		$	—	$	9
Class Y
Shares		1		13			(1	)		—		13			—		11		—			—		11
Amount	$	4	$	96	��	$	(4	)	$	—	$	96		$	—	$	101	$	—		$	—	$	101
Total
Shares		241		25			(223	)		—		43			331		22		(224	)		—		129
Amount	$	1,906	$	185		$	(1,739	)	$	—	$	352		$	2,882	$	210	$	(1,923	)	$	—	$	1,169

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		2	$	16
For the Year Ended October 31, 2011		1	$	8

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

66

The Hartford Diversified International Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

12. Industry Classifications:

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

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

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

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

67

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

68

The Hartford Diversified International Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	7.98	$	0.10		$	0.29		$	0.39		$	(0.06	)	$	—	$	—	$	(0.06	)	$	8.31
B		7.92		0.04			0.29			0.33			—			—		—		—			8.25
C		7.90		0.04			0.29			0.33			—			—		—		—			8.23
I		8.03		0.13			0.29			0.42			(0.09	)		—		—		(0.09	)		8.36
R3		7.98		0.08			0.29			0.37			(0.04	)		—		—		(0.04	)		8.31
R4		8.00		0.11			0.28			0.39			(0.06	)		—		—		(0.06	)		8.33
R5		8.03		0.13			0.28			0.41			(0.09	)		—		—		(0.09	)		8.35
Y		8.03		0.14			0.28			0.42			(0.09	)		—		—		(0.09	)		8.36
For the Year Ended October 31, 2011 (E)
A		8.46		0.07			(0.48	)		(0.41	)		(0.07	)		—		—		(0.07	)		7.98
B		8.39		0.01			(0.47	)		(0.46	)		(0.01	)		—		—		(0.01	)		7.92
C		8.39		0.01			(0.48	)		(0.47	)		(0.02	)		—		—		(0.02	)		7.90
I		8.50		0.11			(0.48	)		(0.37	)		(0.10	)		—		—		(0.10	)		8.03
R3		8.46		0.05			(0.48	)		(0.43	)		(0.05	)		—		—		(0.05	)		7.98
R4		8.48		0.08			(0.49	)		(0.41	)		(0.07	)		—		—		(0.07	)		8.00
R5		8.49		0.10			(0.47	)		(0.37	)		(0.09	)		—		—		(0.09	)		8.03
Y		8.50		0.11			(0.48	)		(0.37	)		(0.10	)		—		—		(0.10	)		8.03
For the Year Ended October 31, 2010 (E)
A		7.35		0.05			1.14			1.19			(0.08	)		—		—		(0.08	)		8.46
B		7.31		(0.01	)		1.13			1.12			(0.04	)		—		—		(0.04	)		8.39
C		7.31		(0.01	)		1.13			1.12			(0.04	)		—		—		(0.04	)		8.39
I		7.38		0.07			1.15			1.22			(0.10	)		—		—		(0.10	)		8.50
R3		7.35		0.02			1.15			1.17			(0.06	)		—		—		(0.06	)		8.46
R4		7.36		0.04			1.16			1.20			(0.08	)		—		—		(0.08	)		8.48
R5		7.37		0.06			1.15			1.21			(0.09	)		—		—		(0.09	)		8.49
Y		7.38		0.07			1.15			1.22			(0.10	)		—		—		(0.10	)		8.50
For the Year Ended October 31, 2009 (E)
A		5.88		0.06			1.43			1.49			(0.02	)		—		—		(0.02	)		7.35
B		5.87		0.02			1.42			1.44			—			—		—		—			7.31
C		5.87		0.02			1.42			1.44			—			—		—		—			7.31
I		5.89		0.10			1.41			1.51			(0.02	)		—		—		(0.02	)		7.38
R3		5.87		0.06			1.42			1.48			—			—		—		—			7.35
R4		5.88		0.07			1.42			1.49			(0.01	)		—		—		(0.01	)		7.36
R5		5.88		0.09			1.42			1.51			(0.02	)		—		—		(0.02	)		7.37
Y		5.89		0.10			1.42			1.52			(0.03	)		—		—		(0.03	)		7.38
From June 30, 2008 (commencement of operations), through October 31, 2008
A(F)		10.00		0.01			(4.13	)		(4.12	)		—			—		—		—			5.88
B(F)		10.00		(0.01	)		(4.12	)		(4.13	)		—			—		—		—			5.87
C(F)		10.00		(0.01	)		(4.12	)		(4.13	)		—			—		—		—			5.87
I(F)		10.00		0.01			(4.12	)		(4.11	)		—			—		—		—			5.89
R3(F)		10.00		—			(4.13	)		(4.13	)		—			—		—		—			5.87
R4(F)		10.00		—			(4.12	)		(4.12	)		—			—		—		—			5.88
R5(F)		10.00		0.01			(4.13	)		(4.12	)		—			—		—		—			5.88
Y(F)		10.00		0.01			(4.12	)		(4.11	)		—			—		—		—			5.89

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on June 30, 2008.

(G) Not annualized.

(H) Annualized.

69

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	4.94	%	$	8,397		2.11	%		1.44	%		1.26	%		85	%
	4.17			1,111		2.80			2.13			0.57			—
	4.18			1,753		2.83			2.16			0.53			—
	5.39			1,119		1.69			1.02			1.67			—
	4.68			963		2.39			1.65			1.05			—
	5.02			924		2.08			1.35			1.34			—
	5.23			868		1.77			1.05			1.64			—
	5.42			8,708		1.67			1.00			1.69			—
	(4.87	)		8,137		2.01			1.41			0.84			89
	(5.47	)		1,141		2.72			2.12			0.14			—
	(5.67	)		1,513		2.75			2.15			0.13			—
	(4.43	)		941		1.61			1.01			1.26			—
	(5.10	)		890		2.31			1.65			0.60			—
	(4.87	)		859		2.01			1.35			0.91			—
	(4.40	)		824		1.70			1.05			1.21			—
	(4.44	)		8,264		1.60			1.00			1.26			—
	16.31			8,005		2.29			1.58			0.58			155
	15.36			1,177		3.01			2.32			(0.18	)		—
	15.43			1,452		3.05			2.33			(0.20	)		—
	16.69			880		1.90			1.21			0.90			—
	16.02			906		2.59			1.81			0.30			—
	16.38			877		2.29			1.55			0.57			—
	16.61			863		1.99			1.28			0.83			—
	16.69			8,650		1.89			1.20			0.92			—
	25.40			8,740		3.10			1.65			0.99			161
	24.53			989		3.80			2.40			0.34			—
	24.53			1,127		3.80			2.40			0.36			—
	25.84			755		2.70			1.30			1.55			—
	25.26			735		3.39			1.90			0.96			—
	25.43			745		3.09			1.65			1.20			—
	25.81			740		2.80			1.40			1.46			—
	25.86			7,408		2.70			1.30			1.55			—
	(41.20	)(G)		2,528		2.01	(H)		1.57	(H)		0.26	(H)		67
	(41.30	)(G)		591		2.74	(H)		2.31	(H)		(0.48	)(H)		—
	(41.30	)(G)		611		2.75	(H)		2.32	(H)		(0.49	)(H)		—
	(41.10	)(G)		589		1.74	(H)		1.30	(H)		0.53	(H)		—
	(41.30	)(G)		588		2.44	(H)		1.90	(H)		(0.07	)(H)		—
	(41.20	)(G)		588		2.14	(H)		1.65	(H)		0.18	(H)		—
	(41.20	)(G)		588		1.84	(H)		1.40	(H)		0.43	(H)		—
	(41.10	)(G)		5,886		1.74	(H)		1.30	(H)		0.52	(H)		—

70

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Diversified International Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Diversified International Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

71

The Hartford Diversified International Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

72

The Hartford Diversified International Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

73

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

74

The Hartford Diversified International Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

75

The Hartford Diversified International Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31,  2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,000.00	$	7.24	$	1,000.00	$	1,017.90	$	7.30		1.44	%		184		366
Class B	$	1,000.00	$	996.38	$	10.64	$	1,000.00	$	1,014.48	$	10.74		2.12			184		366
Class C	$	1,000.00	$	995.16	$	10.78	$	1,000.00	$	1,014.33	$	10.89		2.15			184		366
Class I	$	1,000.00	$	1,002.40	$	4.98	$	1,000.00	$	1,020.16	$	5.03		0.99			184		366
Class R3	$	1,000.00	$	998.80	$	8.29	$	1,000.00	$	1,016.84	$	8.36		1.65			184		366
Class R4	$	1,000.00	$	1,000.00	$	6.79	$	1,000.00	$	1,018.35	$	6.85		1.35			184		366
Class R5	$	1,000.00	$	1,001.20	$	5.28	$	1,000.00	$	1,019.86	$	5.33		1.05			184		366
Class Y	$	1,000.00	$	1,002.40	$	5.03	$	1,000.00	$	1,020.11	$	5.08		1.00			184		366

76

The Hartford Diversified International Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Diversified International Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

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

77

Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

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

78

The Hartford Diversified International Fund

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

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses. The Board also noted the Fund’s low asset levels.

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

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

79

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

80

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-DI12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Dividend and Growth Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Dividend and Growth Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Dividend and Growth Fund inception 07/22/1996

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks a high level of current income consistent with growth of capital.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Dividend & Growth A#		14.07	%		0.69	%		7.64	%
Dividend & Growth A##		7.79	%		-0.44	%		7.03	%
Dividend & Growth B#		13.03	%		-0.18	%		6.92	%*
Dividend & Growth B##		8.03	%		-0.54	%		6.92	%*
Dividend & Growth C#		13.20	%		-0.06	%		6.87	%
Dividend & Growth C##		12.20	%		-0.06	%		6.87	%
Dividend & Growth I#		14.30	%		0.99	%		7.84	%
Dividend & Growth R3#		13.77	%		0.39	%		7.65	%
Dividend & Growth R4#		14.04	%		0.73	%		7.87	%
Dividend & Growth R5#		14.39	%		1.03	%		8.06	%
Dividend & Growth Y#		14.55	%		1.13	%		8.12	%
Russell 1000 Value Index		16.89	%		-1.00	%		7.34	%
S&P 500 Index		15.19	%		0.36	%		6.90	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.

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

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Dividend and Growth Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Edward P. Bousa, CFA	Donald J. Kilbride	Matthew G. Baker
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Dividend and Growth Fund returned 14.07%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmarks, the Russell 1000 Value Index and the S&P 500 Index, which returned 16.89% and 15.19%, respectively, for the same period. The Fund outperformed the 12.73% return of the average fund in the Lipper Equity Income Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Overall equity market performance was positive for the period across all market capitalizations: large cap equities (+15.2%), mid caps (+12.1%), and small caps (+12.1%) all rose as represented by the S&P 500, S&P 400 MidCap, and Russell 2000 Indices, respectively.During the twelve-month period all ten sectors within the S&P 500 Index posted positive returns, led by Telecommunication Services (+26%), Health Care (+22%), and Consumer Discretionary (+20%). Energy (+6%), Materials (+7%), and Utilities (+10%) lagged on a relative basis.

The Fund’s underperformance relative to the S&P 500 was primarily due to weak stock selection in Energy and Information Technology, which more than offset strong stock selection in the Consumer Discretionary and Industrials sectors.Overall sector allocation, a residual of bottom-up stock selection, was modestly positive driven in part by our overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Health Care and Financials. A modest cash position detracted from relative results in an upward-trending market.

The Fund’s top detractors from benchmark-relative performance included Apple (Information Technology), Baker Hughes (Energy), and Anadarko Petroleum (Energy). Shares of Apple, a designer, manufacturer, and retailer of a range of interconnected computing devices and personal electronic products, moved higher after a U.S. District Court ruled that Samsung owes Apple $1.05 billion for willfully infringing upon Apple's intellectual property. The stock also moved steadily higher in anticipation of strong demand for the iPhone 5. Not owning the stock hurt relative performance during the period. Shares of Baker Hughes, an oilfield services provider, fell as the company saw reduced pricing, under-utilization, and logistics issues at its recently-acquired pressure pumping subsidiary. Anadarko Petroleum, an oil and gas exploration and production company, underperformed in part due to concerns around the Tronox litigation stemming from Anadarko’s acquisition of Kerr-Mcgee. Top absolute detractors also included oil and natural gas exploration and production companies Ultra Petroleum and Chesapeake Energy.

The Fund’s top contributors to benchmark-relative performance during the period were Comcast (Consumer Discretionary), Lowe’s (Consumer Discretionary), and Wells Fargo (Financials). Comcast, the largest U.S. cable communications company and new owner of NBC Universal, saw market share gains in high margin residential and commercial phone and data services driving the company’s share price higher. Shares of Wells Fargo, a leading U.S. bank, benefited from not only a positive bank stress test result early in the period, but also from announcing an increase in its

3

The Hartford Dividend and Growth Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

quarterly dividend and plans to increase share repurchase activity. Lowe’s, a home improvement retailer, saw its shares rise on positive U.S. housing reports and signs of a recovery in its repair and remodel business. Also, new in-store merchandising concepts and operating practices led to positive customer feedback and shopping experiences. Merck, a global pharmaceutical company, also contributed to absolute results.

What is the outlook?

U.S. Gross Domestic Product growth in the third quarter was a mere 2%, but we are more sanguine about the U.S. economy, as some key industries continue to show signs of health. Auto sales have moved steadily upwards and the latest Case-Shiller data has shown year-over-year home price appreciation. These positive signs, however, are tempered by some major uncertainties including the tax and regulatory policy direction, as well as the year-end fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts). We feel these uncertainties are constraining investment and hampering economic growth. However, we believe that an improving housing market and continued accommodative monetary policy from the Fed should help the U.S. avoid recession and maintain a slow growth recovery.

Our investment discipline is focused on investing in areas of strong demand and avoiding areas of oversupply. At the end of the period, our largest overweights were in Financials, Health Care, and Utilities, while we remained underweight in Information Technology, Consumer Staples, and Materials, relative to the benchmark.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)		1.3	%
Banks (Financials)		6.3
Capital Goods (Industrials)		6.6
Commercial and Professional Services (Industrials)		0.5
Diversified Financials (Financials)		7.2
Energy (Energy)		11.7
Food and Staples Retailing (Consumer Staples)		1.2
Food, Beverage and Tobacco (Consumer Staples)		5.1
Health Care Equipment and Services (Health Care)		3.3
Household and Personal Products (Consumer Staples)		1.5
Insurance (Financials)		5.1
Materials (Materials)		2.2
Media (Consumer Discretionary)		5.9
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		12.3
Retailing (Consumer Discretionary)		3.4
Semiconductors and Semiconductor Equipment (Information Technology)		2.8
Software and Services (Information Technology)		8.1
Technology Hardware and Equipment (Information Technology)		3.1
Telecommunication Services (Services)		3.1
Transportation (Industrials)		2.5
Utilities (Utilities)		4.5
Short-Term Investments		2.1
Other Assets and Liabilities		0.2
Total		100.0	%

4

The Hartford Dividend and Growth Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
	COMMON STOCKS - 97.7%
		Automobiles and Components - 1.3%
	5,271	Ford Motor Co. w/ rights	$	58,821
	1,065	Johnson Controls, Inc.		27,414
				86,235
		Banks - 6.3%
	1,808	PNC Financial Services Group, Inc.		105,226
	1,847	US Bancorp		61,336
	7,454	Wells Fargo & Co.		251,121
				417,683
		Capital Goods - 6.6%
	965	Deere & Co.		82,415
	1,181	Eaton Corp.		55,765
	207	General Dynamics Corp.		14,086
	4,203	General Electric Co.		88,506
	1,341	Honeywell International, Inc.		82,110
	73	Lockheed Martin Corp.		6,833
	1,142	Raytheon Co.		64,581
	432	Siemens AG ADR		43,572
				437,868
		Commercial and Professional Services - 0.5%
	960	Waste Management, Inc.		31,420
		Diversified Financials - 7.2%
	1,425	Ameriprise Financial, Inc.		83,165
	3,412	Bank of America Corp.		31,797
	417	BlackRock, Inc.		79,106
	112	Goldman Sachs Group, Inc.		13,757
	4,261	JP Morgan Chase & Co.		177,591
	2,162	NYSE Euronext		53,523
	2,391	UBS AG ADR		35,907
				474,846
		Energy - 11.7%
	1,462	Anadarko Petroleum Corp.		100,578
	1,368	Baker Hughes, Inc.		57,396
	1,434	BP plc ADR		61,490
	1,375	Chevron Corp.		151,570
	46	Consol Energy, Inc.		1,600
	1,994	EnCana Corp. ADR		44,953
	2,714	Exxon Mobil Corp.		247,395
	1,050	Occidental Petroleum Corp.		82,883
	1,145	Ultra Petroleum Corp. ●		26,119
				773,984
		Food and Staples Retailing - 1.2%
	1,652	CVS Caremark Corp.		76,653
		Food, Beverage and Tobacco - 5.1%
	126	Anheuser-Busch InBev N.V.		10,592
	1,419	General Mills, Inc.		56,864
	1,806	PepsiCo, Inc.		125,039
	943	Philip Morris International, Inc.		83,473
	1,748	Unilever N.V. NY Shares ADR		64,128
				340,096
		Health Care Equipment and Services - 3.3%
	1,925	Cardinal Health, Inc.		79,191
	2,566	Medtronic, Inc.		106,713
	633	UnitedHealth Group, Inc.		35,464
				221,368
		Household and Personal Products - 1.5%
	1,474	Procter & Gamble Co.		102,074
		Insurance - 5.1%
	1,390	ACE Ltd.		109,304
	986	American International Group, Inc. ●		34,444
	302	Chubb Corp.		23,235
	243	Marsh & McLennan Cos., Inc.		8,269
	1,257	MetLife, Inc.		44,624
	1,795	Principal Financial Group, Inc.		49,431
	1,249	Prudential Financial, Inc.		71,280
				340,587
		Materials - 2.2%
	391	Ball Corp.		16,755
	1,189	Barrick Gold Corp.		48,166
	2,834	Dow Chemical Co.		83,051
				147,972
		Media - 5.9%
	4,371	Comcast Corp. Class A		163,945
	783	Omnicom Group, Inc.		37,499
	2,176	Time Warner, Inc.		94,567
	234	Viacom, Inc. Class B		11,978
	1,663	Walt Disney Co.		81,598
				389,587
		Pharmaceuticals, Biotechnology and Life Sciences - 12.3%
	1,192	AstraZeneca plc ADR		55,325
	1,209	Bristol-Myers Squibb Co.		40,215
	2,439	Eli Lilly & Co.		118,608
	2,046	Johnson & Johnson		144,868
	4,595	Merck & Co., Inc.		209,655
	7,781	Pfizer, Inc.		193,514
	1,315	Teva Pharmaceutical Industries Ltd. ADR		53,168
				815,353
		Retailing - 3.4%
	2,495	Buck Holdings L.P. ⌂●†		2,405
	924	J.C. Penney Co., Inc.		22,183
	3,256	Lowe's Co., Inc.		105,424
	1,461	Target Corp.		93,150
				223,162
		Semiconductors and Semiconductor Equipment - 2.8%
	3,655	Intel Corp.		79,044
	2,592	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		41,215
	2,242	Texas Instruments, Inc.		62,984
				183,243
		Software and Services - 8.1%
	589	Accenture plc		39,734
	958	Automatic Data Processing, Inc.		55,381
	1,510	eBay, Inc. ●		72,939
	815	IBM Corp.		158,544
	5,793	Microsoft Corp.		165,303
	1,526	Oracle Corp.		47,368
				539,269
		Technology Hardware and Equipment - 3.1%
	1,380	Avnet, Inc. ●		39,549
	3,641	Cisco Systems, Inc.		62,407
	3,243	Corning, Inc.		38,107
	809	NetApp, Inc. ●		21,756
	798	Qualcomm, Inc.		46,748
				208,567
		Telecommunication Services - 3.1%
	5,906	AT&T, Inc.		204,292

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

5

The Hartford Dividend and Growth Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount						Market Value ╪
	COMMON STOCKS - 97.7% - (continued)
		Transportation - 2.5%
	1,395	Delta Air Lines, Inc. ●			$	13,437
	805	FedEx Corp.				74,027
	1,066	United Parcel Service, Inc. Class B				78,106
						165,570
		Utilities - 4.5%
	1,326	Dominion Resources, Inc.				70,010
	1,177	Edison International				55,240
	1,434	Exelon Corp.				51,316
	1,046	NextEra Energy, Inc.				73,280
	1,665	Xcel Energy, Inc.				47,038
						296,884
		Total common stocks
		(cost $5,424,491)			$	6,476,713
		Total long-term investments (cost $5,424,491)			$	6,476,713
	SHORT-TERM INVESTMENTS - 2.1%
	Repurchase Agreements - 2.1%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $25,528, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $26,038)
$	25,528	0.30%, 10/31/2012			$	25,528
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $10,394, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $10,602)
	10,394	0.25%, 10/31/2012				10,394
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $17,872, collateralized by FNMA 2.50%, 2027, value of $18,229)
	17,872	0.35%, 10/31/2012				17,872
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $6,789, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $6,925)
	6,789	0.35%, 10/31/2012				6,789
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $31,539, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $32,130)
	31,538	0.28%, 10/31/2012				31,538
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $39,973, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $40,772)
	39,972	0.25%, 10/31/2012				39,972
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $181, collateralized by U.S. Treasury Note 8.13%, 2019, value of $186)
	181	0.25%, 10/31/2012				181
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $9,266, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $9,451)
	9,266	0.30%, 10/31/2012				9,266
						141,540
		Total short-term investments
		(cost $141,540)			$	141,540
		Total investments
		(cost $5,566,031) ▲	99.8	%	$	6,618,253
		Other assets and liabilities	0.2	%		10,001
		Total net assets	100.0	%	$	6,628,254

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

6

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

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $5,602,809 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,194,749
Unrealized Depreciation		(179,305	)
Net Unrealized Appreciation	$	1,015,444

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $2,405, which rounds to zero percent of total net assets.

● Non-income producing.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
06/2007		2,495	Buck Holdings L.P.	$	552

At October 31, 2012, the aggregate value of these securities was $2,405, which rounds to zero percent of total net assets.

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

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

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

7

The Hartford Dividend and Growth Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	6,476,713	$	6,474,308	$	–	$	2,405
Short-Term Investments		141,540		–		141,540		–
Total	$	6,618,253	$	6,474,308	$	141,540	$	2,405

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

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

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

	Balance  as of October  31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of October 31, 2012
Assets:
Common Stocks	$	6,363	$	4,199	$	(2,811	)*	$	—	$	—	$	(5,346	)	$	—	$	—	$	2,405
Total	$	6,363	$	4,199	$	(2,811	)	$	—	$	—	$	(5,346	)	$	—	$	—	$	2,405

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(2,811).

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

8

The Hartford Dividend and Growth Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $5,566,031)	$	6,618,253
Cash		1,293
Receivables:
Investment securities sold		12,259
Fund shares sold		9,261
Dividends and interest		8,660
Other assets		178
Total assets		6,649,904
Liabilities:
Payables:
Investment securities purchased		6,716
Fund shares redeemed		12,703
Investment management fees		885
Administrative fees		10
Distribution fees		274
Accrued expenses		1,062
Total liabilities		21,650
Net assets	$	6,628,254
Summary of Net Assets:
Capital stock and paid-in-capital	$	5,564,686
Undistributed net investment income		9,492
Accumulated net realized gain		1,854
Unrealized appreciation of investments		1,052,222
Net assets	$	6,628,254
Shares authorized		900,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$20.87/$22.08
Shares outstanding		140,995
Net assets	$	2,942,844
Class B: Net asset value per share	$	20.54
Shares outstanding		5,292
Net assets	$	108,710
Class C: Net asset value per share	$	20.45
Shares outstanding		16,632
Net assets	$	340,069
Class I: Net asset value per share	$	20.80
Shares outstanding		64,493
Net assets	$	1,341,707
Class R3: Net asset value per share	$	21.04
Shares outstanding		3,466
Net assets	$	72,926
Class R4: Net asset value per share	$	21.12
Shares outstanding		5,783
Net assets	$	122,160
Class R5: Net asset value per share	$	21.17
Shares outstanding		6,752
Net assets	$	142,940
Class Y: Net asset value per share	$	21.18
Shares outstanding		73,511
Net assets	$	1,556,898

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

9

The Hartford Dividend and Growth Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	179,417
Interest		254
Less: Foreign tax withheld		(2,025	)
Total investment income		177,646
Expenses:
Investment management fees		39,484
Administrative services fees		425
Transfer agent fees		8,426
Distribution fees
Class A		7,257
Class B		1,235
Class C		3,295
Class R3		341
Class R4		261
Custodian fees		7
Accounting services fees		874
Registration and filing fees		363
Board of Directors' fees		161
Audit fees		81
Other expenses		1,007
Total expenses (before waivers and fees paid indirectly)		63,217
Expense waivers		(13	)
Transfer agent fee waivers		(86	)
Commission recapture		(56	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(155	)
Total expenses, net		63,062
Net Investment Income		114,584
Net Realized Gain on Investments:
Net realized gain on investments in securities		229,925
Net Realized Gain on Investments		229,925
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		512,086
Net Changes in Unrealized Appreciation of Investments		512,086
Net Gain on Investments		742,011
Net Increase in Net Assets Resulting from Operations	$	856,595

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

10

The Hartford Dividend and Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	114,584		$	91,137
Net realized gain on investments and foreign currency transactions		229,925			288,347
Net unrealized appreciation (depreciation) of investments		512,086			(80,550	)
Net Increase In Net Assets Resulting From Operations		856,595			298,934
Distributions to Shareholders:
From net investment income
Class A		(49,181	)		(39,884	)
Class B		(1,007	)		(725	)
Class C		(3,322	)		(2,088	)
Class I		(28,293	)		(22,078	)
Class R3		(967	)		(555	)
Class R4		(1,768	)		(1,069	)
Class R5		(2,645	)		(1,360	)
Class Y		(28,067	)		(19,263	)
Total distributions		(115,250	)		(87,022	)
Capital Share Transactions:
Class A		(179,089	)		(171,276	)
Class B		(42,938	)		(53,899	)
Class C		(6,975	)		(16,870	)
Class I		(241,474	)		261,047
Class R3		7,611			23,187
Class R4		31,185			19,940
Class R5		27,213			33,945
Class Y		274,983			56,218
Net increase (decrease) from capital share transactions		(129,484	)		152,292
Net Increase In Net Assets		611,861			364,204
Net Assets:
Beginning of period		6,016,393			5,652,189
End of period	$	6,628,254		$	6,016,393
Undistributed (distribution in excess of) net investment income (loss)	$	9,492		$	10,577

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

11

The Hartford Dividend and Growth Fund

Notes to Financial Statements)

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Dividend and Growth Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the

12

fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining

13

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a

14

class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

4. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

15

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

5. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	115,250	$	87,022

16

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	9,492
Undistributed Long-Term Capital Gain		109,600
Accumulated Capital Losses *		(70,968	)
Unrealized Appreciation †		1,015,444
Total Accumulated Earnings	$	1,063,568

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(419	)
Accumulated Net Realized Gain (Loss)		419

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2015	$	51,957
2016		19,011
Total	$	70,968

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2012, the Fund utilized $120,485 of prior year capital loss carryforwards.

17

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

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

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500%
On next $500 million		0.6500%
On next $1.5 billion		0.6000%
On next $2.5 billion		0.5950%
On next $5 billion		0.5900%
Over $10 billion		0.5850%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500%
On next $500 million		0.6500%
On next $4 billion		0.6000%
On next $5 billion		0.5975%
Over $10 billion		0.5950%

18

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

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014%
On next $5 billion		0.012%
Over $10 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A

Class B

Class C

Class I

Class R3

Class R4

Class R5

Class Y

1.25%

NA

NA

1.00%

1.35%

1.05%

0.75%

NA

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.07	%
Class B		1.95
Class C		1.82
Class I		0.81
Class R3		1.35
Class R4		1.05
Class R5		0.75
Class Y		0.65

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $5,394 and contingent deferred sales charges of $147 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan,

19

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $87.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $7. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

7. Affiliate Holdings:

As of October 31, 2012, 15% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

8. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,765,386
Sales Proceeds Excluding U.S. Government Obligations		1,880,015

20

9. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		15,470		2,426		(26,864	)		—		(8,968	)		22,026		2,071		(33,146	)		—		(9,049	)
Amount	$	306,467	$	48,151	$	(533,707	)	$	—	$	(179,089	)	$	421,852	$	38,913	$	(632,041	)	$	—	$	(171,276	)
Class B
Shares		292		50		(2,532	)		—		(2,190	)		396		38		(3,301	)		—		(2,867	)
Amount	$	5,700	$	968	$	(49,606	)	$	—	$	(42,938	)	$	7,406	$	694	$	(61,999	)	$	—	$	(53,899	)
Class C
Shares		2,583		160		(3,093	)		—		(350	)		2,878		105		(3,907	)		—		(924	)
Amount	$	50,090	$	3,095	$	(60,160	)	$	—	$	(6,975	)	$	53,819	$	1,924	$	(72,613	)	$	—	$	(16,870	)
Class I
Shares		17,955		1,381		(31,820	)		—		(12,484	)		23,792		1,139		(11,128	)		—		13,803
Amount	$	355,563	$	27,294	$	(624,331	)	$	—	$	(241,474	)	$	450,650	$	21,290	$	(210,893	)	$	—	$	261,047
Class R3
Shares		1,096		45		(749	)		—		392			1,699		28		(530	)		—		1,197
Amount	$	21,841	$	891	$	(15,121	)	$	—	$	7,611		$	32,899	$	514	$	(10,226	)	$	—	$	23,187
Class R4
Shares		2,973		60		(1,472	)		—		1,561			2,702		37		(1,697	)		—		1,042
Amount	$	59,796	$	1,212	$	(29,823	)	$	—	$	31,185		$	52,256	$	711	$	(33,027	)	$	—	$	19,940
Class R5
Shares		2,822		96		(1,532	)		—		1,386			5,619		69		(3,919	)		—		1,769
Amount	$	56,259	$	1,935	$	(30,981	)	$	—	$	27,213		$	102,262	$	1,302	$	(69,619	)	$	—	$	33,945
Class Y
Shares		28,645		1,285		(15,264	)		—		14,666			12,922		896		(10,977	)		—		2,841
Amount	$	559,781	$	25,967	$	(310,765	)	$	—	$	274,983		$	250,848	$	17,071	$	(211,701	)	$	—	$	56,218
Total
Shares		71,836		5,503		(83,326	)		—		(5,987	)		72,034		4,383		(68,605	)		—		7,812
Amount	$	1,415,497	$	109,513	$	(1,654,494	)	$	—	$	(129,484	)	$	1,371,992	$	82,419	$	(1,302,119	)	$	—	$	152,292

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		647	$	12,882
For the Year Ended October 31, 2011		805	$	15,391

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

21

The Hartford Dividend and Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

11. Industry Classifications:

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

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

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

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

22

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

23

The Hartford Dividend and Growth Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	18.61	$	0.34	$	2.26		$	2.60		$	(0.34	)	$	–		$	–	$	(0.34	)	$	20.87
B		18.32		0.17		2.21			2.38			(0.16	)		–			–		(0.16	)		20.54
C		18.25		0.18		2.22			2.40			(0.20	)		–			–		(0.20	)		20.45
I		18.56		0.40		2.23			2.63			(0.39	)		–			–		(0.39	)		20.80
R3		18.76		0.28		2.29			2.57			(0.29	)		–			–		(0.29	)		21.04
R4		18.84		0.34		2.29			2.63			(0.35	)		–			–		(0.35	)		21.12
R5		18.88		0.39		2.30			2.69			(0.40	)		–			–		(0.40	)		21.17
Y		18.88		0.41		2.31			2.72			(0.42	)		–			–		(0.42	)		21.18
For the Year Ended October 31, 2011 (E)
A		17.93		0.27		0.67			0.94			(0.26	)		–			–		(0.26	)		18.61
B		17.64		0.10		0.66			0.76			(0.08	)		–			–		(0.08	)		18.32
C		17.58		0.13		0.66			0.79			(0.12	)		–			–		(0.12	)		18.25
I		17.87		0.32		0.68			1.00			(0.31	)		–			–		(0.31	)		18.56
R3		18.08		0.22		0.67			0.89			(0.21	)		–			–		(0.21	)		18.76
R4		18.14		0.28		0.69			0.97			(0.27	)		–			–		(0.27	)		18.84
R5		18.18		0.34		0.68			1.02			(0.32	)		–			–		(0.32	)		18.88
Y		18.18		0.36		0.68			1.04			(0.34	)		–			–		(0.34	)		18.88
For the Year Ended October 31, 2010
A		16.03		0.25		1.90			2.15			(0.25	)		–			–		(0.25	)		17.93
B		15.76		0.11		1.86			1.97			(0.09	)		–			–		(0.09	)		17.64
C		15.72		0.12		1.86			1.98			(0.12	)		–			–		(0.12	)		17.58
I		15.98		0.29		1.90			2.19			(0.30	)		–			–		(0.30	)		17.87
R3		16.18		0.19		1.93			2.12			(0.22	)		–			–		(0.22	)		18.08
R4		16.22		0.25		1.93			2.18			(0.26	)		–			–		(0.26	)		18.14
R5		16.24		0.29		1.96			2.25			(0.31	)		–			–		(0.31	)		18.18
Y		16.25		0.32		1.93			2.25			(0.32	)		–			–		(0.32	)		18.18
For the Year Ended October 31, 2009
A		14.56		0.26		1.47			1.73			(0.26	)		–			–		(0.26	)		16.03
B		14.32		0.14		1.44			1.58			(0.14	)		–			–		(0.14	)		15.76
C		14.28		0.15		1.45			1.60			(0.16	)		–			–		(0.16	)		15.72
I		14.52		0.33		1.44			1.77			(0.31	)		–			–		(0.31	)		15.98
R3		14.71		0.25		1.46			1.71			(0.24	)		–			–		(0.24	)		16.18
R4		14.73		0.28		1.48			1.76			(0.27	)		–			–		(0.27	)		16.22
R5		14.75		0.33		1.47			1.80			(0.31	)		–			–		(0.31	)		16.24
Y		14.75		0.35		1.48			1.83			(0.33	)		–			–		(0.33	)		16.25
For the Year Ended October 31, 2008
A		23.12		0.31		(7.32	)		(7.01	)		(0.31	)		(1.24	)		–		(1.55	)		14.56
B		22.76		0.14		(7.21	)		(7.07	)		(0.13	)		(1.24	)		–		(1.37	)		14.32
C		22.72		0.17		(7.21	)		(7.04	)		(0.16	)		(1.24	)		–		(1.40	)		14.28
I		23.07		0.34		(7.27	)		(6.93	)		(0.38	)		(1.24	)		–		(1.62	)		14.52
R3		23.37		0.23		(7.40	)		(7.17	)		(0.25	)		(1.24	)		–		(1.49	)		14.71
R4		23.39		0.32		(7.42	)		(7.10	)		(0.32	)		(1.24	)		–		(1.56	)		14.73
R5		23.41		0.35		(7.40	)		(7.05	)		(0.37	)		(1.24	)		–		(1.61	)		14.75
Y		23.41		0.37		(7.40	)		(7.03	)		(0.39	)		(1.24	)		–		(1.63	)		14.75

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) During the year ended October 31, 2009, The Hartford Dividend and Growth Fund incurred $236.4 million in sales associated with the transition of assets from The Hartford Stock Fund, which merged into the Fund on October 2, 2009.  These sales are excluded from the portfolio turnover rate calculation.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	14.07	%	$	2,942,844		1.08	%		1.08	%		1.69	%		28	%
	13.03			108,710		2.02			1.95			0.84			–
	13.20			340,069		1.82			1.82			0.94			–
	14.30			1,341,707		0.81			0.81			1.96			–
	13.77			72,926		1.36			1.35			1.40			–
	14.04			122,160		1.05			1.05			1.68			–
	14.39			142,940		0.75			0.75			1.99			–
	14.55			1,556,898		0.65			0.65			2.08			–
	5.22			2,791,444		1.08			1.08			1.42			30
	4.32			137,071		2.01			1.96			0.55			–
	4.49			309,846		1.83			1.83			0.68			–
	5.60			1,428,333		0.80			0.80			1.69			–
	4.94			57,684		1.37			1.35			1.14			–
	5.32			79,535		1.06			1.05			1.43			–
	5.62			101,281		0.76			0.75			1.75			–
	5.71			1,111,199		0.66			0.66			1.84			–
	13.46			2,850,636		1.11			1.11			1.46			33
	12.54			182,506		2.02			1.97			0.63			–
	12.65			314,729		1.85			1.85			0.71			–
	13.78			1,129,059		0.82			0.82			1.71			–
	13.15			33,933		1.39			1.38			1.06			–
	13.51			57,684		1.07			1.06			1.46			–
	13.93			65,379		0.78			0.78			0.81			–
	13.96			1,018,263		0.67			0.67			1.88			–
	12.17			2,635,571		1.17			1.17			1.88			33	(F)
	11.22			236,026		2.14			1.99			1.10			–
	11.37			286,465		1.92			1.92			1.13			–
	12.52			658,690		0.85			0.85			1.96			–
	11.84			5,171		1.47			1.47			1.26			–
	12.27			19,372		1.09			1.09			1.85			–
	12.55			1,947		0.80			0.80			2.07			–
	12.73			746,004		0.69			0.69			2.30			–
	(32.24	)		2,214,358		1.09			1.09			1.62			36
	(32.85	)		222,732		1.97			1.97			0.73			–
	(32.80	)		221,895		1.83			1.83			0.87			–
	(32.02	)		167,989		0.82			0.82			1.77			–
	(32.53	)		455		1.58			1.50			1.16			–
	(32.25	)		8,410		1.09			1.09			1.63			–
	(32.06	)		310		0.80			0.80			1.94			–
	(31.99	)		494,110		0.69			0.69			2.01			–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Dividend and Growth Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Dividend and Growth Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

26

The Hartford Dividend and Growth Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Dividend and Growth Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

28

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

29

The Hartford Dividend and Growth Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

30

The Hartford Dividend and Growth Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,026.77	$	5.45	$	1,000.00	$	1,019.76	$	5.43		1.07	%		184		366
Class B	$	1,000.00	$	1,022.32	$	9.92	$	1,000.00	$	1,015.33	$	9.88		1.95			184		366
Class C	$	1,000.00	$	1,023.06	$	9.20	$	1,000.00	$	1,016.04	$	9.17		1.81			184		366
Class I	$	1,000.00	$	1,028.15	$	4.23	$	1,000.00	$	1,020.96	$	4.22		0.83			184		366
Class R3	$	1,000.00	$	1,025.64	$	6.88	$	1,000.00	$	1,018.35	$	6.85		1.35			184		366
Class R4	$	1,000.00	$	1,026.58	$	5.35	$	1,000.00	$	1,019.86	$	5.33		1.05			184		366
Class R5	$	1,000.00	$	1,028.52	$	3.83	$	1,000.00	$	1,021.36	$	3.81		0.75			184		366
Class Y	$	1,000.00	$	1,029.02	$	3.33	$	1,000.00	$	1,021.85	$	3.32		0.65			184		366

31

The Hartford Dividend and Growth Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Dividend and Growth Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

32

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

33

The Hartford Dividend and Growth Fund

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

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with The Hartford’s preferred partnership agreement with the Sub-adviser, an additional breakpoint had been added to the Fund’s management fee schedule.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

34

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company, Inc. (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

35

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-DG12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Emerging Markets Local Debt Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Emerging Markets Local Debt Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	6
Investment Valuation Hierarchy Level Summary at October 31, 2012	20
Statement of Assets and Liabilities at October 31, 2012	21
Statement of Operations for the Year Ended October 31, 2012	22
Statement of Changes in Net Assets for the Year Ended October 31, 2012, and for the Period May 31, 2011, (commencement of operations) through October 31, 2011	23
Notes to Financial Statements	24
Financial Highlights	38
Report of Independent Registered Public Accounting Firm	40
Directors and Officers (Unaudited)	41
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	43
Quarterly Portfolio Holdings Information (Unaudited)	43
Federal Tax Information (Unaudited)	44
Expense Example (Unaudited)	45
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	46

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Emerging Markets Local Debt Fund inception 05/31/2011

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks capital appreciation and income.

Performance Overview 5/31/11 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Emerging Markets Local Debt  A#		11.96	%		3.37	%
Emerging Markets Local Debt  A##		6.92	%		0.08	%
Emerging Markets Local Debt  C#		11.15	%		2.56	%
Emerging Markets Local Debt  C##		10.15	%		2.56	%
Emerging Markets Local Debt  I#		12.15	%		3.57	%
Emerging Markets Local Debt  R3#		11.60	%		2.96	%
Emerging Markets Local Debt  R4#		11.94	%		3.26	%
Emerging Markets Local Debt  R5#		12.27	%		3.57	%
Emerging Markets Local Debt  Y#		12.00	%		3.41	%
JP Morgan GBI Emerging Markets Global Diversified Index		7.25	%		2.82	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 4.50% and Class C reflects a contingent deferred sales charge of 1.00%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

JP Morgan GBI Emerging Markets Global Diversified Index tracks local currency bonds issued by Emerging Markets governments. It is an investable index that includes only those countries that are directly accessible by most of the international investor base. The index excludes countries with explicit capital controls, but does not factor in regulatory/tax hurdles in assessing eligibility.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Emerging Markets Local Debt Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Ricardo Adrogué, PhD	James W. Valone, CFA	Tieu-Bich Nguyen, CFA
Vice President and Fixed Income Portfolio Manager	Senior Vice President, Fixed Income Portfolio Manager and Co-Director of Fixed Income	Senior Vice President and Fixed Income Credit Analyst

How did the Fund perform?

The Class A shares of The Hartford Emerging Markets Local Debt Fund returned 11.96%, before sales charges, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the JP Morgan GBI Emerging Markets Global Diversified Index (GBI-EMGD) , which returned 7.25% for the same period. The Fund also outperformed the 7.66% return of the average fund in the Lipper Emerging Markets Local Currency Debt Funds peer group, a group of funds that seek either current income or total return by investing at least 65% of total assets in debt issues denominated in the currency of their market of issuance. "Emerging Market" is defined by a country's GNP (gross national product) per capita or other economic measures.

Why did the Fund perform this way? (All returns in US$ terms)

The JP Morgan GBI-EMGD produced a 7.25% return for the period. The local market’s positive returns were driven by declines in local interest rates and coupon income gains. Interest rates fell primarily later in the period on the back of a global cycle slowdown and rates generally declined across the market. A number of Emerging Markets (EM) central banks lowered interest rates in this period in response to cooling growth and declining inflation pressures, including Brazil, Chile, the Philippines, Indonesia, Thailand, and South Africa. Several central banks including Colombia, Hungary, and Poland, which hiked rates earlier in the period, also started to cut rates later in the period. Currency markets were volatile during the period. Overall, currencies hurt performance as EM currencies weakened, particularly at the end of 2011 and March-May 2012. Risk aversion increased in the markets as ongoing concerns over the European sovereign crisis intensified during those periods. Europe was the best performing region in the Index (9.85%) while the Middle East and Africa lagged (2.73%) on a relative basis. From a country perspective, Philippines (27.76%), Peru (22.24%) and Colombia (14.74%) were the best performers in the Index while Brazil (-1.04%), South Africa (2.63%), and Indonesia (3.28%) lagged.

Emerging market corporate debt finished the period with a return of 12.60% as measured by the JP Morgan Corporate Emerging Markets Bond Index (CEMBI) - Broad Diversified Index. Credit spreads tightened by 96 basis points from 432 to 336 during the period.

Within the Fund, during the period, duration strategies (+ 15 bps), security selection (+239 bps), and currency positioning (+269 bps) contributed positively to relative performance. The Fund’s structural allocation to corporate bonds had a positive impact on relative performance as corporate bonds generally outperformed the local bond component of the EMGl Index. Our security selection of the corporate bonds in the Fund versus the market (JP Morgan CEMBI Broad Diversified Index) contributed positively to relative performance for the period, although this was offset by the negative contribution from country allocation.

Our interest rate and credit positioning is primarily implemented through cash bond positions and derivatives such as interest rate and total return swaps, and credit default swap contracts. We use local currency denominated cash bonds and currency forwards (deliverable and non-deliverable) to express our views on currency.

In Brazil, an overweight duration (i.e. sensitivity to changes in interest rates) position was the main driver of the Fund’s performance for the period. Our underweight currency positioning in the Brazilian real at the beginning of the period was also accretive to relative performance during the period. During the year, the Central Bank of Brazil cut interest rates by 425 basis points bringing the Selic rate down to 7.25%. The monetary easing cycle is expected to come to an end although we expect the central bank to keep its policy rate at low levels and the curve remains steep.

An allocation to a long-dated external sovereign issue in Ivory Coast contributed to relative performance during the period. The bonds outperformed as Ivory Coast resumed regular coupon payments on its defaulted debt. Additionally, it was announced that the Ivory Coast reached Heavily Indebted Poor Country (HIPC) completion point, as designated by the IMF and the World Bank, which resulted in a significant cut in the net present value of external debt. We closed our position during August and capitalized the gain after a strong, multi-month rally.

In Peru, an overweight duration exposure along with security selection with a focus on long end of the curve contributed to relative performance. At the end of the period we maintained

3

The Hartford Emerging Markets Local Debt Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

our overweight, on the expectation that long end yields would fall further in Peru due to continued weak global growth.

In Indonesia, an underweight duration exposure and security selection with an underweight in the longer-dated local sovereign debts detracted from relative performance outweighing the positive contribution from our underweight positioning in Indonesian rupiah. At the end of the period, we remained cautious on Indonesia’s bonds given the inflation risks we see on the back of a deteriorating balance of payments which could result in a weak currency.

A short position in the Argentine peso, which was held earlier in the period based on our concern over the country’s sensitivity to global cyclical pressures, detracted from relative performance.

In South Africa, underweight duration exposure and security selection with a preference for longer-dated local sovereign bonds detracted from relative performance. This more than offset the positive contribution from an underweight positioning in South African rand. Towards the end of the period, we increased our duration exposure and moved towards a neutral weight in South Africa by adding longer-dated local sovereign bonds. We continued to find good value at the end of the period in the steep local interest rate curve given the slow pace of South African growth. We were cautious on the rand due to the potential for additional volatility over the short term and deteriorating terms of trade at the end of the period.

What is the outlook?

Recent policy developments in Europe, another round of liquidity from the U.S. Federal Reserve Board (Fed) and the Bank of Japan, as well as signs of stability in China's domestic economy, leave us with a more favorable outlook for our market at the end of the period as they suggest that pressures from deleveraging and weaker global economic activity may begin to abate. At the same time, we believe that the structural outlook for most EM countries remains favorable - debt burdens are low, fiscal management is sound, and liquidity remains abundant. Growth has softened in some cases in sync with the global cycle, but by and large we expect that EM growth will remain in positive territory over the near term. In addition, policymakers have both monetary and fiscal policy flexibility to be stimulative if needed. We recognize, however, that the global backdrop remains fragile, and challenging growth trends in Europe and pending fiscal headwinds in the U.S. may prevent us from aggressively adding risk in EM portfolios.

At the overall Fund level, we were overweight duration relative to the index at the end of the period. During the period, regionally we continued to find the best value in Latin America, and particularly in Colombia and Peru. In Eastern Europe/Africa/Middle East, we continued to expect rate declines in Israel and Poland and remained overweight. We continued to pay fixed rates in Czech Republic as we believe interest rates were too low given long-term inflation trends in that market. Finally, we continued to hold our longstanding underweight to duration in Asia, where rates remained near historic lows. An exception is the Philippines, where we found valuations to be particularly attractive for the region and as a result moved to an overweight. For corporate debt, our strategy remained to focus on credits with attractive fundamentals and valuation as well as new issues which offer reasonable new issue premium.

In currencies, we remained broadly underweight at the end of the period as we expected further volatility in a fragile global environment. While the Fed and European Central Bank actions may fuel short term capital inflows, we expect that central banks will fight appreciation pressures, leaving investors with a need to be selective on exposures. During the period, in Latin America, we were most constructive on the Mexican peso, where improved competitiveness was driving demand for Mexican exports higher, as was decent growth in the U.S. We remained cautious on Eastern Europe given sensitivities to a sharply weaker cycle in Western Europe, holding underweights on currencies such as Croatian kuna, Czech koruna, and Hungarian forint, among others at the end of the period. We were also underweight in Asia currencies in aggregate although we were constructive on the relative value offered by select currencies such as the Indian rupee.

We continued to hold several opportunistic positions in the Fund at the end of the period. We had a small long position in the Egyptian pound, where the carry is high and we expect the central bank to maintain stability in the currency. We added debt exposure in Ghana and currency exposure in Zambia kwacha on the back of attractive yield levels and an expectation of relative currency stability. We continued to hold positions in Greece, and expect further upside potential, though we believe that volatility is likely to persist over the short term. As always, we monitor the risks of these more opportunistic exposures carefully, controlling individual position sizes to be consistent with our overall risk/return objectives.

4

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		0.5	%
Aa / AA		2.1
A		17.3
Baa / BBB		34.5
Ba / BB		17.5
B		4.0
Caa / CCC or Lower		1.2
Unrated		13.1
Non Debt Securities and Other Short-Term Instruments		6.8
Other Assets & Liabilities		3.0
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of October 31, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Agriculture, Forestry, Fishing and Hunting		0.6	%
Air Transportation		0.1
Arts, Entertainment and Recreation		0.6
Beverage and Tobacco Product Manufacturing		0.5
Chemical Manufacturing		0.8
Construction		2.0
Finance and Insurance		10.5
Food Manufacturing		0.9
Health Care and Social Assistance		0.1
Information		1.4
Mining		1.9
Miscellaneous Manufacturing		0.6
Nonmetallic Mineral Product Manufacturing		1.0
Petroleum and Coal Products Manufacturing		4.5
Pipeline Transportation		0.1
Primary Metal Manufacturing		0.3
Rail Transportation		0.2
Real Estate and Rental and Leasing		1.1
Retail Trade		0.2
Transportation Equipment Manufacturing		0.2
Utilities		3.9
Water Transportation		0.2
Wholesale Trade		0.7
Total		32.4	%
Foreign Government Obligations		57.8
Short-Term Investments		6.8
Other Assets and Liabilities		3.0
Total		100.0	%

Diversification by Country

as of October 31, 2012

	Percentage of
Country	Net Assets
Austria		0.1	%
Brazil		5.0
British Virgin Islands		2.0
Canada		0.5
Cayman Islands		1.9
Chile		1.5
China		0.6
Colombia		5.5
Croatia		0.2
Georgia		0.2
Germany		0.1
Ghana		0.3
Greece		1.2
Hong Kong		1.9
Hungary		7.0
India		0.4
Indonesia		0.9
Ireland		0.1
Israel		2.8
Kazakhstan		0.9
Luxembourg		1.5
Malaysia		6.0
Mexico		8.0
Netherlands		1.3
Nigeria		0.6
Panama		0.1
Peru		4.0
Philippines		3.0
Poland		7.3
Qatar		0.5
Russia		4.3
Singapore		0.9
South Africa		7.0
South Korea		3.0
Spain		0.2
Thailand		0.6
Turkey		6.0
United Arab Emirates		1.1
United Kingdom		0.5
Venezuela		0.1
United States		1.1
Short-Term Investments		6.8
Other Assets and Liabilities		3.0
Total		100.0	%

5

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 32.4%
		Austria - 0.1%
		OGX Austria GmbH
$	200	8.38%, 04/01/2022 ■	$	168
		Brazil - 2.7%
		Banco BMG S.A.
	155	9.95%, 11/05/2019 §		146
		Banco Btg Pactual
	200	5.75%, 09/28/2022 ■		209
		Brasil Telecom S.A.
BRL	300	9.75%, 09/15/2016 §		155
		Cia Saneamento Basico de Estado de Sao Paulo
	200	6.25%, 12/16/2020 §		217
		Globo Comunicacao e Participacoes S.A.
	325	6.25%, 07/20/2015 §♠		351
		Hypermarcas
	165	6.50%, 04/20/2021 §		177
		Itau Unibanco Holding S.A.
	200	6.20%, 12/21/2021 ⌂§		218
		Net Servicos De Comnicacao S.A.
	332	7.50%, 01/27/2020		383
		OAS Investments
	200	8.25%, 10/19/2019 ■		202
		Petrobras International Finance Co.
	255	7.88%, 03/15/2019		323
		RBS-Zero Hora Editora Journalistica
BRL	575	11.25%, 06/15/2017 §		292
		Samarco Mineracao S.A.
	205	4.13%, 11/01/2022 ■		204
		Telemar Norte Leste S.A.
	100	5.50%, 10/23/2020 §		108
		Vale S.A.
	255	5.63%, 09/11/2042		273
		Votorantim Cimentos S.A.
	200	7.25%, 04/05/2041 §		226
				3,484
		British Virgin Islands - 2.0%
		CLP Power Hong Kong Ltd.
	200	4.75%, 03/19/2020 §		226
		CNOOC Finance 2012 Ltd.
	400	3.88%, 05/02/2022 §		429
		CNPC General Capital
	200	3.95%, 04/19/2022 §		217
		Fita International Ltd.
	225	7.00%, 02/10/2020		256
		FPT Finance Ltd.
	340	6.38%, 09/28/2020 §		381
		Henson Finance Ltd.
	295	5.50%, 09/17/2019		324
		HLP Finance Ltd.
	200	4.75%, 06/25/2022 §		213
		Hong Kong Electric Finance Ltd.
	325	4.25%, 12/14/2020 §		358
		QGOG Atlantic/Alaskan Rigs
	178	5.25%, 07/30/2018 ■		187
				2,591
		Canada - 0.5%
		First Quantum Minerals Ltd
	200	7.25%, 10/15/2019 ■		204
		Pacific Rubiales Energy Corp.
	143	7.25%, 12/12/2021 ■		169
	210	7.25%, 12/12/2021 §		249
				622
		Cayman Islands - 1.9%
		Agile Property Holdings Ltd.
	185	8.88%, 04/28/2017 §		193
		Alliance Global Group, Inc.
	310	6.50%, 08/18/2017		340
		Fibria Overseas Finance Ltd.
	355	6.75%, 03/03/2021 §		392
		Gol Finance
	195	9.25%, 07/20/2020 §		181
		Grupo Aval Ltd.
	365	4.75%, 09/26/2022 ■		365
		KWG Property Holdings Ltd.
	400	13.25%, 03/22/2017 §		448
		MIE Holdings Corp.
	200	9.75%, 05/12/2016 §		212
		UOB Cayman Ltd.
	100	5.80%, 03/15/2016 §♠		105
		Virgolino de Oliveira Finance Ltd.
	200	11.75%, 02/09/2022 §		195
				2,431
		Chile - 1.5%
		AES Gener S.A.
	105	5.25%, 08/15/2021 ■		119
	110	5.25%, 08/15/2021 §		124
		Automotores Gildemeister
	200	8.25%, 05/24/2021 ■		216
		Bonos del Banco Central de Chile en Pesos
CLP	155,000	6.00%, 02/01/2016		324
		Bonos del Banco Central de Chile en UF
CLP	397,619	3.00%, 02/01/2016 ◄		829
		E.CL S.A.
	300	5.63%, 01/15/2021 §		343
				1,955
		China - 0.6%
		China Shanshui Cement Group
	200	10.50%, 04/27/2017 §		218
		Country Garden Holdings Co
	200	11.13%, 02/23/2018 §		224
		Kaisa Group Holdings Ltd.
	160	13.50%, 04/28/2015 §		166
		Mongolian Mining Corp.
	200	8.88%, 03/29/2017 §		204
				812
		Colombia - 1.9%
		Banco Davivienda S.A.
	200	5.88%, 07/09/2022 ■		209
		Banco de Bogota S.A.
	200	5.00%, 01/15/2017 §		214
		Bancolombia S.A.
	75	5.13%, 09/11/2022		78
	401	6.13%, 07/26/2020		449
		Emgesa S.A.
COP	1,615,000	8.75%, 01/25/2021 §		999

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

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 32.4% - (continued)
		Colombia - 1.9% - (continued)
		Empresa de Energia de Bogota
$	235	6.13%, 11/10/2021 §	$	266
		Empresas Publicas de Medellin E.S.P.
COP	448,000	8.38%, 02/01/2021 §		276
				2,491
		Croatia - 0.2%
		Agrokor D.D.
	225	8.88%, 02/01/2020 ■		233
		Georgia - 0.2%
		JSC Georgian Railway
	200	7.75%, 07/11/2022 §		224
		Germany - 0.1%
		Rearden G Holdings EINS GmbH
	155	7.88%, 03/30/2020 §		171
		Hong Kong - 1.9%
		Bank of East Asia Ltd.
	200	6.38%, 05/04/2022 §		224
		CNPC HK Overseas Capital Ltd.
	260	3.95%, 04/19/2022 ■		282
		Hong Kong Land Finance
	135	4.50%, 10/07/2025		144
		Hutchison Whampoa International Ltd.
	720	6.00%, 10/28/2015 §♠		753
		PCCW Capital Ltd.
	200	5.75%, 04/17/2022 §		219
		Sino Ltd.
	200	3.25%, 09/21/2017 ⌂§		199
		Sun Hung Kai Properties Capital Market Ltd.
	270	4.50%, 02/14/2022 §		290
		Zijin International Finance Co.,  Ltd.
	340	4.25%, 06/30/2016 §		361
				2,472
		India - 0.4%
		Bank of India London
	300	4.13%, 08/01/2017 ■		307
		ICICI Bank Ltd.
	200	4.70%, 02/21/2018 ■		209
				516
		Ireland - 0.1%
		MTS International Funding Ltd.
	135	8.63%, 06/22/2020 §		166
		Israel - 0.6%
		Israel Electric Corp. Ltd.
	250	7.75%, 12/15/2027 ⌂§		280
	400	9.38%, 01/28/2020 §		487
				767
		Kazakhstan - 0.9%
		Halyk Savings Bank of Kazakhstan JSC
	155	9.25%, 10/16/2013 §		163
		Kazakhstan Temir Zholy
	285	6.95%, 07/10/2042 ■		348
		Kazatomprom Natsionalnaya
	275	6.25%, 05/20/2015 §		301
		KazMunayGas National Co.
	315	7.00%, 05/05/2020 §		387
				1,199
		Luxembourg - 1.5%
		ALROSA Finance S.A.
	200	7.75%, 11/03/2020 §		229
		European Investment Bank
ZAR	475	8.76%, 12/31/2018 ○		38
		Gaz Capital S.A.
	350	9.25%, 04/23/2019 §		457
		International Bank for Reconstruction &
		Development
ZMK	1,500,000	6.75%, 12/06/2013		275
		SB Capital S.A.
	310	5.13%, 10/29/2022 ■		309
		VTB Capital S.A.
	435	6.88%, 05/29/2018 §		469
		Yasar Holdings S.A. Via Willow No 2
	200	9.63%, 10/07/2015 §		208
				1,985
		Malaysia - 0.8%
		Axiata SPV1 Labuan Ltd.
	100	5.38%, 04/28/2020		113
		Hong Leong Bank
	200	3.75%, 03/17/2016		208
		IOI Investment L Bhd.
	303	4.38%, 06/27/2022 §		313
		Public Bank Bhd
	330	6.84%, 08/22/2036		346
				980
		Mexico - 3.1%
		America Movil S.A.B. de C.V.
	200	4.38%, 07/16/2042		209
	295	6.13%, 03/30/2040		390
		Cemex Espana Luxembourg
	230	9.88%, 04/30/2019 §		248
		Controladora Mabe S.A. de C.V.
	803	7.88%, 10/28/2019 §		931
		Empresas ICA, S.A.B. de C.V.
	215	8.38%, 07/24/2017 ■		230
	643	8.90%, 02/04/2021 §		694
		Mexichem S.A.B. de C.V.
	200	4.88%, 09/19/2022 ■		211
	200	4.88%, 09/19/2022 ⌂§		212
		Sigma Alimentos S.A.
	300	5.63%, 04/14/2018 §		340
		Southern Copper Corp.
	275	6.75%, 04/16/2040		326
		Urbi Desarrollos Urbanos
	200	9.75%, 02/03/2022 §		186
				3,977
		Netherlands - 1.3%
		Access Finance B.V.
	200	7.25%, 07/25/2017 ■		208
		AJE Group
	260	6.50%, 05/14/2022 ■		284
		Indo Energy Finance B.V.
	400	7.00%, 05/07/2018 §		414

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

7

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 32.4% - (continued)
		Netherlands - 1.3% - (continued)
		Listrindo Capital B.V
$	200	6.95%, 02/21/2019 ■	$	227
		OSX 3 Leasing B.V
	170	9.25%, 03/20/2015		177
		VimpelCom Holdings B.V
	400	7.50%, 03/01/2022 §		432
				1,742
		Panama - 0.1%
		AES Panama S.A
	115	6.35%, 12/21/2016 §		126
		Peru - 0.8%
		Banco de Credito del Peru/Panama
	190	6.88%, 09/16/2026 ■		220
	361	6.88%, 09/16/2026 §		417
		Corporacion Jose R. Lindley S.A
	87	6.75%, 11/23/2021 ■		100
	210	6.75%, 11/23/2021 §		242
				979
		Philippines - 0.3%
		SM Investments Corp.
	330	5.50%, 10/13/2017		351
		Qatar - 0.5%
		Nakilat, Inc.
	230	6.27%, 12/31/2033 §		282
		Ras Laffan Liquefied Natural Gas Co., Ltd.
	250	5.84%, 09/30/2027 §		303
				585
		Russia - 1.1%
		Gazprom Neft OAO via GPN Capital S.A
	345	4.38%, 09/19/2022 ■		346
		Russian Agricultural Bank OJSC
RUB	13,800	8.70%, 03/17/2016 §		452
		SB Capital S.A
	200	5.72%, 06/16/2021 §		218
		Severstal OAO
	200	5.90%, 10/17/2022 ■		199
		VTB Capital S.A
	225	6.95%, 10/17/2022 ■		232
				1,447
		Singapore - 0.9%
		DBS Group Holdings Ltd.
	450	3.63%, 09/21/2022 ■		464
		Oversea-Chinese Banking Corp., Ltd.
	533	3.75%, 11/15/2022		553
		Yanlord Land Group Ltd.
	200	10.63%, 03/29/2018 §		214
				1,231
		South Africa - 0.3%
		Eskom Holdings Ltd.
ZAR	900	10.01%, 12/31/2018 ○		62
ZAR	2,060	10.63%, 08/18/2027 ○		59
ZAR	700	10.73%, 12/31/2032 ○		13
		Gold Fields Orogen Holding Ltd.
	200	4.88%, 10/07/2020 §		198
		Transnet Ltd.
ZAR	1,000	10.00%, 03/30/2029		122
				454
		South Korea - 1.6%
		Export-Import Bank of Korea
	200	5.00%, 04/11/2022		236
		Korea Development Bank
	400	3.88%, 05/04/2017		434
		Korea Hydro & Nuclear Power Co., Ltd.
	300	6.25%, 06/17/2014 §		323
		Korea National Oil Corp.
	245	3.13%, 04/03/2017 ■		257
	400	3.13%, 04/03/2017 §		420
		Shinhan Bank
	365	6.82%, 09/20/2036		389
				2,059
		Spain - 0.2%
		Cemex Espana Luxembourg
	260	9.25%, 05/12/2020 §		270
		Thailand - 0.6%
		Bangkok Bank PCL
	335	4.80%, 10/18/2020 §		368
		PTT Global Chemical PCL
	200	4.25%, 09/19/2022 ■		206
	200	4.25%, 09/19/2022 ⌂§		205
				779
		Turkey - 0.9%
		Akbank T.A.S
	385	3.88%, 10/24/2017 ■		385
		Turkiye Garanti Bankasi A.S
	410	5.25%, 09/13/2022 ■		424
		Turkiye Is Bankasi
	375	6.00%, 10/24/2022 ■		383
				1,192
		United Arab Emirates - 1.1%
		Abu Dhabi National Energy Co.
	200	5.88%, 12/13/2021 ■		238
	230	5.88%, 12/13/2021 §		274
		Dolphin Energy Ltd.
	200	5.50%, 12/15/2021 ■		232
		DP World Ltd.
	150	6.85%, 07/02/2037 §		164
		IPIC GMTN Ltd.
	250	5.00%, 11/15/2020 §		278
		MDC GMTN B.V
	200	5.50%, 04/20/2021 §		238
				1,424
		United Kingdom - 0.5%
		European Bank for Reconstruction & Development
ZAR	550	8.76%, 12/31/2020 ○		38
		Standard Bank plc
	300	8.13%, 12/02/2019		339
		Vedanta Resources plc
	270	9.50%, 07/18/2018 §		292
				669
		United States - 1.1%
		Cemex Finance LLC
	340	9.38%, 10/12/2022 ■		355
		International Bank for Reconstruction & Development
NGN	44,000	14.50%, 03/28/2013		280

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

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 32.4% - (continued)
		United States - 1.1% - (continued)
		Reliance Holdings USA, Inc.
$	250	4.50%, 10/19/2020 §	$	264
	250	5.40%, 02/14/2022 §		278
		Tingyi (C.I.) Holding Corp.
	200	3.88%, 06/20/2017 §		212
				1,389
		Venezuela - 0.1%
		Petroleos de Venezuela S.A
	85	9.00%, 11/17/2021 §		70
		Total corporate bonds
		(cost $40,120)	$	42,011
FOREIGN GOVERNMENT OBLIGATIONS - 57.8%
		Brazil - 2.3%
		Brazil (Republic of)
BRL	1,954	6.00%, 08/15/2050 ◄	$	1,325
BRL	3,190	10.00%, 01/01/2014 - 01/01/2021		1,655
				2,980
		Colombia - 3.6%
		Colombia (Republic of)
	925	4.25%, 05/17/2017 ■		984
COP	1,038,866	4.25%, 05/17/2017 ◄		617
COP	4,126,800	7.50%, 08/26/2026		2,490
	156	10.00%, 07/25/2024 ■		158
COP	575,200	11.00%, 07/24/2020		411
				4,660
		Ghana - 0.3%
		Ghana (Republic of)
	450	21.00%, 10/29/2015 ■○☼		450
		Greece - 1.2%
		Hellenic Republic
EUR	80	2.00%, 02/24/2030 Δ		24
EUR	5,323	2.00%, 02/24/2026 - 02/24/2042		1,514
				1,538
		Hungary - 7.0%
		Hungary (Republic of)
HUF	418,700	5.50%, 02/12/2014 - 02/12/2016		1,891
HUF	146,760	6.50%, 06/24/2019		665
HUF	652,170	6.75%, 08/22/2014 - 11/24/2017		3,016
HUF	60,380	7.00%, 06/24/2022		277
HUF	294,100	7.50%, 10/24/2013 - 11/12/2020		1,372
HUF	312,330	7.75%, 08/24/2015		1,479
HUF	70,150	8.00%, 02/12/2015		333
				9,033
		Indonesia - 0.9%
		Indonesia (Republic of)
IDR	9,542,000	8.25%, 06/15/2032		1,184
		Israel - 2.2%
		Israel (Government of)
ILS	790	4.25%, 08/31/2016		216
ILS	235	5.00%, 01/31/2020		66
ILS	6,307	5.50%, 01/31/2022 - 01/31/2042		1,755
ILS	205	6.00%, 02/28/2019		61
ILS	2,691	6.25%, 10/30/2026		811
				2,909
		Malaysia - 5.2%
		Malaysia (Government of)
MYR	596	3.42%, 08/15/2022		195
MYR	1,265	3.46%, 07/31/2013		417
MYR	3,869	3.74%, 02/27/2015		1,290
MYR	2,026	4.01%, 09/15/2017		688
MYR	1,815	4.16%, 07/15/2021		624
MYR	1,205	4.23%, 06/30/2031		415
MYR	2,983	4.24%, 02/07/2018		1,025
MYR	2,211	4.26%, 09/15/2016		755
MYR	1,551	4.38%, 11/29/2019		541
MYR	1,190	4.39%, 04/15/2026		422
MYR	1,084	5.09%, 04/30/2014		367
				6,739
		Mexico - 4.9%
		Mexican Bonos De Desarrollo
MXN	7,808	6.00%, 06/18/2015		610
MXN	3,954	7.50%, 06/03/2027		346
MXN	15,567	8.50%, 05/31/2029 - 11/18/2038 ╦		1,473
MXN	15,867	10.00%, 12/05/2024 - 11/20/2036		1,702
		Mexican Udibonos
MXN	4,275	4.00%, 11/15/2040 ◄		414
		United Mexican States
MXN	998	7.75%, 12/14/2017		85
MXN	18,159	8.00%, 12/19/2013 ╦		1,435
MXN	3,085	9.50%, 12/18/2014		257
				6,322
		Nigeria - 0.6%
		Nigeria Treasury Bond
	250	7.00%, 10/25/2019 ■		289
	491	16.00%, 07/02/2019 ■		539
				828
		Peru - 3.2%
		Peru (Republic of)
PEN	2,718	6.85%, 02/12/2042		1,276
PEN	1,384	8.20%, 08/12/2026		730
		Peru Bono Soberano
PEN	2,880	6.90%, 08/12/2037		1,361
PEN	223	6.95%, 08/12/2031		105
PEN	426	7.84%, 08/12/2020		203
PEN	856	8.60%, 08/12/2017		408
				4,083
		Philippines - 2.7%
		Philippines (Republic of)
PHP	11,360	4.63%, 07/05/2017		281
PHP	34,050	5.00%, 08/18/2018		854
PHP	25,890	5.75%, 10/20/2021		679
PHP	11,960	5.88%, 01/31/2018		312
PHP	2,925	6.38%, 01/19/2022		80
PHP	4,870	6.50%, 04/28/2021		134
PHP	14,620	7.38%, 03/03/2021		423
PHP	23,010	8.13%, 12/16/2035		717
				3,480

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

9

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬					Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 57.8% - (continued)
		Poland - 7.3%
		Poland (Republic of)
PLN	4,800	5.00%, 04/25/2016			$	1,552
PLN	5,836	5.25%, 04/25/2013 - 10/25/2020				1,897
PLN	1,220	5.50%, 10/25/2019				410
PLN	14,376	5.75%, 04/25/2014 - 04/25/2029				4,853
PLN	2,075	6.25%, 10/24/2015				691
						9,403
		Russia - 3.2%
		Russia (Federation of)
RUB	75,000	7.85%, 03/10/2018 §				2,560
	1,600	8.15%, 02/03/2027 ■Δ				1,639
						4,199
		South Africa - 6.7%
		South Africa (Republic of)
ZAR	3,305	2.75%, 01/31/2022 ◄				437
ZAR	21,332	6.25%, 03/31/2036				1,900
ZAR	8,003	6.50%, 02/28/2041				723
ZAR	21,945	7.00%, 02/28/2031				2,221
ZAR	5,420	7.75%, 02/28/2023				652
ZAR	1,885	8.00%, 12/21/2018				238
ZAR	7,728	8.25%, 09/15/2017 ‡				981
ZAR	6,875	8.75%, 02/28/2048				792
ZAR	5,425	10.50%, 12/21/2026				773
						8,717
		South Korea - 1.4%
		Korea (Republic of)
KRW	1,267,340	3.50%, 03/10/2017 ╦				1,193
KRW	414,580	4.00%, 09/10/2015				392
KRW	195,180	5.25%, 09/10/2015				191
						1,776
		Turkey - 5.1%
		Turkey (Republic of)
TRY	2,593	2.50%, 05/04/2016 ◄				1,541
TRY	2,828	3.00%, 02/23/2022 ◄				1,745
TRY	3,747	4.00%, 04/29/2015 - 04/01/2020 ◄				2,347
TRY	1,188	4.50%, 02/11/2015 ◄				727
TRY	305	9.00%, 01/27/2016				179
						6,539
		Total foreign government obligations
		(cost $72,324)			$	74,840
		Total long-term investments
		(cost $112,444)			$	116,851
SHORT-TERM INVESTMENTS - 6.8%
		Repurchase Agreements - 6.8%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,578, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $1,609)
$	1,578	0.30%, 10/31/2012			$	1,578
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $642, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $655)
	642	0.25%, 10/31/2012				642
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,105, collateralized by FNMA 2.50%, 2027, value of $1,127)
	1,105	0.35%, 10/31/2012				1,105
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $420, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $428)
	420	0.35%, 10/31/2012				420
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,949, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $1,986)
	1,949	0.28%, 10/31/2012				1,949
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,471, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $2,520)
	2,470	0.25%, 10/31/2012				2,470
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $11, collateralized by U.S. Treasury Note 8.13%, 2019, value of $11)
	11	0.25%, 10/31/2012				11
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $573, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $584)
	573	0.30%, 10/31/2012				573
						8,748
		Total short-term investments
		(cost $8,748)			$	8,748
		Total investments
		(cost $121,192) ▲	97.0	%	$	125,599
		Other assets and liabilities	3.0	%		3,862
		Total net assets	100.0	%	$	129,461

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

10

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

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $121,196 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	5,047
Unrealized Depreciation		(644	)
Net Unrealized Appreciation	$	4,403

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $13,200, which represents 10.2% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $26,749, which represents 20.7% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
09/2012	$	250	Israel Electric Corp. Ltd., 7.75%, 12/15/2027 - Reg S	$	265
09/2012		200	Itau Unibanco Holding S.A., 6.20%, 12/21/2021 - Reg S		215
10/2012		200	Mexichem S.A.B. de C.V., 4.88%, 09/19/2022 - Reg S		212
10/2012		200	PTT Global Chemical PCL, 4.25%, 09/19/2022 - Reg S		206
10/2012		200	Sino Ltd., 3.25%, 09/21/2017 - Reg S		202

At October 31, 2012, the aggregate value of these securities was $1,114, which represents 0.9% of total net assets.

♠ Perpetual maturity security.  Maturity date shown is the first call date.

◄ The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $450 at October 31, 2012.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $310 was received from broker(s) as collateral in connection with swap contracts.  Securities valued at $571, held on behalf of the Fund at the custody bank, were received from broker(s) as collateral in connection with swap contracts.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
ARS	Sell	08/30/2013	BOA	$	47	$	46	$	1
ARS	Sell	08/30/2013	BOA		413		423		(10	)
AUD	Buy	12/19/2012	CSFB		134		134		–
AUD	Sell	12/19/2012	BCLY		1,279		1,261		18
AUD	Sell	12/19/2012	BOA		71		72		(1	)

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

11

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
AUD	Sell	12/19/2012	JPM	$	620	$	620	$	–
AUD	Sell	12/19/2012	WEST		696		698		(2	)
BRL	Buy	11/14/2012	BCLY		396		400		4
BRL	Buy	11/14/2012	BOA		71		71		–
BRL	Buy	12/04/2012	BOA		121		120		(1	)
BRL	Buy	12/04/2012	CBK		140		140		–
BRL	Buy	11/05/2012	GSC		170		170		–
BRL	Buy	12/04/2012	GSC		112		113		1
BRL	Buy	12/04/2012	JPM		213		213		–
BRL	Buy	12/19/2012	JPM		200		200		–
BRL	Buy	11/05/2012	MSC		170		170		–
BRL	Buy	12/04/2012	MSC		7,947		8,100		153
BRL	Buy	12/04/2012	MSC		169		169		–
BRL	Buy	11/09/2012	UBS		721		730		9
BRL	Buy	12/04/2012	UBS		485		488		3
BRL	Sell	11/05/2012	GSC		170		170		–
BRL	Sell	12/19/2012	GSC		95		95		–
BRL	Sell	11/05/2012	MSC		170		170		–
BRL	Sell	12/04/2012	MSC		1,860		1,896		(36	)
CAD	Buy	12/19/2012	CSFB		609		610		1
CAD	Sell	12/19/2012	CBK		82		80		2
CAD	Sell	12/19/2012	JPM		241		240		1
CAD	Sell	12/19/2012	RBC		2,269		2,200		69
CLP	Buy	12/19/2012	UBS		222		221		(1	)
CLP	Buy	06/06/2013	UBS		5,293		5,325		32
CLP	Buy	10/22/2013	UBS		5,351		5,285		(66	)
CLP	Sell	12/19/2012	BOA		1,266		1,250		16
CLP	Sell	12/06/2012	UBS		5,406		5,454		(48	)
CLP	Sell	12/19/2012	UBS		1,190		1,185		5
CLP	Sell	04/22/2013	UBS		5,461		5,400		61
CNY	Buy	12/05/2012	JPM		4,658		4,684		26
CNY	Buy	12/19/2012	JPM		2,157		2,184		27
CNY	Buy	11/14/2014	JPM		2,549		2,554		5
CNY	Sell	12/05/2012	BCLY		4,506		4,589		(83	)
CNY	Sell	11/14/2014	DEUT		823		803		20
CNY	Sell	12/05/2012	JPM		95		96		(1	)
CNY	Sell	12/19/2012	JPM		2,164		2,185		(21	)
CNY	Sell	11/14/2014	JPM		1,800		1,751		49
COP	Buy	12/19/2012	CBK		3,614		3,571		(43	)
COP	Buy	12/19/2012	CSFB		254		252		(2	)
COP	Buy	12/19/2012	GSC		91		90		(1	)
COP	Buy	12/19/2012	UBS		1,555		1,552		(3	)
COP	Sell	12/19/2012	BNP		417		411		6
COP	Sell	11/09/2012	BOA		229		226		3
COP	Sell	12/19/2012	BOA		425		418		7
COP	Sell	12/19/2012	CBK		5,619		5,552		67
COP	Sell	12/19/2012	CSFB		95		94		1
COP	Sell	11/14/2012	UBS		406		402		4
COP	Sell	12/19/2012	UBS		182		179		3
CZK	Buy	12/19/2012	BNP		89		86		(3	)
CZK	Sell	12/19/2012	BNP		1,053		1,015		38
CZK	Sell	12/19/2012	BOA		72		72		–
EGP	Buy	01/22/2013	CBK		753		752		(1	)
EGP	Buy	12/11/2012	JPM		433		486		53
EUR	Buy	12/19/2012	CBK		79		78		(1	)
EUR	Buy	12/19/2012	DEUT		135		135		–
EUR	Buy	11/21/2012	JPM		717		752		35
EUR	Buy	12/19/2012	JPM		4,616		4,615		(1	)

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

12

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
EUR	Sell	12/19/2012	BCLY	$	43	$	43	$	–
EUR	Sell	11/30/2012	BNP		96		96		–
EUR	Sell	12/19/2012	CBK		2,165		2,161		4
EUR	Sell	02/07/2013	CBK		679		662		17
EUR	Sell	05/06/2013	CBK		665		660		5
EUR	Sell	05/06/2013	CBK		364		370		(6	)
EUR	Sell	08/13/2013	CBK		470		488		(18	)
EUR	Sell	12/19/2012	DEUT		1,138		1,141		(3	)
EUR	Sell	12/19/2012	GSC		73		73		–
EUR	Sell	11/09/2012	JPM		645		674		(29	)
EUR	Sell	12/19/2012	JPM		208		208		–
EUR	Sell	12/19/2012	UBS		2,312		2,315		(3	)
GBP	Buy	12/19/2012	CSFB		178		177		(1	)
GBP	Sell	12/19/2012	DEUT		178		177		1
HRK	Sell	12/19/2012	JPM		1,215		1,200		15
HRK	Sell	12/19/2012	JPM		74		74		–
HUF	Buy	12/19/2012	BCLY		92		92		–
HUF	Buy	12/19/2012	CSFB		59		60		1
HUF	Buy	12/19/2012	DEUT		841		833		(8	)
HUF	Buy	12/19/2012	GSC		193		193		–
HUF	Buy	12/19/2012	GSC		842		833		(9	)
HUF	Buy	12/19/2012	JPM		126		124		(2	)
HUF	Buy	12/19/2012	UBS		1,336		1,334		(2	)
HUF	Sell	12/19/2012	BOA		384		389		(5	)
HUF	Sell	12/19/2012	DEUT		2,846		2,826		20
HUF	Sell	12/19/2012	GSC		2,242		2,218		24
HUF	Sell	11/30/2012	JPM		410		407		3
HUF	Sell	10/29/2013	JPM		781		769		12
IDR	Buy	11/21/2012	BOA		240		240		–
IDR	Buy	12/19/2012	BOA		251		252		1
IDR	Buy	12/19/2012	DEUT		1,710		1,689		(21	)
IDR	Buy	11/21/2012	GSC		115		114		(1	)
IDR	Buy	12/19/2012	JPM		553		554		1
IDR	Buy	12/19/2012	JPM		141		141		–
IDR	Buy	11/21/2012	SCB		204		205		1
IDR	Buy	11/21/2012	SCB		500		500		–
IDR	Buy	11/21/2012	UBS		7,755		7,721		(34	)
IDR	Buy	12/19/2012	UBS		524		526		2
IDR	Sell	12/19/2012	DEUT		1,108		1,110		(2	)
IDR	Sell	12/05/2012	JPM		201		203		(2	)
IDR	Sell	12/19/2012	UBS		391		393		(2	)
ILS	Buy	11/01/2012	SSG		5		5		–
ILS	Sell	12/19/2012	BCLY		406		409		(3	)
ILS	Sell	12/19/2012	GSC		2,650		2,665		(15	)
ILS	Sell	12/19/2012	JPM		89		87		2
INR	Buy	12/19/2012	BCLY		599		601		2
INR	Buy	12/19/2012	BCLY		1,931		1,910		(21	)
INR	Buy	12/19/2012	DEUT		91		89		(2	)
INR	Buy	12/19/2012	JPM		140		139		(1	)
INR	Sell	12/19/2012	DEUT		219		215		4
ISN	Buy	02/07/2013	CBK		716		676		(40	)
ISN	Buy	05/06/2013	CBK		903		929		26
ISN	Buy	05/06/2013	CBK		133		132		(1	)
ISN	Buy	08/13/2013	CBK		485		508		23
JPY	Buy	12/19/2012	SCB		623		624		1
JPY	Buy	12/19/2012	WEST		437		431		(6	)
JPY	Sell	12/19/2012	JPM		232		231		1
JPY	Sell	12/19/2012	WEST		2,154		2,096		58

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

13

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
KRW	Buy	12/20/2012	JPM	$	258	$	268	$	10
KRW	Sell	12/20/2012	BCLY		271		277		(6	)
KRW	Sell	12/20/2012	JPM		1,533		1,590		(57	)
KZT	Sell	11/20/2012	CBK		1,046		1,043		3
KZT	Sell	11/20/2012	CSFB		62		62		–
KZT	Sell	11/20/2012	JPM		75		75		–
KZT	Sell	11/20/2012	JPM		90		90		–
MAD	Sell	01/22/2013	BCLY		93		93		–
MAD	Sell	12/06/2012	CBK		117		117		–
MAD	Sell	12/06/2012	CBK		234		238		(4	)
MAD	Sell	01/22/2013	CBK		115		115		–
MAD	Sell	01/22/2013	CBK		104		105		(1	)
MAD	Sell	12/06/2012	JPM		320		329		(9	)
MAD	Sell	01/22/2013	JPM		106		106		–
MAD	Sell	01/22/2013	JPM		162		163		(1	)
MXN	Buy	12/19/2012	BOA		119		117		(2	)
MXN	Buy	12/19/2012	CBK		287		283		(4	)
MXN	Buy	12/19/2012	CSFB		265		264		(1	)
MXN	Buy	11/01/2012	JPM		–		–		–
MXN	Buy	12/19/2012	JPM		9,547		9,537		(10	)
MXN	Buy	12/19/2012	RBC		316		311		(5	)
MXN	Buy	12/19/2012	UBS		384		378		(6	)
MXN	Sell	12/19/2012	BCLY		3		3		–
MXN	Sell	12/19/2012	JPM		2,901		2,889		12
MXN	Sell	12/19/2012	MSC		213		210		3
MXN	Sell	12/19/2012	RBC		420		413		7
MYR	Buy	12/19/2012	BCLY		144		144		–
MYR	Buy	12/19/2012	BOA		163		164		1
MYR	Buy	12/19/2012	DEUT		218		219		1
MYR	Buy	12/19/2012	JPM		244		246		2
MYR	Buy	12/19/2012	UBS		8,142		8,248		106
MYR	Buy	11/01/2012	WEST		686		712		26
MYR	Buy	12/19/2012	WEST		707		710		3
MYR	Sell	12/19/2012	CSFB		459		461		(2	)
MYR	Sell	11/30/2012	JPM		699		701		(2	)
MYR	Sell	12/19/2012	UBS		2,572		2,606		(34	)
MYR	Sell	11/01/2012	WEST		708		712		(4	)
NGN	Sell	12/19/2012	JPM		495		502		(7	)
NOK	Buy	12/19/2012	JPM		88		88		–
NOK	Buy	12/19/2012	UBS		2,258		2,281		23
NOK	Sell	12/19/2012	CSFB		550		557		(7	)
NOK	Sell	12/19/2012	JPM		550		557		(7	)
NZD	Sell	12/19/2012	BOA		747		750		(3	)
NZD	Sell	12/19/2012	CBA		1,140		1,143		(3	)
PEN	Buy	12/19/2012	BNP		117		117		–
PEN	Buy	12/19/2012	BOA		134		134		–
PEN	Buy	12/19/2012	BOA		72		71		(1	)
PEN	Buy	12/19/2012	CBK		3,278		3,306		28
PEN	Buy	12/19/2012	SSG		80		80		–
PEN	Sell	12/19/2012	CBK		2,407		2,427		(20	)
PEN	Sell	12/19/2012	CSFB		442		444		(2	)
PEN	Sell	12/19/2012	JPM		137		138		(1	)
PEN	Sell	12/19/2012	SSG		693		696		(3	)
PHP	Buy	12/19/2012	UBS		78		79		1
PHP	Sell	07/03/2013	CBK		76		78		(2	)
PHP	Sell	08/06/2013	DEUT		1,113		1,132		(19	)
PHP	Sell	12/19/2012	GSC		1,782		1,784		(2	)
PHP	Sell	12/19/2012	JPM		140		140		–

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

14

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
PHP	Sell	07/03/2013	JPM	$	1,003	$	1,028	$	(25	)
PHP	Sell	08/06/2013	JPM		300		306		(6	)
PHP	Sell	12/19/2012	SCB		194		197		(3	)
PHP	Sell	07/03/2013	SCB		840		863		(23	)
PLN	Buy	12/19/2012	BNP		8,048		7,881		(167	)
PLN	Buy	12/19/2012	CBK		205		207		2
PLN	Buy	12/19/2012	CSFB		316		315		(1	)
PLN	Buy	12/19/2012	DEUT		243		241		(2	)
PLN	Buy	12/19/2012	JPM		445		439		(6	)
PLN	Sell	12/19/2012	BNP		4,387		4,287		100
PLN	Sell	12/19/2012	BNP		223		223		–
PLN	Sell	12/19/2012	CBK		608		608		–
PLN	Sell	12/19/2012	MSC		850		844		6
RON	Sell	11/21/2012	BOA		71		71		–
RON	Sell	11/21/2012	JPM		1,152		1,198		(46	)
RUB	Buy	11/21/2012	BOA		120		119		(1	)
RUB	Buy	12/19/2012	BOA		58		58		–
RUB	Buy	12/19/2012	CBK		6,424		6,328		(96	)
RUB	Buy	11/21/2012	CSFB		653		671		18
RUB	Buy	12/19/2012	CSFB		565		563		(2	)
RUB	Buy	12/19/2012	JPM		410		405		(5	)
RUB	Buy	12/19/2012	UBS		80		80		–
RUB	Sell	12/19/2012	JPM		1,569		1,541		28
RUB	Sell	12/19/2012	JPM		1,589		1,591		(2	)
SGD	Sell	12/19/2012	DEUT		118		119		(1	)
SGD	Sell	12/19/2012	GSC		918		918		–
SGD	Sell	12/19/2012	JPM		236		237		(1	)
THB	Buy	12/19/2012	BOA		119		119		–
THB	Buy	12/19/2012	CBK		3,362		3,410		48
THB	Buy	11/07/2012	JPM		1,363		1,404		41
THB	Buy	12/19/2012	JPM		287		287		–
THB	Buy	12/19/2012	JPM		3,851		3,849		(2	)
TND	Buy	01/22/2013	BCLY		105		104		(1	)
TND	Buy	12/06/2012	CBK		234		237		3
TND	Buy	12/06/2012	CBK		116		116		–
TND	Buy	01/22/2013	CBK		103		104		1
TND	Buy	01/22/2013	CBK		115		114		(1	)
TND	Buy	12/06/2012	JPM		320		326		6
TND	Buy	01/22/2013	JPM		262		262		–
TRY	Buy	12/19/2012	BOA		7,178		7,224		46
TRY	Buy	11/30/2012	CBK		44		44		–
TRY	Buy	12/19/2012	CBK		115		116		1
TRY	Buy	06/04/2013	DEUT		1,967		2,144		177
TRY	Buy	12/19/2012	JPM		217		219		2
TRY	Buy	12/19/2012	UBS		344		347		3
TRY	Sell	12/19/2012	BNP		168		169		(1	)
TRY	Sell	12/19/2012	BOA		1,956		1,969		(13	)
TRY	Sell	11/02/2012	CBK		44		44		–
TRY	Sell	12/19/2012	CBK		201		202		(1	)
TRY	Sell	12/19/2012	MSC		418		423		(5	)
ZAR	Buy	12/19/2012	CSFB		456		444		(12	)
ZAR	Buy	12/19/2012	GSC		5,015		4,794		(221	)
ZAR	Buy	12/19/2012	JPM		950		942		(8	)
ZAR	Buy	12/19/2012	UBS		326		327		1
ZAR	Buy	12/19/2012	UBS		624		620		(4	)
ZAR	Sell	12/19/2012	BNP		662		656		6
ZAR	Sell	12/19/2012	CSFB		295		282		13
ZAR	Sell	12/19/2012	DEUT		380		382		(2	)

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

15

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
ZAR	Sell	12/19/2012	GSC	$	2,286	$	2,185	$	101
ZAR	Sell	12/19/2012	JPM		295		282		13
ZAR	Sell	12/19/2012	JPM		708		709		(1	)
ZAR	Sell	12/19/2012	RBC		360		344		16
								$	356

Credit Default Swap Contracts Outstanding at October 31, 2012

Reference Entity		Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)		Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices:
Buy protection:
CDX.LATAM.CORP.18		GSC	$	1,745		(5.00)%	12/20/17	$	(145	)	$	(140	)	$	5
ITRX.CEEMEA.CORP.18		CBK		2,030		(1.00)%	12/20/17		137			138			1
Total								$	(8	)	$	(2	)	$	6
Credit default swaps on single-name issues:
Buy protection:
China (People's Republic of)		BCLY	$	580		(1.00)% / 0.65%	09/20/17	$	12		$	(10	)	$	(22	)
China (People's Republic of)		BCLY		650		(1.00)% / 0.69%	12/20/17		(8	)		(10	)		(2	)
China (People's Republic of)		BOA		465		(1.00)% / 0.69%	12/20/17		(6	)		(8	)		(2	)
China (People's Republic of)		DEUT		1,166		(1.00)% / 0.65%	09/20/17		–			(20	)		(20	)
Malaysia (Government of)		DEUT		615		(1.00)% / 0.67%	06/20/17		13			(9	)		(22	)
Malaysia (Government of)		DEUT		58		(1.00)% / 0.71%	06/20/17		1			(1	)		(2	)
Total								$	12		$	(58	)	$	(70	)
Sell protection:	��
China (People's Republic of)		BCLY	$	650		1.00% / 0.19%	12/20/14	$	11		$	11		$	–
China (People's Republic of)		BOA		451		1.00% / 0.19%	12/20/14		8			8			–
China (People's Republic of)		DEUT		1,100		1.00% / 0.18%	09/20/14		15			17			2
Indonesia (Republic of)		DEUT		310		1.00% / 1.15%	06/20/17		(22	)		(2	)		20
Indonesia (Republic of)		DEUT		42		1.00% / 1.24%	09/20/17		(1	)		–			1
Philippines (Republic of)		DEUT		310		1.00% / 0.91%	06/20/17		(15	)		1			16
Philippines (Republic of)		DEUT		33		1.00% / 0.97%	09/20/17		(1	)		–			1
Total								$	(5	)	$	35		$	40
Total single name issues								$	7		$	(23	)	$	(30	)
								$	(1	)	$	(25	)	$	(24	)

(a)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.  Notional shown in U.S. dollars unless otherwise noted.

(b)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign government issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative.  The implied credit spread of a particular entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement.  Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on October 31, 2012.  For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

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

16

Cross Currency Swap Contracts Outstanding at October 31, 2012

Counterparty	Payments made by Fund	Payments received by Fund	Notional Amount of Currency Received		Notional Amount of Currency Paid		Expiration Date (a)	Upfront Premiums Paid/ (Received)		Market Value ╪			Unrealized Appreciation/ (Depreciation)
DEUT	6.70% Fixed TRY	3M LIBOR USD	$	206	$	381	01/17/2022	$	–	$	(1	)	$	(1	)
DEUT	6.80% Fixed TRY	3M LIBOR USD		415		765	01/17/2022		–		(2	)		(2	)
DEUT	6.85% Fixed TRY	3M LIBOR USD		209		384	01/17/2022		–		(2	)		(2	)
								$	–	$	(5	)	$	(5	)

(a) At the expiration date, the notional amount of the currency received will be exchanged back for the notional amount of the currency paid.

Interest Rate Swap Contracts Outstanding at October 31, 2012

Counterparty

Payments made by Fund

Payments received by Fund

Notional Amount *

Expiration Date

Upfront Premiums Paid/ (Received)

Market Value ╪

Unrealized Appreciation/ (Depreciation)

BCLY

3.05% Fixed

KRW CD KSDA

KRW

1,085,714

09/06/22

–

4

4

BCLY

3.44% Fixed

KRW CD KSDA

KRW

264,538

07/03/22

–

(10

)

(10

)

BCLY

3.69% Fixed

KRW CD KSDA

KRW

99,625

08/12/31

–

(8

)

(8

)

BCLY

3M TELBOR

3.85% Fixed

ILS

3,969

10/03/22

–

10

10

BCLY

3M TELBOR

4.11% Fixed

ILS

1,680

02/02/22

–

17

17

BOA

BZDIOVRA

8.23% Fixed

BRL

7,941

01/02/15

–

43

43

BOA

BZDIOVRA

9.35% Fixed

BRL

2,226

01/04/21

–

45

45

DEUT

2.12% Fixed

6M CZK PRIBOR Reference Banks

CZK

3,095

10/06/21

–

(9

)

(9

)

DEUT

3.10% Fixed

KRW CD KSDA

KRW

1,003,708

08/31/32

–

–

–

DEUT

3.27% Fixed

KRW CD KSDA

KRW

7,547,086

08/23/22

–

(36

)

(36

)

DEUT

3.71% Fixed

KRW CD KSDA

KRW

275,100

11/03/31

–

(23

)

(23

)

DEUT

3.79% Fixed

KRW CD KSDA

KRW

598,543

04/03/22

–

(39

)

(39

)

DEUT

3M Malaysia IB Offer Rate

3.17% Fixed

MYR

3,624

07/11/17

–

(5

)

(5

)

DEUT

3M TELBOR

4.13% Fixed

ILS

1,680

02/02/22

–

18

18

DEUT

3M TELBOR

4.41% Fixed

ILS

1,415

05/04/22

–

22

22

DEUT

5.10% Fixed

MXIBTIIE

MXN

19,965

07/03/17

–

20

20

DEUT

5.10% Fixed

MXIBTIIE

MXN

19,558

07/06/17

–

19

19

DEUT

6M THBFIX

3.31% Fixed

THB

59,590

09/28/17

–

22

22

DEUT

7.38% Fixed

BZDIOVRA

BRL

15,653

07/01/13

–

(13

)

(13

)

DEUT

BZDIOVRA

10.11% Fixed

BRL

2,237

01/04/21

–

126

126

DEUT

BZDIOVRA

10.50% Fixed

BRL

333

01/02/17

–

18

18

DEUT

BZDIOVRA

10.55% Fixed

BRL

692

01/02/17

–

38

38

DEUT

BZDIOVRA

10.61% Fixed

BRL

347

01/02/17

–

20

20

DEUT

BZDIOVRA

10.66% Fixed

BRL

173

01/04/21

–

15

15

DEUT

KRW CD KSDA

2.65% Fixed

KRW

4,961,760

09/06/15

–

(9

)

(9

)

DEUT

KRW CD KSDA

2.73% Fixed

KRW

4,961,445

09/03/15

–

1

1

DEUT

MXIBTIIE

7.42% Fixed

MXN

1,085

10/03/31

–

7

7

GSC

1.77% Fixed

6M CZK PRIBOR Reference Banks

CZK

5,310

06/14/22

–

(6

)

(6

)

GSC

1.80% Fixed

6M CZK PRIBOR Reference Banks

CZK

11,125

04/06/17

–

(21

)

(21

)

GSC

1.99% Fixed

CLICP Camara

CLP

114,070

09/24/17

–

(1

)

(1

)

GSC

2.13% Fixed

CLICP Camara

CLP

120,660

09/10/17

–

1

1

GSC

2.13% Fixed

CLICP Camara

CLP

115,952

10/23/17

–

1

1

GSC

2.18% Fixed

6M CZK PRIBOR Reference Banks

CZK

27,050

06/08/22

–

(8

)

(8

)

GSC

2.23% Fixed

6M CZK PRIBOR Reference Banks

CZK

40,358

09/07/22

–

(12

)

(12

)

GSC

3M JIBAR

7.00% Fixed

ZAR

7,109

08/21/27

–

(30

)

(30

)

GSC

4.94% Fixed

MXIBTIIE

MXN

44,933

10/28/13

–

2

2

GSC

5.43% Fixed

CLICP Camara

CLP

364,765

09/05/22

–

10

10

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

17

The Hartford Emerging Markets Local Debt Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Interest Rate Swap Contracts Outstanding at October 31, 2012  - (continued)

Counterparty

Payments made by Fund

Payments received by Fund

Notional Amount *

Expiration Date

Upfront Premiums Paid/ (Received)

Market Value ╪

Unrealized Appreciation/ (Depreciation)

GSC

5.44% Fixed

CLICP Camara

CLP

321,215

09/06/22

$

–

$

9

$

9

GSC

6M WIBOR PLN

4.48% Fixed

PLN

3,135

08/10/22

–

8

8

GSC

6M WIBOR PLN

4.49% Fixed

PLN

3,132

08/10/22

–

9

9

GSC

6M WIBOR PLN

4.73% Fixed

PLN

1,771

06/20/17

–

13

13

GSC

BZDIOVRA

10.64% Fixed

BRL

2,177

01/02/17

–

36

36

GSC

BZDIOVRA

9.46% Fixed

BRL

2,720

01/03/23

–

65

65

GSC

CLICP Camara

5.02% Fixed

CLP

120,700

09/10/17

–

(1

)

(1

)

GSC

CLICP Camara

5.13% Fixed

CLP

124,860

10/23/17

–

–

–

GSC

CLICP Camara

5.16% Fixed

CLP

114,105

09/24/17

–

1

1

GSC

MXIBTIIE

6.76% Fixed

MXN

5,071

09/07/32

–

(1

)

(1

)

GSC

MXIBTIIE

7.45% Fixed

MXN

3,265

10/07/31

–

23

23

JPM

1.73% Fixed

6M CZK PRIBOR Reference Banks

CZK

13,830

06/08/22

–

(13

)

(13

)

JPM

1.77% Fixed

6M CZK PRIBOR Reference Banks

CZK

8,855

06/14/22

–

(10

)

(10

)

JPM

2.18% Fixed

6M CZK PRIBOR Reference Banks

CZK

12,640

08/21/22

–

(3

)

(3

)

JPM

2.23% Fixed

6M CZK PRIBOR Reference Banks

CZK

12,645

08/21/22

–

(4

)

(4

)

JPM

2.25% Fixed

6M CZK PRIBOR Reference Banks

CZK

18,965

08/21/22

–

(7

)

(7

)

JPM

2.30% Fixed

6M CZK PRIBOR Reference Banks

CZK

33,954

08/21/22

–

(17

)

(17

)

JPM

2.32% Fixed

6M CZK PRIBOR Reference Banks

CZK

6,940

08/21/22

–

(4

)

(4

)

JPM

2.34% fixed

6M CZK PRIBOR Reference Banks

CZK

15,650

05/21/22

–

(11

)

(11

)

JPM

2.39% Fixed

6M CZK PRIBOR Reference Banks

CZK

11,440

05/21/22

–

(10

)

(10

)

JPM

3M TELBOR

2.77% Fixed

ILS

3,280

08/14/17

–

6

6

JPM

3M TELBOR

2.78% Fixed

ILS

4,470

04/04/14

–

13

13

JPM

3M TELBOR

4.24% Fixed

ILS

625

01/02/22

–

8

8

JPM

3M TELBOR

4.43% Fixed

ILS

2,605

04/27/22

–

42

42

JPM

3M TELBOR

4.49% Fixed

ILS

1,240

09/23/21

–

23

23

JPM

4.13% Fixed

KRW CD KSDA

KRW

371,000

06/21/31

–

(52

)

(52

)

JPM

6M WIBOR PLN

4.53% Fixed

PLN

2,525

08/21/22

–

(1

)

(1

)

JPM

6M WIBOR PLN

4.58% Fixed

PLN

2,525

08/21/22

–

–

–

JPM

6M WIBOR PLN

4.60% Fixed

PLN

3,785

08/21/22

–

1

1

JPM

6M WIBOR PLN

4.64% Fixed

PLN

3,635

08/21/22

–

3

3

JPM

6M WIBOR PLN

4.67% Fixed

PLN

1,390

08/21/22

–

2

2

JPM

6M WIBOR PLN

4.87% Fixed

PLN

3,390

05/21/22

–

13

13

JPM

6M WIBOR PLN

4.89% Fixed

PLN

2,470

05/21/22

–

10

10

MSC

2.20% Fixed

6M CZK PRIBOR Reference Banks

CZK

7,090

01/02/22

–

(23

)

(23

)

MSC

2.23% Fixed

6M CZK PRIBOR Reference Banks

CZK

11,090

09/16/21

–

(37

)

(37

)

MSC

2.34% Fixed

6M CZK PRIBOR Reference Banks

CZK

6,335

09/16/21

–

(24

)

(24

)

MSC

2.58% Fixed

6M CZK PRIBOR Reference Banks

CZK

8,000

05/09/22

–

(10

)

(10

)

MSC

2.60% Fixed

6M CZK PRIBOR Reference Banks

CZK

34,520

05/09/22

–

(47

)

(47

)

MSC

3M TELBOR

2.72% Fixed

ILS

5,280

01/23/15

–

19

19

MSC

3M TELBOR

4.33% Fixed

ILS

510

02/10/22

–

7

7

$

–

$

265

$

265

* Notional shown in U.S. dollars unless otherwise noted.

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

18

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

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
BNP	BNP Paribas Securities
BOA	Banc of America Securities LLC
CBA	Commonwealth Bank of Australia
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
SSG	State Street Global Markets LLC
UBS	UBS AG
WEST	Westpac International

Currency Abbreviations:
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
EGP	Egyptian Pound
EUR	EURO
GBP	British Pound
HRK	Croatian Kuna
HUF	Hungarian Forint
IDR	Indonesian New Rupiah
ILS	Israeli New Shekel
INR	Indian Rupee
ISN	Icelandic Krona
JPY	Japanese Yen
KRW	South Korean Won
KZT	Kazakhstani Tenge
MAD	Moroccan Dirham
MXN	Mexican New Peso
MYR	Malaysian Ringgit
NGN	Nigerian Naira
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PHP	Philippine Peso
PLN	Polish New Zloty
RON	New Romanian Leu
RUB	New Ruble
SGD	Singapore Dollar
THB	Thai Baht
TND	Tunisia Dinar
TRY	Turkish New Lira
ZAR	South African Rand
ZMK	Zambian Kwacha

Index Abbreviations:
CDX.LATAM.CORP	Credit Derivatives Latin American Corporate
ITRX.CEEMEA.CORP	Markit iTraxx - Central and Eastern Europe, Middle East and Africa Corporate
JSE	Johannesburg Stock Exhange

Other Abbreviations:
BZDIOVRA	Brazil Cetip Interbank Deposit Rate
CLICP	Sinacofi Chile Interbank Offered Rate
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
IB	International Bank
JIBAR	Johannesburg Interbank Agreed Rate
KSDA	Korea Securities Dealers Association
LIBOR	London Interbank Offered Rate
MXIBTIIE	Mexico Interbank Equilibrium Interest Rate
PRIBOR	Prague Interbank Offered Rate
TELBOR	Tel Aviv Interbank Offered Rate
THBFIX	Thai Baht Interest Rate Fixing
WIBOR	Warsaw Interbank Offered Rate

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

19

The Hartford Emerging Markets Local Debt Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Corporate Bonds		42,011		–		41,223		788
Foreign Government Obligations		74,840		–		70,781		4,059
Short-Term Investments		8,748		–		8,748		–
Total	$	125,599	$	–	$	120,752	$	4,847
Credit Default Swaps *		46		–		46		–
Foreign Currency Contracts *		1,802		–		1,802		–
Interest Rate Swaps *		770		–		770		–
Total	$	2,618	$	–	$	2,618	$	–
Liabilities:
Credit Default Swaps *		70		–		70		–
Cross Currency Swaps *		5		–		5		–
Foreign Currency Contracts *		1,446		–		1,446		–
Interest Rate Swaps *		505		–		505		–
Total	$	2,026	$	–	$	2,026	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

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

	Balance as of October 31, 2011			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of October 31, 2012
Assets:
Corporate Bonds and Foreign Government Obligations	$	1,535		$	(1	)	$	486	†	$	36	$	4,355	$	(1,081	)	$	—	$	(483	)	$	4,847
Short-Term Investments		130			(11	)		5			1		1		(126	)		—		—			—
Total	$	1,665		$	(12	)	$	491		$	37	$	4,356	$	(1,207	)	$	—	$	(483	)	$	4,847
Swaps‡	$	3		$	—		$	—		$	—	$	—	$	—		$	—	$	(3	)	$	—
Total	$	3		$	—		$	—		$	—	$	—	$	—		$	—	$	(3	)	$	—
Liabilities:
Swaps‡	$	(17	)	$	—		$	—		$	—	$	—	$	—		$	—	$	17		$	—
Total	$	(17	)	$	—		$	—		$	—	$	—	$	—		$	—	$	17		$	—

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $491.

‡ Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/ depreciation on the investment.

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

20

The Hartford Emerging Markets Local Debt Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $121,192)	$	125,599
Cash		1,563
Foreign currency on deposit with custodian (cost $748)		748
Unrealized appreciation on foreign currency contracts		1,802
Unrealized appreciation on swap contracts		816
Receivables:
Investment securities sold		398
Fund shares sold		2,227
Dividends and interest		1,945
Swap premiums paid		197
Other assets		70
Total assets		135,365
Liabilities:
Unrealized depreciation on foreign currency contracts		1,446
Unrealized depreciation on swap contracts		580
Payables:
Investment securities purchased		3,286
Fund shares redeemed		9
Investment management fees		28
Dividends		2
Administrative fees		—
Distribution fees		2
Collateral received from broker		310
Accrued expenses		29
Swap premiums received		198
Other liabilities		14
Total liabilities		5,904
Net assets	$	129,461
Summary of Net Assets:
Capital stock and paid-in-capital	$	124,117
Undistributed net investment income		17
Accumulated net realized gain		306
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		5,021
Net assets	$	129,461
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.02/$10.49
Shares outstanding		2,039
Net assets	$	20,430
Class C: Net asset value per share	$	10.01
Shares outstanding		384
Net assets	$	3,846
Class I: Net asset value per share	$	10.01
Shares outstanding		2,364
Net assets	$	23,655
Class R3: Net asset value per share	$	10.01
Shares outstanding		211
Net assets	$	2,112
Class R4: Net asset value per share	$	10.01
Shares outstanding		209
Net assets	$	2,094
Class R5: Net asset value per share	$	10.01
Shares outstanding		210
Net assets	$	2,103
Class Y: Net asset value per share	$	9.98
Shares outstanding		7,536
Net assets	$	75,221

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

21

The Hartford Emerging Markets Local Debt Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Interest	$	4,461
Less: Foreign tax withheld		(28	)
Total investment income		4,433
Expenses:
Investment management fees		846
Administrative services fees		9
Transfer agent fees		25
Distribution fees
Class A		40
Class C		37
Class R3		10
Class R4		5
Custodian fees		77
Accounting services fees		17
Registration and filing fees		143
Board of Directors' fees		2
Audit fees		12
Other expenses		16
Total expenses (before waivers)		1,239
Expense waivers		(350	)
Total waivers		(350	)
Total expenses, net		889
Net Investment Income		3,544
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		855
Net realized gain on swap contracts		540
Net realized loss on foreign currency contracts		(62	)
Net realized loss on other foreign currency transactions		(344	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		989
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		5,723
Net unrealized appreciation of swap contracts		262
Net unrealized appreciation of foreign currency contracts		761
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		35
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		6,781
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		7,770
Net Increase in Net Assets Resulting from Operations	$	11,314

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

22

The Hartford Emerging Markets Local Debt Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the  Year Ended  October 31, 2012			For the Period May 31, 2011*  through  October 31, 2011
Operations:
Net investment income	$	3,544		$	563
Net realized gain (loss) on investments, other financial instruments and foreign currency transactions		989			(1,493	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		6,781			(1,760	)
Net Increase (Decrease) In Net Assets Resulting From Operations		11,314			(2,690	)
Distributions to Shareholders:
From net investment income
Class A		(522	)		(129	)
Class C		(91	)		(25	)
Class I		(623	)		(56	)
Class R3		(56	)		(19	)
Class R4		(61	)		(21	)
Class R5		(67	)		(24	)
Class Y		(1,485	)		(108	)
Total from net investment income		(2,905	)		(382	)
From tax return of capital
Class A		—			(23	)
Class C		—			(5	)
Class I		—			(10	)
Class R3		—			(4	)
Class R4		—			(4	)
Class R5		—			(4	)
Class Y		—			(20	)
Total from tax return of capital		—			(70	)
Total distributions		(2,905	)		(452	)
Capital Share Transactions:
Class A		1,200			19,127
Class C		(608	)		4,471
Class I		13,211			9,368
Class R3		61			2,044
Class R4		61			2,025
Class R5		67			2,028
Class Y		57,056			14,083
Net increase from capital share transactions		71,048			53,146
Net Increase In Net Assets		79,457			50,004
Net Assets:
Beginning of period		50,004			—
End of period	$	129,461		$	50,004
Undistributed (distribution in excess of) net investment income (loss)	$	17		$	105

* Commencement of operations.

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

23

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Emerging Markets Local Debt Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may

24

cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

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

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure,

25

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price. For more information on specific valuation techniques and unobservable inputs, please see table below titled "Quantitative Information about Level 3 Fair Value Measurements".

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

Quantitative Information about Level 3 Fair Value Measurements:

Security Type / Valuation Technique	Unobservable Input(1)	Range (Weighted Average)	Fair Value at October 31, 2012
Corporate Bonds:
Cost	Most recent trade price	Not  Applicable	$	788
Foreign Government Obligations:
Cost	Recent trade price	Not  Applicable		450
Indicative market quotes(2)	Third party indicative quote methodologies can vary significantly	Not  Applicable		3,609
Total			$	4,847

(1) Significant increases and decreases in these inputs may result in a significant change to the fair value.

(2) For investments priced using indicative market quotes, those quotes represent the best available estimate of fair value as of October 31, 2012.

26

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. As of March 2012, dividends from net investment income are declared and paid monthly. Prior to March 2012, dividends were declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts

27

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

(“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to

28

the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Cross Currency Swap Contracts – The Fund may enter into cross currency swap contracts to gain or mitigate exposure on currency risk. Cross currency swap contracts involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rate terms in the two currencies at the inception of the contract. The terms of cross currency swap contracts may extend for many years. The Fund, as shown on the Schedule of Investments, had outstanding cross currency swaps as of October 31, 2012.

29

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Credit Default Swap Contracts – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of October 31, 2012.

Interest Rate Swap Contracts – The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate or inflation benchmark (e.g. London Interbank Offered Rate (“LIBOR”)), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The Fund, as shown on the Schedule of Investments, had outstanding interest rate swaps as of October 31, 2012.

30

c) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	1,802	$	—	$	—	$	—	$	—	$	1,802
Unrealized appreciation on swap contracts		770		—		46		—		—		—		816
Total	$	770	$	1,802	$	46	$	—	$	—	$	—	$	2,618
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	1,446	$	—	$	—	$	—	$	—	$	1,446
Unrealized depreciation on swap contracts		505		5		70		—		—		—		580
Total	$	505	$	1,451	$	70	$	—	$	—	$	—	$	2,026

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on swap contracts	$	375	$	—		$	165		$	—	$	—	$	—	$	540
Net realized loss on foreign currency contracts		—		(62	)		—			—		—		—		(62	)
Total	$	375	$	(62	)	$	165		$	—	$	—	$	—	$	478
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of swap contracts	$	293	$	(5	)	$	(26	)	$	—	$	—	$	—	$	262
Net change in unrealized appreciation of foreign currency contracts		—		761			—			—		—		—		761
Total	$	293	$	756		$	(26	)	$	—	$	—	$	—	$	1,023

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a

31

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011 *
Ordinary Income	$	2,903	$	382
Tax Return of Capital		—		70

*  Commenced operations on May 31, 2011.

32

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	330
Undistributed Long-Term Capital Gain		437
Unrealized Appreciation *		4,577
Total Accumulated Earnings	$	5,344

* Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(727	)
Accumulated Net Realized Gain (Loss)		727

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had no capital loss carryforwards for U.S. federal income tax purposes.

During the year ended October 31, 2012, the Fund utilized $1,172 of prior year short term capital loss carryforwards and $749 of prior year long term capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with

33

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million	1.0000%
On next $250 million	0.9500%
On next $4.5 billion	0.9000%
On next $5 billion	0.8975%
Over $10 billion	0.8950%

HIFSCO contractually agreed to waive investment management fees of 0.10% of average daily net assets until February 28, 2014.

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

Average Daily Net Assets	Annual Fee
On first $5 billion	0.020%
On next $5 billion	0.018%
Over $10 billion	0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2014 as follows:

Class A		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.25%		2.00%		1.00%		1.55%		1.25%		0.95%		0.90%

d) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $30 and contingent deferred sales charges of $1 from the Fund. The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

34

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $1.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		628		31	%
Class C		207		54
Class I		210		9
Class R3		208		99
Class R4		209		100
Class R5		210		100
Class Y		946		13

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

		Amount
Cost of Purchases Excluding U.S. Government Obligations	$	137,809
Sales Proceeds Excluding U.S. Government Obligations		68,475

35

The Hartford Emerging Markets Local Debt Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the period May 31, 2011, (commencement of operations) through October 31, 2011:

	For the Year Ended October 31, 2012												For the Period Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,043		55		(995	)		—		103			2,311		15		(390	)		—		1,936
Amount	$	10,018	$	516	$	(9,334	)	$	—	$	1,200		$	22,652	$	145	$	(3,670	)	$	—	$	19,127
Class C
Shares		57		10		(135	)		—		(68	)		465		3		(16	)		—		452
Amount	$	542	$	90	$	(1,240	)	$	—	$	(608	)	$	4,593	$	30	$	(152	)	$	—	$	4,471
Class I
Shares		1,711		66		(377	)		—		1,400			1,306		7		(349	)		—		964
Amount	$	16,172	$	623	$	(3,584	)	$	—	$	13,211		$	12,375	$	66	$	(3,073	)	$	—	$	9,368
Class R3
Shares		1		6		—			—		7			202		2		—			—		204
Amount	$	5	$	56	$	—		$	—	$	61		$	2,021	$	23	$	—		$	—	$	2,044
Class R4
Shares		—		6		—			—		6			200		3		—			—		203
Amount	$	—	$	61	$	—		$	—	$	61		$	2,000	$	25	$	—		$	—	$	2,025
Class R5
Shares		—		7		—			—		7			200		3		—			—		203
Amount	$	—	$	67	$	—		$	—	$	67		$	2,000	$	28	$	—		$	—	$	2,028
Class Y
Shares		6,404		156		(479	)		—		6,081			1,442		13		—			—		1,455
Amount	$	59,837	$	1,485	$	(4,266	)	$	—	$	57,056		$	13,955	$	128	$	—		$	—	$	14,083
Total
Shares		9,216		306		(1,986	)		—		7,536			6,126		46		(755	)		—		5,417
Amount	$	86,574	$	2,898	$	(18,424	)	$	—	$	71,048		$	59,596	$	445	$	(6,895	)	$	—	$	53,146

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

36

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

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

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

37

The Hartford Emerging Markets Local Debt Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class		Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income		Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions		Net Asset Value at End of Period
For the Year Ended October 31, 2012 (D)
A	$	9.24	$	0.37	$	0.71	$	1.08	$	(0.30)	$	–	$	–	$	(0.30)	$	10.02
C		9.24		0.30		0.70		1.00		(0.23)		–		–		(0.23)		10.01
I		9.23		0.40		0.71		1.11		(0.33)		–		–		(0.33)		10.01
R3		9.24		0.34		0.70		1.04		(0.27)		–		–		(0.27)		10.01
R4		9.24		0.37		0.70		1.07		(0.30)		–		–		(0.30)		10.01
R5		9.24		0.40		0.70		1.10		(0.33)		–		–		(0.33)		10.01
Y		9.21		0.41		0.69		1.10		(0.33)		–		–		(0.33)		9.98
From May 31, 2011 (commencement of operations), through October 31, 2011
A(E)		10.00		0.01		(0.77)		(0.76)		0.02		–		(0.02)		–		9.24
C(E)		10.00		0.11		(0.77)		(0.66)		(0.08)		–		(0.02)		(0.10)		9.24
I(E)		10.00		0.14		(0.77)		(0.63)		(0.12)		–		(0.02)		(0.14)		9.23
R3(E)		10.00		0.14		(0.79)		(0.65)		(0.09)		–		(0.02)		(0.11)		9.24
R4(E)		10.00		0.15		(0.78)		(0.63)		(0.11)		–		(0.02)		(0.13)		9.24
R5(E)		10.00		0.16		(0.78)		(0.62)		(0.12)		–		(0.02)		(0.14)		9.24
Y(E)		10.00		0.15		(0.80)		(0.65)		(0.12)		–		(0.02)		(0.14)		9.21

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(D)	Per share amounts have been calculated using average shares outstanding method.
(E)	Commenced operations on May 31, 2011.
(F)	Not annualized.
(G)	Annualized.

38

- Ratios and Supplemental Data -

Total Return(B)	Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap		Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate(C)
11.96%	$	20,430		1.65%		1.24%		3.96%		99%
11.03		3,846		2.38		1.97		3.22		–
12.28		23,655		1.37		0.96		4.27		–
11.48		2,112		2.02		1.55		3.65		–
11.81		2,094		1.72		1.25		3.95		–
12.15		2,103		1.42		0.95		4.25		–
12.25		75,221		1.31		0.90		4.37		–
(6.37) (F)		17,895		1.66(G)		1.20(G)		3.77(G)		61
(6.64) (F)		4,178		2.40(G)		1.94(G)		3.00(G)		–
(6.37) (F)		8,900		1.52(G)		1.00(G)		3.86(G)		–
(6.50) (F)		1,888		2.05(G)		1.55(G)		3.48(G)		–
(6.39) (F)		1,872		1.75(G)		1.25(G)		3.78(G)		–
(6.28) (F)		1,874		1.45(G)		0.95(G)		4.08(G)		–
(6.56) (F)		13,397		1.36(G)		0.90(G)		4.13(G)		–

39

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Emerging Markets Local Debt Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Emerging Markets Local Debt Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

40

The Hartford Emerging Markets Local Debt Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005 

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

41

The Hartford Emerging Markets Local Debt Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

42

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

43

The Hartford Emerging Markets Local Debt Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

44

The Hartford Emerging Markets Local Debt Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during  the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,059.44	$	6.57	$	1,000.00	$	1,018.75	$	6.44	1.25	%		184		366
Class C	$	1,000.00	$	1,055.66	$	10.23	$	1,000.00	$	1,015.18	$	10.03	1.98			184		366
Class I	$	1,000.00	$	1,060.98	$	5.03	$	1,000.00	$	1,020.26	$	4.93	0.97			184		366
Class R3	$	1,000.00	$	1,057.82	$	8.02	$	1,000.00	$	1,017.34	$	7.86	1.55			184		366
Class R4	$	1,000.00	$	1,059.42	$	6.47	$	1,000.00	$	1,018.85	$	6.34	1.25			184		366
Class R5	$	1,000.00	$	1,059.92	$	4.92	$	1,000.00	$	1,020.36	$	4.82	0.95			184		366
Class Y	$	1,000.00	$	1,060.38	$	4.66	$	1,000.00	$	1,020.61	$	4.57	0.90			184		366

45

The Hartford Emerging Markets Local Debt Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Emerging Markets Local Debt Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

46

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

47

The Hartford Emerging Markets Local Debt Fund

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

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

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

48

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

49

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-EMLD12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155   

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Emerging Markets Research Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Emerging Markets Research Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	9
Statement of Assets and Liabilities at October 31, 2012	10
Statement of Operations for the Year Ended October 31, 2012	11
Statement of Changes in Net Assets for the Year Ended October 31, 2012, and for the Period May 31, 2011, (commencement of operations) through October 31, 2011	12
Notes to Financial Statements	13
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Emerging Markets Research Fund inception 05/31/2011

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 5/31/11 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Emerging Markets Research  A#		2.59	%		-11.30	%
Emerging Markets Research  A##		-3.05	%		-14.76	%
Emerging Markets Research  C#		1.71	%		-11.98	%
Emerging Markets Research  C##		0.71	%		-11.98	%
Emerging Markets Research  I#		2.88	%		-11.04	%
Emerging Markets Research  R3#		2.19	%		-11.61	%
Emerging Markets Research  R4#		2.55	%		-11.32	%
Emerging Markets Research  R5#		2.85	%		-11.06	%
Emerging Markets Research  Y#		3.01	%		-10.97	%
MSCI Emerging Markets Index		2.98	%		-7.81	%

# Without sales charge

## With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Class C reflects a contingent deferred sales charge of 1.00%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

MSCI Emerging Markets Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets, consisting of 24 emerging market country indices. This index is unmanaged and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Emerging Markets Research Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

Cheryl M. Duckworth, CFA

Senior Vice President and Associate Director of Global Industry Research

How did the Fund perform?

The Class A shares of The Hartford Emerging Markets Research Fund returned 2.59%, before sales charge, for the twelve-month period ended October 31, 2012, modestly underperforming its benchmark, the MSCI Emerging Markets Index, which returned 2.98% for the same period. The Fund also trailed the average return of 3.16% in Lipper’s Emerging Markets Equity Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period. Within the benchmark, seven of ten sectors posted positive returns for the period. Health Care (+20%), Consumer Staples (+18%), and Information Technology (+14%) led the index higher while Materials (-10%), Energy

(-6%), and Industrials (-1%) declined.

The Fund’s underperformance relative to the MSCI Emerging Markets Index was driven primarily by weak stock selection in the Information Technology, Energy, and Telecommunication Services sectors. This was partially offset by strong selection in the Utilities, Materials, and Consumer Discretionary sectors.

YPF (Energy), Spreadtrum Communications (Information Technology), and Reliance Industries (Energy) were the top detractors from benchmark-relative performance during the period. Shares of YPF, an energy company based in Argentina, declined during the period as the company was nationalized by the government of Argentina, ousting Spanish owner Repsol YPF after a dispute over slumping oil output and investments. We eliminated our position following this development. Shares of Spreadtrum Communications, China's leading supplier of handset baseband chips for the mobile phone market, declined amid questions of product competitiveness and pricing. We eliminated the position during the period. Reliance Industries is an India-based company that operates through three business segments: petrochemicals, refining, and oil and gas. Shares declined after the government requested a fresh estimate of gas reserves and a new cost assessment for developing new discoveries, further delaying the $1.5 billion plan to raise daily gas output. HTC (Information Technology) also detracted from the Fund’s absolute performance.

Top contributors to the Fund’s relative performance were SABESP (Utilities), Bank of Ayudhya (Financials), and UMW Holdings Berhad (Consumer Discretionary). Shares of SABESP, the water utility for the state of Sao Paolo, Brazil, rose to a record high as the company maintained a steady cash flow during the period even as the Brazilian economy slowed. Bank of Ayudhya is the fifth largest bank in Thailand and the number one consumer finance lender. We purchased this stock early in the period when Thailand bank stocks were under pressure due to worries about the economic dislocation from flooding in the country. These worries abated later in the period and the stock price rose sharply. UMW Holdings Berhad trades and manufactures light and heavy equipment for the industrial, construction, and agricultural sectors. Shares rose as the company’s first quarter 2012 earnings grew 45% compared to the prior year, with a better showing from all business segments within the company. Samsung Electronics (Information Technology) also contributed positively to the Fund’s absolute performance.

What is the outlook?

As we enter into the fifth year of recovery since the global financial crisis, we believe the deleveraging process is more advanced than may be generally perceived. Although it is likely that further deleveraging will need to take place within the banking systems of peripheral European countries, we have seen a great deal of progress made in the eurozone area’s banking system which we believe, in aggregate, is close to being self-funded. Following continued economic decline in the latter half of the period, we expect better growth momentum in the eurozone area and, in general, a more stable and diversified global macroeconomic environment starting in

3

The Hartford Emerging Markets Research Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

2013. Some of the increase in macroeconomic stability should be attributed to China and other emerging markets, which have steadily gained share in the global economy while the developed world has delevered. Wage increases and credit expansion are fueling an increase in domestic consumption in many emerging markets. We also see initial signs that policy initiatives to spur growth in Brazil’s industrial sector are beginning to gain traction. We do, however, see increased regulatory interventions throughout the emerging world and these can impact profitability of certain sectors.

Diversification by Industry
as of October 31, 2012
Industry (Sector)	Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)		3.1	%
Banks (Financials)		17.0
Capital Goods (Industrials)		1.7
Consumer Durables and Apparel (Consumer Discretionary)		0.8
Consumer Services (Consumer Discretionary)		0.5
Diversified Financials (Financials)		1.1
Energy (Energy)		18.1
Food and Staples Retailing (Consumer Staples)		0.9
Food, Beverage and Tobacco (Consumer Staples)		4.9
Health Care Equipment and Services (Health Care)		0.3
Household and Personal Products (Consumer Staples)		2.0
Insurance (Financials)		4.5
Materials (Materials)		12.7
Other Investment Pools and Funds (Financials)		1.0
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		0.9
Real Estate (Financials)		2.1
Retailing (Consumer Discretionary)		2.0
Semiconductors and Semiconductor Equipment (Information Technology)		9.0
Software and Services (Information Technology)		2.0
Technology Hardware and Equipment (Information Technology)		3.3
Telecommunication Services (Services)		7.6
Transportation (Industrials)		0.1
Utilities (Utilities)		3.8
Short-Term Investments		0.7
Other Assets and Liabilities		(0.1	)
Total		100.0	%

Currency Concentration of Securities

as of October 31, 2012 

	Percentage of
Description	Net Assets
Australian Dollar		2.7	%
Brazilian Real		6.7
British Pound		0.2
Canadian Dollar		2.0
Chilean Peso		0.5
Czech Koruna		0.6
Hong Kong Dollar		27.4
Indian Rupee		8.9
Indonesian New Rupiah		0.6
Kenyan Shilling		0.3
Malaysian Ringgit		3.6
Mexican New Peso		0.6
Nigerian Naira		0.7
Philippine Peso		1.9
Polish New Zloty		1.1
Republic of Korea Won		14.0
South African Rand		3.1
Sri Lankan Rupee		0.2
Taiwanese Dollar		8.0
Thai Baht		5.4
Turkish New Lira		2.1
United States Dollar		9.5
Other Assets and Liabilities		(0.1	)
Total		100.0	%

4

The Hartford Emerging Markets Research Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.5%
		Australia - 3.4%
	461	CGA Mining Ltd. ●	$	1,399
	1,858	Perseus Mining Ltd. ●		4,987
				6,386
		Brazil - 7.7%
	229	Banco Santander Brasil S.A.		1,559
	61	BR Malls Participacoes S.A.		799
	155	Braskem S.A.		1,027
	24	Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,991
	10	Cia. Hering		234
	10	Localiza Rent a Car S.A.		179
	23	Lojas Americanas S.A.		191
	666	Petroleo Brasileiro S.A.		6,817
	120	Souza Cruz S.A.		1,567
				14,364
		Canada - 1.3%
	259	Continental Gold Ltd. ●		2,462
		Chile - 0.5%
	85	S.A.C.I. Falabella		869
		China - 12.5%
	4,960	China Construction Bank		3,719
	1,163	China Pacific Insurance Co., Ltd.		3,627
	1,509	China Shenhua Energy Co., Ltd.		6,392
	428	Dongfeng Motor Group Co., Ltd.		529
	2,300	Greatview Aseptic Packaging Co., Ltd.		1,203
	4,990	Industrial & Commercial Bank of China Ltd.		3,286
	396	Shandong Weigao Group Medical Polymer Co., Ltd.		534
	245	Stella International Holdings Ltd.		643
	77	Tencent Holdings Ltd.		2,708
	546	ZTE Corp.		765
				23,406
		Czech Republic - 0.6%
	5	Komercni Banka A.S.		1,093
		Hong Kong - 14.9%
	168	Agile Property Holdings Ltd.		190
	5,412	AMVIG Holdings Ltd.		1,603
	128	ASM Pacific Technology Ltd.		1,421
	655	China Medical System Holdings Ltd.		377
	300	China Mobile Ltd.		3,328
	1,063	China Overseas Grand Oceans Group Ltd.		1,106
	1,138	China Taiping Insurance Holdings Co. Ltd. ●		1,940
	496	China Unicom Ltd.		800
	2,220	CNOOC Ltd.		4,568
	367	Daphne International Holdings Ltd.		441
	507	ENN Energy Holdings Ltd.		2,105
	68	Galaxy Entertainment Group Ltd. ●		232
	2,682	Guangdong Investment Ltd.		2,189
	4,827	Huabao International Holdings Ltd.		2,402
	349	Intime Department Store		411
	844	NagaCorp Ltd.		468
	4	Sino Forest Corp. Class A ⌂●†		—
	1,143	Vinda International Holdings Ltd.		1,590
	1,152	Yingde Gases		1,090
	1,272	Zhongsheng Group Holdings Ltd.		1,633
				27,894
		India - 9.8%
	174	Allahabad Bank Ltd.		438
	216	Cairn India Ltd. ●		1,348
	38	Dr. Reddy's Laboratories Ltd. ADR		1,236
	869	Gujarat NRE Coke Ltd.		291
	91	HCL Technologies Ltd.		1,029
	104	ING Vysya Bank Ltd.		888
	756	ITC Ltd.		3,963
	52	ITC Ltd. GDR ■		273
	566	Marico Ltd.		2,199
	175	Nava Bharat Ventures Ltd.		582
	31	Punjab National Bank Ltd.		426
	338	Reliance Industries Ltd.		5,043
	6	Reliance Industries Ltd. GDR ■		180
	233	Syndicate Bank		506
				18,402
		Indonesia - 1.0%
	745	Astra International Tbk PT		621
	874	Nippon Indosari Corpindo Tbk		545
	19	P.T. Telekomunikasi Indonesia ADR		752
				1,918
		Kenya (Republic of) - 0.3%
	11,660	Safaricom Ltd.		603
		Malaysia - 3.6%
	762	AMMB Holdings Berhad		1,594
	472	Axiata Group Berhad		1,010
	117	British American Tobacco Malaysia Berhad		2,425
	552	UMW Holdings Berhad		1,799
				6,828
		Mexico - 3.3%
	165	America Movil S.A.B. de C.V. ADR		4,163
	65	Grupo Financiero Santander Mexico S.A.B. de C.V. ●		890
	367	Wal-Mart de Mexico S.A.B. de C.V.		1,079
				6,132
		Nigeria - 0.7%
	10,564	Zenith Bank plc		1,212
		Philippines - 1.9%
	883	Ayala Land, Inc.		505
	919	Bloombery Resorts Corp. ●		315
	630	Metropolitan Bank & Trust Co.		1,452
	416	Puregold Price Club, Inc.		302
	2,319	Robinsons Land Corp.		1,069
				3,643
		Poland - 1.1%
	42	Bank Pekao S.A.		2,009
		Russia - 1.1%
	177	Sberbank of Russia ■		2,080
		Singapore - 0.0%
	15	Guinness Anchor Berhad		80
		South Africa - 3.1%
	199	Discovery Holdings Ltd.		1,274
	20	Massmart Holdings Ltd.		405
	570	Old Mutual plc		1,580

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

5

The Hartford Emerging Markets Research Fund

Schedule of Investments  – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.5% - (continued)
		South Africa - 3.1% - (continued)
	61	Sasol Ltd.	$	2,579
				5,838
		South Korea - 14.8%
	11	Doosan Corp.		1,315
	50	GS Holdings Corp.		3,171
	149	Hana Financial Holdings		4,335
	3	Hyundai Department Store Co., Ltd.		361
	11	Hyundai Motor Co., Ltd.		2,891
	33	KB Financial Group, Inc.		1,117
	9	LG Chem Ltd.		2,550
	1	LG Chem Ltd. GDR ■		145
	7	Samsung Electronics Co., Ltd.		8,697
	—	Samsung Electronics Co., Ltd. GDR §		242
	43	Shinhan Financial Group Co., Ltd.		1,465
	31	Shinhan Financial Group Co., Ltd. ADR		1,068
	10	Woongjin Coway Co., Ltd.		366
				27,723
		Sri Lanka - 0.2%
	65	Ceylon Tobacco Co. plc		356
		Taiwan - 8.0%
	548	Advantech Co., Ltd.		1,892
	127	AirTac International Group		595
	371	Chunghwa Telecom Co., Ltd.		1,161
	454	Delta Electronics, Inc.		1,549
	653	Far Eastern New Century Corp.		675
	619	Oriental Union Chemical Corp.		656
	360	Quanta Computer, Inc.		822
	2,149	Taiwan Semiconductor Manufacturing Co., Ltd.		6,548
	913	WPG Holdings Co., Ltd.		1,101
				14,999
		Thailand - 5.4%
	84	Advanced Info Service Public Co., Ltd.		538
	29	Bangkok Bank plc		170
	329	Bangkok Bank Public Co. NVDR		1,892
	617	Bank of Ayudhya plc		598
	129	Central Pattana Public Co., Ltd.		296
	2,062	PTT Chemical Public Co., Ltd. ●		4,084
	255	PTT PCL		2,636
				10,214
		Turkey - 2.1%
	47	Tupras-Turkiye Petrol Rafinerileri A.S.		1,152
	307	Turkcell Iletisim Hizmetleri A.S. ●		1,876
	200	Turkiye Garanti Bankasi A.S.		958
				3,986
		United Kingdom - 0.2%
	78	Investec plc		461
		Total common stocks
		(cost $169,996)	$	182,958
PREFERRED STOCKS - 0.9%
		Brazil - 0.9%
	56	Banco Itau Holding	$	819
	60	Cia Paranaense de Energie		882
				1,701
		Total preferred stocks
		(cost $1,883)	$	1,701
EXCHANGE TRADED FUNDS - 1.0%
		United States - 1.0%
	44	Vanguard Emerging Markets ETF	$	1,826
		Total exchange traded funds
		(cost $1,826)	$	1,826
		Total long-term investments
		(cost $173,705)	$	186,485
SHORT-TERM INVESTMENTS - 0.7%
		Repurchase Agreements - 0.7%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $239, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $244)
$	239	0.30%, 10/31/2012	$	239
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $97, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $99)
	97	0.25%, 10/31/2012		97
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $167, collateralized by FNMA 2.50%, 2027, value of $171)
	167	0.35%, 10/31/2012		167
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $64, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $65)
	64	0.35%, 10/31/2012		64
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $295, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $301)
	295	0.28%, 10/31/2012		295
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $374, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $382)
	374	0.25%, 10/31/2012		374

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

6

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 0.7% - (continued)
		Repurchase Agreements - 0.7% - (continued)
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $2, collateralized by U.S. Treasury Note 8.13%, 2019, value of $2)
$	2	0.25%, 10/31/2012			$	2
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $87, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $88)
	87	0.30%, 10/31/2012				87
						1,325
		Total short-term investments
		(cost $1,325)			$	1,325
		Total investments
		(cost $175,030) ▲	100.1	%	$	187,810
		Other assets and liabilities	(0.1	)%		(211	)
		Total net assets	100.0	%	$	187,599

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

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $176,755 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	15,858
Unrealized Depreciation		(4,803	)
Net Unrealized Appreciation	$	11,055

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value and percentage of net assets of these securities rounds to zero.  This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.  

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $2,678, which represents 1.4% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $242, which represents 0.1% of total net assets.

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

7

The Hartford Emerging Markets Research Fund

Schedule of Investments  – (continued)

October 31, 2012

(000’s Omitted)

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
05/2011		4	Sino Forest Corp. Class A	$	78

The aggregate value and percentage of net assets of these securities at October 31, 2012, rounds to zero.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
MYR	Buy	11/01/2012	JPM	$	41	$	41	$	–

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

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
JPM	JP Morgan Chase & Co.
Currency Abbreviations:
MYR	Malaysian Ringgit
Other Abbreviations:
ADR	American Depositary Receipt
ETF	Exchange Traded Fund
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
NVDR	Non-Voting Depositary Receipt

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

8

The Hartford Emerging Markets Research Fund

Investments Valuation Hierarchy Level Summary 

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Australia	$	6,386	$	1,399	$	4,987	$	–
Brazil		14,364		14,364		–		–
Canada		2,462		2,462		–		–
Chile		869		869		–		–
China		23,406		–		23,406		–
Czech Republic		1,093		–		1,093		–
Hong Kong		27,894		–		27,894		–
India		18,402		1,689		16,713		–
Indonesia		1,918		752		1,166		–
Kenya (Republic of)		603		603		–		–
Malaysia		6,828		–		6,828		–
Mexico		6,132		6,132		–		–
Nigeria		1,212		1,212		–		–
Philippines		3,643		315		3,328		–
Poland		2,009		–		2,009		–
Russia		2,080		2,080		–		–
Singapore		80		–		80		–
South Africa		5,838		–		5,838		–
South Korea		27,723		1,821		25,902		–
Sri Lanka		356		356		–		–
Taiwan		14,999		–		14,999		–
Thailand		10,214		–		10,214		–
Turkey		3,986		–		3,986		–
United Kingdom		461		–		461		–
Total		182,958		34,054		148,904		–
Exchange Traded Funds		1,826		1,826		–		–
Preferred Stocks		1,701		819		882		–
Short-Term Investments		1,325		–		1,325		–
Total	$	187,810	$	36,699	$	151,111	$	–
Foreign Currency Contracts*		–		–		–		–
Total	$	–	$	–	$	–	$	–

♦ For the year ended October 31, 2012, investments valued at $909 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

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

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of October 31, 2012
Assets:
Common Stocks	$	4	$	—	$	(4	)*	$	—	$	—	$	—	$	—	$	—	$	—
Total	$	4	$	—	$	(4	)	$	—	$	—	$	—	$	—	$	—	$	—

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(4).

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

9

The Hartford Emerging Markets Research Fund

Statements of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $175,030)	$	187,810
Cash		7
Foreign currency on deposit with custodian (cost $46)		46
Unrealized appreciation on foreign currency contracts		—
Receivables:
Investment securities sold		166
Fund shares sold		108
Dividends and interest		105
Other assets		120
Total assets		188,362
Liabilities:
Payables:
Investment securities purchased		556
Fund shares redeemed		136
Investment management fees		49
Administrative fees		—
Distribution fees		1
Accrued expenses		21
Total liabilities		763
Net assets	$	187,599
Summary of Net Assets:
Capital stock and paid-in-capital	$	176,562
Undistributed net investment income		1,364
Accumulated net realized loss		(3,107	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		12,780
Net assets	$	187,599
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$8.43/$8.92
Shares outstanding		962
Net assets	$	8,104
Class C: Net asset value per share	$	8.34
Shares outstanding		252
Net assets	$	2,102
Class I: Net asset value per share	$	8.45
Shares outstanding		234
Net assets	$	1,975
Class R3: Net asset value per share	$	8.39
Shares outstanding		208
Net assets	$	1,747
Class R4: Net asset value per share	$	8.43
Shares outstanding		200
Net assets	$	1,686
Class R5: Net asset value per share	$	8.45
Shares outstanding		200
Net assets	$	1,693
Class Y: Net asset value per share	$	8.46
Shares outstanding		20,121
Net assets	$	170,292

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

10

The Hartford Emerging Markets Research Fund

Statement of Operations 

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	2,651
Interest		5
Less: Foreign tax withheld		(249	)
Total investment income		2,407
Expenses:
Investment management fees		1,020
Administrative services fees		7
Transfer agent fees		9
Distribution fees
Class A		18
Class C		20
Class R3		8
Class R4		4
Custodian fees		33
Accounting services fees		17
Registration and filing fees		131
Board of Directors' fees		2
Audit fees		10
Other expenses		17
Total expenses (before waivers and fees paid indirectly)		1,296
Expense waivers		(409	)
Commission recapture		—
Total waivers and fees paid indirectly		(409	)
Total expenses, net		887
Net Investment Income		1,520
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(1,286	)
Net realized loss on foreign currency contracts		(285	)
Net realized gain on other foreign currency transactions		144
Net Realized Loss on Investments and Foreign Currency Transactions		(1,427	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		15,523
Net unrealized appreciation of foreign currency contracts		—
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		1
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		15,524
Net Gain on Investments and Foreign Currency Transactions		14,097
Net Increase in Net Assets Resulting from Operations	$	15,617

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

11

The Hartford Emerging Markets Research Fund

Statement of Changes in Net Assets 

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Period May 31, 2011* through October 31, 2011
Operations:
Net investment income (loss)	$	1,520		$	(15	)
Net realized loss on investments and foreign currency transactions		(1,427	)		(1,808	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		15,524			(2,744	)
Net Increase (Decrease) In Net Assets Resulting From Operations		15,617			(4,567	)
Distributions to Shareholders:
From net investment income
Class A		(2	)		—
Class I		(3	)		—
Class R5		(3	)		—
Class Y		(14	)		—
Total distributions		(22	)		—
Capital Share Transactions:
Class A		2,026			7,095
Class C		157			2,292
Class I		232			2,069
Class R3		67			2,000
Class R4		—			2,000
Class R5		3			2,000
Class Y		147,630			9,000
Net increase from capital share transactions		150,115			26,456
Net Increase In Net Assets		165,710			21,889
Net Assets:
Beginning of period		21,889			—
End of period	$	187,599		$	21,889
Undistributed (distribution in excess of) net investment income (loss)	$	1,364		$	(24	)

^* Commencement of operations.

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

12

The Hartford Emerging Markets Research Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Emerging Markets Research Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or

13

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

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

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining

14

in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid.

15

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such

16

investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

Risk Exposure Category

Interest Rate Contracts

Foreign Exchange Contracts

Credit Contracts

Equity Contracts

Commodity Contracts

Other Contracts

Total

Assets:

Unrealized appreciation on foreign currency contracts

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Total

$

—

$

—

$

—

$

—

$

—

$

—

$

—

The volume of derivative activity was minimal during the year ended October 31, 2012.

17

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(285	)	$	—	$	—	$	—	$	—	$	(285	)
Total	$	—	$	(285	)	$	—	$	—	$	—	$	—	$	(285	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	—		$	—	$	—	$	—	$	—	$	—
Total	$	—	$	—		$	—	$	—	$	—	$	—	$	—

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

18

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011 *
Ordinary Income	$	22	$	—

* Commenced operations on May 31, 2011.

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis are as follows:

	Amount
Undistributed Ordinary Income	$	1,815
Accumulated Capital Losses		(1,833	)
Unrealized Appreciation *		11,055
Total Accumulated Earnings	$	11,037

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(110	)
Accumulated Net Realized Gain (Loss)		110

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

	Amount
Short Term Capital Loss Carryforward	$	1,590
Long Term Capital Loss Carryforward		243
Total	$	1,833

19

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

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

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million	1.2000%
On next $250 million	1.1500%
On next $500 million	1.1000%
On next $4 billion	1.0750%
On next $5 billion	1.0725%
Over $10 billion	1.0700%

HIFSCO has contractually agreed to waive investment management fees of 0.10% of average daily net assets until February 28, 2014.

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

Average Daily Net Assets	Annual Fee
On first $5 billion	0.020%
On next $5 billion	0.018%
Over $10 billion	0.016%

20

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2014 as follows:

Class A	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.65%	2.40%	1.40%	1.85%	1.55%	1.25%	1.20%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.58	%
Class C		2.31
Class I		1.26
Class R3		1.85
Class R4		1.55
Class R5		1.25
Class Y		0.91

e) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $35 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $1.  These commissions are in turn paid to sales representatives of the broker/dealers.

21

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		600		62	%
Class C		200		79
Class I		200		85
Class R3		200		96
Class R4		200		100
Class R5		200		100
Class Y		12		0

As of October 31, 2012, 91% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	259,306
Sales Proceeds Excluding U.S. Government Obligations		108,651

22

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and for the period May 31, 2011, (commencement of operations) through October 31, 2011:

	For the Year Ended October 31, 2012											For the Period Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		327		—		(86	)		—		241		743		—		(22	)		—		721
Amount	$	2,712	$	2	$	(688	)	$	—	$	2,026	$	7,282	$	—	$	(187	)	$	—	$	7,095
Class C
Shares		32		—		(13	)		—		19		233		—		—			—		233
Amount	$	265	$	—	$	(108	)	$	—	$	157	$	2,292	$	—	$	—		$	—	$	2,292
Class I
Shares		37		—		(10	)		—		27		207		—		—			—		207
Amount	$	312	$	3	$	(83	)	$	—	$	232	$	2,069	$	—	$	—		$	—	$	2,069
Class R3
Shares		9		—		(1	)		—		8		200		—		—			—		200
Amount	$	72	$	—	$	(5	)	$	—	$	67	$	2,000	$	—	$	—		$	—	$	2,000
Class R4
Shares		—		—		—			—		—		200		—		—			—		200
Amount	$	—	$	—	$	—		$	—	$	—	$	2,000	$	—	$	—		$	—	$	2,000
Class R5
Shares		—		—		—			—		—		200		—		—			—		200
Amount	$	—	$	3	$	—		$	—	$	3	$	2,000	$	—	$	—		$	—	$	2,000
Class Y
Shares		22,428		2		(3,209	)		—		19,221		900		—		—			—		900
Amount	$	173,581	$	14	$	(25,965	)	$	—	$	147,630	$	9,000	$	—	$	—		$	—	$	9,000
Total
Shares		22,833		2		(3,319	)		—		19,516		2,683		—		(22	)		—		2,661
Amount	$	176,942	$	22	$	(26,849	)	$	—	$	150,115	$	26,643	$	—	$	(187	)	$	—	$	26,456

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

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

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford

23

The Hartford Emerging Markets Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

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

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

24

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25

The Hartford Emerging Markets Research Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	8.22	$	0.09		$	0.12		$	0.21		$	–		$	–	$	–	$	–		$	8.43
C		8.20		0.02			0.12			0.14			–			–		–		–			8.34
I		8.23		0.11			0.13			0.24			(0.02	)		–		–		(0.02	)		8.45
R3		8.21		0.06			0.12			0.18			–			–		–		–			8.39
R4		8.22		0.09			0.12			0.21			–			–		–		–			8.43
R5		8.23		0.11			0.12			0.23			(0.01	)		–		–		(0.01	)		8.45
Y		8.23		0.16			0.09			0.25			(0.02	)		–		–		(0.02	)		8.46
From May 31, 2011 (commencement of operations), through October 31, 2011
A(F)		10.00		(0.01	)		(1.77	)		(1.78	)		–			–		–		–			8.22
C(F)		10.00		(0.03	)		(1.77	)		(1.80	)		–			–		–		–			8.20
I(F)		10.00		–			(1.77	)		(1.77	)		–			–		–		–			8.23
R3(F)		10.00		(0.02	)		(1.77	)		(1.79	)		–			–		–		–			8.21
R4(F)		10.00		(0.01	)		(1.77	)		(1.78	)		–			–		–		–			8.22
R5(F)		10.00		–			(1.77	)		(1.77	)		–			–		–		–			8.23
Y(F)		10.00		–			(1.77	)		(1.77	)		–			–		–		–			8.23

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on May 31, 2011.

(G) Not annualized.

(H) Annualized.

26

- Ratios and Supplemental Data -

Total Return(B)	Net Assets at End of Period (000's)	Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)	Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)	Ratio of Net Investment Income to Average Net Assets	Portfolio Turnover Rate(D)
2.59%	$8,104	2.05%	1.58%	1.09%	128%
1.71	2,102	2.78	2.31	0.30	–
2.88	1,975	1.73	1.26	1.37	–
2.19	1,747	2.42	1.85	0.75	–
2.55	1,686	2.12	1.55	1.05	–
2.85	1,693	1.82	1.25	1.35	–
3.01	170,292	1.38	0.91	1.97	–
(17.80)(G)	5,931	1.97(H)	1.48(H)	(0.19)(H)	39
(18.00)(G)	1,909	2.71(H)	2.22(H)	(0.93)(H)	–
(17.70)(G)	1,708	1.69(H)	1.20(H)	0.06(H)	–
(17.90)(G)	1,642	2.38(H)	1.85(H)	(0.59)(H)	–
(17.80)(G)	1,644	2.08(H)	1.55(H)	(0.29)(H)	–
(17.70)(G)	1,646	1.78(H)	1.25(H)	–(H)	–
(17.70)(G)	7,409	1.69(H)	1.20(H)	0.05(H)	–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Emerging Markets Research Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Emerging Markets Research Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

28

The Hartford Emerging Markets Research Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford Emerging Markets Research Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

31

The Hartford Emerging Markets Research Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford Emerging Markets Research Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	992.93	$	8.12	$	1,000.00	$	1,016.99	$	8.21		1.62	%		184		366
Class C	$	1,000.00	$	989.32	$	11.75	$	1,000.00	$	1,013.32	$	11.89		2.35			184		366
Class I	$	1,000.00	$	994.12	$	6.42	$	1,000.00	$	1,018.70	$	6.50		1.28			184		366
Class R3	$	1,000.00	$	991.73	$	9.26	$	1,000.00	$	1,015.84	$	9.37		1.85			184		366
Class R4	$	1,000.00	$	992.93	$	7.76	$	1,000.00	$	1,017.34	$	7.86		1.55			184		366
Class R5	$	1,000.00	$	994.12	$	6.27	$	1,000.00	$	1,018.85	$	6.34		1.25			184		366
Class Y	$	1,000.00	$	995.29	$	4.46	$	1,000.00	$	1,020.66	$	4.52		0.89			184		366

33

The Hartford Emerging Markets Research Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Emerging Markets Research Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

35

The Hartford Emerging Markets Research Fund

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

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

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

36

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

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

* * * *

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

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-EMR12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Equity Income Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Equity Income Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Equity Income Fund inception 08/28/2003

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks a high level of current income consistent with growth of capital.

Performance Overview 8/28/03 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Equity Income A#		17.00	%		2.29	%		7.38	%
Equity Income A##		10.56	%		1.14	%		6.72	%
Equity Income B#		15.90	%		1.46	%		6.63	%*
Equity Income B##		10.90	%		1.09	%		6.63	%*
Equity Income C#		16.13	%		1.54	%		6.62	%
Equity Income C##		15.13	%		1.54	%		6.62	%
Equity Income I#		17.25	%		2.57	%		7.57	%
Equity Income R3#		16.63	%		1.98	%		7.36	%
Equity Income R4#		16.90	%		2.27	%		7.56	%
Equity Income R5#		17.33	%		2.62	%		7.79	%
Equity Income Y#		17.41	%		2.71	%		7.86	%
Russell 1000 Value Index		16.89	%		-1.00	%		6.27	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

The benchmark inception return is as of 8/31/03.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

2

The Hartford Equity Income Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Karen H. Grimes, CFA	W. Michael Reckmeyer, III, CFA	Ian R. Link, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Director and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Equity Income Fund returned 17.00% before sales charge for the twelve-month period ended October 31, 2012, outperforming its benchmark, the Russell 1000 Value Index, which returned 16.89% for the same period.  The Fund outperformed the 12.73% return of the average fund in the Lipper Equity Income Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

During the period, nine of the ten sectors within the Russell 1000 Value Index posted positive absolute returns, with Consumer Discretionary (+30%), Telecommunication Services (+26%), and Health Care (+23%) performing the best. Information Technology (-4%) and Energy (+5%) lagged the index on a relative basis during the period.

Overall, outperformance versus the benchmark was driven by strong security selection, primarily within the Consumer Discretionary, Information Technology, and Financials sectors. This more than offset weak stock selection within Telecommunication Services and Industrials. Sector allocation, driven by our bottom-up stock selection process, detracted from relative returns during the period, primarily due to an underweight (i.e. the Fund’s sector position was less than the benchmark position) to Financials and Energy. A modest cash position in an upward trending market also detracted from relative performance.

Top contributors to benchmark relative returns included Home Depot (Consumer Discretionary), Hewlett-Packard (Information Technology) and Lowe’s (Consumer Discretionary). Home Depot, a leading home improvement retailer, outperformed during the period after the company posted solid quarterly earnings and raised its outlook for the full fiscal year. Investors are gaining confidence that Home Depot will benefit from a continued recovery in the U.S. housing market. Not owning Hewlett-Packard, a benchmark component which underperformed, also helped relative returns. Shares of Lowe’s, another leading home improvement retailer, rose during the period because investors are gaining confidence that Lowe's will benefit from a recovery in the housing market. Top absolute (i.e. total return) contributors for the period also included Pfizer (Health Care).

Top detractors from benchmark-relative returns were Intel (Information Technology), Occidental Petroleum (Energy), and Walt Disney (Consumer Discretionary). Shares of Intel, a designer and manufacturer of integrated digital technology platforms, declined after the company lowered its third quarter revenue outlook, citing sluggish demand for its products. Shares of Occidental Petroleum, a large-cap energy producer, declined during the period due to concerns over performance in California and skepticism over large investments in Texas and the Middle East. Shares of Walt Disney, a diversified worldwide entertainment company and component in the Russell 1000 Value index, outperformed during the period. Disney reported strong results with Parks & Resorts and Broadcasting both exceeding expectations. We did not own the stock during the period, which hurt benchmark-relative performance. Stocks that detracted most from absolute returns also included Cisco Systems (Information Technology) and Republic Services (Industrials).

What is the outlook?

While economic conditions around the world continued to slow in the third quarter of 2012, equity markets moved steadily higher led by central bank interventions. Overall, we expect global economic growth to continue, but at a slow rate and with varying degrees of recovery by region.

3

The Hartford Equity Income Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

The ECB’s plan to buy potentially unlimited amounts of short-dated government bonds in order to reduce borrowing costs in fiscally-challenged countries has helped to reduce the tail risk in Europe. In Europe, the ECB bond buying plan has reduced the fears of a cataclysmic liquidity event, although the region remains in recession and still faces many challenges ahead. The pledge of ECB President Mario Draghi to serve as a credible backstop for the embattled peripheral European countries has caused a sharp drop in credit spreads. Coupled with noticeable improvement in competiveness, we believe that a more favorable policy environment should give the Eurozone Area economy a lift in early 2013, after experiencing a pronounced economic decline in the second half of 2012.

China’s economy continues to slow and the risks of a hard landing certainly remain. However, Chinese government officials have shown early signs that they will stimulate their economy. Chinese money market rates have eased noticeably in recent months, suggesting that the construction sector outlook is likely to get brighter next year. We believe that the upcoming leadership transition should also bring more clarity on policy initiatives in the first half of 2013.

The U.S. has been better positioned than many other economies, partly because its deleveraging process is more advanced and partly in response to a more aggressive policy environment. The U.S. Federal Reserve announced a third round of quantitative easing (QE3), which involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment. The U.S. household balance sheet has also received a welcome windfall gain from recovering housing and equity prices this year. Housing has been a bright spot in the U.S. with the recent Case-Shiller data showing year-over-year price appreciation for the first time in years. However, many risks still remain including the well publicized fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts). The fiscal contraction could amount to 4% of Gross Domestic Product, enough to tip the economy back into recession. We believe there will ultimately be some compromise reached, which will be closer to a 1-2% headwind vs. the 3-4% that many fear. We believe that the U.S. will remain in a slow growth environment. Continued aggressive Fed policy (QE3) and an improving housing market should help us to avoid a recession.

Throughout this period, we have maintained our focus on investing in companies with solid balance sheets, above-market growth rates, sustainable dividend yields, and valuations at a discount to the market. Based on bottom-up stock decisions, we ended the period most overweight in the Industrials, Information Technology, and Consumer Staples sectors. Our largest underweights were in Financials, Energy, and Consumer Discretionary relative to the Russell 1000 Value Index.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Banks (Financials)		8.3	%
Capital Goods (Industrials)		11.1
Commercial and Professional Services (Industrials)		0.7
Consumer Durables and Apparel (Consumer Discretionary)		1.0
Consumer Services (Consumer Discretionary)		0.3
Diversified Financials (Financials)		4.5
Energy (Energy)		13.9
Food and Staples Retailing (Consumer Staples)		1.2
Food, Beverage and Tobacco (Consumer Staples)		6.5
Household and Personal Products (Consumer Staples)		1.6
Insurance (Financials)		7.7
Materials (Materials)		3.4
Media (Consumer Discretionary)		1.0
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		13.2
Retailing (Consumer Discretionary)		3.9
Semiconductors and Semiconductor Equipment (Information Technology)		5.7
Software and Services (Information Technology)		1.6
Technology Hardware and Equipment (Information Technology)		0.9
Telecommunication Services (Services)		3.3
Transportation (Industrials)		1.1
Utilities (Utilities)		5.8
Short-Term Investments		2.9
Other Assets and Liabilities		0.4
Total		100.0	%

4

The Hartford Equity Income Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.7%
		Banks - 8.3%
	718	BB&T Corp.	$	20,795
	273	M&T Bank Corp.		28,437
	703	PNC Financial Services Group, Inc.		40,901
	1,669	Wells Fargo & Co.		56,225
				146,358
		Capital Goods - 11.1%
	471	3M Co.		41,296
	602	Eaton Corp.		28,437
	1,579	General Electric Co.		33,244
	430	Illinois Tool Works, Inc.		26,376
	52	Lockheed Martin Corp.		4,882
	125	Schneider Electric S.A.		7,817
	366	Stanley Black & Decker, Inc.		25,344
	349	United Technologies Corp.		27,300
				194,696
		Commercial and Professional Services - 0.7%
	357	Waste Management, Inc.		11,697
		Consumer Durables and Apparel - 1.0%
	460	Mattel, Inc.		16,912
		Consumer Services - 0.3%
	102	Darden Restaurants, Inc.		5,373
		Diversified Financials - 4.5%
	139	BlackRock, Inc.		26,414
	1,254	JP Morgan Chase & Co.		52,284
				78,698
		Energy - 13.9%
	375	BP plc ADR		16,067
	687	Chevron Corp.		75,729
	255	ConocoPhillips Holding Co.		14,733
	751	Exxon Mobil Corp.		68,503
	414	Occidental Petroleum Corp.		32,683
	1,066	Royal Dutch Shell plc Class B		37,698
				245,413
		Food and Staples Retailing - 1.2%
	575	Sysco Corp.		17,865
	77	Walgreen Co.		2,713
				20,578
		Food, Beverage and Tobacco - 6.5%
	409	Altria Group, Inc.		13,001
	523	General Mills, Inc.		20,981
	430	Kraft Foods Group, Inc. ●		19,575
	38	Mondelez International, Inc.		999
	161	PepsiCo, Inc.		11,119
	310	Philip Morris International, Inc.		27,439
	598	Unilever N.V. NY Shares ADR		21,930
				115,044
		Household and Personal Products - 1.6%
	214	Kimberly-Clark Corp.		17,836
	139	Procter & Gamble Co.		9,641
				27,477
		Insurance - 7.7%
	477	ACE Ltd.		37,520
	454	Chubb Corp.		34,944
	1,478	Marsh & McLennan Cos., Inc.		50,296
	187	Swiss Re Ltd.		12,917
				135,677
		Materials - 3.4%
	539	Dow Chemical Co.		15,806
	308	E.I. DuPont de Nemours & Co.		13,710
	467	International Paper Co.		16,732
	348	Nucor Corp.		13,980
				60,228
		Media - 1.0%
	584	Thomson Reuters Corp.		16,506
	82	WPP plc		1,062
				17,568
		Pharmaceuticals, Biotechnology and Life Sciences - 13.2%
	199	AstraZeneca plc ADR		9,252
	1,015	Johnson & Johnson		71,863
	1,582	Merck & Co., Inc.		72,187
	2,213	Pfizer, Inc.		55,042
	120	Roche Holding AG		23,196
				231,540
		Retailing - 3.9%
	124	Home Depot, Inc.		7,586
	299	Kohl's Corp.		15,915
	1,396	Lowe's Co., Inc.		45,204
				68,705
		Semiconductors and Semiconductor Equipment - 5.7%
	857	Analog Devices, Inc.		33,509
	1,540	Intel Corp.		33,297
	652	Maxim Integrated Products, Inc.		17,941
	463	Xilinx, Inc.		15,169
				99,916
		Software and Services - 1.6%
	961	Microsoft Corp.		27,410
		Technology Hardware and Equipment - 0.9%
	971	Cisco Systems, Inc.		16,646
		Telecommunication Services - 3.3%
	1,187	AT&T, Inc.		41,073
	629	Vodafone Group plc ADR		17,132
				58,205
		Transportation - 1.1%
	266	United Parcel Service, Inc. Class B		19,499
		Utilities - 5.8%
	141	American Electric Power Co., Inc.		6,261
	75	Dominion Resources, Inc.		3,955
	1,578	National Grid plc		18,000
	216	NextEra Energy, Inc.		15,141
	337	Northeast Utilities		13,237
	139	PPL Corp.		4,115
	636	UGI Corp.		20,537
	750	Xcel Energy, Inc.		21,194
				102,440
		Total common stocks
		(cost $1,491,898)	$	1,700,080
		Total long-term investments (cost $1,491,898)	$	1,700,080

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

5

The Hartford Equity Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 2.9%
Repurchase Agreements - 2.9%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $9,267, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $9,452)
$	9,267	0.30%, 10/31/2012			$	9,267
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $3,773, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $3,849)
	3,773	0.25%, 10/31/2012				3,773
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $6,488, collateralized by FNMA 2.50%, 2027, value of $6,617)
	6,488	0.35%, 10/31/2012				6,488
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,464, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $2,514)
	2,464	0.35%, 10/31/2012				2,464
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $11,449, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $11,664)
	11,449	0.28%, 10/31/2012				11,449
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $14,511, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22%  - 6.63%, 2013 – 2042, value of $14,801)
	14,511	0.25%, 10/31/2012				14,511
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $66, collateralized by U.S. Treasury Note 8.13%, 2019, value of $67)
	66	0.25%, 10/31/2012				66
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $3,364, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $3,431)
	3,363	0.30%, 10/31/2012				3,363
						51,381
		Total short-term investments
		(cost $51,381)			$	51,381
		Total investments
		(cost $1,543,279) ▲	99.6	%	$	1,751,461
		Other assets and liabilities	0.4	%		7,616
		Total net assets	100.0	%	$	1,759,077

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

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $1,552,233 and the aggregate gross unrealized appreciation and depreciation based on that cost were:        

Unrealized Appreciation	$	222,034
Unrealized Depreciation		(22,806	)
Net Unrealized Appreciation	$	199,228

● Non-income producing.    

Foreign Currency Contracts Outstanding at October 31, 2012
Currency	Buy / Sell	Delivery Date	Counterparty		Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
GBP	Buy	11/05/2012		RBC	$	1,062	$	1,062	$	–

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

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
RBC	RBC Dominion Securities
Currency Abbreviations:
GBP	British Pound
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

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

7

The Hartford Equity Income Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	1,700,080	$	1,599,390	$	100,690	$	–
Short-Term Investments		51,381		–		51,381		–
Total	$	1,751,461	$	1,599,390	$	152,071	$	–
Foreign Currency Contracts *		–		–		–		–
Total	$	–	$	–	$	–	$	–

♦	For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

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

8

The Hartford Equity Income Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $1,543,279)	$	1,751,461
Cash		168
Unrealized appreciation on foreign currency contracts		—
Receivables:
Investment securities sold		1,374
Fund shares sold		8,465
Dividends and interest		2,175
Other assets		79
Total assets		1,763,722
Liabilities:
Payables:
Investment securities purchased		1,062
Fund shares redeemed		2,940
Investment management fees		249
Administrative fees		2
Distribution fees		110
Accrued expenses		282
Total liabilities		4,645
Net assets	$	1,759,077
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,531,437
Undistributed net investment income		1,884
Accumulated net realized gain		17,574
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		208,182
Net assets	$	1,759,077
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$14.81/$15.67
Shares outstanding		80,722
Net assets	$	1,195,106
Class B: Net asset value per share	$	14.78
Shares outstanding		1,876
Net assets	$	27,731
Class C: Net asset value per share	$	14.77
Shares outstanding		10,845
Net assets	$	160,153
Class I: Net asset value per share	$	14.75
Shares outstanding		16,596
Net assets	$	244,794
Class R3: Net asset value per share	$	14.83
Shares outstanding		1,556
Net assets	$	23,077
Class R4: Net asset value per share	$	14.84
Shares outstanding		1,663
Net assets	$	24,672
Class R5: Net asset value per share	$	14.88
Shares outstanding		600
Net assets	$	8,931
Class Y: Net asset value per share	$	14.90
Shares outstanding		5,006
Net assets	$	74,613

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

9

The Hartford Equity Income Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	49,331
Interest		59
Less: Foreign tax withheld		(429	)
Total investment income		48,961
Expenses:
Investment management fees		10,140
Administrative services fees		58
Transfer agent fees		1,909
Distribution fees
Class A		2,585
Class B		288
Class C		1,179
Class R3		72
Class R4		38
Custodian fees		11
Accounting services fees		182
Registration and filing fees		196
Board of Directors' fees		37
Audit fees		23
Other expenses		259
Total expenses (before waivers and fees paid indirectly)		16,977
Expense waivers		—
Commission recapture		(8	)
Total waivers and fees paid indirectly		(8	)
Total expenses, net		16,969
Net Investment Income		31,992
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		87,642
Net realized gain on foreign currency contracts		87
Net realized loss on other foreign currency transactions		(71	)
Net Realized Gain on Investments and Foreign Currency Transactions		87,658
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		96,882
Net unrealized appreciation of foreign currency contracts		1
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		96,883
Net Gain on Investments and Foreign Currency Transactions		184,541
Net Increase in Net Assets Resulting from Operations	$	216,533

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

10

The Hartford Equity Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	31,992		$	20,022
Net realized gain on investments and foreign currency transactions		87,658			28,086
Net unrealized appreciation of investments and foreign currency transactions		96,883			42,205
Net Increase In Net Assets Resulting From Operations		216,533			90,313
Distributions to Shareholders:
From net investment income
Class A		(22,036	)		(14,715	)
Class B		(347	)		(304	)
Class C		(1,772	)		(822	)
Class I		(3,504	)		(870	)
Class R3		(284	)		(68	)
Class R4		(326	)		(87	)
Class R5		(160	)		(30	)
Class Y		(3,322	)		(2,378	)
Total distributions		(31,751	)		(19,274	)
Capital Share Transactions:
Class A		235,324			53,258
Class B		(5,296	)		(4,393	)
Class C		67,157			16,954
Class I		175,370			35,540
Class R3		14,731			4,838
Class R4		17,349			2,612
Class R5		5,734			1,792
Class Y		(116,833	)		100,265
Net increase from capital share transactions		393,536			210,866
Net Increase In Net Assets		578,318			281,905
Net Assets:
Beginning of period		1,180,759			898,854
End of period	$	1,759,077		$	1,180,759
Undistributed (distribution in excess of) net investment income (loss)	$	1,884		$	1,694

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

11

The Hartford Equity Income Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Equity Income Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

12

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

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

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

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current

13

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

14

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, quarterly and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve

15

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

Risk Exposure Category

Interest Rate Contracts

Foreign Exchange Contracts

Credit Contracts

Equity Contracts

Commodity Contracts

Other Contracts

Total

Assets:

Unrealized appreciation on foreign currency contracts

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Total

$

—

$

—

$

—

$

—

$

—

$

—

$

—

The volume of derivative activity was minimal during the year ended October 31, 2012.

16

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	87	$	—	$	—	$	—	$	—	$	87
Total	$	—	$	87	$	—	$	—	$	—	$	—	$	87
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Total	$	—	$	1	$	—	$	—	$	—	$	—	$	1

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

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

17

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

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

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	31,751	$	19,274

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,884
Undistributed Long-Term Capital Gain		26,528
Unrealized Appreciation *		199,228
Total Accumulated Earnings	$	227,640

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(51	)
Accumulated Net Realized Gain (Loss)		51

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

During the year ended October 31, 2012, the Fund utilized $64,195 of prior year capital loss carryforwards.

18

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

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

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million	0.7500%
On next $250 million	0.7000%
On next $500 million	0.6500%
On next $1.5 billion	0.6000%
On next $2.5 billion	0.5900%
Over $5 billion	0.5875%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million	0.7500%
On next $500 million	0.7000%
On next $4 billion	0.6500%
On next $5 billion	0.6475%
Over $10 billion	0.6450%

19

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

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

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

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.25%	2.00%	2.00%	1.00%	1.50%	1.20%	0.90%	0.85%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.11	%
Class B		2.00
Class C		1.84
Class I		0.81
Class R3		1.42
Class R4		1.11
Class R5		0.81
Class Y		0.72

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $5,226 and contingent deferred sales charges of $53 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan,

20

the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $27.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

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

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		9		2	%

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	771,912
Sales Proceeds Excluding U.S. Government Obligations		399,089

21

The Hartford Equity Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		28,626		1,534		(13,362	)		—		16,798			17,418		1,128		(14,399	)		—		4,147
Amount	$	401,677	$	21,587	$	(187,940	)	$	—	$	235,324		$	224,240	$	14,411	$	(185,393	)	$	—	$	53,258
Class B
Shares		417		24		(817	)		—		(376	)		364		23		(729	)		—		(342	)
Amount	$	5,820	$	333	$	(11,449	)	$	—	$	(5,296	)	$	4,676	$	292	$	(9,361	)	$	—	$	(4,393	)
Class C
Shares		5,965		115		(1,332	)		—		4,748			2,509		58		(1,265	)		—		1,302
Amount	$	84,327	$	1,615	$	(18,785	)	$	—	$	67,157		$	32,328	$	737	$	(16,111	)	$	—	$	16,954
Class I
Shares		14,996		216		(2,727	)		—		12,485			4,348		50		(1,664	)		—		2,734
Amount	$	210,870	$	3,051	$	(38,551	)	$	—	$	175,370		$	55,880	$	629	$	(20,969	)	$	—	$	35,540
Class R3
Shares		1,196		19		(176	)		—		1,039			435		5		(66	)		—		374
Amount	$	16,963	$	270	$	(2,502	)	$	—	$	14,731		$	5,641	$	61	$	(864	)	$	—	$	4,838
Class R4
Shares		1,590		15		(378	)		—		1,227			350		4		(161	)		—		193
Amount	$	22,514	$	215	$	(5,380	)	$	—	$	17,349		$	4,632	$	49	$	(2,069	)	$	—	$	2,612
Class R5
Shares		974		10		(584	)		—		400			148		2		(8	)		—		142
Amount	$	14,012	$	148	$	(8,426	)	$	—	$	5,734		$	1,868	$	30	$	(106	)	$	—	$	1,792
Class Y
Shares		5,252		218		(14,181	)		—		(8,711	)		7,871		181		(295	)		—		7,757
Amount	$	74,173	$	3,065	$	(194,071	)	$	—	$	(116,833	)	$	101,644	$	2,316	$	(3,695	)	$	—	$	100,265
Total
Shares		59,016		2,151		(33,557	)		—		27,610			33,443		1,451		(18,587	)		—		16,307
Amount	$	830,356	$	30,284	$	(467,104	)	$	—	$	393,536		$	430,909	$	18,525	$	(238,568	)	$	—	$	210,866

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		165	$	2,309
For the Year Ended October 31, 2011		61	$	780

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

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

22

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

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

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

23

The Hartford Equity Income Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	12.93	$	0.29	$	1.89		$	2.18		$	(0.30	)		$–			$–	$	(0.30	)	$	14.81
B		12.91		0.18		1.86			2.04			(0.17	)		–			–		(0.17	)		14.78
C		12.91		0.19		1.88			2.07			(0.21	)		–			–		(0.21	)		14.77
I		12.89		0.31		1.89			2.20			(0.34	)		–			–		(0.34	)		14.75
R3		12.96		0.24		1.90			2.14			(0.27	)		–			–		(0.27	)		14.83
R4		12.97		0.28		1.89			2.17			(0.30	)		–			–		(0.30	)		14.84
R5		12.99		0.32		1.91			2.23			(0.34	)		–			–		(0.34	)		14.88
Y		13.01		0.55		1.69			2.24			(0.35	)		–			–		(0.35	)		14.90
For the Year Ended October 31, 2011 (E)
A		11.99		0.25		0.93			1.18			(0.24	)		–			–		(0.24	)		12.93
B		11.97		0.14		0.93			1.07			(0.13	)		–			–		(0.13	)		12.91
C		11.97		0.15		0.94			1.09			(0.15	)		–			–		(0.15	)		12.91
I		11.95		0.28		0.94			1.22			(0.28	)		–			–		(0.28	)		12.89
R3		12.03		0.20		0.94			1.14			(0.21	)		–			–		(0.21	)		12.96
R4		12.03		0.25		0.93			1.18			(0.24	)		–			–		(0.24	)		12.97
R5		12.05		0.27		0.95			1.22			(0.28	)		–			–		(0.28	)		12.99
Y		12.06		0.29		0.95			1.24			(0.29	)		–			–		(0.29	)		13.01
For the Year Ended October 31, 2010
A		10.74		0.21		1.24			1.45			(0.20	)		–			–		(0.20	)		11.99
B		10.72		0.13		1.23			1.36			(0.11	)		–			–		(0.11	)		11.97
C		10.73		0.13		1.23			1.36			(0.12	)		–			–		(0.12	)		11.97
I		10.72		0.23		1.23			1.46			(0.23	)		–			–		(0.23	)		11.95
R3		10.78		0.15		1.27			1.42			(0.17	)		–			–		(0.17	)		12.03
R4		10.78		0.21		1.24			1.45			(0.20	)		–			–		(0.20	)		12.03
R5		10.79		0.21		1.29			1.50			(0.24	)		–			–		(0.24	)		12.05
Y		10.81		0.26		1.24			1.50			(0.25	)		–			–		(0.25	)		12.06
For the Year Ended October 31, 2009 (E)
A		10.35		0.24		0.41			0.65			(0.26	)		–			–		(0.26	)		10.74
B		10.33		0.18		0.40			0.58			(0.19	)		–			–		(0.19	)		10.72
C		10.34		0.17		0.41			0.58			(0.19	)		–			–		(0.19	)		10.73
I		10.33		0.22		0.46			0.68			(0.29	)		–			–		(0.29	)		10.72
R3		10.39		0.15		0.47			0.62			(0.23	)		–			–		(0.23	)		10.78
R4		10.40		0.18		0.47			0.65			(0.27	)		–			–		(0.27	)		10.78
R5		10.40		0.28		0.40			0.68			(0.29	)		–			–		(0.29	)		10.79
Y		10.40		0.29		0.42			0.71			(0.30	)		–			–		(0.30	)		10.81
For the Year Ended October 31, 2008
A		15.16		0.32		(4.42	)		(4.10	)		(0.31	)		(0.40	)		–		(0.71	)		10.35
B		15.12		0.21		(4.41	)		(4.20	)		(0.19	)		(0.40	)		–		(0.59	)		10.33
C		15.14		0.23		(4.42	)		(4.19	)		(0.21	)		(0.40	)		–		(0.61	)		10.34
I		15.12		0.35		(4.39	)		(4.04	)		(0.35	)		(0.40	)		–		(0.75	)		10.33
R3		15.21		0.27		(4.41	)		(4.14	)		(0.28	)		(0.40	)		–		(0.68	)		10.39
R4		15.22		0.32		(4.43	)		(4.11	)		(0.31	)		(0.40	)		–		(0.71	)		10.40
R5		15.22		0.36		(4.43	)		(4.07	)		(0.35	)		(0.40	)		–		(0.75	)		10.40
Y		15.23		0.39		(4.46	)		(4.07	)		(0.36	)		(0.40	)		–		(0.76	)		10.40

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	17.00	%	$	1,195,106		1.11	%		1.11	%		2.12	%		27	%
	15.90			27,731		2.00			2.00			1.27			–
	16.13			160,153		1.84			1.84			1.35			–
	17.25			244,794		0.81			0.81			2.31			–
	16.63			23,077		1.42			1.42			1.72			–
	16.90			24,672		1.11			1.11			2.01			–
	17.33			8,931		0.82			0.82			2.48			–
	17.41			74,613		0.72			0.72			2.68			–
	9.87			826,555		1.17			1.17			1.93			18
	8.94			29,071		2.05			2.00			1.11			–
	9.13			78,710		1.89			1.89			1.20			–
	10.24			52,965		0.88			0.88			2.21			–
	9.49			6,694		1.50			1.50			1.57			–
	9.87			5,651		1.18			1.18			1.92			–
	10.16			2,597		0.88			0.88			2.11			–
	10.33			178,516		0.77			0.77			2.28			–
	13.63			716,700		1.20			1.20			1.86			27
	12.73			31,038		2.08			2.00			1.07			–
	12.75			57,416		1.92			1.92			1.13			–
	13.76			16,462		0.93			0.93			2.06			–
	13.28			1,719		1.55			1.55			1.37			–
	13.59			2,926		1.20			1.20			1.80			–
	14.06			694		0.87			0.87			1.70			–
	14.01			71,899		0.79			0.79			2.27			–
	6.62			639,106		1.26			1.25			2.51			37
	5.91			34,086		2.19			1.92			1.86			–
	5.85			47,708		1.98			1.98			1.79			–
	6.98			5,946		0.96			0.96			2.28			–
	6.31			506		1.63			1.60			1.62			–
	6.58			1,456		1.21			1.21			1.84			–
	6.96			8		0.89			0.89			2.88			–
	7.22			59,703		0.81			0.81			3.00			–
	(28.08	)		563,703		1.19			1.14			2.49			53
	(28.67	)		32,097		2.06			2.00			1.63			–
	(28.61	)		43,493		1.92			1.87			1.76			–
	(27.80	)		1,449		0.90			0.85			2.80			–
	(28.26	)		78		1.55			1.50			2.14			–
	(28.03	)		8		1.18			1.13			2.50			–
	(27.82	)		8		0.90			0.85			2.78			–
	(27.80	)		62,258		0.80			0.75			2.90			–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Equity Income Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Equity Income Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

26

The Hartford Equity Income Fund

Directors and Officers (Unaudited)

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

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

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

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

Non-Interested Directors

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

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

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

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

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

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

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

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

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

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Equity Income Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

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

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

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

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

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

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

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

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

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

28

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

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

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

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

29

The Hartford Equity Income Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

30

The Hartford Equity Income Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,029.45	$	5.61	$	1,000.00	$	1,019.61	$	5.58		1.10	%		184		366
Class B	$	1,000.00	$	1,024.66	$	10.18	$	1,000.00	$	1,015.08	$	10.13		2.00			184		366
Class C	$	1,000.00	$	1,025.48	$	9.32	$	1,000.00	$	1,015.94	$	9.27		1.83			184		366
Class I	$	1,000.00	$	1,030.43	$	4.13	$	1,000.00	$	1,021.06	$	4.12		0.81			184		366
Class R3	$	1,000.00	$	1,027.56	$	7.19	$	1,000.00	$	1,018.05	$	7.15		1.41			184		366
Class R4	$	1,000.00	$	1,028.84	$	5.66	$	1,000.00	$	1,019.56	$	5.63		1.11			184		366
Class R5	$	1,000.00	$	1,030.81	$	4.13	$	1,000.00	$	1,021.06	$	4.12		0.81			184		366
Class Y	$	1,000.00	$	1,030.53	$	3.62	$	1,000.00	$	1,021.57	$	3.61		0.71			184		366

31

The Hartford Equity Income Fund

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

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Equity Income Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

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

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

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

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

32

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

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

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

Performance of the Fund and the Advisers

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

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

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

Costs of the Services and Profitability of the Advisers

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

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

33

The Hartford Equity Income Fund

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

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

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

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with The Hartford’s preferred partnership agreement with the Sub-adviser, an additional breakpoint had been added to the Fund’s management fee schedule.

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

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

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

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

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

34

Other Benefits

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

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

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

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

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

35

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-EI12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Floating Rate Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Floating Rate Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	15
Statement of Assets and Liabilities at October 31, 2012	16
Statement of Operations for the Year Ended October 31, 2012	17
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	18
Notes to Financial Statements	19
Financial Highlights	36
Report of Independent Registered Public Accounting Firm	38
Directors and Officers (Unaudited)	39
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	41
Quarterly Portfolio Holdings Information (Unaudited)	41
Federal Tax Information (Unaudited)	42
Expense Example (Unaudited)	43
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	44

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Floating Rate Fund inception 04/29/2005

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide high current income, and long-term total return.

Performance Overview 4/29/05 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Floating Rate A#		8.48	%		3.62	%		4.16	%
Floating Rate A##		5.23	%		2.99	%		3.74	%
Floating Rate B#		7.66	%		2.81	%		3.36	%
Floating Rate B##		2.66	%		2.48	%		3.36	%
Floating Rate C#		7.69	%		2.84	%		3.38	%
Floating Rate C##		6.69	%		2.84	%		3.38	%
Floating Rate I#		8.74	%		3.89	%		4.40	%
Floating Rate R3#		8.17	%		3.38	%		4.03	%
Floating Rate R4#		8.47	%		3.60	%		4.20	%
Floating Rate R5#		8.78	%		3.77	%		4.38	%
Floating Rate Y#		8.85	%		3.95	%		4.47	%
Credit Suisse Leveraged Loan Index		8.34	%		4.38	%		4.79	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 3.00% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of May 18, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the United States dollar-denominated leveraged loan market.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Floating Rate Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

Michael Bacevich

Vice President and Fixed Income Portfolio Manager

As of April 23, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund. At the end of a transition period of approximately 4 weeks ending on May 18, 2012, Hartford Investment Management Company ceased serving as a sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Floating Rate Fund returned 8.48%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the Credit Suisse Leveraged Loan Index, which returned 8.34% for the same period. The Fund also outperformed the 8.12% return of the average fund in the Lipper Loan Participation Funds peer group, a group of funds that invest primarily in participation interests in collateralized senior corporate loans that have floating or variable rates.

Why did the Fund perform this way?

During the annual period, fixed income markets were extremely volatile due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and Federal Open Market Committee (FOMC) - responded with bold policy moves in order to prop up the markets. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the euro zone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

The Fund outperformed its benchmark, the Credit Suisse Leveraged Loan Index, for the period. The positive impact from security selection decisions outweighed the negative effects of sector allocation decisions during the period. Security selection was strongest in Technology and Energy sectors and weakest in Utilities. Underweights (i.e. the Fund’s sector position was less than the benchmark position) to the Gaming and Technology sectors contributed positively to relative returns, while underweights to the Media NonCable and Utilities sectors detracted from relative results. Within the Energy sector, an overweight to Chesapeake Energy, exposure to out of benchmark First Reserve and lack of exposure to Frac Tech International contributed positively to relative performance. An overweight to Realogy Corp represented the primary contributor to relative performance in the Consumer Cyclical Services sector. In the Technology sector, overweights to Property Data and Ceridian each helped relative returns. Security selection within the Utilities sector represented the biggest detractor to relative performance, in particular an underweight to TXU. Among Diversified Manufacturing issuers held in the portfolio, an overweight to Esso Sa Francaise hurt relative results. Lower quality loans outperformed their higher rated counterparts during the period. The portfolio’s underweight to CCC rated loans hampered relative performance. Security selection among BB rated loans contributed positively to relative results. Additionally, an allocation to high yield credit default swap indexes, which are used to manage overall portfolio risk, also detracted from relative returns.

What is the outlook?

We believe that the outlook for bank loans remains positive. We believe that the sector will continue to benefit from strong credit fundamentals, evidenced by low interest expense relative to earnings. The bank-loan default rate by principal amount and issuer count ticked up to 1.06% and 1.21% by period end, respectively. Less than $20 billion is scheduled to mature through 2013, supporting continued low defaults. With bank-loan mutual funds continuing to experience net inflows, the technical picture remains resilient. Moreover, we believe that the market for collateralized loan obligations (CLOs), one of the main sources of demand for bank loans, has revived. However, with the Fed firmly on hold through mid-2015, we believe that the floating-rate feature of bank loans has lost some of its near-term appeal. Despite recent improvement, bank loans valuations still reflect investor skittishness about holding risk assets. The yield premium typically associated with high yield over bank loans for the higher interest rate risk and lower position on the capital structure has eroded and we believe that bank loans present an attractive opportunity. At the end of the period, the Fund had an allocation of 15% to High Yield Bonds, with the balance in Bank Loans.

3

The Hartford Floating Rate Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Baa / BBB		0.5	%
Ba / BB		28.7
B		54.0
Caa / CCC or Lower		4.3
Unrated		7.6
Non Debt Securities and Other Short-Term Instruments		9.8
Other Assets & Liabilities		(4.9	)
Total		100.0	%

*     Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of October 31, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		1.7	%
Administrative Waste Management and Remediation		4.9
Agriculture, Construction, Mining and Machinery		2.5
Agriculture, Forestry, Fishing and Hunting		0.2
Air Transportation		2.9
Arts, Entertainment and Recreation		7.2
Chemical Manufacturing		3.2
Computer and Electronic Product Manufacturing		1.1
Construction		1.0
Educational Services		0.2
Finance and Insurance		7.3
Food Manufacturing		3.6
Food Services		0.2
Furniture and Related Product Manufacturing		1.0
Health Care and Social Assistance		11.4
Information		15.0
Media		0.2
Mining		2.1
Miscellaneous Manufacturing		2.2
Motor Vehicle and Parts Manufacturing		4.0
Nonmetallic Mineral Product Manufacturing		0.2
Other Services		0.4
Petroleum and Coal Products Manufacturing		3.2
Pipeline Transportation		0.7
Plastics and Rubber Products Manufacturing		0.6
Primary Metal Manufacturing		0.9
Professional, Scientific and Technical Services		2.2
Real Estate, Rental and Leasing		2.5
Retail Trade		5.7
Services		0.1
Soap, Cleaning Compound and Toilet Manufacturing		0.5
Textile Product Mills		0.4
Transit and Ground Passenger Transportation		0.6
Truck Transportation		0.8
Utilities		3.5
Wholesale Trade		0.9
Total		95.1	%
Equity Securities
Consumer Durables and Apparel		0.0
Energy		0.1
Media		0.0
Retailing		0.0
Total		0.1	%
Short-Term Investments		9.7
Other Assets and Liabilities		(4.9	)
Total		100.0	%

4

The Hartford Floating Rate Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 8.2%
		Accommodation and Food Services - 0.3%
		Caesars Operating Escrow
$	9,500	9.00%, 02/15/2020 ■‡	$	9,453
		MGM Mirage, Inc.
	6,500	11.13%, 11/15/2017 ‡		7,166
				16,619
		Administrative Waste Management and Remediation - 0.0%
		Energy Solutions, Inc. LLC
	2,653	10.75%, 08/15/2018		2,461
		Air Transportation - 0.1%
		United Air Lines, Inc.
	4,444	9.88%, 08/01/2013 ■		4,533
		Arts, Entertainment and Recreation - 1.1%
		Bresnan Broadband Holdings LLC
	6,915	8.00%, 12/15/2018 ■‡		7,434
		CCO Holdings LLC
	14,480	5.25%, 09/30/2022 ‡		14,552
		Cengage Learning ACQ, Inc.
	6,130	11.50%, 04/15/2020 ■‡		6,575
		Chester Downs & Marina LLC
	5,189	9.25%, 02/01/2020 ■‡		5,163
		Citycenter Holdings LLC
	6,000	7.63%, 01/15/2016 ‡		6,405
		Clear Channel Communications, Inc.
	13,518	9.00%, 12/15/2019 ■		12,166
		Echostar DBS Corp.
	6,000	7.13%, 02/01/2016 ‡		6,705
		Great Canadian Gaming Co.
CAD	4,615	6.63%, 07/25/2022 ■‡		4,771
				63,771
		Chemical Manufacturing - 0.3%
		Hexion U.S. Finance Corp.
	2,326	6.63%, 04/15/2020 ‡		2,320
		LyondellBasell Industries N.V
	4,892	5.00%, 04/15/2019 ‡		5,296
		MPM Escrow LLC/MPM Finance Corp.
	8,050	8.88%, 10/15/2020 ■		7,889
				15,505
		Computer and Electronic Product Manufacturing - 0.0%
		Freescale Semiconductor, Inc.
	2,250	9.25%, 04/15/2018 ■‡		2,407
		Finance and Insurance - 1.0%
		AmeriGas Finance LLC
	4,750	6.75%, 05/20/2020 ‡		5,106
		CIT Group, Inc.
	4,385	5.00%, 05/15/2017 ‡		4,621
	7,120	5.38%, 05/15/2020 ‡		7,601
		Ineos Finance plc
	1,645	7.50%, 05/01/2020 ■		1,665
	6,689	8.38%, 02/15/2019 ■‡		7,023
		Nuveen Investments, Inc.
	3,815	9.13%, 10/15/2017 ■		3,810
		Offshore Group Investments Ltd.
	3,044	11.50%, 08/01/2015 ‡		3,345
		Provident Funding Associates L.P.
	8,126	10.25%, 04/15/2017 ■‡		8,888
		Rivers Pittsburgh L.P.
	6,535	9.50%, 06/15/2019 ■‡		7,058
		SLM Corp.
	8,129	6.00%, 01/25/2017 ‡		8,820
				57,937
		Food Manufacturing - 0.2%
		Pinnacle Foods Finance LLC
	5,746	9.25%, 04/01/2015		5,868
		Post Holdings, Inc.
	2,882	7.38%, 02/15/2022 ■		3,059
				8,927
		Food Services - 0.2%
		ARAMARK Holdings Corp.
	8,556	8.63%, 05/01/2016 ■Þ		8,749
		Health Care and Social Assistance - 1.1%
		Alere, Inc.
	4,790	7.88%, 02/01/2016 ‡		4,994
		Amerigroup Corp.
	2,913	7.50%, 11/15/2019 ‡		3,401
		Biomet, Inc.
	5,015	6.50%, 08/01/2020 ■‡		5,178
		Community Health Systems, Inc.
	8,330	5.13%, 08/15/2018 ‡		8,642
	6,665	7.13%, 07/15/2020 ‡		7,048
		DaVita, Inc.
	7,435	5.75%, 08/15/2022 ‡		7,770
		Fresenius Medical Care U.S. Finance II, Inc.
	3,000	5.63%, 07/31/2019 ■‡		3,157
		HCA, Inc.
	8,000	7.25%, 09/15/2020 ‡		8,850
		Valeant Pharmaceuticals International, Inc.
	7,000	6.50%, 07/15/2016 ■		7,367
	3,000	6.88%, 12/01/2018 ■		3,199
		Warner Chilcott plc
	6,071	7.75%, 09/15/2018		6,405
				66,011
		Information - 1.0%
		Avaya, Inc.
	8,320	7.00%, 04/01/2019 ■‡		7,592
		Ceridian Corp.
	9,420	8.88%, 07/15/2019 ■‡		9,985
		First Data Corp.
	14,625	6.75%, 11/01/2020 ■‡		14,625
		Intelsat Jackson Holdings S.A
	6,000	8.50%, 11/01/2019 ‡		6,735
		Level 3 Financing, Inc.
	10,926	4.47%, 02/15/2015 ‡Δ		10,899
		Windstream Corp.
	6,500	7.88%, 11/01/2017 ‡		7,239
		Zayo Group LLC
	1,230	8.13%, 01/01/2020		1,347
				58,422
		Mining - 0.3%
		FMG Resources Pty Ltd.
	5,000	8.25%, 11/01/2019 ■‡		5,000
		Peabody Energy Corp.
	10,000	6.00%, 11/15/2018		10,375
				15,375

The accompanying notes are an integral part of these financial statements.

5

The Hartford Floating Rate Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬				Market Value ╪
CORPORATE BONDS - 8.2% - (continued)
			Miscellaneous Manufacturing - 0.2%
			Reynolds Group Issuer, Inc.
$	5,000		5.75%, 10/15/2020 ■‡	$	5,050
	8,182		7.13%, 04/15/2019 ‡Δ		8,714
					13,764
			Motor Vehicle and Parts Manufacturing - 0.1%
			American Axle & Manufacturing Holdings, Inc.
	5,874		9.25%, 01/15/2017 ■‡		6,571
			Nonmetallic Mineral Product Manufacturing - 0.2%
			Ardagh Packaging Finance plc
	9,737		7.38%, 10/15/2017 ■‡		10,466
			Petroleum and Coal Products Manufacturing - 0.6%
			Chesapeake Energy Corp.
	2,399		6.78%, 03/15/2019 ‡		2,405
	3,333		6.88%, 08/15/2018 ‡		3,500
		��	Concho Resources, Inc.
	10,000		5.50%, 04/01/2023 ‡		10,475
			EP Energy Finance, Inc.
	6,500		7.75%, 09/01/2022 ■‡		6,727
			Everest Acquisition LLC
	2,890		6.88%, 05/01/2019 ■‡		3,121
			MEG Energy Corp.
	3,860		6.38%, 01/30/2023 ■		4,130
			Shelf Drilling Holdings Ltd.
	2,775		8.63%, 11/01/2018 ■		2,789
					33,147
			Plastics and Rubber Products Manufacturing - 0.1%
			Sealed Air Corp.
	4,146		8.13%, 09/15/2019 ■		4,529
			Primary Metal Manufacturing - 0.1%
			Novelis, Inc.
	6,973		8.75%, 12/15/2020 ‡		7,688
			Professional, Scientific and Technical Services - 0.1%
			Affinion Group, Inc.
	7,000		7.88%, 12/15/2018		5,722
	3,039		11.50%, 10/15/2015 ‡		2,500
					8,222
			Real Estate, Rental and Leasing - 0.3%
			International Lease Finance Corp.
	15,000		5.88%, 08/15/2022 ‡		15,582
			Retail Trade - 0.1%
			GRD Holding III Corp.
	5,050		10.75%, 06/01/2019 ■‡		5,120
			Libby Glass, Inc.
	880		6.88%, 05/15/2020 ■		937
					6,057
			Soap, Cleaning Compound and Toilet Manufacturing - 0.1%
			Yankee Acquisition Corp.
	3,500		9.75%, 02/15/2017 ╦		3,636
			YCC Holdings LLC
	4,632		10.25%, 02/15/2016 Þ		4,788
					8,424
			Utilities - 0.5%
			Calpine Corp.
	10,000		7.25%, 10/15/2017 ■‡		10,600
			NRG Energy, Inc.
	4,000		6.63%, 03/15/2023 ■		4,120
	10,750		7.63%, 01/15/2018 ‡		11,744
					26,464
			Wholesale Trade - 0.2%
			Spectrum Brands Holdings, Inc.
	9,100		9.50%, 06/15/2018 ‡		10,215
			Total corporate bonds
			(cost $457,474)	$	471,846
SENIOR FLOATING RATE INTERESTS ♦ - 86.9%
			Accommodation and Food Services - 1.4%
			Caesars Entertainment Operating Co., Inc.
$	2,610		4.46%, 01/28/2018	$	2,255
	23,000		5.46%, 01/28/2018		20,588
	29,084		9.50%, 10/31/2016		29,731
			Las Vegas Sands LLC, Extended Delayed Draw Term Loan
	3,553		2.72%, 11/23/2016		3,544
			Las Vegas Sands LLC, Extended Delayed Draw Term Loan 2
	1,086		2.72%, 11/23/2015		1,083
			Las Vegas Sands LLC, Extended Term Loan
	15,537		2.72%, 11/23/2016		15,499
			Pilot Travel Centers LLC
	7,590		4.25%, 08/07/2019		7,628
					80,328
			Administrative Waste Management and Remediation - 4.9%
			Acosta, Inc.
	37,140		5.00%, 03/02/2018		37,430
			ADS Waste Holdings, Inc.
	24,190		5.25%, 10/09/2019		24,408
			Affinion Group, Inc., Tranche B Term Loan
	73,331		5.00%, 07/16/2015		68,977
			EnergySolutions LLC
	11,683		6.25%, 08/15/2016		11,128
			InVentiv Health, Inc., 1st Lien Consolidated Term Loan
	16,231		6.50%, 08/04/2016		15,852
			InVentiv Health, Inc., Term Loan B2
	15,360		6.75%, 05/15/2018		15,002
			Ipreo Holdings LLC
	11,880		8.00%, 08/07/2017 ☼		11,880
			NaNa Development Corp.
	23,133		6.50%, 07/22/2016		22,844
			NexTag, Inc.
	6,698		7.00%, 01/28/2016		6,485
			Ozburn-Hessey Holding Co. LLC
	6,990		8.25%, 04/08/2016		6,658
			ServiceMaster (The) Co.
	19,405		4.46%, 01/31/2017		19,474
			SI Organization, Inc.
	10,808		4.50%, 11/22/2016		10,740
			Synagro Technologies, Inc.
	14,312		2.40%, 03/28/2014		12,356

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 86.9% - (continued)
		Administrative Waste Management and Remediation - 4.9% - (continued)
		TransUnion LLC
$	14,489	5.50%, 02/10/2018	$	14,649
		Wolverine Healthcare Analytics, Inc.
	4,968	5.75%, 06/06/2019		4,964
				282,847
		Agriculture, Construction, Mining and Machinery - 2.5%
		Hupah Finance, Inc.
	11,940	6.27%, 01/21/2019		12,000
		Kion Group GmbH
	17,909	3.46%, 12/23/2014 Þ		17,481
	17,909	3.96%, 12/29/2015 Þ		17,570
		Nortek, Inc.
	4,124	5.26%, 04/26/2017		4,124
		Veyance Technologies, Inc.
	68,122	2.47%, 07/31/2014		67,525
	28,650	5.96%, 07/31/2015		27,647
				146,347
		Agriculture, Forestry, Fishing and Hunting - 0.2%
		Milk Specialties Co.
	9,776	8.50%, 12/23/2017		9,837
		Air Transportation - 2.8%
		AWAS Finance Luxembourg S.A
	7,124	5.25%, 06/10/2016		7,186
		AWAS Finance Luxembourg S.aár.l
	5,205	4.75%, 07/16/2018		5,245
		Delta Air Lines, Inc.
	9,075	5.25%, 10/18/2018		9,018
		Delta Air Lines, Inc., Term Loan
	31,727	5.50%, 04/20/2017		31,695
		Landmark Aviation
	11,500	5.03%, 10/25/2019 ☼		11,529
		Macquarie Aircraft Leasing Finance S.A., First Lien Term Loan
	10,516	1.72%, 11/29/2013		10,411
		United Air Lines, Inc.
	50,043	2.25%, 02/01/2014		49,376
		US Airways Group, Inc.
	36,581	2.71%, 03/23/2014		35,703
				160,163
		Arts, Entertainment and Recreation - 6.1%
		24 Hour Fitness Worldwide, Inc.
	35,169	7.50%, 04/22/2016		35,334
		Caribe Media, Inc.
	4,746	10.00%, 11/18/2014		3,204
		Cengage Learning Acquisitions, Inc.
	34,481	5.72%, 07/05/2017		31,277
		Cenveo Corp.
	14,721	6.63%, 12/21/2016		14,795
		Cequel Communications LLC
	25,842	4.00%, 02/14/2019 ☼		25,847
		Clear Channel Communications, Inc.
	3,847	3.61%, 07/30/2014		3,725
	41,263	3.86%, 01/29/2016		33,861
		ClubCorp Club Operations, Inc.
	18,147	6.00%, 11/30/2016		18,207
		Cumulus Media Holdings, Inc.
	33,731	5.75%, 09/17/2018		33,951
		Cumulus Media, Inc., Second Lien Term Loan
	4,000	7.50%, 09/16/2019		4,045
		Dex Media West LLC
	9,116	7.25%, 10/24/2014		6,080
		F & W Publications, Inc., New Term Loan
	3,472	7.75%, 06/09/2014		3,211
		F & W Publications, Inc., Second Lien Term Loan
	2,098	15.00%, 12/09/2014 Þ		1,416
		FoxCo Acquisition LLC
	5,335	5.50%, 07/14/2017		5,400
		Golden Nugget, Inc., Delayed Draw Term Loan
	4,170	3.27%, 06/22/2014 Þ		3,975
		Golden Nugget, Inc., Term Facility
	7,425	3.27%, 06/22/2014 Þ		7,078
		Kabel Deutschland GmbH
	14,619	4.25%, 02/01/2019		14,680
		Penn National Gaming, Inc.
	8,665	3.75%, 07/16/2018 ☼		8,696
		Penton Media, Inc.
	8,829	5.00%, 08/01/2014 Þ		7,301
		R.H. Donnelley, Inc.
	4,894	9.00%, 10/24/2014		3,071
		San Juan Cable LLC
	19,627	6.00%, 06/09/2017		19,578
		Sinclair Television Group, Inc.
	9,409	4.00%, 10/28/2016		9,419
		Univision Communications, Inc.
	62,615	4.46%, 03/31/2017		61,168
				355,319
		Chemical Manufacturing - 2.9%
		Ineos US Finance LLC
	25,746	6.50%, 05/04/2018 ☼		26,084
		Momentive Specialty Chemicals, Tranche C-1B Term Loan Ext
	58,404	4.04%, 05/05/2015		57,966
		Momentive Specialty Chemicals, Tranche C-2B Term Loan Ext
	24,194	4.04%, 05/05/2015		24,013
		Momentive Specialty Chemicals, Tranche C-4B Term Loan Ext
	2,520	4.25%, 05/05/2015		2,444
		Momentive Specialty Chemicals, Tranche C-5B Term Loan Ext
	948	4.13%, 05/05/2015		919
		Momentive Specialty Chemicals, Tranche C-6B Term Loan Ext
EUR	1,785	3.82%, 05/05/2015		2,221
		Univar, Inc.
	41,863	5.00%, 06/30/2017		41,363
		Utex Industries, Inc.
	11,559	7.00%, 12/15/2016		11,602
				166,612
		Computer and Electronic Product Manufacturing - 1.1%
		API Technologies Corp.
	7,406	8.75%, 06/27/2016		7,332
		Ceridian Corp.
	22,803	5.96%, 05/09/2017		22,636

The accompanying notes are an integral part of these financial statements.

7

The Hartford Floating Rate Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 86.9% - (continued)
		Computer and Electronic Product Manufacturing - 1.1% - (continued)
		Freescale Semiconductor, Inc.
$	18,164	4.46%, 12/01/2016	$	17,569
		SRA International, Inc.
	14,420	6.50%, 07/20/2018		14,035
				61,572
		Construction - 1.0%
		Brand Energy & Infrastructure Services, Inc.
	20,000	5.28%, 10/20/2018 ☼		19,900
		Brock Holdings III, Inc.
	18,870	6.01%, 03/16/2017		18,893
	8,548	10.00%, 03/16/2018		8,591
		Summit Materials LLC
	9,950	6.00%, 01/30/2019		9,998
				57,382
		Educational Services - 0.2%
		Meritas Schools Holdings LLC, Second Lien Term Loan
	5,000	11.50%, 01/29/2018		4,950
		Meritas Schools Holdings LLC, Term Loan B
	8,390	7.50%, 07/29/2017		8,306
				13,256
		Finance and Insurance - 6.3%
		Asurion Corp., 2nd Lien Term Loan
	9,867	9.00%, 05/24/2019		10,189
		Asurion Corp., Term Loan
	53,389	5.50%, 05/24/2018		53,722
		Asurion LLC
	5,000	4.75%, 07/23/2017		5,012
		BNY Convergex Group LLC, 1st Lien Eze Borrower Term Loan Committment
	4,935	5.25%, 12/19/2016		4,782
		BNY Convergex Group LLC, 1st Lien Top Borrower Term Loan Committment
	11,263	5.25%, 12/19/2016		10,914
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	1,440	8.75%, 12/18/2017		1,335
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	3,432	8.75%, 12/18/2017		3,181
		Capital Automotive L.P. REIT
	10,319	5.25%, 03/11/2017		10,371
		Chrysler Group LLC
	39,956	6.00%, 05/24/2017		40,782
		EVERTEC LLC
	12,081	5.50%, 09/30/2016		12,085
		HMSC Corp.
	7,485	2.46%, 04/03/2014		7,061
		HUB International Ltd.
	14,919	4.71%, 06/13/2017		14,952
	13,328	6.75%, 12/13/2017		13,394
		Interactive Data Corp.
	21,022	4.50%, 02/11/2018		21,143
		Lonestar Intermediate Super Holdings LLC
	4,864	11.00%, 09/02/2019		5,168
		Macquarie Aircraft Leasing Finance S.A., 2nd Lien Term Loan
	10,687	4.21%, 11/29/2013		10,580
		Nuveen Investments, Inc.
	38,037	5.84%, 05/13/2017		37,894
	13,919	7.25%, 05/13/2017		14,015
	22,560	8.25%, 02/28/2019		22,898
		Nuveen Investments, Inc., Extended First Lien Term Loan
	34,142	5.85%, 05/13/2017		34,088
		Ocwen Financial Corp.
	9,784	7.00%, 09/01/2016		9,808
		Springleaf Financial Funding Co.
	21,000	5.50%, 05/10/2017		20,701
				364,075
		Food Manufacturing - 3.4%
		Advance Pierre Foods
	17,941	5.75%, 07/10/2017		18,049
	9,000	9.50%, 10/10/2017		9,077
		American Seafoods Group LLC
	15,523	4.25%, 03/18/2018		15,096
		Dean Foods Co., Term B 2017 Extended
	3,920	3.47%, 04/02/2017		3,894
		Del Monte Foods Co.
	58,744	4.50%, 03/08/2018		58,653
		Dole Food Co., Inc., Term Loan B2
	6,062	5.03%, 07/08/2018		6,076
		Dole Food Co., Inc., Term Loan C2
	10,847	5.03%, 07/08/2018		10,873
		JBS USA LLC
	16,363	4.25%, 05/25/2018		16,281
		Pinnacle Foods Finance LLC
	30,345	3.71%, 10/02/2016		30,440
	1,990	4.75%, 10/17/2018		1,995
		Roundy's Supermarkets, Inc.
	29,480	5.75%, 02/13/2019		28,590
				199,024
		Furniture and Related Product Manufacturing - 1.0%
		AOT Bedding Super Holdings LLC
	47,085	5.00%, 10/01/2019		47,035
		Wilsonart International Holding LLC
	12,395	4.78%, 10/03/2019 ☼		12,430
				59,465
		Health Care and Social Assistance - 10.3%
		AccentCare, Inc.
	6,140	6.50%, 12/22/2016		4,958
		Alere, Inc.
	30,693	4.75%, 06/30/2017		30,890
		Ardent Health Services LLC, Term Loan
	17,555	6.50%, 09/15/2015		17,621
		ATI Holdings, Inc.
	10,907	7.50%, 03/11/2016		10,853
		Bausch & Lomb, Inc.
	12,554	5.25%, 05/17/2019		12,684
		Community Health Systems, Inc.
	8,197	3.92%, 01/25/2017		8,227
		DaVita, Inc.
	46,435	4.00%, 11/29/2019 ☼		46,435

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 86.9% - (continued)
		Health Care and Social Assistance - 10.3% - (continued)
		DJO Finance LLC
$	10,027	5.21%, 11/01/2016	$	10,029
	10,128	6.25%, 09/15/2017		10,158
		Gentiva Health Services, Inc.
	12,721	6.50%, 08/17/2016		12,466
		Grifols, Inc.
	18,647	4.50%, 06/01/2017		18,800
		HCA, Inc., Tranche B-2 Term Loan
	40,805	3.61%, 03/31/2017		40,839
		HCA, Inc., Tranche B-3 Term Loan
	23,094	3.46%, 05/01/2018		23,105
		Hologic, Inc.
	35,486	4.50%, 08/01/2019		35,861
		Iasis Healthcare LLC
	14,745	5.00%, 05/03/2018		14,764
		Immucor, Inc.
	16,814	5.75%, 08/19/2018		16,941
		IMS Health, Inc.
	8,220	4.50%, 08/26/2017 ☼		8,267
		Insight Pharmaceuticals LLC
	9,895	6.35%, 08/25/2016		9,895
		Jazz Pharmaceuticals, Inc.
	5,866	5.25%, 06/12/2018		5,905
		Kindred Healthcare, Inc.
	11,318	5.25%, 06/01/2018		11,137
		Kinetic Concepts, Inc.
	14,888	7.00%, 05/04/2018		15,052
		MedAssets, Inc.
	9,945	5.25%, 11/16/2016		10,009
		Medpace Intermediateco, Inc.
	11,068	6.50%, 06/19/2017		10,625
		MultiPlan, Inc.
	29,612	4.75%, 08/26/2017		29,711
		NBTY, Inc.
	24,466	4.25%, 10/01/2017		24,577
		Par Pharmeceutical Cos., Inc.
	18,175	5.00%, 09/30/2019		18,114
		Pharmaceutical Product Development, Inc.
	14,462	6.25%, 12/05/2018		14,646
		Physician Oncology Services, Delayed Draw Term Commitment
	816	7.75%, 01/31/2017		775
		Physician Oncology Services, Term Loan
	6,719	7.75%, 01/31/2017		6,383
		Sheridan Holdings, Inc.
	6,100	6.00%, 06/29/2018		6,134
	2,246	9.00%, 07/01/2019		2,268
		Surgery Center Holdings, Inc.
	9,788	6.50%, 02/06/2017		9,739
		United Surgical Partners International, Inc., Extended Term Loan B
	10,014	5.25%, 04/19/2017		10,039
		United Surgical Partners International, Inc., Term Loan B
	9,950	6.00%, 04/03/2019		10,033
		US Renal Care, Inc.
	9,476	6.25%, 07/03/2019		9,571
	2,666	10.25%, 01/03/2020		2,726
		Valeant Pharmaceuticals International, Inc.
	25,090	3.85%, 09/27/2019 ☼		25,135
		Valeant Pharmaceuticals International, Inc.
	17,718	3.84%, 02/13/2019 ☼		17,771
		Warner Chilcott Corp., Term Loan B-1
	9,413	4.25%, 03/15/2018		9,440
		Warner Chilcott Corp., Term Loan B-2
	4,707	4.25%, 03/15/2018		4,720
		Warner Chilcott Corp., Term Loan B-3
	6,472	4.25%, 03/15/2018		6,490
		Warner Chilcott plc
	3,575	4.25%, 03/15/2018		3,585
				597,378
		Information - 14.0%
		Alaska Communications Systems Holdings, Inc.
	10,758	5.50%, 10/21/2016		9,870
		Aspect Software, Inc.
	11,665	6.25%, 05/07/2016		11,578
		Avaya, Inc., Term B-3 Loan
	18,679	4.93%, 10/26/2017		16,635
		Blackboard, Inc.
	29,527	7.50%, 10/04/2018		29,684
		CDW LLC
	35,267	4.00%, 07/15/2017		34,885
		Charter Communications Operating LLC
	21,489	4.00%, 05/15/2019 ☼		21,630
		Charter Communications Operating LLC, Term C Loan Extended
	34,269	3.47%, 09/06/2016		34,393
		Crown Castle Operating Co.
	18,885	4.00%, 01/31/2019		18,971
		Decision Insight Information Group I, Inc.
	17,263	7.00%, 01/04/2017		17,069
		Emdeon, Inc.
	14,365	5.00%, 11/02/2018		14,523
		Epicor Software Corp.
	44,314	5.00%, 05/16/2018		44,489
		First Data Corp.
	12,954	5.21%, 03/24/2017		12,727
		First Data Corp., Extended 1st Lien Term Loan
	88,764	4.21%, 03/26/2018		84,548
		Gray Television, Inc.
	12,285	4.40%, 10/12/2019 ☼		12,298
		Hyland Software, Inc.
	6,665	5.03%, 10/25/2019 ☼		6,645
		Intelsat Jackson Holdings S.A
	70,864	4.50%, 02/01/2014 - 04/02/2018		70,625
		Kronos, Inc.
	13,300	4.53%, 10/31/2019 ☼		13,372
	3,000	8.65%, 04/25/2020 ☼		3,015
		Lawson Software, Inc.
	27,232	5.25%, 04/05/2018		27,513
		Leap Wireless International, Inc.
	4,820	4.75%, 10/10/2019		4,835
		Level 3 Financing, Inc.
	38,256	4.75%, 02/01/2016 - 08/01/2019		38,525
	49,045	5.25%, 08/01/2019		49,566
		Mediacom Broadband LLC, Term Loan E
	7,892	4.50%, 10/23/2017		7,828

The accompanying notes are an integral part of these financial statements.

9

The Hartford Floating Rate Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬				Market Value ╪
	SENIOR FLOATING RATE INTERESTS ♦ - 86.9% - (continued)
		Information - 14.0% - (continued)
		Mediacom Broadband LLC, Tranche F Term Loan
$	15,928	4.50%, 10/23/2017	$	15,822
		Metro PCS Wireless, Inc., Term Loan B3
	4,402	4.00%, 03/19/2018		4,400
		Metro PCS Wireless, Inc., Tranche B-2 Term Loan
	6,555	4.07%, 11/03/2016		6,567
		MISYS plc
	25,650	7.25%, 12/12/2018		25,746
		MModal, Inc.
	14,600	6.75%, 08/16/2019		14,442
		Northland Cable Television, Inc.
	9,625	7.75%, 12/30/2016		9,288
		Novell, Inc.
	18,325	7.25%, 11/22/2017		18,520
		Peak 10, Inc.
	6,045	6.53%, 10/31/2018 ☼		5,974
		Skillsoft Corp.
	14,077	5.00%, 05/26/2017		14,183
		Sorenson Communications, Inc.
	2,135	6.00%, 08/16/2013		2,101
		Telesat Canada
	12,843	4.25%, 03/28/2019		12,945
		TransFirst Holdings, Inc., Second Lien Term Loan
	1,079	6.22%, 06/12/2015 Þ		1,035
		TransFirst Holdings, Inc., Term Loan
	14,749	2.97%, 06/16/2014		14,572
		TWCC Holding Corp.
	10,993	4.25%, 02/13/2017		11,056
		UPC Financing Partnership
	12,750	4.75%, 12/31/2017		12,755
		West Corp.
	5,517	5.50%, 07/15/2016		5,535
	9,785	5.75%, 06/30/2018		9,920
		West Corp., Term Loan B-4
	8,234	5.50%, 07/15/2016		8,260
		WideOpenWest Finance LLC
	14,977	6.25%, 07/17/2018		15,099
		Zayo Group LLC
	14,419	5.25%, 07/02/2019		14,469
				807,913
		Media - 0.2%
		Primedia, Inc.
	13,659	7.50%, 01/13/2018		12,885
		Mining - 1.8%
		Arch Coal, Inc.
	32,623	5.75%, 05/16/2018		32,880
		Fortescue Metals Group Ltd.
	65,735	5.54%, 10/18/2017 ☼		65,373
		Metal Services LLC
	5,638	9.00%, 09/29/2017		5,652
				103,905
		Miscellaneous Manufacturing - 2.0%
		DAE Aviation Holdings, Inc., Term Loan B1
	7,622	7.25%, 07/31/2014		7,598
		DAE Aviation Holdings, Inc., Term Loan B2
	6,704	7.25%, 07/31/2014		6,683
		Provo Craft & Novelty, Inc.
	9,556	8.50%, 03/22/2016		1,409
		Reynolds Group Holdings, Inc.
	48,930	4.75%, 09/28/2018 ☼		49,070
		Sequa Corp.
	45,031	3.62%, 12/03/2014		44,885
	5,657	6.25%, 12/03/2014		5,663
				115,308
		Motor Vehicle and Parts Manufacturing - 3.9%
		Allison Transmission, Inc.
	5,803	2.72%, 08/07/2014		5,807
	28,082	4.25%, 08/23/2019		28,201
		AM General LLC, Term B Facility
	12,608	3.20%, 09/30/2013		12,230
		Federal Mogul Corp., Tranche B Term Loan
	46,876	2.15%, 12/29/2014		43,868
		Federal Mogul Corp., Tranche C Term Loan
	17,032	2.15%, 12/28/2015		15,939
		General Motors Holdings LLC
	31,965	0.38%, 10/27/2015 ☼		31,326
		Navistar, Inc.
	49,736	7.00%, 08/17/2017		49,860
		Schaeffler AG
	11,815	6.00%, 01/27/2017		11,931
		Tomkins LLC / Tomkins, Inc.
	28,906	4.25%, 09/29/2016		29,007
				228,169
		Other Services - 0.4%
		Husky Injection Molding Systems Ltd.
	20,981	5.75%, 07/02/2018		21,217
		Petroleum and Coal Products Manufacturing - 2.6%
		Chesapeake Energy Corp.
	13,667	8.50%, 12/02/2017		13,680
		Dynegy Midwest Generation LLC
	16,092	9.25%, 08/05/2016		16,728
		Dynegy Power LLC
	37,348	9.25%, 08/05/2016		38,842
		Plains Exploration & Production Co.
	24,550	3.91%, 10/15/2019 ☼		24,647
		Samson Investment Co.
	22,745	6.00%, 09/25/2018		22,935
		Shelf Drilling International Holdings Ltd.
	10,200	6.25%, 04/15/2018 ☼		10,200
		Walter Energy, Inc.
	12,692	4.00%, 04/02/2018		12,464
		Willbros United States Holdings, Inc.
	9,636	9.50%, 06/30/2014		9,664
				149,160
		Pipeline Transportation - 0.7%
		EP Energy LLC
	10,605	4.03%, 03/31/2019 ☼		10,578
	19,622	5.00%, 05/24/2018		19,725
		NGPL Pipeco LLC
	9,420	6.75%, 09/15/2017		9,601
				39,904

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 86.9% - (continued)
		Plastics and Rubber Products Manufacturing - 0.5%
		Consolidated Container Co. LLC
$	7,000	5.00%, 07/03/2019	$	7,006
		Tricorbraun, Inc.
	7,671	5.50%, 05/03/2018		7,692
		Trinseo Materials Operating S.C.A.
	17,317	8.00%, 08/02/2017		16,517
				31,215
		Primary Metal Manufacturing - 0.8%
		Novelis, Inc.
	37,934	4.00%, 03/10/2017 ☼		37,899
		WireCo WorldGroup, Inc.
	6,855	6.00%, 02/15/2017		6,932
				44,831
		Professional, Scientific and Technical Services - 2.1%
		Advantage Sales & Marketing, Inc., 2nd Lien Term Loan
	10,472	9.25%, 06/18/2018		10,472
		Advantage Sales & Marketing, Inc., Term Loan B
	27,491	5.25%, 12/18/2017		27,514
		AlixPartners, LLP
	14,544	6.50%, 06/28/2019		14,703
	4,575	10.75%, 12/27/2019		4,621
		IMG Worldwide, Inc.
	11,766	5.50%, 06/16/2016		11,751
		MoneyGram International, Inc., Term Loan B1
	2,376	4.25%, 11/17/2017		2,376
		MoneyGram Payment Systems Worldwide, Inc.
	15,256	4.25%, 11/17/2017		15,256
		Paradigm Ltd., Term Loan B1
	14,000	6.50%, 07/30/2019		13,939
		Paradigm Ltd., Term Loan B2
	2,500	10.50%, 07/30/2020		2,517
		RBS Holding Co. LLC
	14,775	9.25%, 03/23/2017		7,092
		SunGard Data Systems, Inc.
	2,855	3.90%, 02/28/2016		2,854
	6,553	3.97%, 02/28/2017		6,577
				119,672
		Real Estate, Rental and Leasing - 2.2%
		Fly Leasing Ltd.
	9,500	6.75%, 08/08/2018		9,524
		LNR Property LLC
	19,423	4.75%, 04/29/2016		19,399
		Realogy Corp., Credit Linked Deposit
	1,531	3.21%, 10/05/2013		1,477
		Realogy Corp., Extended 1st Lien Term Loan B
	79,570	4.46%, 10/10/2016		79,357
		Realogy Corp., Extended Credit Linked Deposit
	10,578	4.46%, 10/10/2016		10,550
		SBA Senior Finance II LLC
	6,030	3.75%, 09/28/2019		6,055
				126,362
		Retail Trade - 5.6%
		99 Cents Only Stores
	13,930	5.25%, 01/11/2019		14,056
		Academy Ltd.
	19,589	6.00%, 08/03/2018		19,586
		Armored AutoGroup, Inc.
	11,775	6.00%, 11/05/2016		11,618
		Atrium Companies, Inc.
	14,207	11.00%, 04/30/2016 Þ		12,609
		BJ's Wholesale Club, Inc.
	12,486	5.75%, 09/26/2019		12,604
		Burlington Coat Factory Warehouse Corp.
	14,929	5.50%, 02/23/2017		15,029
		David's Bridal, Inc.
	4,046	5.00%, 10/11/2019		4,036
		EB Sports Corp.
	12,931	11.50%, 12/31/2015 Þ		12,672
		Great Atlantic & Pacific Tea Co., Inc.
	16,917	11.00%, 03/13/2017		15,733
		Gymboree Corp.
	20,179	5.00%, 02/23/2018		19,675
		Hillman Group, Inc.
	20,708	5.00%, 05/31/2016		20,829
		Michaels Stores, Inc., B-2 Term Loan
	17,469	4.91%, 07/31/2016		17,600
		Michaels Stores, Inc., B-3 Term Loan
	18,793	4.91%, 07/31/2016		18,934
		Michaels Stores, Inc., Term B Loan
	6,478	4.25%, 02/25/2018		6,501
		Neiman (The) Marcus Group, Inc.
	47,610	4.75%, 05/16/2018		47,683
		Party City Holdings, Inc.
	16,175	5.75%, 07/27/2019		16,312
		Rite Aid Corp., Tranche 5 Term Loan
	18,704	4.50%, 03/03/2018		18,658
		Sports (The) Authority, Inc.
	28,411	7.50%, 11/16/2017		28,446
		Sprouts Farmers Markets Holdings LLC
	9,707	6.00%, 04/18/2018		9,767
				322,348
		Services - 0.1%
		Harland Clarke Holdings Corp.
	8,369	5.46%, 06/30/2017		7,647
		Soap, Cleaning Compound and Toilet Manufacturing - 0.4%
		Revlon Consumer Products Corp.
	19,687	4.75%, 11/19/2017		19,687
		Yankee (The) Candle Co., Inc.
	3,970	5.25%, 04/02/2019		3,995
				23,682
		Textile Product Mills - 0.4%
		Levi Strauss & Co.
	21,768	2.46%, 04/04/2014		21,641
		Transit and Ground Passenger Transportation - 0.6%
		Emergency Medical Services Corp.
	36,654	5.25%, 05/25/2018		36,909

The accompanying notes are an integral part of these financial statements.

11

The Hartford Floating Rate Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬					Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 86.9% - (continued)
		Truck Transportation - 0.8%
		Nexeo Solutions LLC
$	20,780	5.00%, 09/08/2017 - 09/09/2017			$	20,391
		Swift Transportation Co. LLC
	24,216	5.00%, 12/21/2017				24,390
						44,781
		Utilities - 3.0%
		AES (The) Corp.
	14,728	4.25%, 06/01/2018				14,798
		Calpine Corp.
	15,306	4.50%, 10/09/2019				15,317
		Calpine Corp. Term Loan
	43,405	4.50%, 04/01/2018 ☼				43,464
		Energy Transfer Equity L.P.
	28,717	3.75%, 03/24/2017 ☼				28,595
		LSP Madison Funding LLC
	14,250	5.50%, 06/28/2019				14,357
		Star West Generation LLC
	25,558	6.00%, 05/17/2018				25,526
		Texas Competitive Electric Holdings Co. LLC
	34,498	4.75%, 10/10/2017				22,199
		TPF Generation Holdings LLC, LC Facility Deposits
	791	2.36%, 12/15/2013				788
		TPF Generation Holdings LLC, Second Lien Term Loan
	6,495	4.61%, 12/21/2014				6,446
						171,490
		Wholesale Trade - 0.7%
		Harbor Freight Tools USA, Inc.
	12,010	5.50%, 11/14/2017				12,070
		HD Supply, Inc.
	29,426	7.25%, 10/12/2017				30,300
						42,370
		Total senior floating rate interests
		(cost $5,006,047)			$	5,025,014
COMMON STOCKS - 0.1%
		Consumer Durables and Apparel - 0.0%
	3	Provo Craft & Novelty, Inc. ⌂●†			$	—
		Energy - 0.1%
	418,220	KCA Deutag ⌂●†				3,468
		Media - 0.0%
	12	Caribe Media, Inc. ⌂†				—
	16	F & W Publications, Inc. ●				10
						10
		Retailing - 0.0%
	168	Neebo, Inc. ●†				420
		Total common stocks
		(cost $6,077)			$	3,898
WARRANTS - 0.0%
		Media - 0.0%
	19	Cumulus Media, Inc. ⌂			$	25
	6	F & W Publications, Inc.				4
						29
		Total warrants
		(cost $1)			$	29
		Total long-term investments
		(cost $5,469,599)			$	5,500,787
SHORT-TERM INVESTMENTS - 9.7%
Other Investment Pools and Funds - 9.7%
	562,064	JP Morgan U.S. Government Money Market Fund			$	562,064
		Total short-term investments
		(cost $562,064)			$	562,064
		Total investments
		(cost $6,031,663) ▲	104.9	%	$	6,062,851
		Other assets and liabilities	(4.9	)%		(281,337	)
		Total net assets	100.0	%	$	5,781,514

The accompanying notes are an integral part of these financial statements.

12

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $6,032,598 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	83,305
Unrealized Depreciation		(53,052	)
Net Unrealized Appreciation	$	30,253

† These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $3,888, which represents 0.1% of total net assets.

● Non-income producing.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $1,600 was received from broker(s) as collateral in connection with swap contracts.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

Þ This security may pay interest in additional principal instead of cash.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $220,906, which represents 3.8% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
11/2011		12	Caribe Media, Inc.	$	–
07/2009		19	Cumulus Media, Inc. Warrants		–
03/2011		418,220	KCA Deutag		5,668
09/2011		3	Provo Craft & Novelty, Inc.		–

At October 31, 2012, the aggregate value of these securities was $3,493, which represents 0.1% of total net assets.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $358,027 at October 31, 2012.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.

Foreign Currency Contracts Outstanding at October 31, 2012
Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
CAD	Sell	11/15/2012	UBS	$	4,705	$	4,619	$	86

The accompanying notes are an integral part of these financial statements.

13

The Hartford Floating Rate Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Credit Default Swap Contracts Outstanding at October 31, 2012
Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate			Expiration Date	Upfront Premiums Paid/ (Received)		Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices:
Buy protection:
CDX.NA.HY.18	BOA	$	75,002		(5.00	)%	06/20/17	$	3,515	$	(38	)	$	(3,553	)

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.  Notional shown in U.S. dollars unless otherwise noted.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BOA	Banc of America Securities LLC
UBS	UBS AG
Currency Abbreviations:
CAD	Canadian Dollar
EUR	EURO
Index Abbreviations:
CDX.NA.HY	Credit Derivatives North American High Yield
Other Abbreviations:
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

14

The Hartford Floating Rate Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	3,898	$	–	$	10	$	3,888
Corporate Bonds		471,846		–		471,846		–
Senior Floating Rate Interests		5,025,014		–		5,025,014		–
Warrants		29		–		29		–
Short-Term Investments		562,064		562,064		–		–
Total	$	6,062,851	$	562,064	$	5,496,899	$	3,888
Foreign Currency Contracts *		86		–		86		–
Total	$	86	$	–	$	86	$	–
Liabilities:
Credit Default Swaps *		3,553		–		3,553		–
Total	$	3,553	$	–	$	3,553	$	–

♦ For the year ended October 31, 2012, investments valued at $58 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of October 31, 2012
Assets:
Common Stocks	$	3,639	$	—	$	(159	)†	$	—	$	6,076	$	(5,668	)	$	—	$	—	$	3,888
Total	$	3,639	$	—	$	(159	)	$	—	$	6,076	$	(5,668	)	$	—	$	—	$	3,888

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(159).

The accompanying notes are an integral part of these financial statements.

15

The Hartford Floating Rate Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $6,031,663)	$	6,062,851
Cash		7,001
Unrealized appreciation on foreign currency contracts		86
Receivables:
Investment securities sold		51,098
Fund shares sold		24,627
Dividends and interest		26,364
Swap premiums paid		3,515
Other assets		191
Total assets		6,175,733
Liabilities:
Unrealized depreciation on swap contracts		3,553
Payables:
Investment securities purchased		365,727
Fund shares redeemed		16,575
Investment management fees		753
Dividends		4,216
Administrative fees		1
Distribution fees		551
Collateral received from broker		1,600
Accrued expenses		618
Other liabilities		625
Total liabilities		394,219
Net assets	$	5,781,514
Summary of Net Assets:
Capital stock and paid-in-capital	$	6,241,359
Undistributed net investment income		1,157
Accumulated net realized loss		(488,723	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		27,721
Net assets	$	5,781,514

Shares authorized		3,150,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$8.93/$9.21
Shares outstanding		199,818
Net assets	$	1,784,029
Class B: Net asset value per share	$	8.92
Shares outstanding		3,928
Net assets	$	35,026
Class C: Net asset value per share	$	8.92
Shares outstanding		227,796
Net assets	$	2,031,516
Class I: Net asset value per share	$	8.94
Shares outstanding		203,415
Net assets	$	1,817,957
Class R3: Net asset value per share	$	8.95
Shares outstanding		1,553
Net assets	$	13,889
Class R4: Net asset value per share	$	8.92
Shares outstanding		1,265
Net assets	$	11,283
Class R5: Net asset value per share	$	8.93
Shares outstanding		1,323
Net assets	$	11,820
Class Y: Net asset value per share	$	8.92
Shares outstanding		8,522
Net assets	$	75,994

The accompanying notes are an integral part of these financial statements.

16

The Hartford Floating Rate Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Interest	$	328,154
Total investment income		328,154
Expenses:
Investment management fees		33,808
Administrative services fees		46
Transfer agent fees		4,309
Distribution fees
Class A		4,432
Class B		378
Class C		20,261
Class R3		61
Class R4		19
Custodian fees		9
Accounting services fees		1,114
Registration and filing fees		550
Board of Directors' fees		157
Audit fees		72
Other expenses		784
Total expenses (before waivers and fees paid indirectly)		66,000
Expense waivers		(46	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(46	)
Total expenses, net		65,954
Net Investment Income		262,200
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		8,039
Net realized gain on swap contracts		178
Net realized loss on foreign currency contracts		(194	)
Net realized gain on other foreign currency transactions		41
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		8,064
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		178,073
Net unrealized depreciation of swap contracts		(3,788	)
Net unrealized appreciation of foreign currency contracts		86
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		174,371
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		182,435
Net Increase in Net Assets Resulting from Operations	$	444,635

The accompanying notes are an integral part of these financial statements.

17

The Hartford Floating Rate Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	262,200		$	297,530
Net realized gain on investments, other financial instruments and foreign currency transactions		8,064			52,389
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		174,371			(244,729	)
Net Increase In Net Assets Resulting From Operations		444,635			105,190
Distributions to Shareholders:
From net investment income
Class A		(86,020	)		(105,528	)
Class B		(1,545	)		(1,851	)
Class C		(83,308	)		(91,201	)
Class I		(84,801	)		(90,980	)
Class R3		(559	)		(470	)
Class R4		(364	)		(230	)
Class R5		(517	)		(560	)
Class Y		(5,383	)		(7,153	)
Total distributions		(262,497	)		(297,973	)
Capital Share Transactions:
Class A		(245,385	)		195,568
Class B		(7,210	)		(5,042	)
Class C		(140,552	)		220,582
Class I		195,227			429,534
Class R3		2,232			3,981
Class R4		4,975			3,869
Class R5		3,601			(2,760	)
Class Y		(43,371	)		18,914
Net increase (decrease) from capital share transactions		(230,483	)		864,646
Net Increase (Decrease) In Net Assets		(48,345	)		671,863
Net Assets:
Beginning of period		5,829,859			5,157,996
End of period	$	5,781,514		$	5,829,859
Undistributed (distribution in excess of) net investment income (loss)	$	1,157		$	1,471

The accompanying notes are an integral part of these financial statements.

18

The Hartford Floating Rate Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Floating Rate Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 3.00%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

19

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

20

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

21

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

22

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. At October 31, 2012 the aggregate value of unfunded loan commitments was $2,937,818. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit

23

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund had no outstanding mortgage related and other asset backed securities as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

24

b) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Contracts – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s

25

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of October 31, 2012.

c) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	86	$	—	$	—	$	—	$	—	$	86
Total	$	—	$	86	$	—	$	—	$	—	$	—	$	86
Liabilities:
Unrealized depreciation on swap contracts	$	—	$	—	$	3,553	$	—	$	—	$	—	$	3,553
Total	$	—	$	—	$	3,553	$	—	$	—	$	—	$	3,553

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:
	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on swap contracts	$	—	$	—		$	178		$	—	$	—	$	—	$	178
Net realized loss on foreign currency contracts		—		(194	)		—			—		—		—		(194	)
Total	$	—	$	(194	)	$	178		$	—	$	—	$	—	$	(16	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of swap contracts	$	—	$	—		$	(3,788	)	$	—	$	—	$	—	$	(3,788	)
Net change in unrealized appreciation of foreign currency contracts		—		86			—			—		—		—		86
Total	$	—	$	86		$	(3,788	)	$	—	$	—	$	—	$	(3,702	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

26

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

27

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	263,947	$	298,104

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	5,373
Accumulated Capital Losses *		(487,702	)
Unrealized Appreciation †		26,700
Total Accumulated Deficit	$	(455,629	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(17	)
Accumulated Net Realized Gain (Loss)		17

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

28

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	215,642
2017		272,060
Total	$	487,702

During the year ended October 31, 2012, the Fund utilized $7,614 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective April 23, 2012, HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. For a transition period beginning April 23, 2012, Wellington Management and Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s prior sub-adviser, each served as a sub-adviser for the Fund. After such transition period, Hartford Investment Management no longer served as a sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.6500%
On next $2 billion		0.60005
On next $2.5 billion		0.5900%
On next $5 billion		0.5800%
Over $10 billion		0.5700%

29

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through April 22, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.6500%
On next $4.5 billion		0.6000%
On next $5 billion		0.5800%
Over $10 billion		0.5700%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.00%	1.75%	1.75%	0.75%	1.25%	1.00%	0.70%	0.70%

d) Fees Paid Indirectly – The Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, this amount, if any, is included in the Statement of Operations.

.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.98	%
Class B		1.75
Class C		1.72
Class I		0.73
Class R3		1.25
Class R4		1.00
Class R5		0.70
Class Y		0.65

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $1,762 and contingent deferred sales charges of $447 from the Fund.

30

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $49.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $7. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	3,230,201
Sales Proceeds Excluding U.S. Government Obligations		3,402,713

31

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

9. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		54,532		8,576		(91,596	)		—		(28,488	)		161,333		10,015		(151,875	)		—		19,473
Amount	$	479,039	$	75,326	$	(799,750	)	$	—	$	(245,385	)	$	1,431,148	$	88,151	$	(1,323,731	)	$	—	$	195,568
Class B
Shares		264		134		(1,221	)		—		(823	)		770		151		(1,508	)		—		(587	)
Amount	$	2,321	$	1,176	$	(10,707	)	$	—	$	(7,210	)	$	6,811	$	1,327	$	(13,180	)	$	—	$	(5,042	)
Class C
Shares		34,678		7,481		(58,404	)		—		(16,245	)		92,229		7,652		(76,787	)		—		23,094
Amount	$	304,793	$	65,639	$	(510,984	)	$	—	$	(140,552	)	$	819,143	$	67,242	$	(665,803	)	$	—	$	220,582
Class I
Shares		100,572		6,502		(85,096	)		—		21,978			186,388		6,879		(148,169	)		—		45,098
Amount	$	883,753	$	57,191	$	(745,717	)	$	—	$	195,227		$	1,656,198	$	60,655	$	(1,287,319	)	$	—	$	429,534
Class R3
Shares		494		62		(304	)		—		252			765		53		(378	)		—		440
Amount	$	4,354	$	546	$	(2,668	)	$	—	$	2,232		$	6,778	$	465	$	(3,262	)	$	—	$	3,981
Class R4
Shares		882		32		(350	)		—		564			536		25		(126	)		—		435
Amount	$	7,772	$	280	$	(3,077	)	$	—	$	4,975		$	4,744	$	224	$	(1,099	)	$	—	$	3,869
Class R5
Shares		599		56		(244	)		—		411			775		62		(1,167	)		—		(330	)
Amount	$	5,246	$	489	$	(2,134	)	$	—	$	3,601		$	6,825	$	543	$	(10,128	)	$	—	$	(2,760	)
Class Y
Shares		4,323		191		(9,433	)		—		(4,919	)		10,649		311		(9,055	)		—		1,905
Amount	$	37,808	$	1,675	$	(82,854	)	$	—	$	(43,371	)	$	94,732	$	2,746	$	(78,564	)	$	—	$	18,914
Total
Shares		196,344		23,034		(246,648	)		—		(27,270	)		453,445		25,148		(389,065	)		—		89,528
Amount	$	1,725,086	$	202,322	$	(2,157,891	)	$	—	$	(230,483	)	$	4,026,379	$	221,353	$	(3,383,086	)	$	—	$	864,646

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		60	$	530
For the Year Ended October 31, 2011		109	$	955

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

32

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

In July 2007, the Fund and more than 60 other lenders (known collectively as the “Transeastern Lenders”) accepted the payoff of a guarantee from Tousa, Inc. (“Tousa”), a Florida homebuilder. In order to fund the payoff, Tousa borrowed money from certain new lenders and secured the loan by granting liens to the new lenders on the assets of certain Tousa subsidiaries (the “Subsidiaries”). Tousa entered bankruptcy in January of 2008. In July of 2008, a committee of creditors of the Subsidiaries (the “Committee”) brought suit against the Transeastern Lenders alleging that the Subsidiaries had received no benefit in return for the liens on their assets, that the Subsidiaries were co-borrowers on the loan from the new lenders, and that the Transeastern Lenders received the value of the liens when the Transeastern Lenders accepted the payoff. The Subsidiaries sought the avoidance of their liens and the return of the value of those liens to the bankruptcy estate. On October 13, 2009, the bankruptcy court in the Southern District of Florida ruled in favor of the Committee, avoided the liens, and ordered the Transeastern Lenders to return the payoff amount to the bankruptcy estate. The Transeastern Lenders, together with the Fund, appealed the decision to the district court. On February 11, 2011, the District Court ruled in favor of the Transeastern Lenders and the Fund and quashed the bankruptcy court opinion. The Committee appealed to the Eleventh Circuit. The Eleventh Circuit reinstated the bankruptcy court opinion, but remanded back to the District Court on the question of remedies. The District Court has not yet issued a decision. If found liable, the Fund would be liable for approximately $3.02 million. Management of the Fund believes resolution of this matter will not have a material impact on the Fund’s financial statements.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No.

33

The Hartford Floating Rate Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

34

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35

The Hartford Floating Rate Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	8.64	$	0.43	$	0.29		$	0.72		$	(0.43	)	$	–	$	–	$	(0.43	)	$	8.93
B		8.63		0.36		0.29			0.65			(0.36	)		–		–		(0.36	)		8.92
C		8.63		0.36		0.29			0.65			(0.36	)		–		–		(0.36	)		8.92
I		8.65		0.45		0.29			0.74			(0.45	)		–		–		(0.45	)		8.94
R3		8.66		0.40		0.29			0.69			(0.40	)		–		–		(0.40	)		8.95
R4		8.63		0.42		0.29			0.71			(0.42	)		–		–		(0.42	)		8.92
R5		8.64		0.45		0.29			0.74			(0.45	)		–		–		(0.45	)		8.93
Y		8.63		0.45		0.29			0.74			(0.45	)		–		–		(0.45	)		8.92
For the Year Ended October 31, 2011
A		8.81		0.42		(0.16	)		0.26			(0.43	)		–		–		(0.43	)		8.64
B		8.81		0.35		(0.17	)		0.18			(0.36	)		–		–		(0.36	)		8.63
C		8.81		0.36		(0.18	)		0.18			(0.36	)		–		–		(0.36	)		8.63
I		8.82		0.45		(0.17	)		0.28			(0.45	)		–		–		(0.45	)		8.65
R3		8.83		0.40		(0.17	)		0.23			(0.40	)		–		–		(0.40	)		8.66
R4		8.81		0.42		(0.18	)		0.24			(0.42	)		–		–		(0.42	)		8.63
R5		8.82		0.44		(0.17	)		0.27			(0.45	)		–		–		(0.45	)		8.64
Y		8.80		0.45		(0.17	)		0.28			(0.45	)		–		–		(0.45	)		8.63
For the Year Ended October 31, 2010
A		8.30		0.46		0.51			0.97			(0.46	)		–		–		(0.46	)		8.81
B		8.30		0.40		0.50			0.90			(0.39	)		–		–		(0.39	)		8.81
C		8.29		0.40		0.52			0.92			(0.40	)		–		–		(0.40	)		8.81
I		8.31		0.48		0.51			0.99			(0.48	)		–		–		(0.48	)		8.82
R3		8.31		0.44		0.52			0.96			(0.44	)		–		–		(0.44	)		8.83
R4		8.30		0.46		0.51			0.97			(0.46	)		–		–		(0.46	)		8.81
R5		8.30		0.48		0.51			0.99			(0.47	)		–		–		(0.47	)		8.82
Y		8.29		0.49		0.51			1.00			(0.49	)		–		–		(0.49	)		8.80
For the Year Ended October 31, 2009
A		7.13		0.42		1.19			1.61			(0.44	)		–		–		(0.44	)		8.30
B		7.13		0.37		1.19			1.56			(0.39	)		–		–		(0.39	)		8.30
C		7.13		0.36		1.19			1.55			(0.39	)		–		–		(0.39	)		8.29
I		7.13		0.43		1.21			1.64			(0.46	)		–		–		(0.46	)		8.31
R3		7.14		0.40		1.19			1.59			(0.42	)		–		–		(0.42	)		8.31
R4		7.13		0.42		1.19			1.61			(0.44	)		–		–		(0.44	)		8.30
R5		7.15		0.48		1.12			1.60			(0.45	)		–		–		(0.45	)		8.30
Y		7.13		0.45		1.17			1.62			(0.46	)		–		–		(0.46	)		8.29
For the Year Ended October 31, 2008
A		9.79		0.55		(2.68	)		(2.13	)		(0.53	)		–		–		(0.53	)		7.13
B		9.79		0.47		(2.67	)		(2.20	)		(0.46	)		–		–		(0.46	)		7.13
C		9.78		0.47		(2.66	)		(2.19	)		(0.46	)		–		–		(0.46	)		7.13
I		9.79		0.57		(2.68	)		(2.11	)		(0.55	)		–		–		(0.55	)		7.13
R3		9.79		0.52		(2.66	)		(2.14	)		(0.51	)		–		–		(0.51	)		7.14
R4		9.78		0.54		(2.66	)		(2.12	)		(0.53	)		–		–		(0.53	)		7.13
R5		9.81		0.56		(2.68	)		(2.12	)		(0.54	)		–		–		(0.54	)		7.15
Y		9.78		0.57		(2.66	)		(2.09	)		(0.56	)		–		–		(0.56	)		7.13

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

36

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.48	%	$	1,784,029		0.98	%		0.98	%		4.85	%		60	%
	7.66			35,026		1.80			1.75			4.08			–
	7.69			2,031,516		1.72			1.72			4.10			–
	8.74			1,817,957		0.73			0.73			5.10			–
	8.17			13,889		1.37			1.25			4.57			–
	8.47			11,283		1.06			1.00			4.80			–
	8.78			11,820		0.76			0.70			5.12			–
	8.85			75,994		0.65			0.65			5.18			–
	2.91			1,972,548		0.97			0.97			4.79			96
	2.00			41,006		1.79			1.75			4.01			–
	2.03			2,106,199		1.72			1.72			4.05			–
	3.16			1,568,922		0.72			0.72			5.03			–
	2.62			11,257		1.37			1.25			4.52			–
	2.76			6,048		1.06			1.00			4.78			–
	3.07			7,882		0.75			0.70			5.04			–
	3.24			115,997		0.65			0.65			5.11			–
	11.97			1,840,478		0.97			0.97			5.40			63
	11.11			47,006		1.78			1.75			4.64			–
	11.27			1,945,470		1.72			1.72			4.65			–
	12.22			1,202,589		0.74			0.74			5.62			–
	11.75			7,598		1.38			1.25			5.11			–
	11.93			2,339		1.07			1.00			5.37			–
	12.25			10,956		0.79			0.74			5.46			–
	12.35			101,560		0.65			0.65			5.73			–
	23.65			1,277,011		1.00			1.00			5.69			55
	22.60			47,635		1.84			1.75			5.00			–
	22.60			1,204,826		1.76			1.75			4.99			–
	23.93			594,705		0.74			0.74			5.94			–
	23.17			2,863		1.41			1.25			5.36			–
	23.50			1,367		1.10			1.00			5.70			–
	23.32			26		0.97			0.85			5.99			–
	23.87			87,907		0.68			0.68			6.12			–
	(22.71	)		728,882		0.99			0.99			6.02			18
	(23.30	)		40,440		1.81			1.75			5.23			–
	(23.24	)		876,501		1.75			1.75			5.25			–
	(22.51	)		171,007		0.74			0.74			6.28			–
	(22.80	)		544		1.45			1.25			5.63			–
	(22.63	)		515		1.15			1.00			5.71			–
	(22.55	)		90		0.86			0.85			6.24			–
	(22.39	)		98,315		0.69			0.69			6.23			–

37

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Floating Rate Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Floating Rate Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

38

The Hartford Floating Rate Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

39

The Hartford Floating Rate Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

40

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

41

The Hartford Floating Rate Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

42

The Hartford Floating Rate Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,031.36	$	4.95	$	1,000.00	$	1,020.26	$	4.93		0.97	%		184		366
Class B	$	1,000.00	$	1,027.38	$	8.92	$	1,000.00	$	1,016.34	$	8.87		1.75			184		366
Class C	$	1,000.00	$	1,027.55	$	8.77	$	1,000.00	$	1,016.49	$	8.72		1.72			184		366
Class I	$	1,000.00	$	1,033.80	$	3.68	$	1,000.00	$	1,021.52	$	3.66		0.72			184		366
Class R3	$	1,000.00	$	1,031.02	$	6.38	$	1,000.00	$	1,018.85	$	6.35		1.25			184		366
Class R4	$	1,000.00	$	1,031.25	$	5.11	$	1,000.00	$	1,020.10	$	5.08		1.00			184		366
Class R5	$	1,000.00	$	1,032.76	$	3.58	$	1,000.00	$	1,021.62	$	3.56		0.70			184		366
Class Y	$	1,000.00	$	1,033.12	$	3.33	$	1,000.00	$	1,021.86	$	3.31		0.65			184		366

43

The Hartford Floating Rate Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Floating Rate Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

44

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager. The Board noted that, although the Fund’s portfolio manager had remained the same, the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

45

The Hartford Floating Rate Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, an additional breakpoint had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

46

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

47

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-FR12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Floating Rate High Income Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Floating Rate High Income Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	11
Statement of Assets and Liabilities at October 31, 2012	12
Statement of Operations for the Year Ended October 31, 2012	13
Statement of Changes in Net Assets for the Year Ended October 31, 2012, and the period September 30, 2011 through October 31, 2011	14
Notes to Financial Statements	15
Financial Highlights	28
Report of Independent Registered Public Accounting Firm	30
Directors and Officers (Unaudited)	31
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	33
Quarterly Portfolio Holdings Information (Unaudited)	33
Federal Tax Information (Unaudited)	34
Expense Example (Unaudited)	35

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Floating Rate High Income Fund inception 09/30/2011

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide high current income, and long-term total return.

Performance Overview 9/30/11 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Floating Rate High Income A#		10.54	%		11.91	%
Floating Rate High Income A##		7.22	%		8.82	%
Floating Rate High Income C#		9.70	%		11.07	%
Floating Rate High Income C##		8.70	%		11.07	%
Floating Rate High Income I#		10.80	%		12.18	%
Floating Rate High Income R3#		9.98	%		11.37	%
Floating Rate High Income R4#		10.31	%		11.71	%
Floating Rate High Income R5#		10.64	%		12.04	%
Floating Rate High Income Y#		10.64	%		12.04	%
Credit Suisse Leveraged Loan Index		8.34	%		10.20	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 3.00% and Class C reflects a contingent deferred sales charge of 1.00%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of May 18, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the United States dollar-denominated leveraged loan market.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Floating Rate High Income Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers

Michael Bacevich

Vice President and Fixed Income Portfolio Manager

As of April 23, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund. At the end of a transition period of approximately 4 weeks ending on May 18, 2012, Hartford Investment Management Company ceased serving as a sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Floating Rate High Income Fund returned 10.54%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the Credit Suisse Leveraged Loan Index, which returned 8.34% for the same period. The Fund also outperformed the 8.12% return of the average Fund in the Lipper Loan Participation Funds peer group, a group of funds that invest primarily in participation interests in collateralized senior corporate loans that have floating or variable rates.

Why did the Fund perform this way?

During the annual period, fixed income markets were extremely volatile due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and Federal Open Market Committee (FOMC) - responded with bold policy moves in order to prop up the markets. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the euro zone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

The Fund outperformed its benchmark, the Credit Suisse Leveraged Loan Index, for the period. Positive effects from security selection decisions outweighed the negative impact from sector allocation decisions during the period. Underweight allocations (i.e. the Fund’s sector position was less than the benchmark position) to the Aerospace & Defense and Technology sectors contributed positively to relative performance, while underweights to Media NonCable and Utilities detracted from relative results. In the Energy sector, exposure to an out-of-benchmark position in Chesapeake Energy helped relative results. Within the Technology sector, an overweight to Ceridian represented the primary contributor to relative performance, while overweights to Property Data and Misys PLC also aided results. Lack of exposure to Revel Entertainment within the Gaming sector contributed to benchmark relative performance during the period. Lack of exposure to TXU represented the primary detractor from relative returns in the Utilities sector. Within the Financial Services sector, overweights to Synagro Technology and Nuveen Investments hurt relative performance. During the period, lower quality loans underperformed their higher rated counterparts. The portfolio’s underweight to BB rated loans aided relative returns. Security selection within B rated securities also contributed positively to relative performance.

What is the outlook?

We believe that the outlook for bank loans remains positive. We believe that the sector will continue to benefit from strong credit fundamentals, evidenced by low interest expense relative to earnings. The bank-loan default rate by principal amount and issuer count ticked up to 1.06% and 1.21% by period end, respectively. Less than $20 billion is scheduled to mature through 2013, supporting continued low defaults. With bank-loan mutual funds continuing to experience net inflows, the technical picture remains resilient. Moreover, we believe that the market for collateralized loan obligations (CLOs), one of the main sources of demand for bank loans, has revived. However, with the Fed firmly on hold through mid-2015, we believe that the floating-rate feature of bank loans has lost some of its near-term appeal. Despite recent improvement, bank loans valuations still reflect investor skittishness about holding risk assets. The yield premium typically associated with high yield over bank loans for the higher interest rate risk and lower position on the capital structure has eroded.

Despite the recent rally, we believe that high yield bonds remain attractive, given strong fundamentals, attractive yield advantage and a supportive technical backdrop. The trailing 12-month par-weighted default rate declined to 1.77% in October, well below the 25-year average of 4.20%. We believe that issuers have meaningfully strengthened their balance sheets and liquidity positions since the 2008 credit crisis. In recent years, proceeds from new issuance have been used mainly to refinance existing debt, which should help mitigate default risk over the next few years. Finally, the sector’s average yield of 6.52% compares favorably to other fixed income sectors. One issue that we feel has become increasingly important in high yield is negative convexity - the prospect that capital appreciation is likely to be limited

3

The Hartford Floating Rate High Income Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

because of the callable nature of high yield debt. In aggregate, we recognize the risks of a severe macro economic backdrop; however, average spreads are currently in the 59th percentile (only in 41% of months since 1994 have U.S. High Yield valuations been cheaper) which suggests there may be room for further spread tightening.

Distribution by Credit Quality
as of October 31, 2012
Credit Rating *	Percentage of Net Assets
Ba / BB		18.9	%
B		61.9
Caa / CCC or Lower		10.6
Unrated		9.2
Non Debt Securities and Other Short-Term Instruments		6.2
Other Assets & Liabilities		(6.8	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry
as of October 31, 2012
Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		2.3	%
Administrative Waste Management and Remediation		5.9
Agriculture, Construction, Mining and Machinery		5.0
Agriculture, Forestry, Fishing and Hunting		0.2
Air Transportation		3.5
Arts, Entertainment and Recreation		8.5
Chemical Manufacturing		4.5
Computer and Electronic Product Manufacturing		1.9
Construction		1.2
Finance and Insurance		6.9
Food Manufacturing		2.8
Furniture and Related Product Manufacturing		1.5
Health Care and Social Assistance		6.4
Information		15.0
Media		0.1
Mining		3.5
Miscellaneous Manufacturing		1.1
Motor Vehicle and Parts Manufacturing		3.4
Nonmetallic Mineral Product Manufacturing		0.2
Other Services		0.2
Petroleum and Coal Products Manufacturing		6.5
Pipeline Transportation		1.1
Plastics and Rubber Products Manufacturing		0.9
Primary Metal Manufacturing		0.8
Professional, Scientific and Technical Services		2.9
Real Estate, Rental and Leasing		1.9
Retail Trade		6.2
Soap, Cleaning Compound and Toilet Manufacturing		0.4
Textile Product Mills		0.7
Transit and Ground Passenger Transportation		0.4
Truck Transportation		1.1
Utilities		2.7
Wholesale Trade		0.9
Total		100.6	%
Short-Term Investments		6.2
Other Assets and Liabilities		(6.8	)
Total		100.0	%

4

The Hartford Floating Rate High Income Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 15.5%
		Accommodation and Food Services - 0.5%
		Caesars Operating Escrow
$	500	9.00%, 02/15/2020 ■‡	$	497
		Administrative Waste Management and Remediation - 0.2%
		Energy Solutions, Inc. LLC
	200	10.75%, 08/15/2018		186
		Arts, Entertainment and Recreation - 1.4%
		Cengage Learning ACQ, Inc.
	190	11.50%, 04/15/2020 ■‡		204
		Cenveo, Inc.
	215	8.88%, 02/01/2018 ‡		194
		Chester Downs & Marina LLC
	340	9.25%, 02/01/2020 ■‡		338
		Clear Channel Communications, Inc.
	274	9.00%, 12/15/2019 ■		247
		Downstream Development Authority of Quapaw Tribe of Oklahoma
	118	10.50%, 07/01/2019 ■		127
		Great Canadian Gaming Co.
	CAD   295	6.63%, 07/25/2022 ■		305
				1,415
		Chemical Manufacturing - 2.3%
		Hexion Specialty Chemicals
	300	8.88%, 02/01/2018 ‡		303
		Hexion U.S. Finance Corp.
	58	6.63%, 04/15/2020		58
		MPM Escrow LLC/MPM Finance Corp.
	1,240	8.88%, 10/15/2020 ■		1,215
		Nufarm Australia Ltd.
	756	6.38%, 10/15/2019 ■		775
				2,351
		Computer and Electronic Product Manufacturing - 0.5%
		Freescale Semiconductor, Inc.
	500	9.25%, 04/15/2018 ■‡		535
		Finance and Insurance - 2.1%
		AmeriGas Finance LLC
	250	6.75%, 05/20/2020 ‡		269
		Ineos Finance plc
	400	8.38%, 02/15/2019 ■‡		420
		Nuveen Investments, Inc.
	765	9.13%, 10/15/2017 ■		764
		Offshore Group Investments Ltd.
	147	11.50%, 08/01/2015 ‡		162
		Rivers Pittsburgh L.P.
	465	9.50%, 06/15/2019 ■‡		502
				2,117
		Food Manufacturing - 0.2%
		Post Holdings, Inc.
	228	7.38%, 02/15/2022 ■‡		242
		Health Care and Social Assistance - 0.6%
		Biomet, Inc.
	360	6.50%, 08/01/2020 ■		372
		Community Health Systems, Inc.
	220	7.13%, 07/15/2020 ‡		232
				604
		Information - 2.2%
		First Data Corp.
	1,080	6.75%, 11/01/2020 ■‡		1,080
		Level 3 Financing, Inc.
	350	4.47%, 02/15/2015 ‡Δ		349
	300	10.00%, 02/01/2018 ‡		334
		Softbrands, Inc.
	200	11.50%, 07/15/2018		232
		UPCB Finance VI Ltd.
	248	6.88%, 01/15/2022 ■		265
				2,260
		Mining - 0.2%
		FMG Resources Pty Ltd.
	250	8.25%, 11/01/2019 ■		250
		Nonmetallic Mineral Product Manufacturing - 0.2%
		Ardagh Packaging Finance plc
	200	7.38%, 10/15/2017 ■‡		215
		Petroleum and Coal Products Manufacturing - 2.2%
		Chesapeake Energy Corp.
	340	6.88%, 08/15/2018 ‡		357
		EP Energy Finance, Inc.
	1,000	7.75%, 09/01/2022 ■‡		1,035
		MEG Energy Corp.
	121	6.38%, 01/30/2023 ■		129
		Shelf Drilling Holdings Ltd.
	695	8.63%, 11/01/2018 ■		699
				2,220
		Plastics and Rubber Products Manufacturing - 0.2%
		Sealed Air Corp.
	200	8.13%, 09/15/2019 ■		219
		Retail Trade - 0.6%
		GRD Holding III Corp.
	585	10.75%, 06/01/2019 ■‡		593
		Libby Glass, Inc.
	45	6.88%, 05/15/2020 ■‡		48
				641
		Soap, Cleaning Compound and Toilet Manufacturing - 0.4%
		YCC Holdings LLC
	400	10.25%, 02/15/2016 Þ		413
		Utilities - 1.7%
		Calpine Corp.
	400	7.25%, 10/15/2017 ■‡		424
		NRG Energy, Inc.
	1,000	6.63%, 03/15/2023 ■‡		1,030
	250	7.63%, 01/15/2018 ‡		273
				1,727
		Total corporate bonds
		(cost $15,594)	$	15,892

The accompanying notes are an integral part of these financial statements.

5

The Hartford Floating Rate High Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 85.1%
		Accommodation and Food Services - 1.8%
		Caesars Entertainment Operating Co., Inc.
$	130	4.46%, 01/28/2018	$	112
	748	5.46%, 01/28/2018		670
	1,041	9.50%, 10/31/2016		1,064
				1,846
		Administrative Waste Management and Remediation - 5.7%
		Acosta, Inc.
	1,108	5.00%, 03/02/2018		1,117
		ADS Waste Holdings, Inc.
	1,085	5.25%, 10/09/2019		1,095
		Affinion Group, Inc., Tranche B Term Loan
	1,221	5.00%, 07/16/2015		1,148
		InVentiv Health, Inc., Term Loan B2
	347	6.75%, 05/15/2018		339
		NaNa Development Corp.
	1,388	6.50%, 07/22/2016		1,371
		Synagro Technologies, Inc.
	520	2.40%, 03/28/2014		449
		Wolverine Healthcare Analytics, Inc.
	329	5.75%, 06/06/2019		329
				5,848
		Agriculture, Construction, Mining and Machinery - 5.0%
		Hupah Finance, Inc.
	428	6.27%, 01/21/2019		430
		Kion Group GmbH
	1,344	3.46%, 12/23/2014 Þ		1,312
	1,344	3.96%, 12/29/2015 Þ		1,319
		Nortek, Inc.
	87	5.26%, 04/26/2017		87
		Veyance Technologies, Inc.
	1,555	2.47%, 07/31/2014		1,541
	500	5.96%, 07/31/2015		483
				5,172
		Agriculture, Forestry, Fishing and Hunting - 0.1%
		Milk Specialties Co.
	149	8.50%, 12/23/2017		150
		Air Transportation - 3.5%
		Delta Air Lines, Inc.
	650	5.25%, 10/18/2018		646
		Delta Air Lines, Inc., Term Loan
	346	5.50%, 04/20/2017		346
		Landmark Aviation
	1,000	5.03%, 10/25/2019 ☼		1,003
		US Airways Group, Inc.
	1,633	2.71%, 03/23/2014		1,593
				3,588
		Arts, Entertainment and Recreation - 7.1%
		24 Hour Fitness Worldwide, Inc.
	851	7.50%, 04/22/2016		855
		Cengage Learning Acquisitions, Inc.
	497	2.47%, 07/03/2014		473
	583	5.72%, 07/05/2017		529
		Cenveo Corp.
	205	6.63%, 12/21/2016		206
		Cequel Communications LLC
	612	4.00%, 02/14/2019		613
		Clear Channel Communications, Inc.
	462	3.61%, 07/30/2014		448
	456	3.86%, 01/29/2016		374
		ClubCorp Club Operations, Inc.
	494	6.00%, 11/30/2016		495
		Cumulus Media Holdings, Inc.
	124	5.75%, 09/17/2018		125
		Golden Nugget, Inc.
	359	3.27%, 06/22/2014 Þ		342
		Golden Nugget, Inc., Delayed Draw
	200	3.27%, 06/22/2014 Þ		191
		Kabel Deutschland GmbH
	1,381	4.25%, 02/01/2019		1,387
		San Juan Cable LLC
	123	6.00%, 06/09/2017		123
		Univision Communications, Inc.
	1,135	4.46%, 03/31/2017		1,109
				7,270
		Chemical Manufacturing - 2.2%
		Ineos US Finance LLC
	1,132	6.50%, 05/04/2018		1,147
		Momentive Specialty Chemicals, Inc.
	246	4.04%, 05/05/2015		244
		Univar, Inc.
	596	5.00%, 06/30/2017		589
		Utex Industries, Inc.
	233	7.00%, 12/15/2016		233
				2,213
		Computer and Electronic Product Manufacturing - 2.2%
		Ceridian Corp.
	1,170	5.96%, 05/09/2017		1,166
		Sorenson Communications, Inc.
	776	6.00%, 08/16/2013		764
		SRA International, Inc.
	289	6.50%, 07/20/2018		281
				2,211
		Construction - 1.2%
		Brock Holdings III, Inc.
	479	6.01%, 03/16/2017		479
	752	10.00%, 03/16/2018		756
				1,235
		Finance and Insurance - 4.8%
		Asurion Corp., 2nd Lien Term Loan
	356	9.00%, 05/24/2019		368
		Asurion Corp., Term Loan
	433	5.50%, 05/24/2018		436
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	74	8.75%, 12/18/2017		68
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	176	8.75%, 12/18/2017		163
		Chrysler Group LLC
	595	6.00%, 05/24/2017		608
		EVERTEC LLC
	299	5.50%, 09/30/2016		299
		HUB International Ltd.
	247	6.75%, 12/13/2017		248

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 85.1% - (continued)
		Finance and Insurance - 4.8% - (continued)
		Lonestar Intermediate Super Holdings LLC
$	136	11.00%, 09/02/2019	$	144
		Macquarie Aircraft Leasing Finance S.A., 2nd Lien Term Loan
	252	4.21%, 11/29/2013		250
		Nuveen Investments, Inc.
	805	5.84%, 05/13/2017		802
	81	7.25%, 05/13/2017		82
	1,440	8.25%, 02/28/2019		1,462
				4,930
		Food Manufacturing - 2.6%
		Advance Pierre Foods
	616	5.75%, 07/10/2017		620
	1,000	9.50%, 10/10/2017		1,008
		Del Monte Foods Co.
	313	4.50%, 03/08/2018		312
		Pinnacle Foods Finance LLC
	379	4.75%, 10/17/2018		380
		Roundy's Supermarkets, Inc.
	370	5.75%, 02/13/2019		359
				2,679
		Furniture and Related Product Manufacturing - 1.5%
		AOT Bedding Super Holdings LLC
	1,085	5.00%, 10/01/2019		1,084
		Wilsonart International Holding LLC
	425	4.78%, 10/03/2019 ☼		426
				1,510
		Health Care and Social Assistance - 5.8%
		Alere, Inc.
	285	4.75%, 06/30/2017		286
		Ardent Health Services LLC, Term Loan
	122	6.50%, 09/15/2015		123
		Bausch & Lomb, Inc.
	329	5.25%, 05/17/2019		333
		DJO Finance LLC
	817	6.25%, 09/15/2017		819
		Immucor, Inc.
	297	5.75%, 08/19/2018		299
		Medpace Intermediateco, Inc.
	231	6.50%, 06/19/2017		222
		MultiPlan, Inc.
	441	4.75%, 08/26/2017		443
		Par Pharmeceutical Cos., Inc.
	850	5.00%, 09/30/2019		847
		Pharmaceutical Product Development, Inc.
	426	6.25%, 12/05/2018		431
		Sheridan Holdings, Inc.
	140	6.00%, 06/29/2018		140
		US Renal Care, Inc.
	499	6.25%, 07/03/2019		504
	666	10.25%, 01/03/2020		681
		Valeant Pharmaceuticals International, Inc.
	820	3.85%, 09/27/2019 ☼		822
				5,950
		Information - 12.1%
		Aspect Software, Inc.
	234	6.25%, 05/07/2016		233
		Avaya, Inc., Term B-3 Loan
	246	4.93%, 10/26/2017		219
		Blackboard, Inc.
	248	7.50%, 10/04/2018		249
		Decision Insight Information Group I, Inc.
	473	7.00%, 01/04/2017		468
		Emdeon, Inc.
	413	5.00%, 11/02/2018		418
		Epicor Software Corp.
	421	5.00%, 05/16/2018		423
		First Data Corp.
	428	5.21%, 03/24/2017		420
		First Data Corp., Extended 1st Lien Term Loan
	1,150	4.21%, 03/26/2018		1,095
		Gray Television, Inc.
	450	4.40%, 10/12/2019 ☼		451
		Intelsat Jackson Holdings S.A
	475	4.50%, 02/01/2014		469
		Kronos, Inc.
	700	4.53%, 10/31/2019 ☼		704
	750	8.65%, 04/25/2020 ☼		754
		Lawson Software, Inc.
	698	5.25%, 04/05/2018		705
		Leap Wireless International, Inc.
	255	4.75%, 10/10/2019		256
		Level 3 Financing, Inc.
	315	4.75%, 08/01/2019		316
	1,920	5.25%, 08/01/2019		1,940
		MISYS plc
	1,350	7.25%, 12/12/2018		1,355
		MModal, Inc.
	400	6.75%, 08/16/2019		396
		Novell, Inc.
	354	7.25%, 11/22/2017		358
		Peak 10, Inc.
	320	6.53%, 10/31/2018 ☼		316
		Skillsoft Corp.
	269	5.00%, 05/26/2017		271
		WideOpenWest Finance LLC
	339	6.25%, 07/17/2018		342
		Zayo Group LLC
	254	5.25%, 07/02/2019		255
				12,413
		Media - 0.1%
		Primedia, Inc.
	153	7.50%, 01/13/2018		145
		Mining - 3.3%
		Arch Coal, Inc.
	1,611	5.75%, 05/16/2018		1,624
		Fortescue Metals Group Ltd.
	1,700	5.54%, 10/18/2017 ☼		1,691
		Metal Services LLC
	116	9.00%, 09/29/2017		115
				3,430
		Miscellaneous Manufacturing - 1.1%
		DAE Aviation Holdings, Inc.
	68	7.25%, 07/31/2014		68
		Reynolds Group Holdings, Inc.
	735	4.75%, 09/28/2018		737

The accompanying notes are an integral part of these financial statements.

7

The Hartford Floating Rate High Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 85.1% - (continued)
		Miscellaneous Manufacturing - 1.1% - (continued)
		Sequa Corp.
$	298	6.25%, 12/03/2014	$	298
		Standard Aero Ltd.
	65	7.25%, 07/31/2014		65
				1,168
		Motor Vehicle and Parts Manufacturing - 3.4%
		AM General LLC, Term B Facility
	589	3.20%, 09/30/2013		571
		Navistar, Inc.
	2,745	7.00%, 08/17/2017		2,752
		Schaeffler AG
	185	6.00%, 01/27/2017		187
				3,510
		Other Services - 0.2%
		Husky Injection Molding Systems Ltd.
	241	5.75%, 07/02/2018		244
		Petroleum and Coal Products Manufacturing - 4.3%
		Chesapeake Energy Corp.
	322	8.50%, 12/02/2017		322
		Dynegy Midwest Generation LLC
	495	9.25%, 08/05/2016		514
		Plains Exploration & Production Co.
	721	3.91%, 10/15/2019 ☼		724
		Samson Investment Co.
	615	6.00%, 09/25/2018		620
		Shelf Drilling International Holdings Ltd.
	1,800	6.25%, 04/15/2018 ☼		1,800
		Willbros United States Holdings, Inc.
	469	9.50%, 06/30/2014		471
				4,451
		Pipeline Transportation - 1.4%
		Energy Transfer Equity L.P.
	283	3.75%, 03/23/2017		282
		EP Energy LLC
	760	4.03%, 03/31/2019 ☼		758
	117	5.00%, 05/24/2018		117
		NGPL Pipeco LLC
	241	6.75%, 09/15/2017		246
				1,403
		Plastics and Rubber Products Manufacturing - 0.7%
		Consolidated Container Co. LLC
	500	5.00%, 07/03/2019		500
		Trinseo Materials Operating S.C.A
	224	8.00%, 08/02/2017		214
				714
		Primary Metal Manufacturing - 0.8%
		WireCo WorldGroup, Inc.
	785	6.00%, 02/15/2017		794
		Professional, Scientific and Technical Services - 2.9%
		Advantage Sales & Marketing, Inc., 2nd Lien Term Loan
	850	9.25%, 06/18/2018		850
		Advantage Sales & Marketing, Inc., Term Loan B
	347	5.25%, 12/18/2017		348
		AlixPartners, LLP
	299	6.50%, 06/28/2019		303
	141	10.75%, 12/27/2019		142
		Paradigm Ltd., Term Loan B1
	1,000	6.50%, 07/30/2019		996
		Paradigm Ltd., Term Loan B2
	356	10.50%, 07/30/2020		358
				2,997
		Real Estate, Rental and Leasing - 1.9%
		Fly Leasing Ltd.
	500	6.75%, 08/08/2018		501
		Realogy Corp.
	125	3.21%, 10/05/2013		121
		Realogy Corp., Extended 1st Lien Term Loan B
	1,275	4.46%, 10/10/2016		1,271
		Realogy Corp., Extended Credit Linked Deposit
	99	4.46%, 10/10/2016		99
				1,992
		Retail Trade - 5.6%
		Academy Ltd.
	248	6.00%, 08/03/2018		248
		BJ's Wholesale Club, Inc.
	1,086	5.75%, 09/26/2019		1,096
		Burlington Coat Factory Warehouse Corp.
	118	5.50%, 02/23/2017		119
		EB Sports Corp.
	18	11.50%, 12/31/2015 Þ		18
		Great Atlantic & Pacific Tea Co., Inc.
	1,330	11.00%, 03/13/2017		1,237
		Gymboree Corp.
	220	5.00%, 02/23/2018		215
		Party City Holdings, Inc.
	325	5.75%, 07/27/2019		328
		Rite Aid Corp., Tranche 5 Term Loan
	1,649	4.50%, 03/03/2018		1,645
		Sports (The) Authority, Inc.
	696	7.50%, 11/16/2017		697
		Sprouts Farmers Markets Holdings LLC
	123	6.00%, 04/18/2018		124
				5,727
		Textile Product Mills - 0.7%
		Levi Strauss & Co.
	675	2.46%, 04/04/2014		671
		Transit and Ground Passenger Transportation - 0.4%
		Emergency Medical Services Corp.
	372	5.25%, 05/25/2018		374
		Truck Transportation - 1.1%
		Nexeo Solutions LLC
	785	5.00%, 09/09/2017		770
		Swift Transportation Co. LLC
	387	5.00%, 12/21/2017		390
				1,160

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬					Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 85.1% - (continued)
		Utilities - 0.7%
		Star West Generation LLC
$	750	6.00%, 06/30/2018			$	749
		Wholesale Trade - 0.9%
		Harbor Freight Tools USA, Inc.
	364	5.50%, 11/14/2017				366
		HD Supply, Inc.
	499	7.25%, 10/12/2017				513
						879
		Total senior floating rate interests
		(cost $85,947)			$	87,423
		Total long-term investments
		(cost $101,541)			$	103,315
SHORT-TERM INVESTMENTS - 6.2%
Other Investment Pools and Funds - 6.2%
		JP Morgan U.S. Government Money
	6,404	Market Fund			$	6,404
		Total short-term investments
		(cost $6,404)			$	6,404
		Total investments
		(cost $107,945) ▲	106.8	%	$	109,719
		Other assets and liabilities	(6.8	)%		(7,008	)
		Total net assets	100.0	%	$	102,711

The accompanying notes are an integral part of these financial statements.

9

The Hartford Floating Rate High Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $107,965 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,084
Unrealized Depreciation		(330	)
Net Unrealized Appreciation	$	1,754

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $12,530, which represents 12.2% of total net assets.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed delivery or delayed draw basis. The cost of these securities was $9,346 at October 31, 2012.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

Þ This security may pay interest in additional principal instead of cash.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
CAD	Sell	11/15/2012	UBS	$	301	$	295	$	6

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
UBS	UBS AG
Currency Abbreviations:
CAD	Canadian Dollar
Other Abbreviations:
LIBOR	London Interbank Offered Rate

The accompanying notes are an integral part of these financial statements.

10

The Hartford Floating Rate High Income Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Corporate Bonds		15,892		–		15,892		–
Senior Floating Rate Interests		87,423		–		87,423		–
Short-Term Investments		6,404		6,404		–		–
Total	$	109,719	$	6,404	$	103,315	$	–
Foreign Currency Contracts *		6		–		6		–
Total	$	6	$	–	$	6	$	–

♦	For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Floating Rate High Income Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $107,945)	$	109,719
Cash		1,418
Unrealized appreciation on foreign currency contracts		6
Receivables:
Investment securities sold		371
Fund shares sold		1,067
Dividends and interest		556
Other assets		77
Total assets		113,214
Liabilities:
Payables:
Investment securities purchased		10,041
Fund shares redeemed		394
Investment management fees		16
Dividends		24
Administrative fees		—
Distribution fees		8
Accrued expenses		20
Total liabilities		10,503
Net assets	$	102,711
Summary of Net Assets:
Capital stock and paid-in-capital	$	99,922
Undistributed net investment income		24
Accumulated net realized gain		986
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		1,779
Net assets	$	102,711
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	10.60/$10.93
Shares outstanding		4,378
Net assets	$	46,387
Class C: Net asset value per share	$	10.60
Shares outstanding		2,289
Net assets	$	24,263
Class I: Net asset value per share	$	10.60
Shares outstanding		1,422
Net assets	$	15,072
Class R3: Net asset value per share	$	10.58
Shares outstanding		213
Net assets	$	2,252
Class R4: Net asset value per share	$	10.58
Shares outstanding		217
Net assets	$	2,292
Class R5: Net asset value per share	$	10.58
Shares outstanding		214
Net assets	$	2,264
Class Y: Net asset value per share	$	10.58
Shares outstanding		962
Net assets	$	10,181

The accompanying notes are an integral part of these financial statements.

12

The Hartford Floating Rate High Income Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Interest	$	4,097
Total investment income		4,097
Expenses:
Investment management fees		407
Administrative services fees		10
Transfer agent fees		35
Distribution fees
Class A		60
Class C		113
Class R3		11
Class R4		5
Custodian fees		3
Accounting services fees		12
Registration and filing fees		126
Board of Directors' fees		2
Audit fees		11
Other expenses		15
Total expenses (before waivers)		810
Expense waivers		(164	)
Total waivers		(164	)
Total expenses, net		646
Net Investment Income		3,451
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		912
Net realized loss on foreign currency contracts		(43	)
Net realized gain on other foreign currency transactions		12
Net Realized Gain on Investments and Foreign Currency Transactions		881
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		1,265
Net unrealized appreciation of foreign currency contracts		24
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		16
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		1,305
Net Gain on Investments and Foreign Currency Transactions		2,186
Net Increase in Net Assets Resulting from Operations	$	5,637

The accompanying notes are an integral part of these financial statements.

13

The Hartford Floating Rate High Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Period September 30, 2011* Through October 31, 2011
Operations:
Net investment income	$	3,451		$	94
Net realized gain on investments and foreign currency transactions		881			21
Net unrealized appreciation of investments and foreign currency transactions		1,305			474
Net Increase In Net Assets Resulting From Operations		5,637			589
Distributions to Shareholders:
From net investment income
Class A		(1,388	)		(16	)
Class C		(564	)		(4	)
Class I		(407	)		(6	)
Class R3		(125	)		(4	)
Class R4		(132	)		(5	)
Class R5		(139	)		(6	)
Class Y		(623	)		(25	)
Total distributions		(3,378	)		(66	)
Capital Share Transactions:
Class A		38,602			6,722
Class C		20,714			3,053
Class I		12,183			2,563
Class R3		128			2,004
Class R4		168			2,005
Class R5		139			2,006
Class Y		623			9,019
Net increase from capital share transactions		72,557			27,372
Net Increase In Net Assets		74,816			27,895
Net Assets:
Beginning of period		27,895			—
End of period	$	102,711		$	27,895
Undistributed (distribution in excess of) net investment income (loss)	$	24		$	31

*Commencement of operations.

The accompanying notes are an integral part of these financial statements.

14

The Hartford Floating Rate High Income Fund

Notes to the Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Floating Rate High Income Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 3.00%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may

15

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

16

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

17

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

18

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk – that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

19

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:
	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	6	$	—	$	—	$	—	$	—	$	6
Total	$	—	$	6	$	—	$	—	$	—	$	—	$	6

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:
	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(43	)	$	—	$	—	$	—	$	—	$	(43	)
Total	$	—	$	(43	)	$	—	$	—	$	—	$	—	$	(43	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	24		$	—	$	—	$	—	$	—	$	24
Total	$	—	$	24		$	—	$	—	$	—	$	—	$	24

20

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

21

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011 *
Ordinary Income	$	3,354	$	66

* The Fund commenced operations on September 30, 2011

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	976
Undistributed Long-Term Capital Gain		83
Unrealized Appreciation *		1,754
Total Accumulated Earnings	$	2,813

* Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(80	)
Accumulated Net Realized Gain (Loss)		87
Capital Stock and Paid-in-Capital		(7	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

22

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective April 23, 2012, HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. For a transition period beginning April 23, 2012, Wellington Management and Hartford Investment Management Company (“Hartford Investment Management”), the Fund’s prior sub-adviser, each served as a sub-adviser for the Fund. After such transition period, Hartford Investment Management no longer served as a sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000%
On next $2.0 billion		0.6500%
On next $2.5 billion		0.6400%
On next $5 billion		0.6300%
Over $10 billion		0.6200%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through April 22, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000%
On next $4.5 billion		0.6500%
On next $5 billion		0.6300%
Over $10 billion		0.6200%

23

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.05%		1.80%		0.80%		1.35%		1.05%		0.75%		0.75%

d) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $218 and contingent deferred sales charges of $5 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $17.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

24

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		640		15	%
Class C		212		9
Class I		214		15
Class R3		213		100
Class R4		213		98
Class R5		214		100
Class Y		962		100

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	111,113
Sales Proceeds Excluding U.S. Government Obligations		38,213

25

The Hartford Floating Rate High Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and for the period September 30, 2011, (commencement of operations) through October 31, 2011:

	For the Year Ended October 31, 2012											For the Period Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued From Merger		Net  Increase (Decrease) of  Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed		Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		4,379		128		(801	)		—		3,706		671		1		—		—		672
Amount	$	45,707	$	1,334	$	(8,439	)	$	—	$	38,602	$	6,706	$	16	$	—	$	—	$	6,722
Class C
Shares		2,050		52		(117	)		—		1,985		304		—		—		—		304
Amount	$	21,398	$	542	$	(1,226	)	$	—	$	20,714	$	3,049	$	4	$	—	$	—	$	3,053
Class I
Shares		1,504		36		(374	)		—		1,166		255		1		—		—		256
Amount	$	15,729	$	381	$	(3,927	)	$	—	$	12,183	$	2,557	$	6	$	—	$	—	$	2,563
Class R3
Shares		1		12		—			—		13		200		—		—		—		200
Amount	$	3	$	125	$	—		$	—	$	128	$	2,000	$	4	$	—	$	—	$	2,004
Class R4
Shares		4		13		—			—		17		200		—		—		—		200
Amount	$	36	$	132	$	—		$	—	$	168	$	2,000	$	5	$	—	$	—	$	2,005
Class R5
Shares		2		13		(2	)		—		13		200		1		—		—		201
Amount	$	25	$	139	$	(25	)	$	—	$	139	$	2,000	$	6	$	—	$	—	$	2,006
Class Y
Shares		—		60		—			—		60		899		3		—		—		902
Amount	$	—	$	623	$	—		$	—	$	623	$	8,994	$	25	$	—	$	—	$	9,019
Total
Shares		7,940		314		(1,294	)		—		6,960		2,729		6		—		—		2,735
Amount	$	82,898	$	3,276	$	(13,617	)	$	—	$	72,557	$	27,306	$	66	$	—	$	—	$	27,372

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

26

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

27

The Hartford Floating Rate High Income Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (D)
A	$	10.20	$	0.62	$	0.42	$	1.04	$	(0.64	)	$	–	$	–	$	(0.64	)	$	10.60
C		10.20		0.54		0.42		0.96		(0.56	)		–		–		(0.56	)		10.60
I		10.20		0.65		0.42		1.07		(0.67	)		–		–		(0.67	)		10.60
R3		10.20		0.61		0.38		0.99		(0.61	)		–		–		(0.61	)		10.58
R4		10.20		0.64		0.38		1.02		(0.64	)		–		–		(0.64	)		10.58
R5		10.20		0.67		0.38		1.05		(0.67	)		–		–		(0.67	)		10.58
Y		10.20		0.67		0.38		1.05		(0.67	)		–		–		(0.67	)		10.58
From September 30, 2011 (commencement of operations), through October 31, 2011  (D)
A(E)		10.00		0.03		0.20		0.23		(0.03	)		–		–		(0.03	)		10.20
C(E)		10.00		0.03		0.19		0.22		(0.02	)		–		–		(0.02	)		10.20
I(E)		10.00		0.04		0.19		0.23		(0.03	)		–		–		(0.03	)		10.20
R3(E)		10.00		0.03		0.19		0.22		(0.02	)		–		–		(0.02	)		10.20
R4(E)		10.00		0.03		0.20		0.23		(0.03	)		–		–		(0.03	)		10.20
R5(E)		10.00		0.04		0.19		0.23		(0.03	)		–		–		(0.03	)		10.20
Y(E)		10.00		0.04		0.19		0.23		(0.03	)		–		–		(0.03	)		10.20

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(D)	Per share amounts have been calculated using average shares outstanding method.
(E)	Commenced operations on September 30, 2011.

(F) Not annualized.

(G) Annualized.

28

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	10.54	%	$	46,387		1.31	%		1.04	%		5.93	%		67	%
	9.70			24,263		2.05			1.78			5.18			–
	10.80			15,072		1.05			0.78			6.23			–
	9.98			2,252		1.72			1.35			5.85			–
	10.31			2,292		1.42			1.05			6.15			–
	10.64			2,264		1.12			0.75			6.45			–
	10.64			10,181		1.02			0.75			6.45			–
	2.25	(F)		6,855		1.29	(G)		1.00	(G)		4.72	(G)		0
	2.19	(F)		3,101		2.07	(G)		1.78	(G)		4.21	(G)		–
	2.28	(F)		2,611		1.05	(G)		0.76	(G)		5.10	(G)		–
	2.22	(F)		2,044		1.74	(G)		1.35	(G)		4.25	(G)		–
	2.25	(F)		2,044		1.44	(G)		1.05	(G)		4.55	(G)		–
	2.28	(F)		2,045		1.14	(G)		0.75	(G)		4.85	(G)		–
	2.27	(F)		9,195		1.04	(G)		0.75	(G)		4.85	(G)		–

29

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Floating Rate High Income Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Floating Rate High Income Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

30

The Hartford Floating Rate High Income Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

31

The Hartford Floating Rate High Income Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

32

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

33

The Hartford Floating Rate High Income Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

34

The Hartford Floating Rate High Income Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,041.05	$	5.39	$	1,000.00	$	1,019.86	$	5.33		1.05	%		184		366
Class C	$	1,000.00	$	1,037.12	$	9.11	$	1,000.00	$	1,016.19	$	9.02		1.78			184		366
Class I	$	1,000.00	$	1,042.38	$	3.95	$	1,000.00	$	1,021.27	$	3.91		0.77			184		366
Class R3	$	1,000.00	$	1,038.55	$	6.92	$	1,000.00	$	1,018.35	$	6.85		1.35			184		366
Class R4	$	1,000.00	$	1,040.11	$	5.38	$	1,000.00	$	1,019.86	$	5.33		1.05			184		366
Class R5	$	1,000.00	$	1,041.68	$	3.85	$	1,000.00	$	1,021.37	$	3.81		0.75			184		366
Class Y	$	1,000.00	$	1,041.68	$	3.85	$	1,000.00	$	1,021.37	$	3.81		0.75			184		366

35

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-FRHI12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Fundamental Growth Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Fundamental Growth Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Fundamental Growth Fund inception 05/24/2001  

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investments in Class A which a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expense charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year	5 Year	10 Year
Fundamental Growth A#	4.51%	-1.71%	5.81%
Fundamental Growth A##	-1.24%	-2.82%	5.21%
Fundamental Growth B#	3.84%	-2.41%	5.19%	*
Fundamental Growth B##	-1.15%	-2.74%	5.19%	*
Fundamental Growth C#	3.84%	-2.45%	5.04%
Fundamental Growth C##	2.84%	-2.45%	5.04%
Fundamental Growth I#	4.90%	-1.55%	5.90%
Fundamental Growth R3#	4.36%	-1.57%	6.13%
Fundamental Growth R4#	4.71%	-1.41%	6.21%
Fundamental Growth R5#	5.00%	-1.27%	6.28%
Fundamental Growth Y#	5.05%	-1.25%	6.30%
Russell 1000 Growth Index	13.02%	1.95%	7.15%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Includes the Fund’s performance when it invested primarily, prior to 3/30/07, in equity securities, typically 20-40 large capitalization companies.

Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. (The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization.)

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Fundamental Growth Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

Francis J. Boggan, CFA

Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Fundamental Growth Fund returned 4.51%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the Russell 1000 Growth Index, which returned 13.02% for the same period. The Fund also underperformed the 9.53% return of the average fund in the Lipper Large Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

In this environment, Value stocks (+16.9%) outperformed Growth stocks (+13.0%), as measured by the Russell 1000 Value and Russell 1000 Growth indices, respectively. Within the Russell 1000 Growth Index, all ten broad economic sectors posted positive returns. Telecommunication Services (+24%), Health Care (+22%), and Financials (+17%) had the strongest returns while Utilities (+7%), Materials (+8%), and Industrials (+10%) lagged on a relative basis.

The Fund underperformed the benchmark during the period primarily due to weak security selection. Stock selection was weakest within the Consumer Discretionary, Energy, and Health Care sectors, which more than offset positive selection within Financials. Sector allocation, which is a result of bottom-up stock selection, contributed modestly to relative results, in part due to an overweight allocation (i.e. the Fund’s sector position was greater than the benchmark position) to Financials and an underweight allocation to Materials.

Top detractors from relative performance included ITT Educational Services (Consumer Discretionary), Joy Global (Industrials), and Barrick Gold (Materials). Shares of ITT Educational Services, a provider of postsecondary degree programs in the US, fell after the company posted disappointing second quarter earnings. Total enrollment also declined during the period, reflecting management's initiatives to comply with new regulations. Shares of U.S.-based coal and ore mining equipment manufacturer Joy Global declined during the period due to depressed natural gas prices in the US and weak coal demand. Shares of Canada-based gold exploration and mining company Barrick Gold declined after the company reported weak earnings that fell below consensus expectations. The shortfall was mostly due to lower production and higher costs in the Asia-Pacific and Africa regions. While the company maintained 2012 production guidance, cost guidance increased. Tempur-Pedic (Consumer Discretionary) was also among the top detractors from absolute performance (i.e. total return).

Top contributors to relative performance included Visa (Information Technology), eBay (Information Technology), and D R Horton (consumer discretionary). Shares of payment technology company Visa climbed based on strong reported card use both in the U.S. and internationally. Shares of eBay, a U.S.-based global provider of online marketplaces and payment options, rallied after the company reported better-than-expected first quarter results due primarily to strong growth in the marketplace segment and higher transaction margins in the payments segment. Shares of homebuilder D R Horton rose as housing fundamentals continue to improve. Apple (Information Technology) was also among the top contributors to absolute performance.

What is the outlook?

We believe that barring a catastrophic liquidity event in Europe, we have started to return to an environment where fundamentals once again matter. We continue to remain true to our process, focusing on high quality companies with attractive valuations, solid fundamentals, and strong balance

3

The Hartford Fundamental Growth Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

sheets. From a sector perspective, at the end of the period our greater-than-benchmark weight in Information Technology favors technology hardware. Our holdings are exposed to several strong product cycles and emerging product categories. We were underweight more defensively oriented sectors, such as Consumer Staples, where we see fewer attractive earnings growth opportunities relative to current valuations.

The Fund seeks to add value through bottom-up security selection, with a goal of creating a diversified portfolio of high-quality growth companies with attractive valuations. At the end of the period, the Fund was most overweight in Financials, Information Technology, and Health Care and most underweight in Consumer Staples, Consumer Discretionary, and Telecommunication Services relative to the Russell 1000 Growth Index.

At a meeting held on July 31-August 1, 2012, the Board of Directors of The Hartford Mutual Funds, Inc. approved a Plan of Reorganization relating to the proposed reorganization of the Fund into The Hartford Growth Opportunities Fund. The reorganization requires shareholder approval from the Fund’s shareholders. A special meeting of shareholders is scheduled for December 17, 2012. If approved, the Reorganization is expected to occur on or before February 22, 2013.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Capital Goods (Industrials)	9.6		%
Commercial and Professional Services (Industrials)		0.5
Consumer Durables and Apparel (Consumer Discretionary)		2.1
Consumer Services (Consumer Discretionary)		2.0
Diversified Financials (Financials)		7.0
Energy (Energy)		4.1
Food and Staples Retailing (Consumer Staples)		2.2
Food, Beverage and Tobacco (Consumer Staples)		4.6
Health Care Equipment and Services (Health Care)		6.8
Household and Personal Products (Consumer Staples)		2.4
Insurance (Financials)		5.9
Materials (Materials)		2.4
Media (Consumer Discretionary)		0.8
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		5.8
Retailing (Consumer Discretionary)		8.5
Software and Services (Information Technology)		18.5
Technology Hardware and Equipment (Information Technology)		13.8
Short-Term Investments		2.7
Other Assets and Liabilities		0.3
Total		100.0	%

4

The Hartford Fundamental Growth Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.0%
		Capital Goods - 9.6%
	23	Belden, Inc.	$	831
	15	Deere & Co.		1,307
	31	Eaton Corp.		1,440
	3	Flowserve Corp.		434
	27	Joy Global, Inc.		1,667
	28	WESCO International, Inc. ●		1,830
				7,509
		Commercial and Professional Services - 0.5%
	10	Manpower, Inc.		387
		Consumer Durables and Apparel - 2.1%
	78	D.R. Horton, Inc.		1,627
		Consumer Services - 2.0%
	16	ITT Educational Services, Inc. ●		346
	26	Las Vegas Sands Corp.		1,198
				1,544
		Diversified Financials - 7.0%
	11	BlackRock, Inc.		2,068
	38	JP Morgan Chase & Co.		1,575
	54	Waddell and Reed Financial, Inc. Class A w/ rights		1,790
				5,433
		Energy - 4.1%
	16	Cameron International Corp. ●		830
	10	National Oilwell Varco, Inc.		730
	24	Newfield Exploration Co. ●		651
	24	Whiting Petroleum Corp. ●		1,017
				3,228
		Food and Staples Retailing - 2.2%
	37	CVS Caremark Corp.		1,731
		Food, Beverage and Tobacco - 4.6%
	54	Green Mountain Coffee Roasters, Inc. ●		1,295
	10	PepsiCo, Inc.		665
	19	Philip Morris International, Inc.		1,647
				3,607
		Health Care Equipment and Services - 6.8%
	9	Aetna, Inc.		389
	29	Express Scripts Holding Co. ●		1,754
	6	McKesson Corp.		550
	33	St. Jude Medical, Inc.		1,255
	24	UnitedHealth Group, Inc.		1,355
				5,303
		Household and Personal Products - 2.4%
	37	Herbalife Ltd.		1,874
		Insurance - 5.9%
	65	Aflac, Inc.		3,236
	97	Assured Guaranty Ltd.		1,342
				4,578
		Materials - 2.4%
	46	Barrick Gold Corp.		1,843
		Media - 0.8%
	13	Walt Disney Co.		618
		Pharmaceuticals, Biotechnology and Life Sciences - 5.8%
	16	Amgen, Inc.		1,367
	20	Celgene Corp. ●		1,481
	42	Teva Pharmaceutical Industries Ltd. ADR		1,710
				4,558
		Retailing - 8.5%
	3	Amazon.com, Inc. ●		768
	23	Bed Bath & Beyond, Inc. ●		1,327
	21	Dollar General Corp. ●		997
	43	Lowe's Co., Inc.		1,402
	2	Priceline.com, Inc. ●		1,262
	15	Ross Stores, Inc.		902
				6,658
		Software and Services - 18.5%
	10	Accenture plc		681
	9	Baidu, Inc. ADR ●		992
	11	Check Point Software Technologies Ltd. ADR ●		467
	23	eBay, Inc. ●		1,111
	3	Google, Inc. ●		2,073
	11	IBM Corp.		2,101
	21	iGate Corp. ●		340
	75	Microsoft Corp.		2,129
	43	Oracle Corp.		1,341
	19	Visa, Inc.		2,650
	39	Western Union Co.		497
			��	14,382
		Technology Hardware and Equipment - 13.8%
	10	Apple, Inc.		5,772
	17	Arrow Electronics, Inc. ●		595
	71	Cisco Systems, Inc.		1,208
	82	EMC Corp. ●		1,993
	20	Qualcomm, Inc.		1,172
				10,740
		Total common stocks
		(cost $71,670)	$	75,620
		Total long-term investments
		(cost $71,670)	$	75,620
SHORT-TERM INVESTMENTS - 2.7%
Repurchase Agreements - 2.7%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $376, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $384)
$	376	0.30%, 10/31/2012	$	376
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $153, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $156)
	153	0.25%, 10/31/2012		153

 The accompanying notes are an integral part of these financial statements.

5

The Hartford Fundamental Growth Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount						Market Value ╪
SHORT-TERM INVESTMENTS - 2.7% - (continued)
Repurchase Agreements - 2.7% - (continued)
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $264, collateralized by FNMA 2.50%, 2027, value of $269)
$	264	0.35%, 10/31/2012			$	264
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $100, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $102)
	100	0.35%, 10/31/2012				100
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $465, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $474)
	465	0.28%, 10/31/2012				465
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $589, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $601)
	589	0.25%, 10/31/2012				589
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $3, collateralized by U.S. Treasury Note 8.13%, 2019, value of $3)
	3	0.25%, 10/31/2012				3
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $137, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $139)
	137	0.30%, 10/31/2012				137
	2087					2,087
		Total short-term investments
		(cost $2,087)			$	2,087
		Total investments
		(cost $73,757) ▲	99.7	%	$	77,707
		Other assets and liabilities	0.3	%		203
		Total net assets	100.0	%	$	77,910

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $76,300 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	6,868
Unrealized Depreciation		(5,461	)
Net Unrealized Appreciation	$	1,407

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

6

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford Fundamental Growth Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	75,620	$	75,620	$	–	$	–
Short-Term Investments		2,087		–		2,087		–
Total	$	77,707	$	75,620	$	2,087	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

 The accompanying notes are an integral part of these financial statements.

8

The Hartford Fundamental Growth Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $73,757)	$	77,707
Receivables:
Investment securities sold		179
Fund shares sold		191
Dividends and interest		48
Other assets		38
Total assets		78,163
Liabilities:
Bank overdraft		17
Payables:
Investment securities purchased		86
Fund shares redeemed		109
Investment management fees		13
Administrative fees		—
Distribution fees		3
Accrued expenses		25
Total liabilities		253
Net assets	$	77,910
Summary of Net Assets:
Capital stock and paid-in-capital	$	73,433
Undistributed net investment income		176
Accumulated net realized gain		351
Unrealized appreciation of investments		3,950
Net assets	$	77,910
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.91/$11.55
Shares outstanding		2,475
Net assets	$	27,000
Class B: Net asset value per share	$	10.03
Shares outstanding		100
Net assets	$	1,006
Class C: Net asset value per share	$	10.02
Shares outstanding		667
Net assets	$	6,683
Class I: Net asset value per share	$	10.97
Shares outstanding		49
Net assets	$	540
Class R3: Net asset value per share	$	11.26
Shares outstanding		12
Net assets	$	138
Class R4: Net asset value per share	$	11.35
Shares outstanding		10
Net assets	$	117
Class R5: Net asset value per share	$	11.39
Shares outstanding		10
Net assets	$	118
Class Y: Net asset value per share	$	11.40
Shares outstanding		3,711
Net assets	$	42,308

The accompanying notes are an integral part of these financial statements. 

9

The Hartford Fundamental Growth Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	1,324
Interest		3
Less: Foreign tax withheld		(15	)
Total investment income		1,312
Expenses:
Investment management fees		792
Administrative services fees		1
Transfer agent fees		98
Distribution fees
Class A		73
Class B		13
Class C		75
Class R3		1
Class R4		—
Custodian fees		7
Accounting services fees		10
Registration and filing fees		95
Board of Directors' fees		4
Audit fees		11
Other expenses		21
Total expenses (before waivers and fees paid indirectly)		1,201
Expense waivers		(64	)
Transfer agent fee waivers		(2	)
Commission recapture		(1	)
Total waivers and fees paid indirectly		(67	)
Total expenses, net		1,134
Net Investment Income		178
Net Realized Gain on Investments:
Net realized gain on investments in securities		3,682
Net Realized Gain on Investments		3,682
Net Changes in Unrealized Depreciation of Investments:
Net unrealized depreciation of investments		(829	)
Net Changes in Unrealized Depreciation of Investments		(829	)
Net Gain on Investments		2,853
Net Increase in Net Assets Resulting from Operations	$	3,031

The accompanying notes are an integral part of these financial statements.

10

The Hartford Fundamental Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	178		$	294
Net realized gain on investments		3,682			10,634
Net unrealized depreciation of investments		(829	)		(11,630	)
Net Increase (Decrease) In Net Assets Resulting From Operations		3,031			(702	)
Distributions to Shareholders:
From net investment income
Class A		(3	)		—
Class B		—			—
Class C		(1	)		—
Class I		(2	)		—
Class R3		—			—
Class R4		—			—
Class R5		(1	)		—
Class Y		(298	)		—
Total from net investment income		(305	)		—
From net realized gain on investments
Class A		(971	)		—
Class B		(56	)		—
Class C		(265	)		—
Class I		(18	)		—
Class R3		(5	)		—
Class R4		(4	)		—
Class R5		(4	)		—
Class Y		(2,102	)		—
Total from net realized gain on investments		(3,425	)		—
Total distributions		(3,730	)		—
Capital Share Transactions:
Class A		(2,399	)		(8,486	)
Class B		(587	)		(764	)
Class C		(788	)		(1,619	)
Class I		(31	)		457
Class R3		6			39
Class R4		4			—
Class R5		4			—
Class Y		(22,892	)		(35,922	)
Net decrease from capital share transactions		(26,683	)		(46,295	)
Net Decrease In Net Assets		(27,382	)		(46,997	)
Net Assets:
Beginning of period		105,292			152,289
End of period	$	77,910		$	105,292
Undistributed (distribution in excess of) net investment income (loss)	$	176		$	293

The accompanying notes are an integral part of these financial statements. 

11

The Hartford Fundamental Growth Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Fundamental Growth Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

12

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative

13

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the

14

Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for

15

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

5. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	294	$	—
Long-Term Capital Gains ‡		3,436		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis are as follows:

	Amount
Undistributed Ordinary Income	$	176
Undistributed Long-Term Capital Gain		2,894
Unrealized Appreciation *		1,407
Total Accumulated Earnings	$	4,477

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the

16

accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	10
Accumulated Net Realized Gain (Loss)		(10	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500%
On next $4.5 billion		0.7000%
On next $5 billion		0.6975%
Over $10 billion		0.6950%

17

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
All Assets	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.30%		2.05%		2.05%		1.05%		1.50%		1.20%		0.90%		0.85%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.30	%
Class B		2.05
Class C		2.05
Class I		1.02
Class R3		1.50
Class R4		1.20
Class R5		0.90
Class Y		0.85

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $81 and contingent deferred sales charges of $2 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the

18

average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $1.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

7. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		10		83	%
Class R4		10		100
Class R5		10		100

8. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	120,370
Sales Proceeds Excluding U.S. Government Obligations		150,696

19

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

9. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares  Sold		Shares  Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares
Class A
Shares		527		96		(836	)		—		(213	)		655		—		(1,399	)		—		(744	)
Amount	$	5,766	$	938	$	(9,103	)	$	—	$	(2,399	)	$	7,358	$	—	$	(15,844	)	$	—	$	(8,486	)
Class B
Shares		14		6		(77	)		—		(57	)		15		—		(88	)		—		(73	)
Amount	$	136	$	54	$	(777	)	$	—	$	(587	)	$	155	$	—	$	(919	)	$	—	$	(764	)
Class C
Shares		97		27		(195	)		—		(71	)		116		—		(270	)		—		(154	)
Amount	$	965	$	243	$	(1,996	)	$	—	$	(788	)	$	1,203	$	—	$	(2,822	)	$	—	$	(1,619	)
Class I
Shares		37		—		(38	)		—		(1	)		60		—		(24	)		—		36
Amount	$	388	$	5	$	(424	)	$	—	$	(31	)	$	698	$	—	$	(241	)	$	—	$	457
Class R3
Shares		16		—		(18	)		—		(2	)		4		—		—			—		4
Amount	$	197	$	5	$	(196	)	$	—	$	6		$	39	$	—	$	—		$	—	$	39
Class R4
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	4	$	—		$	—	$	4		$	—	$	—	$	—		$	—	$	—
Class R5
Shares		—		—		—			—		—			—		—		—			—		—
Amount	$	—	$	5	$	(1	)	$	—	$	4		$	—	$	—	$	—		$	—	$	—
Class Y
Shares		3,058		234		(5,452	)		—		(2,160	)		1,768		—		(5,275	)		—		(3,507	)
Amount	$	34,998	$	2,400	$	(60,290	)	$	—	$	(22,892	)	$	20,175	$	—	$	(56,097	)	$	—	$	(35,922	)
Total
Shares		3,749		363		(6,616	)		—		(2,504	)		2,618		—		(7,056	)		—		(4,438	)
Amount	$	42,450	$	3,654	$	(72,787	)	$	—	$	(26,683	)	$	29,628	$	—	$	(75,923	)	$	—	$	(46,295	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		20	$	222
For the Year Ended October 31, 2011		26	$	292

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

20

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

21

The Hartford Fundamental Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

15. Subsequent Events:

At a meeting held on July 31-August 1, 2012, the Board of Directors of The Hartford Mutual Funds, Inc. approved a Plan of Reorganization relating to the proposed reorganization of the Fund into The Hartford Growth Opportunities Fund. The reorganization requires shareholder approval from the Fund’s shareholders. A special meeting of shareholders is scheduled for December 17, 2012. If approved, the Reorganization is expected to occur on or before February 22, 2013.

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

22

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23

The Hartford Fundamental Growth Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class(A)	Net Asset Value at Beginning of  Period		Net Investment  Income (Loss)			Net Realized and Unrealized Gain  (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from  Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	10.83	$	(0.01	)	$	0.46		$	0.45		$	(0.01	)	$	(0.36	)	$	–	$	(0.37	)	$	10.91
B		10.05		(0.08	)		0.43			0.35			(0.01	)		(0.36	)		–		(0.37	)		10.03
C		10.04		(0.08	)		0.43			0.35			(0.01	)		(0.36	)		–		(0.37	)		10.02
I		10.88		0.02			0.47			0.49			(0.04	)		(0.36	)		–		(0.40	)		10.97
R3		11.18		(0.04	)		0.49			0.45			(0.01	)		(0.36	)		–		(0.37	)		11.26
R4		11.23		–			0.49			0.49			(0.01	)		(0.36	)		–		(0.37	)		11.35
R5		11.28		0.04			0.48			0.52			(0.05	)		(0.36	)		–		(0.41	)		11.39
Y		11.29		0.05			0.47			0.52			(0.05	)		(0.36	)		–		(0.41	)		11.40
For the Year Ended October 31, 2011
A		10.68		(0.01	)		0.16			0.15			–			–			–		–			10.83
B		9.99		(0.10	)		0.16			0.06			–			–			–		–			10.05
C		9.98		(0.09	)		0.15			0.06			–			–			–		–			10.04
I		10.70		0.02			0.16			0.18			–			–			–		–			10.88
R3		11.05		(0.02	)		0.15			0.13			–			–			–		–			11.18
R4		11.07		–			0.16			0.16			–			–			–		–			11.23
R5		11.08		0.04			0.16			0.20			–			–			–		–			11.28
Y		11.09		0.07			0.13			0.20			–			–			–		–			11.29
For the Year Ended October 31, 2010 (E)
A		9.08		(0.02	)		1.62			1.60			–			–			–		–			10.68
B		8.56		(0.09	)		1.52			1.43			–			–			–		–			9.99
C		8.55		(0.09	)		1.52			1.43			–			–			–		–			9.98
I(F)		9.72		–			0.98			0.98			–			–			–		–			10.70
R3(F)		10.07		(0.03	)		1.01			0.98			–			–			–		–			11.05
R4(F)		10.07		(0.01	)		1.01			1.00			–			–			–		–			11.07
R5(F)		10.07		–			1.01			1.01			–			–			–		–			11.08
Y		9.41		0.03			1.68			1.71			(0.03	)		–			–		(0.03	)		11.09
For the Year Ended October 31, 2009
A		7.57		0.01			1.50			1.51			–			–			–		–			9.08
B		7.18		(0.03	)		1.41			1.38			–			–			–		–			8.56
C		7.18		(0.05	)		1.42			1.37			–			–			–		–			8.55
Y		7.82		0.05			1.54			1.59			–			–			–		–			9.41
For the Year Ended October 31, 2008
A		13.95		(0.01	)		(4.85	)		(4.86	)		–			(1.52	)		–		(1.52	)		7.57
B		13.40		(0.09	)		(4.61	)		(4.70	)		–			(1.52	)		–		(1.52	)		7.18
C		13.41		(0.09	)		(4.62	)		(4.71	)		–			(1.52	)		–		(1.52	)		7.18
Y		14.27		–			(4.93	)		(4.93	)		–			(1.52	)		–		(1.52	)		7.82

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on May 28, 2010.

(G) Not annualized.

(H) Annualized.    

24

-Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	4.51	%	$	27,000		1.40	%		1.30	%		(0.06	)%		117	%
	3.84			1,006		2.35			2.05			(0.80	)		–
	3.84			6,683		2.10			2.05			(0.81	)		–
	4.90			540		1.06			1.02			0.23			–
	4.36			138		1.63			1.50			(0.31	)		–
	4.71			117		1.35			1.20			0.04			–
	5.00			118		1.01			0.90			0.34			–
	5.05			42,308		0.89			0.85			0.40			–
	1.40			29,093		1.35			1.30			(0.06	)		95
	0.60			1,578		2.29			2.05			(0.80	)		–
	0.60			7,408		2.07			2.05			(0.80	)		–
	1.68			546		1.02			1.00			0.22			–
	1.18			151		1.62			1.50			(0.26	)		–
	1.45			111		1.31			1.20			0.04			–
	1.81			112		0.98			0.90			0.34			–
	1.80			66,293		0.87			0.85			0.39			–
	17.62			36,651		1.45			1.40			(0.18	)		91
	16.71			2,300		2.39			2.16			(0.91	)		–
	16.73			8,902		2.16			2.15			(0.93	)		–
	10.08	(G)		153		0.89	(H)		0.89	(H)		0.08	(H)		–
	9.73	(G)		110		1.59	(H)		1.53	(H)		(0.53	)(H)		–
	9.93	(G)		110		1.29	(H)		1.23	(H)		(0.23	)(H)		–
	10.03	(G)		110		0.98	(H)		0.93	(H)		0.07	(H)		–
	18.17			103,953		0.91			0.91			0.28			–
	19.95			27,915		1.63			1.40			0.15			113
	19.22			3,943		2.58			1.95			(0.33	)		–
	19.08			8,103		2.36			2.17			(0.61	)		–
	20.34			14,000		1.04			1.04			0.56			–
	(38.66	)		23,989		1.48			1.45			(0.06	)		110
	(39.11	)		6,254		2.30			2.19			(0.80	)		–
	(39.16	)		8,276		2.21			2.20			(0.81	)		–
	(38.24	)		10,872		0.96			0.96			0.36			–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Fundamental Growth Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Fundamental Growth Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

26

The Hartford Fundamental Growth Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Fundamental Growth Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

28

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford Fundamental Growth Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

30

The Hartford Fundamental Growth Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 Through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 Through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	938.09	$	6.33	$	1,000.00	$	1,018.60	$	6.60		1.30	%		184		366
Class B	$	1,000.00	$	934.76	$	9.96	$	1,000.00	$	1,014.84	$	10.38		2.05			184		366
Class C	$	1,000.00	$	934.70	$	9.97	$	1,000.00	$	1,014.84	$	10.38		2.05			184		366
Class I	$	1,000.00	$	939.21	$	5.07	$	1,000.00	$	1,019.91	$	5.28		1.04			184		366
Class R3	$	1,000.00	$	936.77	$	7.30	$	1,000.00	$	1,017.60	$	7.61		1.50			184		366
Class R4	$	1,000.00	$	938.79	$	5.85	$	1,000.00	$	1,019.10	$	6.09		1.20			184		366
Class R5	$	1,000.00	$	940.55	$	4.39	$	1,000.00	$	1,020.61	$	4.57		0.90			184		366
Class Y	$	1,000.00	$	939.82	$	4.15	$	1,000.00	$	1,020.86	$	4.32		0.85			184		366

31

The Hartford Fundamental Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Fundamental Growth Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

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With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the Fund had underperformed relative to its peer group for the 1-year period, and that its performance was in line with the peer group for the 3- and 5-year periods. The Board also noted that the Fund had underperformed relative to its benchmark for the 1- and 3-year periods and that its performance was in line with the benchmark for the 5-year period. HIFSCO noted that it would continue to monitor the Fund’s performance. In addition, the Board noted that, at the July 31-August 1, 2012 meeting, it was being asked to approve the reorganization of the Fund into the Hartford Growth Opportunities Fund.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the

33

The Hartford Fundamental Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

34

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

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This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-FG12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155  

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Global All-Asset Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Global All-Asset Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Consolidated Schedule of Investments at October 31, 2012	6
Consolidated Investment Valuation Hierarchy Level Summary at October 31, 2012	21
Consolidated Statement of Assets and Liabilities at October 31, 2012	23
Consolidated Statement of Operations for the Year Ended October 31, 2012	25
Consolidated Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	26
Notes to Consolidated Financial Statements	27
Consolidated Financial Highlights	44
Report of Independent Registered Public Accounting Firm	46
Directors and Officers (Unaudited)	47
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	49
Quarterly Portfolio Holdings Information (Unaudited)	49
Federal Tax Information (Unaudited)	50
Expense Example (Unaudited)	51
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	52

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Global All-Asset Fund inception 05/28/2010

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide long-term total return.

Performance Overview 5/28/10 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year	Since Inception
Global All-Asset A#	6.97%	5.90%
Global All-Asset A##	1.09%	3.46%
Global All-Asset C#	6.17%	5.10%
Global All-Asset C##	5.17%	5.10%
Global All-Asset I#	7.28%	6.17%
Global All-Asset R3#	6.75%	5.61%
Global All-Asset R4#	7.05%	5.91%
Global All-Asset R5#	7.31%	6.21%
Global All-Asset Y#	7.38%	6.25%
Barclays U.S. Aggregate Bond Index	5.25%	6.09%
MSCI All Country World Index	9.17%	10.28%
MSCI World Index	10.11%	10.88%

# Without sales charge

## With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Class C reflects a contingent deferred sales charge of 1.00%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global-developed market equity performance. The index consists of 23 developed-market country indices, including the United States. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

The Fund changed its benchmark from the MSCI World Index to the MSCI All Country World Index because the Fund’s investment manager believes that the MSCI World All Country World Index better reflects the investment universe available to the Fund’s portfolio managers.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Global All-Asset Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Scott M. Elliot	Stephen A. Gorman, CFA	Brian M. Garvey
Senior Vice President and Asset Allocaiton Portfolio Manager	Vice President and Director of Tactical Asset Allocation	Vice President and Asset Allocation Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Global All-Asset Fund returned 6.97%, before sales charge, for the twelve-month period ended October 31, 2012, versus the returns of 10.11%, 9.17% and 5.25% for the MSCI World Index, MSCI All Country World Index and Barclays U.S. Aggregate Bond Index, respectively.  The Fund outperformed the 5.58% return of the average fund in the Lipper Global Flexible Portfolio Funds peer group, a group of funds that allocate investments across various asset classes with at least 25% in securities traded outside of the U.S.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe and encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. The ECB and Fed actions that supported equities also caused spreads in major fixed income sectors to tighten substantially in the latter part of the period.

The Fund uses multiple levers to generate investment performance. It can invest in equities and fixed income, as well as undertake opportunistic investments in additional asset classes, such as currencies and commodities. The Fund’s underperformance during the period was due in part to the performance of the Fund’s equity portion lagging that of the broad equity markets, as measured by the MSCI All Country World and MSCI World Indices. An out-of-benchmark allocation to commodities, achieved through futures contracts, also detracted.

Equity underperformance versus its benchmark was due primarily to security selection within the Industrials, Consumer Discretionary, and Materials sectors. From a regional perspective, security selection within North America (U.S. and Canada) and Europe (Germany, United Kingdom, and Italy) hurt relative returns.

The fixed income portion of the Fund outperformed its benchmark during the period. Security selection, as well as an overweight allocation to emerging market debt and bank loans, contributed positively to relative returns. Within emerging market debt, exposure to corporate cash bonds, nominal cash bonds and interest rate swaps, and emerging market inflation linked cash bonds were the primary contributors to relative performance. The Fund’s bank loan exposure, via credit default swaps, boosted relative results, while the Fund’s overweight exposure to high yield bonds, achieved via Exchange Traded Funds and credit default swaps and exchange traded funds, hurt relative performance. The Fund’s bank loan exposure, via credit default swaps, and the Fund’s exposure to high yield, achieved vai credit default swaps, boosted relative results.

During the period we maintained an out-of-benchmark exposure to commodities, achieved through futures positions in commodities such as cotton, cattle, gold, silver, and natural gas. This commodities exposure detracted from relative returns as commodities underperformed the Fund’s benchmark.

3

The Hartford Global All-Asset Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

We expect a continuation of the recent sluggish growth environment. This is a normal occurrence following a global financial crisis as markets and the economy readjust. Sovereign debt and structural issues in Europe likely will remain a focus. China’s slowdown is taking place as the government attempts to transition the economy’s focus from infrastructure and housing investment towards consumption. Investor focus on these and other potential problem areas, such as the pending U.S. fiscal cliff, are likely to generate a moderate level of volatility, particularly in a low-growth environment. This may create tactical opportunities across various asset classes.

From a long-term perspective, we believe the environment remains constructive for niche asset classes. We continue to use periods of heightened risk aversion to accumulate niche assets that we believe will generate attractive long-term returns. Within fixed income, during the period we favored higher yielding sectors like emerging market sovereign and corporate bonds and high yield bonds. Equity exposures in Europe and Asia, inflation-sensitive assets, and select small- and mid-cap U.S. firms were similarly attractive.

In our view, equities represent good value and are an attractive asset class. During the period, we focused on areas that are out of favor but we believe will benefit from structural change in the economy, such as European equities. We believe emerging market equities are more at risk, partly due to a 10-year period of outperformance and the transition to a slower rate of growth in China. Some commodities, particularly metals, could struggle with this slowdown, together with the reorientation away from infrastructure and housing investments towards consumption. Despite these headwinds, we believe that there will be opportunities for a nimble, contrarian, bottom-up strategy to capture strong returns in select Asian developed and emerging market equities.

Many developed market sovereign bonds are unattractive to us due to the impact on yields of quantitative easing and the potential for increased inflationary pressures, as described below. In our view, these should be considered risky investments. For now, we believe that fixed income broadly is in a trading range. In this environment we are tactically managing duration in a contrarian manner to take advantage of short-term opportunities. We expect this environment will remain in place and will continue to take advantage of price opportunities as they occur. We continue to believe that there are attractive opportunities in select European sovereign debt markets, including those of Portugal, Italy, and Ireland.

Within the context of the current cyclical downturn, inflationary pressures continue to percolate. We believe that the inflationary drivers in the coming decade are unlikely to mirror those of the prior ten years. The key differences are China’s slowing growth and the country’s transition to a more consumption-focused economy, continued – but evolving – demand for resources, highly stimulative monetary policy, and the end of global manufacturing disinflation. These changes will take time to play out, but ultimately will, we believe, result in a fundamental shift in the nature of global inflation. The most probable outcome, in our view, is an environment characterized by slower growth, a high degree of monetary stimulus, and continuing inflationary pressures from emerging markets and select commodities. The risk of such an outcome is likely not fully priced in the market.

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		4.1	%
Aa / AA		0.7
A		1.2
Baa / BBB		2.8
Ba / BB		2.6
B		0.4
Caa / CCC or Lower		0.1
Unrated		0.2
U.S. Government Agencies and Securities		9.0
Non Debt Securities and Other Short-Term Instruments		82.9
Other Assets & Liabilities		(4.0	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

4

Diversification by Country

as of October 31, 2012

	Percentage of
Country	Net Assets
Australia		1.8	%
Austria		0.2
Belgium		0.1
Brazil		1.2
British Virgin Islands		0.2
Canada		3.0
Cayman Islands		0.1
Chile		0.3
China		1.9
Colombia		0.1
Denmark		0.1
Egypt		0.1
Finland		0.2
France		1.2
Germany		1.1
Greece		0.1
Hong Kong		2.3
India		0.4
Indonesia		0.2
Ireland		0.7
Israel		0.2
Italy		1.2
Japan		4.7
Jersey		0.1
Kuwait		0.1
Luxembourg		0.4
Malaysia		0.2
Mauritius		0.1
Mexico		1.2
Netherlands		0.8
New Zealand		0.6
Nigeria		0.2
Norway		2.7
Peru		0.3
Philippines		0.1
Portugal		0.6
Qatar (State of)		0.1
Russia		0.2
Singapore		0.6
South Africa		0.2
South Korea		1.9
Spain		0.4
Sweden		1.1
Switzerland		1.2
Taiwan		0.5
Thailand		0.1
Turkey		0.1
United Arab Emirates		0.2
United Kingdom		3.5
United States		34.8
Short-Term Investments		30.3
Other Assets and Liabilities		(4.0	)
Total		100.0	%

5

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.7%
		Automobiles and Components - 1.3%
	273	Astra International Tbk PT	$	227
	4	Bayerische Motoren Werke (BMW) AG		283
	3	BorgWarner, Inc. ●		185
	10	Bridgestone Corp.		242
	2	Continental AG		189
	9	Daimler AG		420
	8	Denso Corp.		237
	598	Dongfeng Motor Group Co., Ltd.		740
	41	Exedy Corp.		800
	25	Ford Motor Co. w/ rights		278
	8	General Motors Co. ●		214
	19	Honda Motor Co., Ltd.		557
	4	Hyundai Motor Co., Ltd.		954
	71	Isuzu Motors Ltd.		376
	4	Kia Motors Corp.		216
	2	Michelin (C.G.D.E.) Class B		206
	120	Minth Group Ltd.		120
	111	Nissan Motor Co., Ltd.		928
	24	Nok Corp.		388
	44	Stanley Electric Co., Ltd.		602
	32	Tata Motors Ltd.		152
	35	Toyota Motor Corp.		1,349
				9,663
		Banks - 4.1%
	29	Australia & New Zealand Banking Group Ltd.		764
	45	Banco Bilbao Vizcaya Argentaria S.A.		377
	24	Banco Bradesco S.A.		375
	66	Banco Santander Brasil S.A.		451
	75	Banco Santander Central Hispano S.A.		568
	18	Bancolombia S.A.		281
	31	Bangkok Bank plc		182
	171	Bank Central Asia PT		145
	1,150	Bank of China Ltd.		471
	36	Bank of East Asia		134
	4	Bank of Montreal		219
	6	Bank of Nova Scotia		322
	113	Barclays Bank plc ADR		420
	8	BB&T Corp.		218
	9	BNP Paribas		462
	72	BOC Hong Kong Holdings Ltd.		222
	2	Canadian Imperial Bank of Commerce		194
	594	China Construction Bank		445
	17	Commonwealth Bank of Australia		1,030
	30	DBS Group Holdings Ltd.		344
	15	DNB ASA		184
	16	Fifth Third Bancorp		236
	33	Fukuoka Financial Group, Inc.		131
	49	Hana Financial Holdings		1,419
	15	Hang Seng Bank Ltd.		231
	18	HDFC Bank Ltd.		213
	11	Housing Development Finance Corp. Ltd.		154
	165	HSBC Holdings plc		1,629
	629	Industrial & Commercial Bank of China Ltd.		414
	98	Intesa Sanpaolo		158
	39	Itausa - Investimentos Itau S.A.		169
	6	KB Financial Group, Inc.		189
	517	Lloyds Banking Group plc ●		340
	244	Mega Financial Holding Co.		177
	310	Mitsubishi UFJ Financial Group, Inc.		1,402
	214	Mizuho Financial Group, Inc.		334
	25	National Australia Bank Ltd.		672
	32	Nordea Bank Ab		291
	41	Oversea-Chinese Banking Corp., Ltd.		303
	5	PNC Financial Services Group, Inc.		293
	197	PT Bank Rakyat Indonesia		151
	7	Royal Bank of Canada		410
	6	Shinhan Financial Group Co., Ltd.		216
	8	Societe Generale Class A		264
	17	Standard Bank Group Ltd.		214
	25	Standard Chartered plc		583
	14	Sumitomo Mitsui Financial Group, Inc.		437
	10	SunTrust Banks, Inc.		267
	7	Svenska Handelsbanken Ab Class A		234
	10	Swedbank Ab		195
	4	Toronto-Dominion Bank		348
	41	Turkiye Garanti Bankasi A.S.		195
	37	Unicredit S.p.A.		163
	22	United Overseas Bank Ltd.		334
	45	US Bancorp ‡		1,486
	220	Wells Fargo & Co. ‡		7,417
	34	Westpac Banking Corp.		898
				30,375
		Capital Goods - 4.2%
	9	3M Co.		762
	27	ABB Ltd. ADR		488
	2	ACS Actividades de Construccion y Servicios S.A.		37
	6	AGCO Corp. ●		275
	97	Amada Co., Ltd.		492
	21	Asahi Glass Co., Ltd.		143
	8	Atlas Copco Ab B Shares		166
	45	BAE Systems plc		226
	109	Beijing Enterprises Holdings Ltd.		703
	74	Belden, Inc. ‡		2,634
	31	Bharat Heavy Electricals Ltd.		127
	8	Boeing Co.		561
	66	Carlisle Cos., Inc. ‡		3,662
	10	Caterpillar, Inc.		848
	8	Compagnie De Saint-Gobain		270
	4	Cooper Industries plc Class A		271
	2	Cummins, Inc.		183
	6	Danaher Corp.		323
	10	Deere & Co.		886
	4	Eaton Corp.		205
	10	Emerson Electric Co.		495
	—	Engility Holdings, Inc. ●		1
	5	European Aeronautic Defence & Space Co. N.V.		181
	3	Fanuc Corp.		472
	6	Fastenal Co.		275
	13	Fiat Industrial S.p.A.		140
	1	Flowserve Corp.		72
	4	Fluor Corp.		211
	56	GATX Corp.		2,320
	—	Geberit AG		92
	102	General Electric Co. ‡		2,148
	9	Honeywell International, Inc.		563

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.7% - (continued)
		Capital Goods - 4.2% - (continued)
	30	Hutchison Whampoa Ltd.	$	295
	1	Hyundai Heavy Industries		158
	4	Illinois Tool Works, Inc.		257
	6	Ingersoll-Rand plc		275
	22	Itochu Corp.		223
	2	Joy Global, Inc.		146
	24	Keppel Corp., Ltd.		208
	12	Komatsu Ltd.		259
	16	Koninklijke Philips Electronics N.V.		392
	17	Kubota Corp.		175
	—	L-3 Communications Holdings, Inc.		35
	6	Larsen & Toubro Ltd.		173
	4	Legrand S.A.		169
	2	LG Corp.		144
	—	Lockheed Martin Corp.		42
	2	LS Corp.		166
	4	Metso Oyj		124
	18	Mitsubishi Corp.		318
	72	Mitsubishi Electric Corp.		538
	47	Mitsubishi Heavy Industries Ltd.		199
	18	Mitsui & Co., Ltd.		252
	2	Nidec Corp.		155
	68	Noble Group Ltd.		73
	2	Parker-Hannifin Corp.		196
	1	Precision Castparts Corp.		231
	2	Raytheon Co.		117
	3	Rockwell Automation, Inc.		192
	24	Rolls-Royce Holdings plc		329
	3	Samsung C&T Corp.		150
	1	Samsung Engineering Co., Ltd.		108
	17	Sandvik AB		241
	8	Scania Ab		154
	6	Schneider Electric S.A.		344
	248	Shanghai Industrial Holdings Ltd.		793
	9	Siemens AG		914
	1	SMC Corp. of America		163
	14	Sumitomo Electric Industries Ltd.		151
	244	TECO Electric & Machinery Co., Ltd.		165
	16	THK Co., Ltd.		273
	4	Toyota Tsusho Corp.		86
	9	United Technologies Corp.		733
	49	United Tractors		106
	—	Vallourec S.A.		19
	7	Vinci S.A.		322
	485	Walsin Lihwa Corp.		133
				30,928
		Commercial and Professional Services - 0.5%
	247	ACCO Brands Corp. ●		1,785
	1	Adecco S.A.		68
	3	ADT (The) Corp. ●		107
	21	Brambles Ltd.		156
	6	Cintas Corp.		242
	18	Experian plc		303
	9	Pentair Ltd.		385
	10	Secom Co., Ltd.		522
	5	Tyco International Ltd.		138
	6	Waste Management, Inc.		204
				3,910
		Consumer Durables and Apparel - 1.0%
	3	Adidas AG		260
	4	Cie Financiere Richemont S.A.		270
	3	Coach, Inc.		170
	126	Daphne International Holdings Ltd.		151
	2	LVMH Moet Hennessy Louis Vuitton S.A.		403
	115	Mattel, Inc. ‡		4,229
	3	NIKE, Inc. Class B		242
	6	Nikon Corp.		142
	30	Panasonic Corp.		183
	28	Samsonite International S.A.		58
	28	Sega Sammy Holdings, Inc.		535
	14	Sony Corp.		160
	—	Swatch Group AG		198
	9	Toll Brothers, Inc. ●		312
				7,313
		Consumer Services - 0.6%
	8	Benesse Holdings, Inc.		380
	7	Carnival Corp.		261
	1	Chipotle Mexican Grill, Inc. ●		156
	25	Compass Group plc		277
	22	Ctrip.com International Ltd. ADR ●		446
	5	Darden Restaurants, Inc.		239
	48	Genting Berhad		139
	4	Las Vegas Sands Corp.		201
	9	McDonald's Corp.		740
	175	MGM China Holdings Ltd.		314
	16	New Oriental Education & Technology Group, Inc. ADR		271
	7	Starbucks Corp.		307
	4	Starwood Hotels & Resorts, Inc.		202
	2	Wynn Resorts Ltd.		230
	5	Yum! Brands, Inc.		336
				4,499
		Diversified Financials - 2.0%
	9	American Express Co.		529
	4	Ameriprise Financial, Inc.		238
	122	Bank of America Corp. ‡		1,134
	11	Bank of New York Mellon Corp.		264
	34	BM & F Bovespa S.A.		216
	5	Capital One Financial Corp.		300
	57	Citigroup, Inc.		2,122
	4	CME Group, Inc.		225
	10	Credit Suisse Group AG		240
	9	Deutsche Bank AG		416
	3	Deutsche Boerse AG		162
	8	Discover Financial Services, Inc.		317
	8	Eaton Vance Corp.		234
	190	Fubon Financial Holding Co., Ltd		195
	12	Goldman Sachs Group, Inc. ‡		1,411
	6	Groupe Bruxelles Lambert S.A.		430
	16	Hong Kong Exchanges & Clearing Ltd.		263
	31	ING Groep N.V. ●		277
	9	Invesco Ltd.		224
	83	JP Morgan Chase & Co. ‡		3,473
	8	Legg Mason, Inc.		210
	13	Morgan Stanley		231
	50	Nomura Holdings, Inc.		181
	2	ORIX Corp.		218
	5	State Street Corp.		239
	4	T. Rowe Price Group, Inc.		246

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.7% - (continued)
		Diversified Financials - 2.0% - (continued)
	38	UBS AG	$	572
				14,567
		Energy - 4.6%
	6	Anadarko Petroleum Corp.		436
	3	Apache Corp.		289
	5	Baker Hughes, Inc.		200
	32	BG Group plc		602
	172	BP plc		1,226
	4	Cameron International Corp. ●		198
	17	Canadian Natural Resources Ltd. ADR		509
	10	Chesapeake Energy Corp.		202
	19	Chevron Corp. ‡		2,061
	215	China Petroleum & Chemical Corp. Class H		227
	208	China Shenhua Energy Co., Ltd.		881
	157	CNOOC Ltd.		322
	10	ConocoPhillips Holding Co.		580
	4	Devon Energy Corp.		225
	22	Enbridge, Inc.		871
	24	Eni S.p.A.		552
	10	EOG Resources, Inc. ‡		1,198
	54	Exxon Mobil Corp. ‡		4,922
	7	GS Holdings Corp.		450
	9	Halliburton Co.		285
	4	Hess Corp.		186
	—	Inpex Corp.		1,128
	214	JX Holdings, Inc.		1,140
	48	Karoon Gas Australia Ltd. ●		277
	11	Kinder Morgan Management LLC ●		795
	26	Kinder Morgan, Inc.		713
	370	Kunlun Energy Co., Ltd.		685
	6	Lukoil ADR		343
	7	Marathon Oil Corp.		201
	5	Marathon Petroleum Corp.		276
	4	National Oilwell Varco, Inc.		291
	68	OAO Gazprom Class S ADR		622
	8	Occidental Petroleum Corp.		666
	17	OGX Petroleo e Gas Participacoes S.A. ●		40
	14	Origin Energy Ltd.		164
	6	Peabody Energy Corp.		161
	257	PetroChina Co., Ltd.		348
	68	Petroleo Brasileiro S.A.		699
	5	Phillips 66		239
	16	PTT PCL		169
	17	Reliance Industries Ltd.		252
	10	Repsol S.A.		196
	19	Royal Dutch Shell plc		650
	30	Royal Dutch Shell plc Class B		1,073
	6	Sasol Ltd.		268
	11	Schlumberger Ltd.		762
	100	Scorpio Tankers, Inc. ●		543
	14	Seacor Holdings, Inc. ●		1,259
	14	Statoil ASA		356
	9	Suncor Energy, Inc.		317
	21	Total S.A.		1,069
	9	Transcanada Corp.		397
	4	Transocean Ltd.		196
	11	Tullow Oil plc		261
	9	Valero Energy Corp.		257
	8	Whiting Petroleum Corp. ●		331
	8	Williams Cos., Inc.		278
	8	Woodside Petroleum Ltd.		282
				34,126
		Food and Staples Retailing - 0.7%
	8	Carrefour S.A.		200
	4	Costco Wholesale Corp.		401
	11	CVS Caremark Corp.		525
	16	Koninklijke Ahold N.V.		207
	96	Olam International Ltd.		154
	10	Seven & I Holdings Co., Ltd.		320
	97	Tesco plc		500
	8	Walgreen Co.		292
	88	Wal-Mart de Mexico S.A.B. de C.V.		258
	14	Wal-Mart Stores, Inc.		1,084
	15	Wesfarmers Ltd.		523
	15	Woolworths Ltd.		442
				4,906
		Food, Beverage and Tobacco - 3.0%
	17	Adecoagro S.A. ●		155
	18	Altria Group, Inc.		570
	8	Anheuser-Busch InBev N.V.		696
	8	Archer-Daniels-Midland Co.		206
	8	Asahi Group Holdings Ltd.		173
	2	Asian Bamboo AG		15
	357	Asian Citrus Holdings Ltd.		199
	8	Associated British Foods plc		170
	20	British American Tobacco plc		1,008
	51	Bumitama Agri Ltd. ●		42
	11	Bunge Ltd. Finance Corp.		808
	134	Charoen Pokphand Foods Ltd.		154
	93	China Agri-Industries Holdings		58
	158	China Modern Dairy Holdings Ltd. ●		41
	12	Coca-Cola Amatil Ltd.		169
	35	Coca-Cola Co.		1,318
	23	Diageo Capital plc		662
	90	First Resources Ltd.		151
	41	Fomento Economico Mexicano, S.A. de C.V.		365
	8	General Mills, Inc.		340
	1,472	Golden Agri Resources Ltd.		752
	6	Groupe Danone		342
	33	Grupo Modelo S.A.B. de C.V.		292
	4	Heineken N.V.		235
	12	Imperial Tobacco Group plc		438
	8	Ingredion, Inc.		496
	102	IOI Corp. Bhd		169
	37	ITC Ltd.		195
	11	Japan Tobacco, Inc.		316
	8	Kernel Holding S.A. ●		163
	6	Kraft Foods Group, Inc. ●		258
	7	KT&G Corp.		526
	2	Lorillard, Inc.		222
	4	Maple Leaf Foods, Inc. w/ Rights		42
	429	Marine Harvest ●		337
	3	Mead Johnson Nutrition Co.		180
	8	Minerva S.A.		45
	18	Mondelez International, Inc.		473
	32	Nestle S.A.		2,017
	13	PepsiCo, Inc.		899
	10	Perdigao S.A.		180

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.7% - (continued)
		Food, Beverage and Tobacco - 3.0% - (continued)
	2	Pernod-Ricard S.A.	$	265
	14	Philip Morris International, Inc.		1,251
	35	Post Holdings, Inc. ●		1,118
	13	PureCircle Ltd. ●		50
	24	Ralcorp Holdings, Inc. ●		1,741
	9	SABMiller plc		377
	12	SLC Agricola S.A.		119
	19	Unilever N.V.		702
	115	Uni-President Enterprises Corp.		202
	69	Wilmar International Ltd.		174
				21,876
		Health Care Equipment and Services - 0.6%
	5	Aetna, Inc.		221
	5	Baxter International, Inc.		308
	3	Cie Generale d'Optique Essilor International S.A.		276
	5	CIGNA Corp.		275
	4	Covidien plc		231
	8	Express Scripts Holding Co. ●		501
	3	Fresenius Medical Care AG & Co.		203
	2	Fresenius SE & Co. KGaA		184
	3	Humana, Inc.		191
	—	Intuitive Surgical, Inc. ●		251
	3	McKesson Corp.		300
	9	Medtronic, Inc.		358
	5	St. Jude Medical, Inc.		197
	3	Terumo Corp.		127
	10	UnitedHealth Group, Inc.		551
	5	Wellpoint, Inc.		279
	4	Zimmer Holdings, Inc.		228
				4,681
		Household and Personal Products - 0.7%
	4	Colgate-Palmolive Co.		452
	4	Estee Lauder Co., Inc.		237
	4	Henkel AG & Co. KGaA		279
	4	Herbalife Ltd.		191
	9	Kao Corp.		253
	4	Kimberly-Clark Corp.		329
	3	L'Oreal S.A.		358
	4	Pigeon Corp.		203
	25	Pola Orbis Holdings, Inc.		787
	20	Procter & Gamble Co.		1,413
	5	Reckitt Benckiser Group plc		305
	9	Shiseido Co., Ltd.		118
	145	Vinda International Holdings Ltd.		202
				5,127
		Insurance - 1.8%
	4	ACE Ltd.		280
	5	Aflac, Inc.		236
	294	AIA Group Ltd.		1,159
	7	Alleghany Corp. ●		2,329
	4	Allianz SE		557
	7	Allstate Corp.		287
	7	American International Group, Inc. ●		251
	47	Amp Ltd.		225
	14	Assicurazioni Generali		223
	36	Aviva plc		192
	14	AXA S.A.		223
	8	Berkshire Hathaway, Inc. Class B ●		689
	107	China Life Insurance Co., Ltd.		314
	244	China Pacific Insurance Co., Ltd.		762
	4	Chubb Corp.		312
	12	Cincinnati Financial Corp.		476
	11	LIG Insurance Co., Ltd.		277
	9	Lincoln National Corp.		231
	9	MetLife, Inc.		335
	2	Muenchener Rueckversicherungs NPV		376
	28	Ping An Insurance (Group) Co.		222
	8	Principal Financial Group, Inc.		226
	5	Prudential Financial, Inc.		286
	28	Prudential plc		389
	8	Sampo Oyj Class A		255
	1	Samsung Fire & Marine Insurance Co., Ltd.		176
	23	Suncorp-Metway Ltd.		228
	4	Swiss Re Ltd.		243
	22	Tokio Marine Holdings, Inc.		581
	6	Torchmark Corp.		324
	5	Travelers Cos., Inc.		365
	1	Zurich Financial Services AG		324
				13,353
		Materials - 5.4%
	129	African Barrick Gold Ltd.		886
	5	Agrium, Inc.		502
	4	Air Liquide		426
	3	Akzo Nobel N.V.		170
	73	Alacer Gold Corp. ●		400
	50	Alamos Gold, Inc.		973
	24	Allied Nevada Gold Corp. ●		875
	1	American Vanguard Corp.		38
	15	Anglo American plc		450
	6	AngloGold Ashanti		192
	84	Anhui Conch Cement Co., Ltd.		289
	11	ArcelorMittal		157
	9	Ball Corp.		389
	216	Banro Corp. ●		1,001
	5	Barrick Gold Corp.		193
	10	BASF SE		810
	32	BHP Billiton Ltd.		1,140
	17	BHP Billiton plc		530
	15	Boliden Ab		258
	4	Celanese Corp.		164
	532	Centamin plc ⌂●†		498
	3	CF Industries Holdings, Inc.		602
	82	China Bluechemical Ltd.		52
	88	Colossus Minerals, Inc. ●		498
	16	Companhia Sider·rgica Nacional		88
	31	Compania De Minas Buenaventur ADR		1,093
	53	Continental Gold Ltd. ●		509
	11	CRH plc		207
	12	Deltic Timber Corp.		821
	12	Detour Gold Corp. ●		330
	10	Dow Chemical Co.		305
	8	E.I. DuPont de Nemours & Co.		370
	4	Ecolab, Inc.		250
	86	Evolution Mining Ltd. ●		180
	68	Formosa Chemicals & Fibre Corp.		161
	76	Formosa Plastic Corp.		206
	8	Freeport-McMoRan Copper & Gold, Inc.		328
	18	Gerdau S.A.		154
	11	Gold Fields Ltd.		140

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.7% - (continued)
		Materials - 5.4% - (continued)
	6	Goldcorp, Inc.	$	269
	262	Golden Star Resources Ltd. ●		524
	63	Graphic Packaging Holding Co. ●		373
	62	Grupo Mexico S.A.B. de C.V.		200
	3	Holcim Ltd.		228
	1,850	Huabao International Holdings Ltd.		921
	9	Impala Platinum Holdings Ltd.		162
	87	Incitec Pivot Ltd.		285
	3	Industrias Penoles S.A.B. de C.V.		157
	5	International Paper Co.		182
	4	Johnson Matthey plc		144
	166	Kingsgate Consolidated Ltd.		950
	24	Koza Altin Isletmeleri A.S.		512
	3	LG Chem Ltd.		237
	2	Linde AG		344
	164	Medusa Mining Ltd.		1,042
	8	Mining & Metallurgical Co. Norilsk Nickel OJSC ADR		125
	79	Mitsubishi Gas Chemical Co.		390
	11	Monsanto Co.		983
	16	Mosaic Co.		840
	97	Nan Ya Plastics Corp.		170
	116	Nevsun Resources Ltd.		557
	9	Newcrest Mining Ltd.		238
	74	Nippon Steel & Sumitomo Metal Corp.		164
	130	Northern Star Resources Ltd.		173
	6	Orica Ltd.		148
	34	Osisko Mining Corp. ●		332
	142	Petropavlovsk plc		927
	1	Posco Ltd.		291
	19	Potash Corp. of Saskatchewan, Inc.		762
	4	Randgold Resources Ltd. ADR		488
	29	Regis Resources Ltd. ●		163
	6	Rio Tinto Ltd.		362
	12	Rio Tinto plc		610
	8	Royal Gold, Inc.		678
	92	Rubicon Minerals Corp. ●		328
	227	Semafo, Inc.		909
	5	Shin-Etsu Chemical Co., Ltd.		278
	14	Silgan Holdings, Inc.		613
	42	Silver Lake Resources Ltd. ●		155
	3	Sociedad Qufmica y Minera de Chile		175
	76	St. Barbara Ltd. ●		149
	20	Stora Enso Oyj Class R		126
	2	Syngenta AG		721
	25	Toray Industries, Inc.		144
	7	Uralkali GDR §		259
	35	Vale S.A.		629
	822	Xingda International Holdings		290
	21	Xstrata plc		333
	54	Yamana Gold, Inc.		1,089
	22	Yamato Kogyo Co.		607
	9	Yara International ASA		422
	283	Zhaojin Mining Industry Co., Ltd.		476
	1,245	Zijin Mining Group Co., Ltd.		500
				39,769
		Media - 1.8%
	87	Arbitron, Inc. ‡		3,164
	16	British Sky Broadcasting Group plc		186
	7	CBS Corp. Class B		242
	23	Comcast Corp. Class A		872
	—	CyberAgent, Inc.		200
	6	DirecTV ●		316
	54	Focus Media Holding Ltd. ADR		1,285
	—	Fuji Media Holdings, Inc.		258
	5	Liberty Global, Inc. ●		279
	57	Liberty Global, Inc. Class C ●		3,195
	5	McGraw-Hill Cos., Inc.		270
	5	Naspers Ltd.		302
	20	News Corp. Class A		478
	12	Pearson plc		234
	19	Reed Elsevier Capital, Inc.		188
	3	Time Warner Cable, Inc.		330
	10	Time Warner, Inc.		420
	5	Viacom, Inc. Class B		279
	15	Walt Disney Co.		713
	15	WPP plc		192
				13,403
		Pharmaceuticals, Biotechnology and Life Sciences - 2.5%
	12	Abbott Laboratories		810
	5	Agilent Technologies, Inc.		177
	3	Allergan, Inc.		276
	6	Amgen, Inc.		553
	8	Astellas Pharma, Inc.		374
	13	AstraZeneca plc		582
	8	Bayer AG		656
	2	Biogen Idec, Inc. ●		258
	14	Bristol-Myers Squibb Co.		477
	4	Celgene Corp. ●		266
	13	Daiichi Sankyo Co., Ltd.		193
	24	Eisai Co., Ltd.		1,064
	11	Elan Corp. plc ●		123
	10	Eli Lilly & Co.		463
	6	Gilead Sciences, Inc. ●		405
	47	GlaxoSmithKline plc		1,045
	23	Johnson & Johnson		1,637
	24	Merck & Co., Inc. ╦		1,107
	10	Mylan, Inc. ●		250
	23	Novartis AG		1,369
	4	Novo Nordisk A/S		708
	2	Perrigo Co.		256
	62	Pfizer, Inc.		1,534
	6	Roche Holding AG		1,169
	11	Sanofi-Aventis S.A.		951
	23	Shionogi & Co., Ltd.		373
	8	Shire plc		219
	8	Takeda Pharmaceutical Co., Ltd.		381
	10	Teva Pharmaceutical Industries Ltd.		407
				18,083
		Real Estate - 2.1%
	5	Allied Properties REIT		160
	2	Allreal Holding AG		235
	4	American Tower Corp. REIT		293
	8	Artis REIT		123
	201	Ascendas REIT		389
	8	Boardwalk REIT		486
	74	BWP Trust REIT		161
	8	Canadian		318

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.7% - (continued)
		Real Estate - 2.1% - (continued)
	18	Canadian Apartment Properties REIT	$	434
	313	Capitacommercial Trust REIT		401
	12	Castellum Ab		158
	72	Centro Retail Australia REIT		161
	154	CFS Retail Property Trust REIT		312
	23	Cheung Kong Holdings Ltd.		342
	6	Cominar REIT		134
	10	Crombie REIT		159
	9	Dundee REIT		314
	4	Equity Residential Properties Trust REIT		252
	4	Federal Realty Investment Trust REIT		386
	701	FKP Property Group		161
	36	Goodman Group REIT		163
	86	GPT Group REIT		318
	5	HCP, Inc. REIT		233
	24	Henderson Land Development Co., Ltd.		168
	13	Host Hotels & Resorts, Inc. REIT		188
	2	Hufvudstaden AB		26
	711	IGB REIT		308
	205	ING Office Fund REIT		632
	8	Liberty Property Trust REIT		291
	47	Link (The) REIT		233
	85	Macquarie CountryWide Trust REIT		321
	349	Mapletree Commercial Trust REIT		346
	347	Mapletree Industries NPV REIT		397
	216	Mapletree Logistics Trust REIT		196
	17	Mitsubishi Estate Co., Ltd.		339
	24	Mitsui Fudosan Co., Ltd.		484
	—	Mobimo Holding AG		75
	4	Northern Property REIT		113
	80	Norwegian Property ASA		120
	13	Primaris Retail REIT		315
	7	ProLogis L.P. REIT		228
	4	PSP Swiss Property AG		336
	7	Regency Centers Corp. REIT		354
	6	RioCan REIT		158
	3	Simon Property Group, Inc. REIT		489
	88	Stockland REIT		316
	23	Sun Hung Kai Properties Ltd.		315
	306	Suntec REIT		402
	6	Swiss Prime Site AG		496
	1	Unibail-Rodamco SE REIT		267
	43	UOL Group Ltd.		197
	28	Westfield Group REIT		307
	202	Westfield Retail Trust REIT		647
	5	Weyerhaeuser Co. REIT		144
	26	Wharf Holdings Ltd.		177
	97	Wing Tai Holdings Ltd.		137
				15,615
		Retailing - 1.8%
	31	Advance Automotive Parts, Inc.		2,222
	3	Amazon.com, Inc. ●		710
	4	Bed Bath & Beyond, Inc. ●		207
	96	Belle International Holdings Ltd. §		177
	338	Dah Chong Hong Holdings Ltd.		317
	5	Dollar Tree, Inc. ●		207
	12	Don Quijote Co.		473
	9	Hennes & Mauritz Ab		300
	13	Home Depot, Inc.		801
	11	Hyundai Home Shopping Network Corp.		1,303
	2	Industria de Diseno Textil S.A.		289
	667	Intime Department Store		785
	33	Kingfisher plc		155
	4	Kohl's Corp.		238
	34	K's Holdings Corp.		917
	79	Li & Fung Ltd.		131
	5	Limited Brands, Inc.		238
	21	Lojas Americanas S.A.		174
	2	Lotte Shopping Co.		530
	12	Lowe's Co., Inc.		374
	6	Macy's, Inc.		234
	2,301	Maoye International Holdings		461
	1	Pinault-Printemps-Redoute S.A.		209
	1	Priceline.com, Inc. ●		309
	23	Rakuten, Inc.		202
	5	Target Corp.		350
	3	Tiffany & Co.		215
	7	TJX Cos., Inc.		296
	42	Woolworths Holdings Ltd.		314
				13,138
		Semiconductors and Semiconductor Equipment - 1.1%
	6	Altera Corp.		168
	17	Arm Holdings plc		188
	4	ASML Holding N.V.		246
	6	Broadcom Corp. Class A		184
	8	Hynix Semiconductor, Inc.		186
	19	Infineon Technologies AG		126
	39	Intel Corp.		851
	4	KLA-Tencor Corp.		202
	5	Lam Research Corp. ●		182
	88	Maxim Integrated Products, Inc. ╦		2,432
	19	MediaTek, Inc.		211
	2	Samsung Electronics Co., Ltd.		2,041
	277	Taiwan Semiconductor Manufacturing Co., Ltd.		845
	9	Texas Instruments, Inc.		240
	3	Tokyo Electron Ltd.		133
	334	United Microelectronics Corp.		124
				8,359
		Software and Services - 2.8%
	6	Accenture plc		382
	7	Adobe Systems, Inc. ●		236
	6	Baidu, Inc. ADR ●		615
	3	Citrix Systems, Inc. ●		191
	3	Cognizant Technology Solutions Corp. ●		208
	13	Daum Communications Corp.		1,086
	32	DeNa Co., Ltd.		989
	—	Digital Garage, Inc.		147
	10	eBay, Inc. ●		485
	42	Fiserv, Inc. ●‡		3,127
	52	Giant Interactive Group, Inc. ADR		269
	2	Google, Inc. ●‡		1,385
	9	IBM Corp. ╦		1,832
	4	Infosys Technologies Ltd.		185
	4	Intuit, Inc.		229
	42	Konami Corp.		960
	1	Mastercard, Inc.		429
	59	Microsoft Corp.		1,682
	1	Nintendo Co., Ltd.		181
	33	Oracle Corp.		1,014

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.7% - (continued)
		Software and Services - 2.8% - (continued)
	28	Perfect World Co., Ltd. ADR	$	298
	5	Red Hat, Inc. ●		228
	2	Salesforce.com, Inc. ●		270
	10	SAP AG		702
	15	Sohu.com, Inc. ●		584
	7	Tata Consultancy Services Ltd.		164
	11	Tencent Holdings Ltd.		381
	4	Visa, Inc.		611
	2	VMware, Inc. ●		192
	21	Websense, Inc. ●		273
	39	Western Union Co.		496
	1	Yahoo Japan Corp.		232
	14	Yahoo!, Inc. ●		236
				20,299
		Technology Hardware and Equipment - 1.7%
	7	Apple, Inc. ‡		4,411
	12	Canon, Inc.		378
	43	Cisco Systems, Inc.		737
	16	Corning, Inc.		190
	15	Dell, Inc.		136
	17	Diebold, Inc.		508
	19	EMC Corp. ●		471
	55	Fuji Photo Film Co., Ltd.		922
	17	Hewlett-Packard Co.		236
	12	High Technology Computer Corp.		86
	60	Hitachi Ltd.		320
	131	Hon Hai Precision Industry Co., Ltd.		398
	8	Hoya Pentax HD Corp.		162
	10	Juniper Networks, Inc. ●		162
	5	Kyocera Corp.		398
	6	L.G. Philips LCD Co., Ltd.		173
	3	Murata Manufacturing Co., Ltd.		124
	6	NetApp, Inc. ●		152
	38	Nokia Oyj		103
	13	Qualcomm, Inc.		745
	5	SanDisk Corp. ●		200
	6	TE Connectivity Ltd.		202
	35	Telefonaktiebolaget LM Ericsson		313
	62	Toshiba Corp.		229
	598	WPG Holdings Co., Ltd.		721
				12,477
		Telecommunication Services - 1.9%
	31	Advanced Info Service Public Co., Ltd.		201
	455	America Movil S.A.B. de C.V.		577
	61	AT&T, Inc.		2,105
	154	Axiata Group Berhad		331
	21	Bharti Televentures		105
	80	BT Group plc		276
	6	CenturyLink, Inc.		246
	73	China Mobile Ltd.		808
	99	China Unicom Ltd.		159
	32	Deutsche Telekom AG		364
	25	Elisa Oyj		532
	29	France Telecom S.A.		326
	4	KDDI Corp.		280
	21	Koninklijke (Royal) KPN N.V.		134
	15	MTN Group Ltd.		277
	—	NTT DoCoMo, Inc.		251
	197	PT Telekomunikasi Indonesia Tbk		200
	6	SBA Communications Corp. ●		424
	122	Singapore Telecommunications Ltd.		320
	3	SK Telecom Co., Ltd.		372
	13	SoftBank Corp.		424
	44	Sprint Nextel Corp. ●		243
	43	Telefonica S.A.		562
	40	Telenor ASA		778
	39	Telia Ab		258
	77	Telstra Corp., Ltd.		333
	23	Verizon Communications, Inc.		1,015
	12	Vivendi S.A.		251
	633	Vodafone Group plc		1,718
				13,870
		Transportation - 0.8%
	1	Aeroports de Paris		66
	9	Asciano Group		44
	8	Canadian National Railway Co.		656
	3	Central Japan Railway Co.		255
	24	CSX Corp.		491
	4	Deutsche Lufthansa AG		66
	5	Deutsche Post AG		95
	5	East Japan Railway Co.		329
	3	FedEx Corp.		256
	20	Hankyu Hanshin Holdings, Inc.		113
	—	Hutchinson Port Holdings Trust		—
	39	Kintetsu Corp.		153
	8	Latam Airlines Group S.A.		208
	20	Nippon Yusen		39
	5	Norfolk Southern Corp.		293
	27	Tobu Railway Co., Ltd.		143
	29	Transurban Group		182
	114	Turk Hava Yollari Anonim Ortakligi ●		264
	8	Union Pacific Corp.		961
	10	United Parcel Service, Inc. Class B		717
	4	West Japan Railway Co.		154
				5,485
		Utilities - 2.7%
	12	AGL Energy Ltd.		174
	8	Ameren Corp.		248
	13	Centrais Eletricas Brasileiras S.A.		100
	62	Centrica plc		326
	138	Cheung Kong Infrastructure		808
	52	Chubu Electric Power Co., Inc.		540
	17	Cia de Saneamento Basico do Estado de Sao Paulo		711
	30	CLP Holdings Ltd.		254
	13	Companhia Energetica de Minas Gerais		161
	17	E.On AG		384
	16	Electricite de France S.A.		336
	150	Empresa Nacional del Petroleo		241
	84	Enel S.p.A.		317
	183	ENN Energy Holdings Ltd.		760
	8	Exelon Corp.		278
	8	Fortum Corp.		139
	16	Gaz de France		360
	1,717	Guangdong Investment Ltd.		1,402
	79	Hong Kong & China Gas		210
	262	Huaneng Power International, Inc.		209
	50	Iberdrola S.A.		257

The accompanying notes are an integral part of these financial statements.

12

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 49.7% - (continued)
		Utilities - 2.7% - (continued)
	9	Integrys Energy Group, Inc.	$	468
	13	Kansai Electric Power Co., Inc.		97
	7	Korea Electric Power Corp. ●		193
	132	National Grid plc		1,510
	12	NextEra Energy, Inc.		834
	14	NiSource, Inc.		348
	44	NTPC Ltd.		134
	6	Oneok, Inc.		269
	121	Osaka Gas Co., Ltd.		499
	14	PG&E Corp.		595
	12	Pinnacle West Capital Corp.		629
	20	Power Assets Holdings Ltd.		171
	74	Power Grid Corp. of India Ltd.		156
	5	RWE AG		227
	44	Scottish & Southern Energy		1,038
	31	Severn Trent plc		792
	152	Snam S.p.A.		673
	30	Suez Environment S.A.		314
	102	Tenaga Nasional Bhd		232
	39	Tokyo Gas Co., Ltd.		207
	33	Tractebel Energia S.A.		563
	26	UGI Corp.		843
	15	United Utilities Group plc		163
	17	Wisconsin Energy Corp.		658
				19,828
		Total common stocks
		(cost $362,259)	$	365,650
PREFERRED STOCKS - 0.2%
		Automobiles and Components - 0.0%
	2	Volkswagen AG N.V.	$	358
		Banks - 0.0%
	28	Banco Itau Holding		405
		Food, Beverage and Tobacco - 0.1%
	10	Cia de Bebidas das Ame		419
		Utilities - 0.1%
	38	Cia Paranaense de Energie		561
		Total preferred stocks
		(cost $1,985)	$	1,743
EXCHANGE TRADED FUNDS - 2.7%
		Other Investment Pools and Funds - 2.7%
	11	Energy Select Sector SPDR	$	817
	204	Financial Select Sector SPDR		3,236
	40	Health Care Select Sector SPDR Fund		1,591
	227	iShares FTSE A50 China Index ETF		286
	268	iShares MSCI Canada Index Fund		7,646
	4	iShares Nasdaq Biotechnology Index Fund		510
	56	Market Vectors Gold Miners		2,938
	21	Market Vectors Oil Service ●		795
	57	SPDR Barclays Capital Convertible Securities		2,239

		Total exchange traded funds
		(cost $20,444)		20,058
CORPORATE BONDS - 4.6%
		Agriculture, Forestry, Fishing and Hunting - 0.0%
		Celulosa Arauco Constitucion
$	296	7.25%, 07/29/2019	$	359
		Arts, Entertainment and Recreation - 0.2%
		Grupo Televisa S.A.
	557	6.63%, 03/18/2025		735
		MCE Finance Ltd.
	420	10.25%, 05/15/2018		479
				1,214
		Construction - 0.4%
		Country Garden Holdings Co.
	542	11.25%, 04/22/2017 ■		603
		Empresas ICA, S.A.B. de C.V.
	382	8.90%, 02/04/2021 §		413
		Hong Kong Land Finance
	340	4.50%, 10/07/2025		363
		Hutchison Whampoa Ltd.
	482	6.00%, 10/28/2015 ■♠		504
		Odebrecht Finance Ltd.
	492	7.50%, 09/14/2015 §♠		526
		Shimao Property Holding Ltd.
	320	9.65%, 08/03/2017 §		339
				2,748
		Finance and Insurance - 1.3%
		Axis Bank
	450	4.75%, 05/02/2016 §		466
		Banco de Credito del Peru/Panama
	791	5.38%, 09/16/2020 §		874
		Banco Panamericano S.A.
	425	8.50%, 04/23/2020 §		494
		Bancolombia S.A.
	662	6.13%, 07/26/2020		741
		Bangkok Bank plc
	347	4.80%, 10/18/2020 §		381
		Bank of China Hong Kong
	542	5.55%, 02/11/2020 ■		618
		Bank of East Asia
	352	6.13%, 07/16/2020		402
		CBQ Finance Ltd.
	364	7.50%, 11/18/2019 ■		452
		Fibria Overseas Finance Ltd.
	632	7.50%, 05/04/2020 §		700
		HSBK Europe B.V.
	752	7.25%, 05/03/2017 §		795
		ICBC Asia Ltd.
	500	5.13%, 11/30/2020 §		557
		ICICI Bank Ltd.
	525	5.75%, 11/16/2020 §		571
		Kuwait Projects Co.
	437	8.88%, 10/17/2016 §		509
		Standard Bank plc
	255	8.13%, 12/02/2019		288
		VTB Capital S.A.
	569	6.88%, 05/29/2018 §		614

The accompanying notes are an integral part of these financial statements.

13

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 4.6% - (continued)
		Finance and Insurance - 1.3% - (continued)
		Yapi ve Kredi Bankasi via Unicredit Luxembourg S.A.
$	775	5.19%, 10/13/2015 §	$	800
				9,262
		Food Manufacturing - 0.1%
		Grupo Bimbo S.A.B. de C.V.
	733	4.88%, 06/30/2020 §		827
		JBS Finance II Ltd.
	225	8.25%, 01/29/2018 ■		235
				1,062
		Health Care and Social Assistance - 0.1%
		Teva Pharmaceuticals Finance LLC
	600	6.15%, 02/01/2036		804
		Information - 0.4%
		America Movil S.A.B. de C.V.
	715	5.00%, 03/30/2020		841
		Indosat Palapa Co. B.V.
	455	7.38%, 07/29/2020 §		516
		MTS International Funding Ltd.
	325	8.63%, 06/22/2020 §		400
		NII Capital Corp.
	417	10.00%, 08/15/2016		414
		Qtel International Finance
	550	4.75%, 02/16/2021 §		620
		SingTel Group Treasury Pte Ltd.
	275	4.50%, 09/08/2021		314
				3,105
		Mining - 0.4%
		Adaro Indonesia PT
	557	7.63%, 10/22/2019 §		615
		Alrosa Finance S.A.
	690	8.88%, 11/17/2014 §		765
		Anglogold Holdings plc
	499	5.38%, 04/15/2020		525
		Bumi Investment Pte Ltd.
	608	10.75%, 10/06/2017 §		475
		Vedanta Resources plc
	693	9.50%, 07/18/2018 §		750
				3,130
		Nonmetallic Mineral Product Manufacturing - 0.1%
		Cemex Finance LLC
	520	9.50%, 12/14/2016 §		552
		Paper Manufacturing - 0.1%
		Inversiones CMPC S.A.
	427	6.13%, 11/05/2019 ■		494
		Petroleum and Coal Products Manufacturing - 0.6%
		BW Group Ltd.
	525	6.63%, 06/28/2017 §		557
		CNOOC Finance 2012 Ltd.
	725	3.88%, 05/02/2022 §		778
		CNPC HK Overseas Capital Ltd.
	500	4.50%, 04/28/2021 §		560
		Dolphin Energy Ltd.
	650	5.50%, 12/15/2021 §		753
		Gaz Capital S.A.
	425	9.25%, 04/23/2019 §		555
		Pacific Rubiales Energy Corp.
	725	7.25%, 12/12/2021 §		859
				4,062
		Pipeline Transportation - 0.1%
		Korea Gas Corp.
	685	4.25%, 11/02/2020 ■		755
		Primary Metal Manufacturing - 0.3%
		CITIC Pacific Ltd.
	700	6.63%, 04/15/2021 §		718
		CSN Islands XII
	614	7.00%, 09/23/2015 §♠		634
		Posco
	802	4.25%, 10/28/2020 ■		862
				2,214
		Real Estate and Rental and Leasing - 0.1%
		Agile Property Holdings Ltd.
	775	8.88%, 04/28/2017 §		809
		Truck Transportation - 0.0%
		BFF International Ltd.
	175	7.25%, 01/28/2020 §		212
		Utilities - 0.3%
		Colbun S.A.
	239	6.00%, 01/21/2020 ■		270
		Hong Kong Electric Finance Ltd.
	755	4.25%, 12/14/2020 §		832
		Korea Hydro & Nuclear Power Co., Ltd.
	475	4.75%, 07/13/2021 §		544
		Taqa Abu Dhabi National Energy Co.
	263	5.88%, 10/27/2016 ■		298
				1,944
		Water Transportation - 0.1%
		DP World Ltd.
	400	6.85%, 07/02/2037 ■		439
		Wholesale Trade - 0.0%
		Li & Fung Ltd.
	318	5.25%, 05/13/2020 §		351
		Total corporate bonds
		(cost $31,893)	$	33,516
FOREIGN GOVERNMENT OBLIGATIONS - 7.5%
		Canada - 0.8%
		Canada (Government of)
CAD	6,000	1.50%, 09/01/2017	$	6,052
		Greece - 0.1%
		Hellenic Republic
EUR	2,650	2.00%, 02/24/2034 - 02/24/2038		740
		Ireland - 0.5%
		Ireland (Republic of)
EUR	1,545	4.50%, 10/18/2018		2,046
EUR	1,025	5.90%, 10/18/2019 §		1,434
				3,480

The accompanying notes are an integral part of these financial statements.

14

Shares or Principal Amount ╬					Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 7.5% - (continued)
				Italy - 0.9%
				Italy Buoni Poliennali del Tesoro
EUR	4,650			4.75%, 05/01/2017	$	6,293
				Mexico - 0.4%
				Mexican Bonos De Desarrollo
MXN	19,546			8.50%, 11/18/2038		1,847
				Mexican Udibonos
MXN	14,027			4.50%, 11/22/2035 ◄		1,436
						3,283
				New Zealand - 0.6%
				New Zealand (Government of)
NZD	3,215			4.50%, 02/15/2016		4,300
				Nigeria - 0.2%
				Nigeria (Government of)
	1,000			10.70%, 06/01/2018 ■		1,083
	600			16.00%, 07/02/2019 ■		646
						1,729
				Norway - 2.3%
				Norway (Kingdom of)
NOK	46,850			2.00%, 05/24/2023		8,176
NOK	43,500			3.75%, 05/25/2021		8,743
						16,919
				Philippines - 0.1%
				Philippines (Republic of)
PHP	19,700			8.13%, 12/16/2035		613
				Portugal - 0.6%
				Obrigacoes do Tesouro
EUR	4,175			3.85%, 04/15/2021		4,044
EUR	350			4.75%, 06/14/2019		380
						4,424
				Sweden - 0.7%
				Sweden (Government of)
SEK	23,925			3.50%, 12/01/2028 ◄		5,449
				United Kingdom - 0.3%
				U.K. Treasury
GBP	900			4.50%, 12/07/2042		1,845
				Total foreign government obligations
				(cost $52,188)	$	55,127
U.S. GOVERNMENT AGENCIES - 8.7%
			FHLMC - 1.8%
$	11,023			5.50%, 01/01/2038 - 05/01/2040 ☼	$	11,995
	851			6.00%, 12/01/2037		937
						12,932
			FNMA - 5.9%
	10,100			3.00%, 11/15/2042 ☼		10,591
	5,100			3.50%, 11/15/2040 ☼		5,432
	1,000			5.00%, 11/15/2039 ☼		1,091
	2,496			5.50%, 04/01/2034 - 06/01/2038		2,761
	21,294			6.00%, 11/01/2039 - 06/01/2040 ☼		23,633
						43,508
				GNMA - 1.0%
	6,700			6.00%, 11/15/2039 ☼		7,579
				Total U.S. government agencies
				(cost $64,007)	$	64,019
U.S. GOVERNMENT SECURITIES - 0.3%
		U.S. Treasury Securities - 0.3%
			U.S. Treasury Bonds - 0.3%
$	1,000			3.38%, 04/15/2032 ◄	$	2,171
				Total U.S. government securities
				(cost $2,064)	$	2,171
				Total long-term investments
				(cost $534,840)	$	542,284
SHORT-TERM INVESTMENTS - 30.3%
			Repurchase Agreements - 30.3%
				Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $40,302, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $41,107)
$	40,301			0.30%, 10/31/2012	$	40,301
				Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $16,409, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $16,738)
	16,409			0.25%, 10/31/2012		16,409
				Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $28,215, collateralized by FNMA 2.50%, 2027, value of $28,779)
	28,215			0.35%, 10/31/2012		28,215
				Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $10,718, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $10,932)
	10,718			0.35%, 10/31/2012		10,718
				RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $49,791, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $50,724)
	49,791			0.28%, 10/31/2012		49,791
				TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $63,106, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $64,368)
	63,105			0.25%, 10/31/2012		63,105

The accompanying notes are an integral part of these financial statements.

15

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬							Market Value ╪
SHORT-TERM INVESTMENTS - 30.3% - (continued)
		Repurchase Agreements - 30.3% - (continued)
			UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $286, collateralized by U.S. Treasury Note 8.13%, 2019, value of $293)
$	286		0.25%, 10/31/2012			$	286
			UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $14,628, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $14,920)
	14,628		0.30%, 10/31/2012				14,628
							223,453
			Total short-term investments
			(cost $223,453)			$	223,453
			Total investments
			(cost $758,293) ▲	104.0	%	$	765,737
			Other assets and liabilities	(4.0	)%		(29,224	)
			Total net assets	100.0	%	$	736,513

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

The consolidated schedule of investments includes investments held by The Hartford Cayman Global All-Asset Fund, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund, which primarily invests in commodity-related instruments. The Fund may invest up to 25% of its total assets in the Subsidiary. As of October 31, 2012, the Fund invested 0.4% of its total assets in the Subsidiary.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $762,334 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	27,574
Unrealized Depreciation		(24,171	)
Net Unrealized Appreciation	$	3,403

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $498, which represents 0.1% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $7,259, which represents 1.0% of total net assets.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $795 was received from broker as collateral in connection with swap contracts.  Securities valued at $5,275, held on behalf of the Fund at the custody bank, were designated by broker as collateral in connection with swap contracts.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $47,214 at October 31, 2012.

The accompanying notes are an integral part of these financial statements.

16

◄ The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $23,591, which represents 3.2% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
10/2012		532	Centamin plc	$	868

At October 31, 2012, the aggregate value of these securities was $498, which represents 0.1% of total net assets.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

♠ Perpetual maturity security.  Maturity date shown is the first call date.

Futures Contracts Outstanding at October 31, 2012

Description	Number of Contracts*		Expiration Date	Notional Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 10-Year Bond Future		45	12/17/2012	$	5,792	$	5,854	$	62
CAC 40 10 EURO Future		33	11/16/2012		1,501		1,465		(36	)
Canadian Government 10-Year Bond Future		25	12/18/2012		3,428		3,431		3
Euro BUND Future		52	12/06/2012		9,549		9,549		—
FTSE 100 Index Future		53	12/21/2012		4,996		4,930		(66	)
FTSE/MIB Index Future		49	12/21/2012		4,975		4,925		(50	)
German Stock Exchange Future		113	12/21/2012		26,885		26,623		(262	)
Hang Seng Index Future		5	11/29/2012		699		699		—
IBEX 35 Index Future		52	11/16/2012		5,415		5,275		(140	)
MSCI Singapore Index Future		20	11/29/2012		1,135		1,129		(6	)
Platinum Future		13	01/29/2013		1,069		1,025		(44	)
S&P 500 (E-Mini) Future		185	12/21/2012		13,415		13,013		(402	)
Silver Future		10	12/27/2012		1,561		1,616		55
Stockholm Stock Exchange Future		434	11/16/2012		7,011		6,877		(134	)
U.S. Treasury 10-Year Note Future		221	12/19/2012		29,371		29,400		29
U.S. Treasury 2-Year Note Future		14	12/31/2012		3,086		3,084		(2	)
U.S. Treasury 30-Year Bond Future		5	12/19/2012		750		746		(4	)
U.S. Treasury 5-Year Note Future		59	12/31/2012		7,326		7,331		5
U.S. Treasury CME Ultra Long Term Bond Future		99	12/19/2012		16,400		16,344		(56	)
								$	(1,048	)
Short position contracts:
Amsterdam Index Future		6	11/16/2012	$	520	$	513	$	7
Australian SPI 200 Index Future		25	12/20/2012		2,916		2,922		(6	)
Japan 10-Year Bond Future		1	12/11/2012		1,803		1,807		(4	)
KOSPI 200 Index Future		2	12/13/2012		232		230		2
Long Gilt Future		32	12/27/2012		6,228		6,152		76
MSCI Taiwan Stock Index Future		49	11/29/2012		1,259		1,253		6
NIKKEI 225 Index Future		18	12/13/2012		2,009		2,011		(2	)
S&P/TSX 60 Index Future		18	12/20/2012		2,546		2,559		(13	)
								$	66
								$	(982	)

* The number of contracts does not omit 000's.

Cash of $14,470 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

The accompanying notes are an integral part of these financial statements.

17

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012
Currency	Buy / Sell	Delivery Date	Counterparty		Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
AUD	Buy	11/02/2012		CBK	$	100	$	100	$	—
AUD	Buy	01/18/2013		JPM		4,043		4,110		67
AUD	Buy	11/30/2012		WEST		14,427		14,500		73
CAD	Buy	11/05/2012		DEUT		142		142		—
CAD	Buy	11/02/2012		RBC		102		102		—
CAD	Buy	11/30/2012		RBC		23,149		23,048		(101	)
CAD	Buy	01/18/2013		RBC		5,718		5,599		(119	)
CAD	Buy	11/01/2012		WEST		248		248		—
CAD	Sell	01/18/2013		BOA		182		180		2
CAD	Sell	12/19/2012		RBC		6,229		6,040		189
CHF	Buy	11/01/2012		JPM		131		132		1
CHF	Buy	11/05/2012		NAB		250		250		—
CHF	Buy	11/30/2012		SSG		5,796		5,827		31
CHF	Buy	11/02/2012		UBS		86		86		—
CHF	Buy	01/18/2013		UBS		6,098		6,109		11
CHF	Sell	11/30/2012		BCLY		5,815		5,827		(12	)
CLP	Buy	12/19/2012		UBS		3,068		3,055		(13	)
CLP	Sell	12/19/2012		GSC		410		407		3
CLP	Sell	12/19/2012		UBS		2,659		2,647		12
CNY	Buy	12/07/2012		JPM		19,338		19,585		247
CNY	Buy	12/07/2012		JPM		1,128		1,122		(6	)
CNY	Buy	09/06/2013		JPM		3,004		2,923		(81	)
CNY	Sell	12/07/2012		JPM		20,165		20,707		(542	)
CNY	Sell	09/06/2013		JPM		2,950		2,923		27
EUR	Buy	12/19/2012		BCLY		690		683		(7	)
EUR	Buy	12/19/2012		GSC		546		547		1
EUR	Buy	01/18/2013		JPM		25,001		24,998		(3	)
EUR	Buy	11/30/2012		MSC		5,810		5,794		(16	)
EUR	Buy	11/30/2012		SSG		5,915		5,937		22
EUR	Buy	12/19/2012		UBS		778		778		—
EUR	Sell	01/18/2013		BOA		529		523		6
EUR	Sell	12/19/2012		JPM		15,277		15,274		3
GBP	Buy	01/18/2013		GSC		19,217		19,321		104
GBP	Sell	01/18/2013		BOA		361		360		1
GBP	Sell	12/19/2012		GSC		5,613		5,588		25
GBP	Sell	11/30/2012		WEST		12,966		13,051		(85	)
HKD	Sell	11/01/2012		SSG		22		22		—
JPY	Sell	01/18/2013		BCLY		1,409		1,390		19
JPY	Sell	11/30/2012		JPM		10,648		10,621		27
JPY	Sell	11/01/2012		SSG		2		2		—
JPY	Sell	11/30/2012		SSG		18,817		18,824		(7	)
MXN	Buy	12/19/2012		JPM		5,073		5,070		(3	)
MXN	Buy	01/18/2013		RBC		1,450		1,420		(30	)
MXN	Sell	01/18/2013		BOA		130		127		3
MXN	Sell	01/18/2013		RBC		6,432		6,299		133
NOK	Buy	11/05/2012		BNP		25		25		—
NOK	Buy	01/18/2013		CBK		415		416		1
NOK	Buy	11/02/2012		UBS		31		31		—
NOK	Sell	12/19/2012		BCLY		2,839		2,873		(34	)
NOK	Sell	12/19/2012		UBS		11,066		11,177		(111	)
NZD	Sell	12/19/2012		CBA		4,388		4,398		(10	)
SEK	Buy	01/18/2013		JPM		3,676		3,698		22
SEK	Buy	11/05/2012		MSC		47		47		—
SEK	Buy	11/01/2012		UBS		65		66		1
SEK	Sell	12/19/2012		BCLY		4,699		4,684		15
SEK	Sell	01/18/2013		BOA		160		159		1
SEK	Sell	01/18/2013		RBC		818		827		(9	)
SGD	Buy	11/05/2012		MSC		198		198		—

The accompanying notes are an integral part of these financial statements.

18

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty		Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
SGD	Buy	11/01/2012		SSG	$	764	$	765	$	1
SGD	Buy	11/02/2012		SSG		290		290		—
									$	(141	)

Credit Default Swap Contracts Outstanding at October 31, 2012

Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate			Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices:
Sell protection:
CDX.EM.17	GSC	$	28,675		5.00	%	06/20/17	$	3,756		$	3,413		$	(343	)
CDX.NA.HY.16	GSC		1,776		5.00	%	06/20/16		36			55			19
CDX.NA.HY.16	MSC		8,256		5.00	%	06/20/16		227			256			29
CMBX.NA.AAA.2	MSC		2,750		0.07	%	03/15/49		(82	)		(119	)		(37	)
LCDX.NA.15	GSC		3,225		2.50	%	12/20/15		33			52			19
LCDX.NA.17	BCLY		12,544		2.50	%	12/20/16		(928	)		206			1,134
Total								$	3,042		$	3,863		$	821

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.  Notional shown in U.S. dollars unless otherwise noted.

Interest Rate Swap Contracts Outstanding at October 31, 2012

Counterparty	Payments made by Fund	Payments received by Fund	Notional Amount *	Expiration Date	Upfront Premiums Paid/ (Received)		Market Value ╪			Unrealized Appreciation/ (Depreciation)
BCLY	CLPUF	2.41% Fixed	CLP   717,800	04/04/22		—		22			22
GSC	0.94% Fixed	6M CHF LIBOR	CHF       6,235	09/03/22		—		(22	)		(22	)
GSC	CLICP Camara	2.25% Fixed	CLP   708,475	06/26/22		—		(5	)		(5	)
GSC	CLICP Camara	2.35% Fixed	CLP   761,625	04/16/22		—		13			13
					$	—	$	8		$	8

* Notional shown in U.S. dollars unless otherwise noted.

╪ See Significant Accounting Policies of accompanying Notes to Consolidated Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

19

The Hartford Global All-Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Consolidated Schedule of Investments)

Counterparty Abbreviations:
BCLY	Barclays
BNP	BNP Paribas Securities
BOA	Banc of America Securities LLC
CBA	Commonwealth Bank of Australia
CBK	Citibank NA
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
NAB	National Australia Bank
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG
WEST	Westpac International
Currency Abbreviations:
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNY	Chinese Yuan Renminbi
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
MXN	Mexican New Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Phillipine Peso
SEK	Swedish Krona
SGD	Singapore Dollar
Index Abbreviations:
CAC	Cotation Assistee en Continu
CDX.EM	Credit Derivatives Emerging Markets
CDX.NA.HY	Credit Derivatives North American High Yield
CMBX.NA	Markit Commercial Mortgage Backed North American
IBEX	Spanish Stock Index
KOSPI	Korea Composite Stock Price
LCDX.NA	Credit Derivatives North American Loan
MIB	Milano Italia Borsa
S&P	Standard & Poors
TSX	Toronto Stock Exchange
Other Abbreviations:
ADR	American Depositary Receipt
CLICP	Sinacofi Chile Interbank Offered Rate
CLPUF	Chilean Unidada de Fomentos Rate
ETF	Exchange Traded Fund
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
SPDR	Standard & Poor's Depositary Receipt

The accompanying notes are an integral part of these financial statements.

20

The Hartford Global All-Asset Fund

Consolidated Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles and Components	$	9,663	$	677	$	8,986	$	—
Banks		30,375		12,686		17,689		—
Capital Goods		30,928		18,919		12,009		—
Commercial and Professional Services		3,910		2,861		1,049		—
Consumer Durables and Apparel		7,313		4,953		2,360		—
Consumer Services		4,499		3,389		1,110		—
Diversified Financials		14,567		11,613		2,954		—
Energy		34,126		21,352		12,774		—
Food and Staples Retailing		4,906		2,560		2,346		—
Food, Beverage and Tobacco		21,876		11,128		10,748		—
Health Care Equipment and Services		4,681		3,891		790		—
Household and Personal Products		5,127		2,622		2,505		—
Insurance		13,353		6,627		6,726		—
Materials		39,769		20,355		18,916		498
Media		13,403		11,843		1,560		—
Pharmaceuticals, Biotechnology and Life Sciences		18,083		8,469		9,614		—
Real Estate		15,615		6,806		8,809		—
Retailing		13,138		6,575		6,563		—
Semiconductors and Semiconductor Equipment		8,359		4,259		4,100		—
Software and Services		20,299		15,272		5,027		—
Technology Hardware and Equipment		12,477		8,150		4,327		—
Telecommunication Services		13,870		4,610		9,260		—
Transportation		5,485		3,582		1,903		—
Utilities		19,828		6,946		12,882		—
Total		365,650		200,145		165,007		498
Corporate Bonds		33,516		—		33,516		—
Exchange Traded Funds		20,058		20,058		—		—
Foreign Government Obligations		55,127		—		53,398		1,729
Preferred Stocks		1,743		824		919		—
U.S. Government Agencies		64,019		—		64,019		—
U.S. Government Securities		2,171		—		2,171		—
Short-Term Investments		223,453		—		223,453		—
Total	$	765,737	$	221,027	$	542,483	$	2,227
Credit Default Swaps*		1,201		—		1,201		—
Foreign Currency Contracts*		1,048		—		1,048		—
Futures*		245		245		—		—
Interest Rate Swaps*		35		—		35		—
Total	$	2,529	$	245	$	2,284	$	—
Liabilities:
Credit Default Swaps*		380		—		380		—
Foreign Currency Contracts*		1,189		—		1,189		—
Futures*		1,227		1,227		—		—
Interest Rate Swaps*		27		—		27		—
Total	$	2,823	$	1,227	$	1,596	$	—

♦ For the year ended October 31, 2012, investments valued at $538 were transferred from Level 1 to Level 2, and investments valued at $124 were transferred from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Consolidated Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

21

The Hartford Global All-Asset Fund

Investment Valuation Hierarchy Level Summary – (continued)

October 31, 2012

(000’s Omitted)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of October 31, 2012
Assets:
Common Stocks	$	3		$	17		$	(395	)†	$	—	$	868	$	(177	)	$	182	$	—	$	498
Foreign Government Obligations		322			(124	)		244	‡		1		1,561		(275	)		—		—		1,729
Total	$	325		$	(107	)	$	(151	)	$	1	$	2,429	$	(452	)	$	182	$	—	$	2,227
Liabilities:
Swaps§	$	(221	)	$	—		$	—		$	—	$	—	$	—		$	—	$	221	$	—
Total	$	(221	)	$	—		$	—		$	—	$	—	$	—		$	—	$	221	$	—

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(371).

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $169.

§ Derivative instruments not reflected in the Consolidated Schedule of Investments are valued at the unrealized appreciation/ depreciation on the investment.

The accompanying notes are an integral part of these financial statements.

22

The Hartford Global All-Asset Fund

Consolidated Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $534,840)	$	542,284
Investments in repurchase agreements, at market value (cost $223,453)		223,453
Cash		17,866	*
Foreign currency on deposit with custodian (cost $67)		67
Unrealized appreciation on foreign currency contracts		1,048
Unrealized appreciation on swap contracts		1,236
Receivables:
Investment securities sold		20,174
Fund shares sold		1,060
Dividends and interest		2,488
Variation margin		315
Swap premiums paid		4,052
Other assets		118
Total assets		814,161
Liabilities:
Unrealized depreciation on foreign currency contracts		1,189
Unrealized depreciation on swap contracts		407
Payables:
Investment securities purchased		68,029
Fund shares redeemed		5,676
Investment management fees		143
Administrative fees		—
Distribution fees		54
Collateral received from broker		795
Variation margin		173
Accrued expenses		150
Swap premiums received		1,010
Other liabilities		22
Total liabilities		77,648
Net assets	$	736,513
Summary of Net Assets:
Capital stock and paid-in-capital	$	730,192
Undistributed net investment income		13,616
Accumulated net realized loss		(14,446	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		7,151
Net assets	$	736,513

* Cash of $14,470 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

The accompanying notes are an integral part of these financial statements.

23

The Hartford Global All-Asset Fund

Consolidated Statement of Assets and Liabilities – (continued)

October 31, 2012

(000’s Omitted)

Shares authorized		700,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.30/$11.96
Shares outstanding		26,002
Net assets	$	293,773
Class C: Net asset value per share	$	11.18
Shares outstanding		15,174
Net assets	$	169,673
Class I: Net asset value per share	$	11.33
Shares outstanding		15,926
Net assets	$	180,463
Class R3: Net asset value per share	$	11.29
Shares outstanding		351
Net assets	$	3,961
Class R4: Net asset value per share	$	11.39
Shares outstanding		121
Net assets	$	1,378
Class R5: Net asset value per share	$	11.34
Shares outstanding		219
Net assets	$	2,485
Class Y: Net asset value per share	$	11.34
Shares outstanding		7,478
Net assets	$	84,780

The accompanying notes are an integral part of these financial statements.

24

The Hartford Global All-Asset Fund

Consolidated Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	11,286
Interest		3,600
Less: Foreign tax withheld		(653	)
Total investment income		14,233
Expenses:
Investment management fees		7,783
Administrative services fees		11
Transfer agent fees		892
Distribution fees
Class A		808
Class C		1,953
Class R3		18
Class R4		3
Custodian fees		106
Accounting services fees		213
Registration and filing fees		177
Board of Directors' fees		24
Audit fees		34
Other expenses		158
Total expenses (before waivers and fees paid indirectly)		12,180
Expense waivers		(2,358	)
Commission recapture		(2	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(2,360	)
Total expenses, net		9,820
Net Investment Income		4,413
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		91
Net realized gain on futures		18,437
Net realized gain on swap contracts		1,913
Net realized loss on foreign currency contracts		(1,817	)
Net realized loss on other foreign currency transactions		(598	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		18,026
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		34,651
Net unrealized depreciation of futures		(4,749	)
Net unrealized appreciation of swap contracts		2,976
Net unrealized appreciation of foreign currency contracts		465
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		14
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		33,357
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		51,383
Net Increase in Net Assets Resulting from Operations	$	55,796

The accompanying notes are an integral part of these financial statements.

25

The Hartford Global All-Asset Fund

Consolidated Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	4,413		$	1,496
Net realized gain (loss) on investments, other financial instruments and foreign currency transactions		18,026			(21,923	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		33,357			(32,825	)
Net Increase (Decrease) In Net Assets Resulting From Operations		55,796			(53,252	)
Distributions to Shareholders:
From net investment income
Class A		(2,063	)		(449	)
Class C		—			(114	)
Class I		(2,277	)		(356	)
Class R3		(10	)		—
Class R4		—			(3	)
Class R5		(23	)		(7	)
Class Y		(1,047	)		(33	)
Total from net investment income		(5,420	)		(962	)
From net realized gain on investments
Class A		—			(1,004	)
Class C		—			(502	)
Class I		—			(689	)
Class R3		—			(18	)
Class R4		—			(18	)
Class R5		—			(18	)
Class Y		—			(81	)
Total from net realized gain on investments		—			(2,330	)
Total distributions		(5,420	)		(3,292	)
Capital Share Transactions:
Class A		(98,321	)		305,345
Class C		(58,203	)		184,749
Class I		(95,984	)		212,067
Class R3		592			1,289
Class R4		93			(701	)
Class R5		(4	)		215
Class Y		65,705			3,214
Net increase (decrease) from capital share transactions		(186,122	)		706,178
Net Increase (Decrease) In Net Assets		(135,746	)		649,634
Net Assets:
Beginning of period		872,259			222,625
End of period	$	736,513		$	872,259
Undistributed (distribution in excess of) net investment income (loss)	$	13,616		$	4,952

The accompanying notes are an integral part of these financial statements.

26

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Global All-Asset Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at

27

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

28

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Consolidated Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

29

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

g) Basis for Consolidation – The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund. The subsidiary is organized under the laws of the Cayman Islands and is consolidated in the Fund’s financial statements. All intercompany balances, revenues, and expenses have been eliminated in consolidation. The subsidiary acts as an investment vehicle in order to enter into certain investments for the Fund consistent with the investment objectives and policies specified in the Prospectus and Statement of Additional Information.

30

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Consolidated Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Consolidated Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive the principal amount until maturity.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Consolidated Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Consolidated Schedule of Investments or within the Consolidated Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Consolidated Statement of Operations.

31

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Consolidated Schedule of Investments as of October 31, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Consolidated Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding futures contracts as of October 31, 2012.

c) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Consolidated Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Consolidated Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Consolidated Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Consolidated Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that

32

amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Consolidated Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Contracts – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Consolidated Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of period end are disclosed in the notes to the Consolidated Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding credit default swaps as of October 31, 2012.

Interest Rate Swap Agreements – The Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate benchmark (e.g., London Interbank Offered Rate (“LIBOR”)) or index (e.g., U.S. Consumer Price Index), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Consolidated Statement of Operations. When the interest rate swap agreement is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayments rates. The risks of interest rate swaps include changes in market conditions which will

33

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the agreement. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the agreement’s remaining life, to the extent that the amount is positive. This risk may be mitigated by having a master netting arrangement between the Fund and the counterparty (although such amounts are presented on a gross basis within the Consolidated Statement of Assets and Liabilities, as applicable) or by posting collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding interest rate swaps as of October 31, 2012.

d) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	1,048	$	—	$	—	$	—	$	—	$	1,048
Unrealized appreciation on swap contracts		35		—		1,201		—		—		—		1,236
Variation margin receivable *		250		—		—		25		40		—		315
Total	$	285	$	1,048	$	1,201	$	25	$	40	$	—	$	2,599
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	1,189	$	—	$	—	$	—	$	—	$	1,189
Unrealized depreciation on swap contracts		27		—		380		—		—		—		407
Variation margin payable *		—		—		—		173		—		—		173
Total	$	27	$	1,189	$	380	$	173	$	—	$	—	$	1,769

* Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(982) as reported in the Consolidated Schedule of Investments.

The volume of derivatives that is presented in the Consolidated Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Consolidated Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts			Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on futures	$	7,848		$	—		$	—	$	15,149	$	(4,560	)	$	—	$	18,437
Net realized gain (loss) on swap contracts		(1,150	)		—			3,063		—		—			—		1,913
Net realized loss on foreign currency contracts		—			(1,817	)		—		—		—			—		(1,817	)
Total	$	6,698		$	(1,817	)	$	3,063	$	15,149	$	(4,560	)	$	—	$	18,533

Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: 

Net change in unrealized appreciation (depreciation) of futures	$	254	$	—	$	—	$	(5,862	)	$	859	$	—	$	(4,749	)
Net change in unrealized appreciation of swap contracts		8		—		2,968		—			—		—		2,976
Net change in unrealized appreciation of foreign currency contracts		—		465		—		—			—		—		465
Total	$	262	$	465	$	2,968	$	(5,862	)	$	859	$	—	$	(1,308	)

34

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Consolidated Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains

35

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	5,420	$	2,677
Long-Term Capital Gains ‡		—		615

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	15,517
Accumulated Capital Losses *		(11,522	)
Unrealized Appreciation †		2,326
Total Accumulated Earnings	$	6,321

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Consolidated Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	9,671
Accumulated Net Realized Gain (Loss)		(4,960	)
Capital Stock and Paid-in-Capital		(4,711	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

36

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2019	$	11,522
Total	$	11,522

During the year ended October 31, 2012, the Fund utilized $7,215 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.9500%
On next $250 million		0.9000%
On next $500 million		0.8000%
On next $1.5 billion		0.7300%
On next $2.5 billion		0.7000%
On next $5 billion		0.6600%
Over $10 billion		0.6550%

37

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.9500%
On next $500 million		0.9000%
On next $4 billion		0.8500%
On next $5 billion		0.8475%
Over $10 billion		0.8450%

HIFSCO voluntarily agreed to waive management fees of 0.40% of average daily net assets until February 29, 2012.

HIFSCO has contractually agreed to waive the management fee in an amount equal to the management fee paid to it by the Fund’s wholly owned Cayman Islands subsidiary fund. This waiver will remain in effect for as long as the Fund remains invested in that subsidiary fund.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.025%
On next $5 billion		0.020%
Over $10 billion		0.015%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.15%		1.90%		0.90%		1.40%		1.10%		0.90%		0.85%

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.05%		1.80%		0.80%		1.30%		1.00%		0.70%		0.65%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Consolidated Statement of Operations.

38

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.09	%
Class C		1.84
Class I		0.83
Class R3		1.36
Class R4		1.06
Class R5		0.83
Class Y		0.77

e) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $835 and contingent deferred sales charges of $88 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $34.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Consolidated Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Consolidated Statement of Operations. These fees are accrued daily and paid monthly.

39

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		51		15	%
Class R4		52		43
Class R5		204		93
Class Y		87		1

9. Investment Transactions:

For the year ended October 31, 2012, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,503,815
Sales Proceeds Excluding U.S. Government Obligations		1,583,362

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012													For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends			Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		4,480		185			(13,786	)		—		(9,121	)		38,990		123		(12,389	)		—		26,724
Amount	$	48,154	$	1,899		$	(148,374	)	$	—	$	(98,321	)	$	440,877	$	1,360	$	(136,892	)	$	—	$	305,345
Class C
Shares		2,812		—			(8,210	)		—		(5,398	)		19,496		37		(3,217	)		—		16,316
Amount	$	30,011	$	—		$	(88,214	)	$	—	$	(58,203	)	$	219,349	$	407	$	(35,007	)	$	—	$	184,749
Class I					��
Shares		7,117		153			(16,071	)		—		(8,801	)		28,170		62		(9,524	)		—		18,708
Amount	$	76,355	$	1,564		$	(173,903	)	$	—	$	(95,984	)	$	315,855	$	685	$	(104,473	)	$	—	$	212,067
Class R3
Shares		117		1			(63	)		—		55			270		2		(177	)		—		95
Amount	$	1,256	$	9		$	(673	)	$	—	$	592		$	3,062	$	18	$	(1,791	)	$	—	$	1,289
Class R4
Shares		45		—			(37	)		—		8			156		2		(245	)		—		(87	)
Amount	$	479	$	—		$	(386	)	$	—	$	93		$	1,773	$	21	$	(2,495	)	$	—	$	(701	)
Class R5
Shares		31		2			(33	)		—		—			17		2		—			—		19
Amount	$	327	$	23		$	(354	)	$	—	$	(4	)	$	192	$	24	$	(1	)	$	—	$	215
Class Y
Shares		9,020		91			(2,778	)		—		6,333			1,049		10		(814	)		—		245
Amount	$	95,396	$	934		$	(30,625	)	$	—	$	65,705		$	12,100	$	114	$	(9,000	)	$	—	$	3,214
Total
Shares		23,622		432			(40,978	)		—		(16,924	)		88,148		238		(26,366	)		—		62,020
Amount	$	251,978	$	4,429		$	(442,529	)	$	—	$	(186,122	)	$	993,208	$	2,629	$	(289,659	)	$	—	$	706,178

40

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities - In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

41

The Hartford Global All-Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

42

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43

The Hartford Global All-Asset Fund

Consolidated Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	10.63	$	0.06		$	0.67		$	0.73		$	(0.06	)	$	—		$	—	$	(0.06	)	$	11.30
C		10.53		(0.02	)		0.67			0.65			—			—			—		—			11.18
I		10.66		0.09			0.68			0.77			(0.10	)		—			—		(0.10	)		11.33
R3		10.61		0.04			0.67			0.71			(0.03	)		—			—		(0.03	)		11.29
R4		10.64		0.07			0.68			0.75			—			—			—		—			11.39
R5		10.67		0.09			0.68			0.77			(0.10	)		—			—		(0.10	)		11.34
Y		10.67		0.10			0.68			0.78			(0.11	)		—			—		(0.11	)		11.34
For the Year Ended October 31, 2011 (E)
A		11.04		0.03			(0.32	)		(0.29	)		(0.03	)		(0.09	)		—		(0.12	)		10.63
C		11.00		(0.05	)		(0.32	)		(0.37	)		(0.01	)		(0.09	)		—		(0.10	)		10.53
I		11.05		0.06			(0.32	)		(0.26	)		(0.04	)		(0.09	)		—		(0.13	)		10.66
R3		11.02		0.01			(0.33	)		(0.32	)		—			(0.09	)		—		(0.09	)		10.61
R4		11.04		0.06			(0.36	)		(0.30	)		(0.01	)		(0.09	)		—		(0.10	)		10.64
R5		11.05		0.08			(0.34	)		(0.26	)		(0.03	)		(0.09	)		—		(0.12	)		10.67
Y		11.05		0.08			(0.33	)		(0.25	)		(0.04	)		(0.09	)		—		(0.13	)		10.67
From May 28, 2010 (commencement of operations), through October 31, 2010  (E)
A(F)		10.00		(0.01	)		1.05			1.04			—			—			—		—			11.04
C(F)		10.00		(0.04	)		1.04			1.00			—			—			—		—			11.00
I(F)		10.00		—			1.05			1.05			—			—			—		—			11.05
R3(F)		10.00		(0.01	)		1.03			1.02			—			—			—		—			11.02
R4(F)		10.00		0.01			1.03			1.04			—			—			—		—			11.04
R5(F)		10.00		0.02			1.03			1.05			—			—			—		—			11.05
Y(F)		10.00		0.01			1.04			1.05			—			—			—		—			11.05

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Consolidated Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on May 28, 2010.

(G) Not annualized.

(H) Annualized.

44

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	6.97	%	$	293,773		1.38	%		1.09	%		0.58	%		94	%
	6.17			169,673		2.12			1.84			(0.16	)		—
	7.28			180,463		1.09			0.83			0.84			—
	6.75			3,961		1.74			1.36			0.33			—
	7.05			1,378		1.45			1.06			0.62			—
	7.31			2,485		1.11			0.83			0.85			—
	7.38			84,780		1.01			0.77			0.91			—
	(2.67	)		373,186		1.45			1.02			0.31			206
	(3.36	)		216,578		2.19			1.75			(0.43	)		—
	(2.44	)		263,596		1.17			0.73			0.57			—
	(2.93	)		3,140		1.79			1.30			0.09			—
	(2.71	)		1,205		1.49			1.00			0.50			—
	(2.36	)		2,335		1.19			0.70			0.74			—
	(2.34	)		12,219		1.08			0.65			0.76			—
	10.40	(G)		92,704		1.51	(H)		0.95	(H)		(0.16	)(H)		37
	10.00	(G)		46,828		2.26	(H)		1.70	(H)		(0.92	)(H)		—
	10.50	(G)		66,511		1.24	(H)		0.68	(H)		(0.01	)(H)		—
	10.20	(G)		2,216		1.91	(H)		1.31	(H)		(0.18	)(H)		—
	10.40	(G)		2,208		1.61	(H)		1.01	(H)		0.12	(H)		—
	10.50	(G)		2,210		1.31	(H)		0.71	(H)		0.42	(H)		—
	10.50	(G)		9,948		1.22	(H)		0.66	(H)		0.47	(H)		—

45

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of The Hartford Global All-Asset Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the consolidated financial position of The Hartford Global All-Asset Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

46

The Hartford Global All-Asset Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Consolidated Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

47

The Hartford Global All-Asset Fund

Directors and Officers (Unaudited) - continued

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

48

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

49

The Hartford Global All-Asset Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 3.68%.

50

The Hartford Global All-Asset Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,021.70	$	5.84	$	1,000.00	$	1,019.36	$	5.84		1.15	%		184		366
Class C	$	1,000.00	$	1,017.29	$	9.63	$	1,000.00	$	1,015.58	$	9.63		1.90			184		366
Class I	$	1,000.00	$	1,022.56	$	4.58	$	1,000.00	$	1,020.61	$	4.57		0.90			184		366
Class R3	$	1,000.00	$	1,019.87	$	7.11	$	1,000.00	$	1,018.10	$	7.10		1.40			184		366
Class R4	$	1,000.00	$	1,021.52	$	5.59	$	1,000.00	$	1,019.61	$	5.58		1.10			184		366
Class R5	$	1,000.00	$	1,023.47	$	5.48	$	1,000.00	$	1,020.61	$	4.57		0.90			184		366
Class Y	$	1,000.00	$	1,023.47	$	4.32	$	1,000.00	$	1,020.86	$	4.32		0.85			184		366

51

The Hartford Global All-Asset Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Global All-Asset Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

52

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted the Fund’s relatively recent launch and that the Fund had underperformed relative to its peer group and benchmark for the 1-year period. HIFSCO noted that it would continue to monitor the Fund’s performance.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

53

The Hartford Global All-Asset Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) - continued

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with The Hartford’s preferred partnership agreement with the Sub-adviser, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

54

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

55

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-GAA12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Global Growth Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Global Growth Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Global Growth Fund inception 09/30/1998

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of captial.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Global Growth A#		9.63	%		-7.11	%		5.07	%
Global Growth A##		3.60	%		-8.15	%		4.48	%
Global Growth B#		8.74	%		-7.71	%		4.50	%*
Global Growth B##		3.74	%		-8.03	%		4.50	%*
Global Growth C#		8.75	%		-7.84	%		4.30	%
Global Growth C##		7.75	%		-7.84	%		4.30	%
Global Growth R3#		9.41	%		-7.33	%		5.18	%
Global Growth R4#		9.72	%		-7.15	%		5.31	%
Global Growth R5#		10.10	%		-6.78	%		5.55	%
Global Growth Y#		10.05	%		-6.70	%		5.60	%
MSCI World Growth Index		9.45	%		-1.31	%		7.31	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

MSCI World Growth Index is a broad-based unmanaged market capitalization-weighted total return index which measures the performance of growth securities in 23 developed-country global equity markets including the United States, Canada, Europe, Australia, New Zealand and the Far East.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Global Growth Fund

Manager Discussion – (Unaudited)

October 31, 2012

Portfolio Managers
Matthew D. Hudson, CFA	John A. Boselli, CFA*
Vice President and Equity Portfolio Manager	Director and Equity Portfolio Manager
*Appointed as a Portfolio Manager for the Fund as of June 27, 2012.

How did the Fund perform?

The Class A shares of The Hartford Global Growth Fund returned 9.63%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the MSCI World Growth Index, which returned 9.45% for the same period. The Fund underperformed the 10.24% return of the average fund in the Lipper Global Large-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the fund.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Value stocks (+10.7%) outperformed growth stocks (+9.5%) during the twelve-month period, as measured by the MSCI World Value Index and the MSCI World Growth Index, respectively. Within the MSCI World Growth Index, seven out of ten sectors posted positive returns. Health Care (+20%), Consumer Staples (+16%), and Telecommunication Services (+13%) performed the best, while the Energy (-4%), Materials (-4%), and Utilities (-7%) sectors lagged on a relative basis.

Strong stock selection drove the Fund’s benchmark-relative outperformance. Among sectors, positive security selection in the Consumer Discretionary, Health Care, and Telecommunication Services sectors contributed the most to relative performance, more than offsetting unfavorable security selection within Consumer Staples, Energy, and Information Technology. Sector allocation, a result of the bottom up investment process, detracted from relative performance due primarily to an underweight (i.e. the Fund’s sector position was less than the benchmark position) in Consumer Staples and Energy.

Top contributors to benchmark-relative performance were Regeneron Pharmaceuticals (Health Care), Sprint Nextel (Telecommunication Services), and eBay (Information Technology). Shares of Regeneron Pharmaceuticals, a U.S.-based biopharmaceutical company, rose on positive news regarding the firm's drug Eylea, including approval in the European Union and Japan and the U.S. Food and Drug Administration’s approval of a new eye disease indication for the drug. Sprint Nextel, a U.S.-based company offering a range of wireless and wireline communications products and services, saw its share price rise after reporting strong earnings that beat consensus expectations and after management raised fiscal year 2012 earnings higher. Sprint Nextel is also making progress in its Network Vision plans, which consolidates multiple network technologies into one new and improved network. In October, Softbank, a Japanese technology giant that operates a wireless service, agreed to buy 70% of Sprint Nextel for $20.1 billion sending Sprint Nextel’s share price higher. The deal strengthens Sprint Nextel’s financial position as it seeks to build an improved and faster network for its customers. Shares of eBay, a U.S.-based global provider of online marketplaces and payment solutions, rose on strong growth in the online marketplace segment and higher transaction margins in the payments segment. Top absolute (i.e. total return) contributors also included Apple (Information Technology).

The top detractors from the Fund’s absolute and relative performance were Green Mountain Coffee (Consumer Staples), Chesapeake Energy (Energy), and Juniper Networks (Information Technology). Shares of Green Mountain Coffee, the leading provider of single-cup brewers and portion packs for coffee and other beverages, underperformed as investors feared that increasing competition, reduced pricing power, and increased promotional activity might hinder the company's long-term earnings power. Shares of natural gas and oil, and natural gas liquids producer Chesapeake Energy moved lower

3

The Hartford Global Growth Fund

Manager Discussion – (continued)

October 31, 2012 – (Unaudited)

during the period. Despite the company’s attractive portfolio of assets, concerns regarding the company’s operations and balance sheet strength weighed on the stock price. Juniper Networks, a carrier and enterprise network equipment provider, saw its shares fall. The company is experiencing pressure as a result of capital expenditure budget tightening among customers, particularly in Europe. Top absolute detractors also included HTC Corp (Information Technology).

What is the outlook?

Notwithstanding short-term volatility from quarter to quarter, we expect global economic growth to continue, although we believe the pace of recovery will be uneven and vary by region. We believe that macroeconomic and political events will continue to affect the global market, with several events on the near-term horizon. In the U.S., the recently announced Fed’s QE3 policy should be incrementally positive for the economy. While we believe that the U.S. appears more favorably positioned in a global context, we also recognize that the U.S. is not immune to growth setbacks and will have to address its fiscal imbalances. In Asia, Japan's economy remains volatile due to a potential change in leadership, a stronger than expected currency, and the looming implementation of an increased consumption tax. China's growth continues to slow and in our view would benefit if additional stimulus measures were put in place. In Europe, we remain concerned about excessive leverage in European banks.

In general, corporate balance sheets continue to remain healthier than they have been in years; therefore, most companies are well positioned to weather a slow growth environment. Part of this slower growth is being driven by companies themselves as they maintain a cautious approach to their capital budgets due to the macro uncertainties outlined above.

At the end of the period, our stock-by-stock investment process resulted in greater-than-benchmark weights in the Information Technology, Financials and Consumer Discretionary sectors. The Fund held below-benchmark weights in the Consumer Staples, Materials and Industrials sectors.

Diversification by Country

as of October 31, 2012

	Percentage of
Country	Net Assets
Austria	0.4	%
Belgium	1.2
Canada	1.1
China	2.1
Denmark	0.7
France	4.5
Germany	1.8
Hong Kong	2.4
Ireland	0.9
Italy	0.6
Japan	1.5
Jersey	0.5
Mexico	1.5
Netherlands	2.6
South Africa	0.5
South Korea	1.4
Switzerland	3.8
Taiwan	1.2
United Kingdom	6.6
United States	63.9
Short-Term Investments	1.5
Other Assets and Liabilities	(0.7	)
Total	100.0	%

4

The Hartford Global Growth Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.2%
		Automobiles and Components - 0.5%
	108	Nissan Motor Co., Ltd.	$	906
		Banks - 2.8%
	23	BNP Paribas		1,145
	925	China Construction Bank		693
	28	Erste Group Bank AG		712
	38	Grupo Financiero Santander Mexico S.A.B. de C.V. ●		521
	48	Standard Chartered plc		1,125
	27	Wells Fargo & Co.		903
				5,099
		Capital Goods - 5.0%
	16	Boeing Co.		1,138
	19	Honeywell International, Inc.		1,135
	19	Illinois Tool Works, Inc.		1,165
	11	MTU Aero Engines Holdings AG		915
	101	Rolls-Royce Holdings plc		1,395
	39	Safran S.A.		1,569
	14	Schneider Electric S.A.		907
	6	SMC Corp. of America		909
				9,133
		Consumer Durables and Apparel - 3.7%
	16	Coach, Inc.		914
	28	Hanesbrands, Inc. ●		950
	13	Lululemon Athletica, Inc. ●		894
	1	NVR, Inc. ●		904
	122	Prada S.p.A.		991
	491	Samsonite International S.A.		1,017
	6	V.F. Corp.		986
				6,656
		Consumer Services - 2.2%
	221	Galaxy Entertainment Group Ltd. ●		756
	84	MGM Resorts International ●		864
	378	Sands China Ltd. §		1,414
	20	Starbucks Corp.		940
				3,974
		Diversified Financials - 7.2%
	259	Aberdeen Asset Management plc		1,361
	9	Affiliated Managers Group, Inc. ●		1,088
	41	American Express Co.		2,309
	18	Ameriprise Financial, Inc.		1,027
	6	BlackRock, Inc.		1,145
	24	Discover Financial Services, Inc.		1,000
	8	Franklin Resources, Inc.		1,022
	8	Goldman Sachs Group, Inc.		1,010
	48	JP Morgan Chase & Co.		2,020
	22	Moody's Corp.		1,055
				13,037
		Energy - 3.8%
	13	Anadarko Petroleum Corp.		911
	47	BG Group plc		875
	36	Ensco plc		2,094
	9	EOG Resources, Inc.		1,030
	13	National Oilwell Varco, Inc.		960
	14	Schlumberger Ltd.		971
				6,841
		Food and Staples Retailing - 1.2%
	46	CVS Caremark Corp.		2,144
		Food, Beverage and Tobacco - 9.2%
	28	Altria Group, Inc.		903
	16	Anheuser-Busch InBev N.V.		1,349
	33	British American Tobacco plc		1,615
	33	Constellation Brands, Inc. Class A ●		1,177
	53	Diageo Capital plc		1,502
	11	Fomento Economico Mexicano S.A.B. de C.V. ADR		988
	46	Green Mountain Coffee Roasters, Inc. ●		1,101
	15	Groupe Danone		950
	18	Heineken N.V.		1,141
	14	Mead Johnson Nutrition Co.		845
	10	Pernod-Ricard S.A.		1,126
	26	Philip Morris International, Inc.		2,285
	44	Unilever N.V.		1,616
				16,598
		Health Care Equipment and Services - 3.3%
	29	Aetna, Inc.		1,277
	11	Edwards Lifesciences Corp. ●		942
	45	Hologic, Inc. ●		936
	23	Medtronic, Inc.		973
	16	UnitedHealth Group, Inc.		902
	16	Zimmer Holdings, Inc.		1,027
				6,057
		Insurance - 3.3%
	30	American International Group, Inc. ●		1,062
	145	Discovery Holdings Ltd.		925
	13	Hannover Rueckversicherung AG		912
	76	Jardine Lloyd Thompson Group plc		911
	113	Ping An Insurance (Group) Co.		887
	18	Swiss Re Ltd.		1,214
				5,911
		Materials - 3.4%
	10	Agrium, Inc.		1,022
	133	Cemex S.A.B. de C.V. ADR ●		1,200
	6	CF Industries Holdings, Inc.		1,138
	162	Glencore International plc		898
	76	James Hardie Industries plc		728
	3	Syngenta AG		1,215
				6,201
		Media - 7.1%
	37	CBS Corp. Class B		1,202
	72	Comcast Corp. Class A		2,697
	28	DirecTV ●		1,420
	16	Liberty Global, Inc. ●		949
	111	News Corp. Class A		2,648
	767	Sirius XM Radio, Inc. w/ Rights ●		2,148
	18	Walt Disney Co.		893
	70	WPP plc		907
				12,864
		Pharmaceuticals, Biotechnology and Life Sciences - 10.9%
	20	Amgen, Inc.		1,696
	13	Celgene Corp. ●		966
	48	Gilead Sciences, Inc. ●		3,244
	14	Johnson & Johnson		1,006
	24	Merck & Co., Inc.		1,113
	52	Mylan, Inc. ●		1,308
	8	Novo Nordisk A/S		1,347
	7	Regeneron Pharmaceuticals, Inc. ●		1,063
	18	Roche Holding AG		3,441

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Growth Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.2% - (continued)
		Pharmaceuticals, Biotechnology and Life Sciences - 10.9% - (continued)
	14	Sanofi-Aventis S.A.	$	1,241
	19	Thermo Fisher Scientific, Inc.		1,142
	15	UCB S.A.		892
	16	Watson Pharmaceuticals, Inc. ●		1,367
				19,826
		Retailing - 3.6%
	7	Amazon.com, Inc. ●		1,611
	3	AutoZone, Inc. ●		1,031
	50	Lowe's Co., Inc.		1,605
	20	Next plc		1,156
	2	Priceline.com, Inc. ●		1,185
				6,588
		Semiconductors and Semiconductor Equipment - 4.0%
	30	Altera Corp.		919
	38	ASML Holding N.V.		2,093
	55	NVIDIA Corp. ●		658
	2	Samsung Electronics Co., Ltd.		2,557
	341	Taiwan Semiconductor Manufacturing Co., Ltd.		1,039
				7,266
		Software and Services - 15.9%
	20	Accenture plc		1,335
	9	Alliance Data Systems Corp. ●		1,316
	29	Amdocs Ltd.		972
	19	Automatic Data Processing, Inc.		1,086
	9	Baidu, Inc. ADR ●		922
	14	Citrix Systems, Inc. ●		885
	12	Dassault Systemes S.A.		1,264
	57	eBay, Inc. ●		2,749
	24	Facebook, Inc. ●		500
	53	Genpact Ltd.		925
	6	Google, Inc. ●		4,221
	25	IAC/InterActiveCorp.		1,209
	10	LinkedIn Corp. Class A ●		1,060
	3	Mastercard, Inc.		1,567
	52	Oracle Corp.		1,630
	7	Salesforce.com, Inc. ●		1,064
	20	SAP AG		1,486
	23	Splunk, Inc. ●		631
	37	Tencent Holdings Ltd.		1,301
	26	VeriSign, Inc. ●		964
	13	Visa, Inc.		1,776
				28,863
		Technology Hardware and Equipment - 9.7%
	320	AAC Technologies Holdings, Inc.		1,139
	16	Apple, Inc.		9,507
	114	EMC Corp. ●		2,788
	160	Hitachi Ltd.		851
	328	Hon Hai Precision Industry Co., Ltd.		996
	64	Juniper Networks, Inc. ●		1,061
	20	Qualcomm, Inc.		1,170
				17,512
		Telecommunication Services - 0.8%
	276	Sprint Nextel Corp. ●		1,530
		Transportation - 1.6%
	106	Delta Air Lines, Inc. ●		1,024
	11	FedEx Corp.		999
	8	Kuehne & Nagel International AG		933
				2,956
		Total common stocks
		(cost $155,026)	$	179,962
		Total long-term investments
		(cost $155,026)	$	179,962
SHORT-TERM INVESTMENTS - 1.5%
	Repurchase Agreements - 1.5%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $506, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $516)
$	506	0.30%, 10/31/2012	$	506
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $206, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $210)
	206	0.25%, 10/31/2012		206
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $354, collateralized by FNMA 2.50%, 2027, value of $361)
	354	0.35%, 10/31/2012		354
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $135, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $137)
	134	0.35%, 10/31/2012		134
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $625, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $637)
	625	0.28%, 10/31/2012		625
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $792, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $808)
	792	0.25%, 10/31/2012		792
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $4, collateralized by U.S. Treasury Note 8.13%, 2019, value of $4)
	4	0.25%, 10/31/2012		4

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 1.5% - (continued)
	Repurchase Agreements - 1.5% - (continued)
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $184, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $187)
$	184	0.30%, 10/31/2012			$	184
						2,805
		Total short-term investments
		(cost $2,805)			$	2,805
		Total investments
		(cost $157,831) ▲	100.7	%	$	182,767
		Other assets and liabilities	(0.7	)%		(1,268	)
		Total net assets	100.0	%	$	181,499

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $159,183 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	27,068
Unrealized Depreciation		(3,484	)
Net Unrealized Appreciation	$	23,584

●

Non-income producing.

§

These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $1,414, which represents 0.8% of total net assets.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Growth Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles and Components	$	906	$	–	$	906	$	–
Banks		5,099		1,424		3,675		–
Capital Goods		9,133		3,438		5,695		–
Consumer Durables and Apparel		6,656		4,648		2,008		–
Consumer Services		3,974		1,804		2,170		–
Diversified Financials		13,037		11,676		1,361		–
Energy		6,841		5,966		875		–
Food and Staples Retailing		2,144		2,144		–		–
Food, Beverage and Tobacco		16,598		7,299		9,299		–
Health Care Equipment and Services		6,057		6,057		–		–
Insurance		5,911		1,062		4,849		–
Materials		6,201		3,360		2,841		–
Media		12,864		11,957		907		–
Pharmaceuticals, Biotechnology and Life Sciences		19,826		12,905		6,921		–
Retailing		6,588		5,432		1,156		–
Semiconductors and Semiconductor Equipment		7,266		1,577		5,689		–
Software and Services		28,863		24,812		4,051		–
Technology Hardware and Equipment		17,512		14,526		2,986		–
Telecommunication Services		1,530		1,530		–		–
Transportation		2,956		2,023		933		–
Total		179,962		123,640		56,322		–
Short-Term Investments		2,805		–		2,805		–
Total	$	182,767	$	123,640	$	59,127	$	–

♦ For the year ended October 31, 2012, investments valued at $2,881 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

The accompanying notes are an integral part of these financial statements.

8

The Hartford Global Growth Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $157,831)	$	182,767
Cash		5
Foreign currency on deposit with custodian (cost $–)		—
Receivables:
Fund shares sold		49
Dividends and interest		177
Other assets		56
Total assets		183,054
Liabilities:
Payables:
Investment securities purchased		973
Fund shares redeemed		426
Investment management fees		34
Administrative fees		—
Distribution fees		14
Accrued expenses		108
Total liabilities		1,555
Net assets	$	181,499
Summary of Net Assets:
Capital stock and paid-in-capital	$	221,251
Distributions in excess of net investment loss		(29	)
Accumulated net realized loss		(64,658	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		24,935
Net assets	$	181,499
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$15.26/$16.15
Shares outstanding		10,314
Net assets	$	157,341
Class B: Net asset value per share	$	13.68
Shares outstanding		446
Net assets	$	6,104
Class C: Net asset value per share	$	13.67
Shares outstanding		1,277
Net assets	$	17,454
Class R3: Net asset value per share	$	15.82
Shares outstanding		6
Net assets	$	101
Class R4: Net asset value per share	$	16.03
Shares outstanding		10
Net assets	$	162
Class R5: Net asset value per share	$	16.35
Shares outstanding		7
Net assets	$	118
Class Y: Net asset value per share	$	16.43
Shares outstanding		13
Net assets	$	219

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Growth Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	3,106
Interest		6
Less: Foreign tax withheld		(217	)
Total investment income		2,895
Expenses:
Investment management fees		1,824
Administrative services fees		1
Transfer agent fees		897
Distribution fees
Class A		412
Class B		77
Class C		184
Class R3		—
Class R4		—
Custodian fees		21
Accounting services fees		34
Registration and filing fees		91
Board of Directors' fees		7
Audit fees		13
Other expenses		66
Total expenses (before waivers and fees paid indirectly)		3,627
Expense waivers		(62	)
Transfer agent fee waivers		(324	)
Commission recapture		(4	)
Total waivers and fees paid indirectly		(390	)
Total expenses, net		3,237
Net Investment Loss		(342	)
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		17,243
Net realized gain on foreign currency contracts		68
Net realized loss on other foreign currency transactions		(113	)
Net Realized Gain on Investments and Foreign Currency Transactions		17,198
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(55	)
Net unrealized depreciation of foreign currency contracts		(4	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(9	)
Net Changes in Unrealized Depreciation of Investments and Foreign Currency Transactions		(68	)
Net Gain on Investments and Foreign Currency Transactions		17,130
Net Increase in Net Assets Resulting from Operations	$	16,788

The accompanying notes are an integral part of these financial statements.

10

The Hartford Global Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment loss	$	(342	)	$	(649	)
Net realized gain on investments and foreign currency transactions		17,198			59,336
Net unrealized depreciation of investments and foreign currency transactions		(68	)		(62,085	)
Net Increase (Decrease) In Net Assets Resulting From Operations		16,788			(3,398	)
Distributions to Shareholders:
From net investment income
Class A		—			—
Total distributions		—			—
Capital Share Transactions:
Class A		(33,686	)		(62,302	)
Class B		(4,094	)		(4,628	)
Class C		(3,615	)		(5,542	)
Class R3		(8	)		(71	)
Class R4		—			33
Class R5		4			(14	)
Class Y		(34,261	)		(59,322	)
Net decrease from capital share transactions		(75,660	)		(131,846	)
Net Decrease In Net Assets		(58,872	)		(135,244	)
Net Assets:
Beginning of period		240,371			375,615
End of period	$	181,499		$	240,371
Undistributed (distribution in excess of) net investment income (loss)	$	(29	)	$	—

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global Growth Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Global Growth Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

12

or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along

13

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

14

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve

15

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of October 31, 2012.

16

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	68		$	—	$	—	$	—	$	—	$	68
Total	$	—	$	68		$	—	$	—	$	—	$	—	$	68
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(4	)	$	—	$	—	$	—	$	—	$	(4	)
Total	$	—	$	(4	)	$	—	$	—	$	—	$	—	$	(4	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

17

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at October 31, 2012, are as follows:

	Amount
Accumulated Capital Losses *	$	(63,335	)
Unrealized Appreciation †		23,583
Total Accumulated Deficit	$	(39,752	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	313
Accumulated Net Realized Gain (Loss)		115
Capital Stock and Paid-in-Capital		(428	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

18

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	63,306
Total	$	63,306

During the year ended October 31, 2012, the Fund utilized $17,508 of prior year capital loss carryforwards.

As of October 31, 2012, the Fund elected to defer the following Late-Year Ordinary Losses:

	Amount
Ordinary Income	$	29

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500%
On next $500 million		0.7500%
On next $4 billion		0.7000%
On next $5 billion		0.6975%
Over $10 billion		0.6950%

19

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.016%
On next $5 billion		0.014%
Over $10 billion		0.012%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class R3		Class R4		Class R5		Class Y
	1.48%		2.23%		2.23%		1.60%		1.30%		1.00%		0.95%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.48%
Class B		2.23
Class C		2.23
Class R3		1.60
Class R4		1.30
Class R5		1.00
Class Y		0.95

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $131 and contingent deferred sales charges of $9 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan,

20

the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $16.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		8		80	%
Class R5		7		100
Class Y		13		100

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	207,266
Sales Proceeds Excluding U.S. Government Obligations		281,420

21

The Hartford Global Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		1,685		—		(4,052	)		—		(2,367	)		1,086		—		(5,434	)		—		(4,348	)
Amount	$	24,840	$	—	$	(58,526	)	$	—	$	(33,686	)	$	16,369	$	—	$	(78,671	)	$	—	$	(62,302	)
Class B
Shares		13		—		(330	)		—		(317	)		25		—		(365	)		—		(340	)
Amount	$	192	$	—	$	(4,286	)	$	—	$	(4,094	)	$	340	$	—	$	(4,968	)	$	—	$	(4,628	)
Class C
Shares		157		—		(436	)		—		(279	)		84		—		(495	)		—		(411	)
Amount	$	2,103	$	—	$	(5,718	)	$	—	$	(3,615	)	$	1,148	$	—	$	(6,690	)	$	—	$	(5,542	)
Class R3
Shares		2		—		(3	)		—		(1	)		4		—		(10	)		—		(6	)
Amount	$	30	$	—	$	(38	)	$	—	$	(8	)	$	64	$	—	$	(135	)	$	—	$	(71	)
Class R4
Shares		—		—		—			—		—			2		—		—			—		2
Amount	$	1	$	—	$	(1	)	$	—	$	—		$	33	$	—	$	—		$	—	$	33
Class R5
Shares		—		—		—			—		—			—		—		(1	)		—		(1	)
Amount	$	4	$	—	$	—		$	—	$	4		$	2	$	—	$	(16	)	$	—	$	(14	)
Class Y
Shares		412		—		(2,699	)		—		(2,287	)		53		—		(3,749	)		—		(3,696	)
Amount	$	6,323	$	—	$	(40,584	)	$	—	$	(34,261	)	$	778	$	—	$	(60,100	)	$	—	$	(59,322	)
Total
Shares		2,269		—		(7,520	)		—		(5,251	)		1,254		—		(10,054	)		—		(8,800	)
Amount	$	33,493	$	—	$	(109,153	)	$	—	$	(75,660	)	$	18,734	$	—	$	(150,580	)	$	—	$	(131,846	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		117	$	1,700
For the Year Ended October 31, 2011		117	$	1,755

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

22

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

23

The Hartford Global Growth Fund

 Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	13.92	$	(0.02	)	$	1.36		$	1.34		$	–		$	–		$	–	$	–		$	15.26
B		12.58		(0.12	)		1.22			1.10			–			–			–		–			13.68
C		12.57		(0.12	)		1.22			1.10			–			–			–		–			13.67
R3		14.46		(0.04	)		1.40			1.36			–			–			–		–			15.82
R4		14.61		–			1.42			1.42			–			–			–		–			16.03
R5		14.85		0.05			1.45			1.50			–			–			–		–			16.35
Y		14.93		0.10			1.40			1.50			–			–			–		–			16.43
For the Year Ended October 31, 2011
A		14.31		(0.04	)		(0.35	)		(0.39	)		–			–			–		–			13.92
B		13.03		(0.16	)		(0.29	)		(0.45	)		–			–			–		–			12.58
C		13.02		(0.15	)		(0.30	)		(0.45	)		–			–			–		–			12.57
R3		14.88		(0.09	)		(0.33	)		(0.42	)		–			–			–		–			14.46
R4		14.99		(0.01	)		(0.37	)		(0.38	)		–			–			–		–			14.61
R5		15.19		0.04			(0.38	)		(0.34	)		–			–			–		–			14.85
Y		15.27		0.10			(0.44	)		(0.34	)		–			–			–		–			14.93
For the Year Ended October 31, 2010 (E)
A		12.53		(0.05	)		1.87			1.82			(0.04	)		–			–		(0.04	)		14.31
B		11.46		(0.14	)		1.71			1.57			–			–			–		–			13.03
C		11.45		(0.14	)		1.71			1.57			–			–			–		–			13.02
R3		13.04		(0.08	)		1.94			1.86			(0.02	)		–			–		(0.02	)		14.88
R4		13.11		(0.04	)		1.94			1.90			(0.02	)		–			–		(0.02	)		14.99
R5		13.26		0.01			1.98			1.99			(0.06	)		–			–		(0.06	)		15.19
Y		13.32		0.02			2.00			2.02			(0.07	)		–			–		(0.07	)		15.27
For the Year Ended October 31, 2009
A		10.50		0.04			1.99			2.03			–			–			–		–			12.53
B		9.64		–			1.82			1.82			–			–			–		–			11.46
C		9.68		(0.05	)		1.82			1.77			–			–			–		–			11.45
R3		10.97		(0.02	)		2.09			2.07			–			–			–		–			13.04
R4		11.01		0.01			2.09			2.10			–			–			–		–			13.11
R5		11.10		0.05			2.11			2.16			–			–			–		–			13.26
Y		11.14		0.07			2.11			2.18			–			–			–		–			13.32
For the Year Ended October 31, 2008 (E)
A		24.97		(0.03	)		(11.78	)		(11.81	)		–			(2.66	)		–		(2.66	)		10.50
B		23.27		(0.14	)		(10.83	)		(10.97	)		–			(2.66	)		–		(2.66	)		9.64
C		23.40		(0.16	)		(10.90	)		(11.06	)		–			(2.66	)		–		(2.66	)		9.68
R3		26.02		(0.08	)		(12.31	)		(12.39	)		–			(2.66	)		–		(2.66	)		10.97
R4		26.09		(0.05	)		(12.37	)		(12.42	)		–			(2.66	)		–		(2.66	)		11.01
R5		26.15		0.05			(12.44	)		(12.39	)		–			(2.66	)		–		(2.66	)		11.10
Y		26.19		0.07			(12.46	)		(12.39	)		–			(2.66	)		–		(2.66	)		11.14

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.63	%	$	157,341		1.67	%		1.48	%		(0.16	)%		99	%
	8.74			6,104		2.76			2.23			(0.91	)		–
	8.75			17,454		2.36			2.23			(0.90	)		–
	9.41			101		1.97			1.60			(0.30	)		–
	9.72			162		1.40			1.30			0.02			–
	10.10			118		1.10			1.00			0.33			–
	10.05			219		0.96			0.95			0.67			–
	(2.73	)		176,523		1.57			1.48			(0.22	)		60
	(3.45	)		9,591		2.60			2.23			(0.98	)		–
	(3.46	)		19,556		2.29			2.23			(0.97	)		–
	(2.82	)		103		1.73			1.60			(0.29	)		–
	(2.54	)		148		1.35			1.30			(0.04	)		–
	(2.24	)		104		1.04			1.00			0.24			–
	(2.23	)		34,346		0.94			0.94			0.31			–
	14.53			243,667		1.61			1.48			(0.40	)		61
	13.70			14,367		2.63			2.23			(1.16	)		–
	13.71			25,611		2.31			2.23			(1.15	)		–
	14.24			193		1.73			1.68			(0.57	)		–
	14.47			118		1.33			1.33			(0.28	)		–
	15.00			119		1.05			1.03			0.06			–
	15.17			91,540		0.93			0.93			0.12			–
	19.33			234,971		1.83			1.13			0.38			82
	18.88			18,333		2.90			1.57			(0.05	)		–
	18.29			27,064		2.45			2.01			(0.49	)		–
	18.87			113		1.82			1.73			(0.41	)		–
	19.07			59		1.37			1.37			0.16			–
	19.46			7		1.05			1.05			0.46			–
	19.57			177,096		0.94			0.94			0.59			–
	(52.57	)		212,910		1.49			1.43			(0.18	)		82
	(52.83	)		23,614		2.42			2.01			(0.79	)		–
	(52.94	)		30,334		2.16			2.16			(0.92	)		–
	(52.69	)		10		1.88			1.73			(0.42	)		–
	(52.66	)		7		1.58			1.43			(0.57	)		–
	(52.40	)		12		1.06			1.06			0.26			–
	(52.31	)		135,673		0.90			0.90			0.36			–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Global Growth Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Global Growth Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

26

The Hartford Global Growth Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Global Growth Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

28

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford Global Growth Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

30

The Hartford Global Growth Fund

 Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	985.15	$	7.38	$	1,000.00	$	1,017.70	$	7.50		1.48	%		184		366
Class B	$	1,000.00	$	981.35	$	11.06	$	1,000.00	$	1,013.98	$	11.24		2.22			184		366
Class C	$	1,000.00	$	981.34	$	11.10	$	1,000.00	$	1,013.93	$	11.28		2.23			184		366
Class R3	$	1,000.00	$	983.83	$	7.98	$	1,000.00	$	1,017.10	$	8.11		1.60			184		366
Class R4	$	1,000.00	$	985.25	$	6.49	$	1,000.00	$	1,018.60	$	6.60		1.30			184		366
Class R5	$	1,000.00	$	987.32	$	4.99	$	1,000.00	$	1,020.11	$	5.08		1.00			184		366
Class Y	$	1,000.00	$	986.19	$	4.74	$	1,000.00	$	1,020.36	$	4.83		0.95			184		366

31

The Hartford Global Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Global Growth Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

32

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted the June 2012 changes to the Fund’s portfolio management team.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the Fund had underperformed relative to its peer group and benchmark for the 1-, 3- and 5-year periods. HIFSCO noted that it would continue to monitor the Fund’s performance.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the

33

The Hartford Global Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

34

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

35

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-GG12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Global Real Asset Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Global Real Asset Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Consolidated Schedule of Investments at October 31, 2012	6
Consolidated Investment Valuation Hierarchy Level Summary at October 31, 2012	14
Consolidated Statement of Assets and Liabilities at October 31, 2012	16
Consolidated Statement of Operations for the Year Ended October 31, 2012	18
Consolidated Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	19
Notes to Consolidated Financial Statements	20
Consolidated Financial Highlights	36
Report of Independent Registered Public Accounting Firm	38
Directors and Officers (Unaudited)	39
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	41
Quarterly Portfolio Holdings Information (Unaudited)	41
Federal Tax Information (Unaudited)	42
Expense Example (Unaudited)	43
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	44

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Global Real Asset Fund inception 05/28/2010
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide long-term total returns that outpace inflation over a macroeconomic cycle.

Performance Overview 5/28/10 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Global Real Asset A#		-2.50	%		3.61	%
Global Real Asset A##		-7.87	%		1.22	%
Global Real Asset C#		-3.20	%		2.89	%
Global Real Asset C##		-4.16	%		2.89	%
Global Real Asset I#		-2.26	%		3.89	%
Global Real Asset R3#		-2.75	%		3.35	%
Global Real Asset R4#		-2.44	%		3.66	%
Global Real Asset R5#		-2.19	%		3.96	%
Global Real Asset Y#		-2.14	%		3.99	%
Barclays U.S. TIPS 1-10 Year Index		5.17	%		7.04	%
Global Real Asset Fund Blended Index		0.71	%		7.96	%
MSCI All Country World Energy Index		1.30	%		9.99	%
MSCI All Country World Metals and Mining Index		-12.00	%		-1.53	%
S&P Goldman Sachs Commodity Index		-1.45	%		8.14	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Class C reflects a contingent deferred sales charge of 1.00%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Barclays U.S. TIPS 1-10 Year Index (formerly known as Barclays Capital U.S. TIPS 1-10 Year Index) represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have maturities of 1 to 10 years.

Global Real Asset Fund Blended Index is a blended index comprised of the following indices: MSCI All Country World Energy Index (33%), MSCI All Country World Metals and Mining Industry Index (16.5%), MSCI All Country World Agriculture/Chemicals, and Forest, Paper and Products (5.5%), Barclays U.S. TIPS 1-10 Year (35%), and S&P Goldman Sachs Commodity Index (2.5% Precious Metals, 2.5% Industrial Metals, 2.5% Energy, 2.5% Agriculture and Livestock).

MSCI All Country World Energy Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets in the energy sector.

MSCI All Country World Metals and Mining Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets in the metals and mining industry.

S&P Goldman Sachs Commodity Index is a measure of general commodity price movements and inflation in the world economy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Global Real Asset Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Scott M. Elliot	Jay Bhutani	Brian M. Garvey	Lindsay T. Politi
Senior Vice President and Asset Allocation Portfolio Manager	Director and Natural Resources Portfolio Manager	Vice President and Asset Allocation Portfolio Manager	Vice President and Fixed Income Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Global Real Asset Fund returned -2.50%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming the blended benchmark (33% MSCI All Country World Energy Index, 16.5% MSCI All Country World Metals and Mining Index, 5.5% MSCI All Country World Agriculture/Chemicals and Forest, Paper, and Products Index, 35% Barclays U.S. TIPS 1 – 10 Year Index, and 10% Equal Sector-Weight S&P Goldman Sachs Commodity Index), which returned 0.71% for the same period.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Equities ended the period up 9.2% as measured by the MSCI All Country World Index. Natural resource equities, which returned -2.3% as defined by the equity components of the Fund’s benchmark, underperformed broader equity markets. Diversified metals and mining-related stocks led the decline.

Intermediate US TIPS (Treasury Inflation Protected Securities) returned +5.17% over the period, as measured by the Barclays US TIPS 1-10 Year Index. The Fed’s third round of quantitative easing (QE3), which involves purchasing $40 billion per month of mortgage-backed securities, further supported fixed income assets. Additionally, the Fed extended its rate guidance to the middle of 2015 and further stated that it expected to maintain a highly accommodative stance for a considerable period after the economic recovery strengthens.

Commodities returned -1.45% during the period as represented by Equal Sector-Weighted S&P Goldman Sachs Commodity Index. Three out of four commodity sectors recorded negative returns. Industrial metals commodities fell, led lower by aluminum and nickel. Energy commodities also declined as natural gas fell significantly. Lastly, falling silver and gold prices pushed precious metals commodities lower. Agriculture-related commodities, in particular soybeans, corn, and wheat, gained.

The Fund has four primary levers to generate investment performance: inflation-related equity investments, inflation-related fixed income investments, commodity investments, and asset allocation among stocks, bonds, commodities, and cash. The Fund underperformed its benchmark during the period primarily due to weak security selection within the underlying equity and commodities portfolios. Asset allocation decisions contributed positively due to out-of-benchmark allocations to emerging market inflation linked bonds, inflation-sensitive infrastructure equities, and precious metals equities.

Significant detractors from relative performance in the natural resources equities portion of the Fund during the period included Exxon Mobil, Alpha Natural Resources, and Alumina Limited. Shares of Exxon Mobil rose as the company reported solid earnings and repurchased stock. An underweight position in this stock detracted from the Fund’s benchmark-relative returns. Shares of Alpha Natural Resources, a U.S.-based coal producer, fell after reduced shipment guidance raised investor concerns about a slowdown in Chinese demand and following a period of sustained low natural gas prices, which incentivized significant coal-to-gas switching. Shares of Alumina Limited, an Australian-based company with bauxite mining, alumina refining, and aluminum smelting operations, were hurt as aluminum prices fell, squeezing alumina margins and profits in the short term. The Fund also held two exchange traded funds, Market Vectors Gold Miners ETF and SPDR S&P Metals & Mining ETF, which detracted from relative returns.

3

The Hartford Global Real Asset Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

Stocks that contributed most to relative performance in the natural resources equities portion of the Fund were Lyondellbasell Industries, Marathon Petroleum, and Phillips 66. Lyondellbasell Industries, an ethylene and polyethylene producer, saw its shares rise as the company benefited from low feed stock prices. U.S. refiners Marathon Petroleum and Phillips 66 benefited as oil prices rebounded and the spread between West Texas Intermediate and Brent crude oil prices widened lowering the companies’ input costs.

The commodities sub-portfolio underperformed its benchmark due to gold, cotton, and cattle exposure. Commodities exposure is gained through derivatives, particularly total return swaps and futures.

The TIPS portion of the Fund modestly outperformed its benchmark during the period, driven primarily by the timing of a small out of benchmark allocation to nominal Treasuries.

What is the outlook?

We view our asset class positioning in the Hartford Global Real Asset Fund as having two components: intermediate-term views (1-3 year horizon) and tactical changes around those positions (less than one year horizon). Our intermediate positions target areas with attractive valuations, tight supply conditions, improving demand, and supportive business cycle conditions. Short-term shifts typically reflect positioning changes to take advantage of price volatility.

We believe that the market environment in the coming decade is unlikely to mirror that of the prior ten years. The key differences from an inflationary perspective are China’s slowing growth and transition to a more consumption-focused economy, continued – but evolving – demand for resources, highly stimulative monetary policy, and the end of global manufacturing disinflation. These changes will take time to play out, but ultimately will, we believe, result in a fundamental shift in the nature of global inflation. The most probable outcome, in our view, is an environment characterized by slower growth, a high degree of monetary stimulus, and continuing inflationary pressures from emerging markets and select commodities. The risk of such an outcome is likely not fully priced in the market.

We expect that growth in China is likely to be slower going forward as the economy transitions from a period of unprecedented urbanization and a rapid infrastructure buildout to an increasing focus on the consumption proclivities of an expanding middle class. We expect that demand for everything from cars to appliances to clothing will expand, and that infrastructure spending will continue to grow, but at a slower rate than in the past. One likely outcome is a shift in the nature of commodities demand, from infrastructure-intensive (industrial metals) to consumption-oriented (oil, cotton, platinum, protein).

Within this backdrop, supply challenges continue to persist in most resource areas. Cost inflation is rising due to higher labor, transport, and regulatory costs as well as declining resource quality. The result is that for every dollar spent, there is less resource being found. There are a few exceptions to this, notably natural gas, where the shale gas boom is creating ample supplies.

With rising cost structures in many of the formerly low-cost manufacturing countries like China, prices for manufactured goods are likely to rise, reversing the disinflationary trend that has existed since the middle of the 1990s. This is a theme we have discussed in the past and one that will likely become clear in the coming years as rising cost structures and growing demand from the emerging middle class exert upward pressure on prices.

Finally, the developed world remains in a stagnant growth environment. The policy response has been an unprecedented monetary experiment, with negative real interest rates around the world, an enormous buildup in central bank balance sheets, and a bias to devalue currencies relative to real assets. There are two potential outcomes to this experiment, in our view. The first is that it ends benignly – deleveraging runs its course, the global economy normalizes, and we enter a period of fairly low inflation and reasonable growth. The second is that artificially low interest rates begin pushing up price levels while growth remains challenged. In our view, the latter risk rises the longer rates are kept at artificially low levels.

We ended the period underweight to TIPS, overweight to commodities, and neutral to natural resource equities.

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Aa / AA		0.3
A		0.3
Baa / BBB		3.3
Unrated		0.9
U.S. Government Agencies and Securities		24.8
Non Debt Securities and Other Short-Term Instruments		69.4
Other Assets & Liabilities		1.0
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

4

Diversification by Country

as of October 31, 2012

	Percentage of
Country	Net Assets
Australia		2.3	%
Austria		0.2
Belgium		0.2
Brazil		1.7
Canada		7.9
Chile		0.0
China		0.3
Denmark		0.0
Egypt		0.0
Finland		0.2
France		0.5
Germany		0.3
Hong Kong		2.5
India		0.7
Indonesia		0.0
Israel		1.1
Italy		0.3
Japan		1.7
Jersey		0.3
Luxembourg		0.3
Mauritius		0.4
Mexico		1.4
Netherlands		0.0
Norway		1.6
Papua New Guinea		0.6
Peru		0.1
Philippines		0.0
Poland		0.4
Portugal		0.4
Russia		0.1
Singapore		0.4
South Africa		1.7
South Korea		0.5
Spain		0.9
Sweden		0.1
Switzerland		0.9
Thailand		0.3
Turkey		1.4
United Kingdom		5.4
Zambia		0.0
United States		48.0
Short-Term Investments		13.9
Other Assets and Liabilities		1.0
Total		100.0	%

5

The Hartford Global Real Asset Fund

Consolidated Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 52.6%
		Agricultural Products - 2.6%
	68	Archer-Daniels-Midland Co.	$	1,815
	17	Asian Bamboo AG		129
	1,064	Asian Citrus Holdings Ltd.		594
	54	Bunge Ltd. Finance Corp.		3,809
	112	China Agri-Industries Holdings		70
	508	China Modern Dairy Holdings Ltd. ●		131
	143	First Resources Ltd.		240
	3,880	Golden Agri Resources Ltd.		1,982
	20	Ingredion, Inc.		1,211
	33	Kernel Holding S.A. ●		693
	9	New Britain Palm Oil Ltd.		86
	69	PT Astra Agro Lestari Tbk		149
	15	Ros Agro plc ●§		104
	39	SLC Agricola S.A.		372
	66	Trigon Agri A/S		58
	36	Viterra, Inc.		564
	388	Wilmar International Ltd.		978
				12,985
		Aluminum - 0.1%
	28	Alcoa, Inc.		243
	65	Alumina Ltd.		65
	80	Aluminum Corp. of China Ltd. ●		35
	22	Hindalco Industries Ltd.		47
	21	Norsk Hydro ASA		96
				486
		Biotechnology - 0.0%
	13	Codexis, Inc. ●		35
		Coal and Consumable Fuels - 1.5%
	222	Alpha Natural Resources, Inc. ●		1,903
	16	Ceres, Inc. ●		82
	249	China Shenhua Energy Co., Ltd.		1,055
	69	Consol Energy, Inc.		2,440
	12	Kior, Inc. ●		79
	65	Peabody Energy Corp.		1,819
				7,378
		Construction, Farm Machinery and Heavy Trucks - 0.9%
	19	AGCO Corp. ●		851
	4	Caterpillar, Inc.		323
	2	CNH Global N.V.		72
	87	Cosco Corp. Singapore Ltd.		63
	24	Deere & Co.		2,059
	43	Fiat Industrial S.p.A.		469
	8	Hino Motors Ltd.		59
	26	Kubota Corp.		265
	—	Man AG		36
	4	PACCAR, Inc.		187
	33	Sembcorp Marine Ltd.		127
	4	Titan International, Inc.		92
				4,603
		Diversified Metals and Mining - 3.6%
	3	African Rainbow Minerals Ltd.		53
	30	Anglo American plc		930
	8	Antofagasta plc		170
	1	Assore Ltd.		32
	72	BHP Billiton Ltd.		2,536
	146	BHP Billiton plc		4,665
	6	Boliden Ab		114
	5	Eurasian Natural Resources Corp.		26
	14	First Quantum Minerals Ltd.		320
	27	Freeport-McMoRan Copper & Gold, Inc.		1,034
	83	Glencore International plc		462
	117	Grupo Mexico S.A.B. de C.V. ☼		375
	10	Iluka Resources Ltd.		101
	2	Inmet Mining Corp.		89
	43	International Nickel Indones		12
	1	Jastrzebska Spolka Weglowa S.A.		20
	31	Jiangxi Copper Co., Ltd.		80
	4	Kazakmys plc		49
	3	KGHM Polska Miedz S.A.		162
	—	Korea Zinc Co., Ltd.		81
	43	Lynas Corp., Ltd. ●		32
	19	Minera Frisco SAB de CV ●☼		76
	11	Mining & Metallurgical Co. Norilsk Nickel OJSC ADR		162
	31	Minmetals Resource ●		12
	23	Mitsubishi Materials Corp.		68
	4,857	Mongolian Mining Corp. ●		2,373
	8	OZ Minerals Ltd.		70
	10	Rio Tinto Ltd.		589
	30	Rio Tinto plc		1,494
	67	Shougang Fushan Resources Group Ltd.		23
	4	Southern Copper Corp.		168
	28	Sterlite Industries India Ltd.		53
	11	Sumitomo Metal Mining Co., Ltd.		148
	15	Teck Cominco Ltd. Class B		483
	13	Turquoise Hill Resources Ltd. ●		99
	2	Vedanta Resources plc		40
	11	Volcan Compania Minera S.A.A.		10
	2	Walter Energy, Inc.		60
	47	Xstrata plc		742
				18,013
		Diversified Support Services - 0.0%
	11	Ceres Global AG Corp. ●		62
		Electric Utilities - 1.2%
	225	Cheung Kong Infrastructure		1,318
	69	Chubu Electric Power Co., Inc.		708
	62	Cia Paranaense de Energia-Copel		912
	26	Electricite de France S.A.		549
	20	NextEra Energy, Inc.		1,366
	46	Scottish & Southern Energy		1,077
				5,930
		Electronic Manufacturing Services - 0.0%
	3	Trimble Navigation Ltd. ●		118
		Fertilizers and Agricultural Chemicals - 5.2%
	24	Agrium, Inc.		2,567
	4	American Vanguard Corp.		125
	9	CF Industries Holdings, Inc.		1,850
	236	China Bluechemical Ltd.		149
	293	Incitec Pivot Ltd.		960
	60	Israel Chemicals Ltd.		756
	1	Israel Corp., Ltd.		398
	15	K+S AG		701
	60	Monsanto Co.		5,155
	55	Mosaic Co.		2,868

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 52.6% - (continued)
		Fertilizers and Agricultural Chemicals - 5.2% - (continued)
	35	Nihon Nohyaku Co., Ltd.	$	155
	103	Potash Corp. of Saskatchewan, Inc.		4,146
	11	Syngenta AG		4,330
	4	Uralkali GDR §		144
	41	Yara International ASA		1,915
				26,219
		Food Distributors - 0.1%
	225	Olam International Ltd.		361
		Forest Products - 0.0%
	303	Sino Forest Corp. Class A ⌂●†		—
		Gas Utilities - 0.8%
	300	ENN Energy Holdings Ltd.		1,246
	197	Osaka Gas Co., Ltd.		812
	196	Snam S.p.A.		868
	43	UGI Corp.		1,372
				4,298
		Gold - 4.6%
	7	African Barrick Gold Ltd.		49
	15	Agnico-Eagle Mines Ltd.		823
	12	Alacer Gold Corp. ●		66
	7	Alamos Gold, Inc.		133
	20	Alkane Resources Ltd. ●		18
	5	Allied Nevada Gold Corp. ●		172
	31	AngloGold Ltd. ADR		1,055
	5	Argonaut Gold, Inc. ●		55
	15	AuRico Gold, Inc. ●		127
	9	Aurizon Mines Ltd. ●		40
	14	Avocet Mining plc		18
	19	B2Gold Corp. ●		77
	10	Banro Corp. ●		48
	85	Barrick Gold Corp.		3,442
	38	Beadell Resources Ltd. ●		38
	57	Centamin plc ⌂●†		53
	14	Centerra Gold, Inc.		155
	7	China Gold International Resources Corp. ●		30
	171	China Precious Metal Resources Holdings Co. Ltd. ●		33
	6	Colossus Minerals, Inc. ●		36
	16	Compania De Minas Buenaventur ADR		574
	33	DRDGOLD Ltd.		23
	58	Eldorado Gold Corp.		853
	10	Endeavour Mining Corp. ●		22
	13	Franco-Nevada Corp.		733
	14	Gabriel Resources Ltd. ●		34
	56	Gold Fields Ltd.		691
	2	Gold Resource Corp.		29
	69	Goldcorp, Inc.		3,105
	10	Golden Star Resources Ltd. ●		21
	936	G-Resources Group Ltd. ●		45
	21	Gryphon Minerals Ltd. ●		17
	6	Guyana Goldfields, Inc. ●		18
	31	Harmony Gold Mining Co., Ltd.		257
	15	High River Gold Mines Ltd. ●		20
	12	Highland Gold Mining Ltd.		20
	32	IAMGOLD Corp.		498
	48	Integra Mining Ltd. ●		27
	6	Keegan Resources, Inc. ●		23
	7	Kingsgate Consolidated Ltd.		39
	17	Kingsrose Mining Ltd.		17
	98	Kinross Gold Corp.		978
	4	Kirkland Lake Gold, Inc. ●		35
	3	Koza Altin Isletmeleri A.S.		73
	21	Lake Shore Gold Corp. ●		17
	671	Lepanto Consolidated Mining Co. ●		19
	42	LionGold Corp. Ltd. ●		36
	9	Medusa Mining Ltd.		57
	6	Midas Gold Corp. ●		17
	10	Nevsun Resources Ltd.		47
	40	New Gold, Inc. ●		464
	60	Newcrest Mining Ltd.		1,643
	41	Newmont Mining Corp.		2,211
	8	NGEx Resources, Inc. ●		25
	17	Northern Star Resources Ltd.		23
	12	NovaGold Resources, Inc. ●		57
	13	OceanaGold Corp. ●		46
	33	Osisko Mining Corp. ●		325
	70	Pan African Resources plc		19
	25	Perseus Mining Ltd. ●		67
	9	Petropavlovsk plc		60
	7	Premier Gold Mines Ltd. ●		40
	4	Pretium Resources, Inc. ●		53
	5	Queenston Mining, Inc. ●		22
	5	Rainy River Resources Ltd. ●		26
	7	Rangold Resources Ltd.		805
	17	Regis Resources Ltd. ●		93
	35	Resolute Mining Ltd.		70
	3	Royal Gold, Inc.		297
	14	Rubicon Minerals Corp. ●		49
	19	San Gold Corp. ●		19
	46	Saracen Mineral Holdings Ltd. ●		24
	2	Seabridge Gold, Inc. ●		31
	15	Semafo, Inc.		59
	10	Silver Lake Resources Ltd. ●		38
	26	St. Barbara Ltd. ●		51
	5	Tanzanian Royalty Exploration Corp. ●		23
	22	Torex Gold Resources, Inc. ●		46
	6	Troy Resources Ltd.		26
	64	Yamana Gold, Inc.		1,298
	64	Zhaojin Mining Industry Co., Ltd.		108
	452	Zijin Mining Group Co., Ltd.		182
				23,113
		Independent Power Producers and Energy Traders - 0.2%
	53	Tractebel Energia S.A.		918
		Industrial Conglomerates - 0.2%
	178	Beijing Enterprises Holdings Ltd.		1,147
		Industrial Machinery - 0.3%
	35	Vallourec S.A.		1,439
		Integrated Oil and Gas - 9.8%
	329	BG Group plc		6,101
	114	BP plc ADR		4,898
	67	Chevron Corp.		7,417

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Real Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 52.6% - (continued)
		Integrated Oil and Gas - 9.8% - (continued)
	49	Exxon Mobil Corp.	$	4,422
	123	Galp Energia SGPS S.A.		1,974
	63	Husky Energy, Inc.		1,714
	98	Imperial Oil Ltd.		4,298
	33	Occidental Petroleum Corp.		2,574
	123	Petroleo Brasileiro S.A. ADR		2,609
	218	Repsol S.A.		4,378
	50	Sasol Ltd. ADR		2,108
	171	Statoilhydro ASA ADR		4,193
	91	Suncor Energy, Inc.		3,045
				49,731
		Integrated Telecommunication Services - 0.5%
	25	AT&T, Inc.		861
	40	Elisa Oyj		867
	49	Telenor ASA		964
				2,692
		Multi-Sector Holdings - 0.1%
	9	Groupe Bruxelles Lambert S.A.		702
		Multi-Utilities-0.9%
	143	National Grid plc		1,628
	23	PG&E Corp.		970
	8	RWE AG		370
	48	Suez Environment S.A.		512
	28	Wisconsin Energy Corp.		1,073
				4,553
		Oil and Gas Drilling - 0.4%
	113	Patterson-UTI Energy, Inc.		1,833
		Oil and Gas Equipment and Services - 2.2%
	46	Baker Hughes, Inc.		1,910
	29	Cameron International Corp. ●		1,474
	30	Dril-Quip, Inc. ●		2,105
	33	National Oilwell Varco, Inc.		2,432
	43	Schlumberger Ltd.		2,976
				10,897
		Oil and Gas Exploration and Production - 8.3%
	80	Anadarko Petroleum Corp.		5,491
	1,235	Beach Energy Ltd.		1,764
	338	Buru Energy Ltd. ●		971
	447	Cairn Energy plc		2,025
	45	Canadian Natural Resources Ltd. ADR		1,353
	102	Chesapeake Energy Corp.		2,062
	1,489	CNOOC Ltd.		3,064
	70	Cobalt International Energy, Inc. ●		1,465
	83	ConocoPhillips Holding Co.		4,796
	87	Denbury Resources, Inc. ●		1,328
	101	EnCana Corp.		2,270
	31	EOG Resources, Inc.		3,576
	339	Karoon Gas Australia Ltd. ●		1,956
	604	Kunlun Energy Co., Ltd.		1,118
	1,588	New Standard Energy Ltd. ●		517
	378	Oil Search Ltd.		2,913
	23	Pioneer Natural Resources Co.		2,409
	46	Southwestern Energy Co. ●		1,593
	34	Whiting Petroleum Corp. ●		1,445
				42,116
		Oil and Gas Refining and Marketing - 3.9%
	52	Gevo, Inc. ●		105
	32	Green Plains Renewable Energy, Inc. ●		248
	521	JX Holdings, Inc.		2,777
	57	Marathon Petroleum Corp.		3,109
	102	Phillips 66		4,801
	95	Reliance Industries Ltd. GDR ■		2,857
	42	Tesoro Corp.		1,595
	282	Tonengeneral Sekiyu KK		2,559
	72	Tupras-Turkiye Petrol Rafinerileri A.S.		1,772
				19,823
		Oil and Gas Storage and Transportation - 0.8%
	36	Enbridge, Inc.		1,416
	17	Kinder Morgan Management LLC ●		1,298
	27	Kinder Morgan, Inc.		927
	14	Transcanada Corp.		644
				4,285
		Packaged Foods and Meats - 0.7%
	43	Adecoagro S.A. ●		390
	286	Australian Agricultural Co. Ltd. ●		385
	251	Bumitama Agri Ltd. ●		206
	262	China Minzhong Food Corp., Ltd. ●		173
	1,245	Marine Harvest ●		977
	26	McLeod Russel India Ltd.		144
	24	MHP S.A. GDR §●		366
	66	Minerva S.A.		355
	88	PureCircle Ltd. ●		342
	385	REI Agro Ltd.		74
	132	Zambeef Products plc		82
				3,494
		Paper Products - 0.4%
	7	Holmen AB Class B		195
	21	International Paper Co.		740
	27	MeadWestvaco Corp.		790
	173	Oji Holdings Corp.		507
				2,232
		Precious Metals and Minerals - 1.1%
	6	Anglo American Platinum Ltd.		258
	30	Aquarius Platinum Ltd.		18
	2	Asahi Holdings, Inc.		32
	5	Coeur d'Alene Mines Corp. ●		146
	6	Dundee Precious Metals, Inc. ●		52
	5	Endeavor Silver Corp. ●		43
	6	First Majestic Silver Corp. ●		147
	6	Fortuna Silver Mines, Inc. ●		35
	14	Fresnillo plc		431
	7	Gem Diamonds Ltd. ●		20
	5	Harry Winston Diamond Corp. ●		66
	15	Hecla Mining Co.		96
	10	Hochschild Mining plc		77
	43	Impala Platinum Holdings Ltd.		767
	12	Industrias Penoles S.A.B. de C.V. ☼		605
	12	Lonmin plc		99
	2	MAG Silver Corp. ●		30
	9	McEwen Mining, Inc. ●		45
	11	North American Palladium Ltd. ●		17
	22	Northern Platinum Ltd.		83
	14	Pan American Silver Corp.		303
	8	Paramount Gold & Silver Corp. ●		21
	43	Patagonia Gold plc ●		15

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 52.6% - (continued)
		Precious Metals and Minerals - 1.1% - (continued)
	20	Petra Diamonds Ltd. ●	$	32
	7	Royal Bafokeng Platinum Ltd. ●		41
	5	Silver Standard Resources, Inc. ●		69
	30	Silver Wheaton Corp.		1,221
	9	Silvercorp Metals, Inc.		56
	6	Stillwater Mining Co. ●		60
	5	Tahoe Resources, Inc. ●		96
	9	Umicore S.A.		457
				5,438
		Railroads - 0.2%
	12	Canadian National Railway Co.		1,062
		Specialized REITs - 0.0%
	7	Weyerhaeuser Co. REIT		205
		Specialty Chemicals - 0.0%
	13	EcoSynthetix, Inc. ●		40
		Steel - 1.1%
	2	Acerinox S.A.		17
	3	Allegheny Technologies, Inc.		71
	25	Angang Steel Co., Ltd.		15
	27	ArcelorMittal ADR		396
	4	ArcelorMittal South Africa Ltd.		17
	7	Bradespar S.A. ☼		97
	2	Capital S.A.		69
	4	Cliff's Natural Resources, Inc.		146
	23	Companhia Sider·rgica Nacional ☼		125
	5	Daido Steel Co., Ltd.		21
	1	Dongkuk Steel Mill Co., Ltd.		12
	19	Eregli Demir ve Celik Fabrikalari T.A.S.		22
	7	Evraz plc		28
	31	Fortescue Metals Group Ltd.		130
	25	Fosun International		12
	26	Gerdau S.A. ☼		226
	3	Hitachi Metals Ltd.		32
	1	Hyundai Hysco		28
	1	Hyundai Steel Co.		90
	11	JFE Holdings, Inc.		149
	8	Jindal Steel & Power Ltd.		60
	2	JSW Steel Ltd.		23
	61	Kobe Steel Ltd.		53
	2	Kumba Iron Ore Ltd.		117
	1	Maruichi Steel Tube Ltd.		11
	7	Mechel ADR		43
	8	Metalurgica Gerdau S.A. ☼		93
	5	MMX Mineracao E Metalicos S.A. ●		10
	155	Nippon Steel & Sumitomo Metal Corp.		343
	2	Novolipetsk Steel §		29
	9	Nucor Corp.		351
	1	Posco Ltd.		451
	1	Salzgitter AG		37
	7	Sesa Goa Ltd.		22
	1	Severstal GDR §		18
	4	Sims Metal Management Ltd.		42
	4	SSAB AB		30
	8	Tata Steel Ltd.		55
	9	ThyssenKrupp AG		196
	4	United States Steel Corp.		80
	13	Usinas Siderurgicas De Minas Gerais S.A. ☼		64
	99	Vale S.A. ☼		1,797
	2	Voestalpine AG		76
	1	Yamato Kogyo Co.		18
				5,722
		Trading Companies and Distributors - 0.0%
	142	Noble Group Ltd.		152
		Water Utilities - 0.7%
	14	Cia de Saneamento Basico do Estado de Sao Paulo ADR		1,151
	1,448	Guangdong Investment Ltd.		1,182
	50	Severn Trent plc		1,291
				3,624
		Wireless Telecommunication Services - 0.2%
	309	Vodafone Group plc		839
		Total common stocks
		(cost $261,606)	$	266,545
WARRANTS - 0.0%
		Diversified Metals and Mining - 0.0%
	26	Shandong Denghai Warrant	$	85
		Total warrants
		(cost $77)	$	85
EXCHANGE TRADED FUNDS - 2.9%
		Other Investment Pools and Funds - 2.9%
	28	Energy Select Sector SPDR	$	2,035
	97	Market Vectors Agribusiness		4,981
	47	Market Vectors Gold Miners		2,502
	116	SPDR Metals & Mining		5,179
		Total exchange traded funds
		(cost $14,385)	$	14,697
FOREIGN GOVERNMENT OBLIGATIONS - 4.8%
		Israel - 0.9%
		Israel (Government of)
ILS	7,641	3.50%, 04/30/2018 ◄	$	2,281
		Israel (State of)
ILS	7,176	2.75%, 09/30/2022 ◄		2,031
				4,312
		Mexico - 1.3%
		Mexican Udibonos
MXN	20,875	2.50%, 12/10/2020 ◄Δ		1,732
MXN	18,816	4.50%, 12/18/2014 ◄Δ		1,555
MXN	27,597	4.50%, 11/22/2035 ◄		2,825
				6,112
		Poland - 0.3%
		Poland (Republic of)
PLN	4,900	3.00%, 08/24/2016 ◄		1,620

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Real Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬					Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 4.8% - (continued)
		South Africa - 0.6%
		South Africa (Republic of)
ZAR	19,041	5.50%, 12/07/2023 ◄			$	3,180
		South Korea - 0.4%
		Korea (Republic of)
KRW	1,616,447	2.75%, 06/10/2020 ◄				1,729
		Thailand - 0.3%
		Thailand Government Bond
THB	50,155	1.20%, 07/14/2021 ◄				1,671
		Turkey - 1.0%
		Turkey (Republic of)
TRY	5,769	2.50%, 05/04/2016 ◄				3,427
		Turkey Government Bond
TRY	2,989	3.00%, 07/21/2021 ◄				1,820
						5,247
		Total foreign government obligations
		(cost $23,870)			$	23,871
U.S. GOVERNMENT SECURITIES - 24.8%
		U.S. Treasury Securities - 24.8%
		U.S. Treasury Bonds - 0.5%
$	1,550	2.38%, 01/15/2025 ◄			$	2,590
		U.S. Treasury Notes - 24.3%
	34,654	0.13%, 04/15/2016 - 07/15/2022 ◄				38,079
	7,015	0.50%, 04/15/2015 ◄				7,791
	7,875	0.63%, 07/15/2021 ◄				9,210
	7,365	1.13%, 01/15/2021 ◄				9,173
	10,060	1.25%, 04/15/2014 - 07/15/2020 ◄				12,161
	6,775	1.38%, 07/15/2018 - 01/15/2020 ◄				8,561
	7,450	1.63%, 01/15/2015 - 01/15/2018 ◄‡				9,561
	2,350	1.88%, 07/15/2015 - 07/15/2019 ◄				3,097
	7,125	2.00%, 01/15/2014 - 01/15/2016 ◄				9,217
	2,975	2.13%, 01/15/2019 ◄				3,902
	3,845	2.38%, 01/15/2017 ◄╦				5,122
	3,300	2.50%, 07/15/2016 ◄				4,341
	2,025	2.63%, 07/15/2017 ◄				2,704
						122,919
						125,509
		Total U.S. government securities
		(cost $123,697)			$	125,509
		Total long-term investments
		(cost $423,635)			$	430,707
SHORT-TERM INVESTMENTS - 13.9%
		Repurchase Agreements - 13.9%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $12,745, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $12,999)
$	12,745	0.30%, 10/31/2012			$	12,745
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $5,189, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $5,293)
	5,189	0.25%, 10/31/2012				5,189
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $8,922, collateralized by FNMA 2.50%, 2027, value of $9,101)
	8,922	0.35%, 10/31/2012				8,922
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $3,389, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $3,457)
	3,389	0.35%, 10/31/2012				3,389
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $15,746, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $16,041)
	15,745	0.28%, 10/31/2012				15,745
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $19,956, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $20,355)
	19,956	0.25%, 10/31/2012				19,956
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $91, collateralized by U.S. Treasury Note 8.13%, 2019, value of $93)
	91	0.25%, 10/31/2012				91
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $4,626, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $4,718)
	4,626	0.30%, 10/31/2012				4,626
						70,663
		Total short-term investments
		(cost $70,663)			$	70,663
		Total investments
		(cost $494,298) ▲	99.0	%	$	501,370
		Other assets and liabilities	1.0	%		5,261
		Total net assets	100.0	%	$	506,631

The accompanying notes are an integral part of these financial statements.

10

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.
	The consolidated schedule of investments includes investments held by The Hartford Cayman Global Real Asset Fund, Ltd. (the “Subsidiary”), a wholly owned subsidiary of the Fund, which primarily invests in commodity-related instruments. The Fund may invest up to 25% of its total assets in the Subsidiary. As of October 31, 2012, the Fund invested 10.7% of its total assets in the Subsidiary.
▲	At October 31, 2012, the cost of securities for federal income tax purposes was $505,439 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	16,041
Unrealized Depreciation		(20,110	)
Net Unrealized Depreciation	$	(4,069	)

†	These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $53, which rounds to zero percent of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.
●	Non-income producing.
╦	This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.   The Fund has also pledged $1,470 of cash as collateral in connection with swap contracts.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012,  the aggregate value of these securities was $2,857, which represents 0.6% of total net assets.
⌂	The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
09/2012		57	Centamin plc	$	82
06/2011 - 08/2011		303	Sino Forest Corp. Class A		1,570

	At October 31, 2012, the aggregate value of these securities was $53, which rounds to zero percent of total net assets.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $661, which represents 0.1% of total net assets.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $835 at October 31, 2012.
◄	The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global Real Asset Fund

Consolidated Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Futures Contracts Outstanding at October 31, 2012

Description	Number of Contracts*		Expiration Date	Notional Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Gold 100oz Future		23	12/27/2012	$	3,943	$	3,954	$	11
Silver Future		6	12/27/2012		962		969		7
								$	18

* The number of contracts does not omit 000's.

Cash of $713 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
AUD	Sell	02/19/2013	CSFB	$	866	$	871	$	(5	)
CAD	Buy	11/05/2012	DEUT		1,323		1,325		2
CLP	Buy	12/19/2012	UBS		2,434		2,403		(31	)
CLP	Sell	12/19/2012	CBK		305		303		2
CLP	Sell	12/19/2012	UBS		415		413		2
MXN	Buy	11/06/2012	DEUT		175		175		–
								$	(30	)

Interest Rate Swap Contracts Outstanding at October 31, 2012

Counterparty	Payments made by Fund	Payments received by Fund	Notional Amount *		Expiration Date	Upfront Premiums Paid/ (Received)		Market Value ╪		Unrealized Appreciation/ (Depreciation)
BOA	CLICP Camara	2.09% Fixed	CLP	819,000	09/28/17		–		–		–

* Notional shown in U.S. dollars unless otherwise noted.

Total Return Swap Contracts Outstanding at October 31, 2012

Reference Entity	Counterparty	Notional Amount *		Payments received (paid) by Fund	Expiration Date	Unrealized Appreciation/ (Depreciation)
S&P GSCI Agriculture	GSC	$	2,058	(0.25%) Fixed	07/31/13	$	(57	)
S&P GSCI Agriculture	JPM		1,274	(0.20%) Fixed	03/28/13		(36	)
S&P GSCI Agriculture	MSC		6,440	(0.22%) Fixed	03/28/13		(179	)
S&P GSCI Agriculture	MSC		760	(0.22%) Fixed	07/31/13		–
S&P GSCI Energy	JPM		3,852	(0.09%) Fixed	03/28/13		(170	)
S&P GSCI Energy	JPM		3,131	(0.09%) Fixed	07/31/13		(138	)
S&P GSCI Energy	MSC		5,588	(0.15%) Fixed	03/28/13		(247	)
S&P GSCI Energy	MSC		756	(0.15%) Fixed	07/31/13		–
S&P GSCI Industrial Metals	JPM		2,793	(0.12%) Fixed	03/28/13		(231	)
S&P GSCI Industrial Metals	JPM		2,619	(0.12%) Fixed	07/31/13		(217	)
S&P GSCI Industrial Metals	MSC		7,143	(0.20%) Fixed	03/28/13		(591	)
S&P GSCI Industrial Metals	MSC		757	(0.20%) Fixed	07/31/13		–
S&P GSCI Livestock	MSC		2,018	(0.23%) Fixed	03/28/13		50
S&P GSCI Livestock	MSC		720	(0.23%) Fixed	07/31/13		18
S&P GSCI Precious Metals	JPM		3,218	(0.12%) Fixed	03/28/13		(115	)
S&P GSCI Precious Metals	JPM		4,140	(0.12%) Fixed	07/31/13		(149	)
S&P GSCI Precious Metals	MSC		5,637	(0.20%) Fixed	03/28/13		(202	)
						$	(2,264	)

* Notional shown in U.S. dollars unless otherwise noted.

The accompanying notes are an integral part of these financial statements.

12

╪     See Significant Accounting Policies of accompanying Notes to Consolidated Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Consolidated Schedule of Investments)
Counterparty Abbreviations:
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
UBS	UBS AG
Currency Abbreviations:
AUD	Australian Dollar
CAD	Canadian Dollar
CLP	Chilean Peso
ILS	Israeli New Shekel
KRW	South Korean Won
MXN	Mexican New Peso
PLN	Polish New Zloty
THB	Thai Bhat
TRY	Turkish New Lira
ZAR	South African Rand
Index Abbreviations:
GSCI	Goldman Sachs Commodity
S&P	Standard & Poors
Other Abbreviations:
ADR	American Depositary Receipt
CLICP	Sinacofi Chile Interbank Offered Rate

Other Abbreviations: - (continued)
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust
SPDR	Standard & Poor's Depositary Receipt

The accompanying notes are an integral part of these financial statements.

13

The Hartford Global Real Asset Fund

Consolidated Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Agricultural Products	$	12,985	$	7,961	$	5,024	$	–
Aluminum		486		243		243		–
Biotechnology		35		35		–		–
Coal and Consumable Fuels		7,378		6,323		1,055		–
Construction, Farm Machinery and Heavy Trucks		4,603		3,584		1,019		–
Diversified Metals and Mining		18,013		2,908		15,105		–
Diversified Support Services		62		62		–		–
Electric Utilities		5,930		2,278		3,652		–
Electronic Manufacturing Services		118		118		–		–
Fertilizers and Agricultural Chemicals		26,219		16,855		9,364		–
Food Distributors		361		–		361		–
Forest Products		–		–		–		–
Gas Utilities		4,298		1,372		2,926		–
Gold		23,113		18,393		4,667		53
Independent Power Producers and Energy Traders		918		918		–		–
Industrial Conglomerates		1,147		–		1,147		–
Industrial Machinery		1,439		–		1,439		–
Integrated Oil and Gas		49,731		37,278		12,453		–
Integrated Telecommunication Services		2,692		861		1,831		–
Multi-Sector Holdings		702		–		702		–
Multi-Utilities		4,553		2,043		2,510		–
Oil and Gas Drilling		1,833		1,833		–		–
Oil and Gas Equipment and Services		10,897		10,897		–		–
Oil and Gas Exploration and Production		42,116		27,788		14,328		–
Oil and Gas Refining and Marketing		19,823		12,715		7,108		–
Oil and Gas Storage and Transportation		4,285		4,285		–		–
Packaged Foods and Meats		3,494		1,609		1,885		–
Paper Products		2,232		1,530		702		–
Precious Metals and Minerals		5,438		3,143		2,295		–
Railroads		1,062		1,062		–		–
Specialized REITs		205		205		–		–
Specialty Chemicals		40		40		–		–
Steel		5,722		3,615		2,107		–
Trading Companies and Distributors		152		–		152		–
Water Utilities		3,624		1,151		2,473		–
Wireless Telecommunication Services		839		–		839		–
Total		266,545		171,105		95,387		53
Exchange Traded Funds		14,697		14,697		–		–
Foreign Goverment Obligations		23,871		–		23,871		–
U.S. Government Securities		125,509		15,805		109,704		–
Warrants		85		85		–		–
Short-Term Investments		70,663		–		70,663		–
Total	$	501,370	$	201,692	$	299,625	$	53
Foreign Currency Contracts*		6		–		6		–
Futures*		18		18		–		–
Interest Rate Swaps*		–		–		–		–
Total Return Swaps*		68		–		68		–
Total	$	92	$	18	$	74	$	–
Liabilities:
Foreign Currency Contracts*		36		–		36		–
Total Return Swaps*		2,332		–		2,332		–
Total	$	2,368	$	–	$	2,368	$	–

The accompanying notes are an integral part of these financial statements.

14

♦	For the year ended October 31, 2012, investments valued at $17,341 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:
	1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
	2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
	3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Balance as of October 31, 2012
Assets:
Common Stocks	$	292	$	—	$	(320	)*	$	—	$	81	$	—	$	—	$	—	$	53
Total	$	292	$	—	$	(320	)	$	—	$	81	$	—	$	—	$	—	$	53

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(320).

The accompanying notes are an integral part of these financial statements.

15

The Hartford Global Real Asset Fund

Consolidated Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $423,635)	$	430,707
Investments in repurchase agreements, at market value (cost $70,663)		70,663
Cash		2,183	*,†
Foreign currency on deposit with custodian (cost $33)		33
Unrealized appreciation on foreign currency contracts		6
Unrealized appreciation on swap contracts		68
Receivables:
Investment securities sold		11,813
Fund shares sold		3,062
Dividends and interest		757
Variation margin		31
Other assets		85
Total assets		519,408
Liabilities:
Unrealized depreciation on foreign currency contracts		36
Unrealized depreciation on swap contracts		2,332
Bank overdraft		22
Payables:
Investment securities purchased		9,260
Fund shares redeemed		911
Investment management fees		114
Administrative fees		—
Distribution fees		18
Accrued expenses		70
Other liabilities		14
Total liabilities		12,777
Net assets	$	506,631
Summary of Net Assets:
Capital stock and paid-in-capital	$	543,307
Undistributed net investment income		2,601
Accumulated net realized loss		(44,071	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		4,794
Net assets	$	506,631

^* Cash of $713 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

^† Cash of $1,470 was pledged as collateral for open swap contracts at October 31, 2012.

The accompanying notes are an integral part of these financial statements.

16

Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.68/$11.30
Shares outstanding		10,734
Net assets	$	114,692
Class C: Net asset value per share	$	10.58
Shares outstanding		5,002
Net assets	$	52,906
Class I: Net asset value per share	$	10.72
Shares outstanding		7,013
Net assets	$	75,179
Class R3: Net asset value per share	$	10.69
Shares outstanding		184
Net assets	$	1,964
Class R4: Net asset value per share	$	10.71
Shares outstanding		293
Net assets	$	3,135
Class R5: Net asset value per share	$	10.73
Shares outstanding		192
Net assets	$	2,062
Class Y: Net asset value per share	$	10.73
Shares outstanding		23,926
Net assets	$	256,693

The accompanying notes are an integral part of these financial statements.

17

The Hartford Global Real Asset Fund

Consolidated Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	4,854
Interest		1,635
Less: Foreign tax withheld		(327	)
Total investment income		6,162
Expenses:
Investment management fees		4,610
Administrative services fees		10
Transfer agent fees		412
Distribution fees
Class A		325
Class C		664
Class R3		10
Class R4		6
Custodian fees		36
Accounting services fees		111
Registration and filing fees		143
Board of Directors' fees		12
Audit fees		15
Other expenses		86
Total expenses (before waivers and fees paid indirectly)		6,440
Expense waivers		(1,408	)
Commission recapture		(6	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(1,414	)
Total expenses, net		5,026
Net Investment Income		1,136
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized loss on investments in securities		(30,910	)
Net realized loss on futures		(1,458	)
Net realized gain on swap contracts		5,334
Net realized loss on foreign currency contracts		(28	)
Net realized gain on other foreign currency transactions		48
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(27,014	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		28,317
Net unrealized appreciation of futures		505
Net unrealized depreciation of swap contracts		(4,717	)
Net unrealized depreciation of foreign currency contracts		(24	)
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(2	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		24,079
Net Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(2,935	)
Net Decrease in Net Assets Resulting from Operations	$	(1,799	)

The accompanying notes are an integral part of these financial statements.

18

The Hartford Global Real Asset Fund

Consolidated Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	1,136		$	2,836
Net realized loss on investments, other financial instruments and foreign currency transactions		(27,014	)		(14,933	)
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		24,079			(22,332	)
Net Decrease In Net Assets Resulting From Operations		(1,799	)		(34,429	)
Distributions to Shareholders:
From net investment income
Class A		(1,231	)		(237	)
Class C		(211	)		(63	)
Class I		(1,249	)		(196	)
Class R3		(8	)		(6	)
Class R4		(16	)		(10	)
Class R5		(23	)		(14	)
Class Y		(912	)		(108	)
Total from net investment income		(3,650	)		(634	)
From net realized gain on investments
Class A		—			(199	)
Class C		—			(78	)
Class I		—			(119	)
Class R3		—			(14	)
Class R4		—			(14	)
Class R5		—			(14	)
Class Y		—			(75	)
Total from net realized gain on investments		—			(513	)
Total distributions		(3,650	)		(1,147	)
Capital Share Transactions:
Class A		(35,216	)		141,821
Class C		(25,622	)		79,950
Class I		(55,704	)		139,748
Class R3		26			(231	)
Class R4		1,319			(410	)
Class R5		254			(385	)
Class Y		178,116			59,995
Net increase from capital share transactions		63,173			420,488
Net Increase In Net Assets		57,724			384,912
Net Assets:
Beginning of period		448,907			63,995
End of period	$	506,631		$	448,907
Undistributed (distribution in excess of) net investment income (loss)	$	2,601		$	3,051

The accompanying notes are an integral part of these financial statements.

19

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Global Real Asset Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may

20

cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally

21

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Consolidated Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be

22

available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

g) Basis for Consolidation – The Fund may invest up to 25% of its total assets in a wholly-owned subsidiary of the Fund. The subsidiary is organized under the laws of the Cayman Islands and is consolidated in the Fund’s financial statements. All intercompany balances, revenues, and expenses have been eliminated in consolidation. The subsidiary acts as an

23

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

investment vehicle in order to enter into certain investments for the Fund consistent with the investment objectives and policies specified in the Prospectus and Statement of Additional Information.

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the Consolidated Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Consolidated Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive the principal amount until maturity.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Consolidated Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are

24

disclosed in the notes to the Schedule of Investments or within the Consolidated Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Consolidated Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the Consolidated Schedule of Investments as of October 31, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Consolidated Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding futures contracts as of October 31, 2012.

c) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Consolidated Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these

25

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Interest Rate Swap Contracts – The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate or inflation benchmark (e.g. London Interbank Offered Rate (“LIBOR”)), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Consolidated Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The Fund, as shown on the Schedule of Investments, had outstanding interest rate swaps as of October 31, 2012.

Total Return Swap Contracts – The Fund may invest in total return swap contracts. An investment in a total return swap allows the Fund to gain or mitigate exposure to underlying referenced securities. Total return swap contracts on commodities involve commitments where cash flows are exchanged based on the price of a commodity and based on a fixed or variable rate. One party would receive payments based on the price appreciation or depreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying to or receiving from the counterparty seller an agreed-upon rate. A variable rate may be correlated to a base rate, such as the LIBOR, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, the party paying the rate may be required to pay a higher rate at each swap reset date.

Total return swap contracts on indices involve commitments to pay interest in exchange for a market-linked return. One party pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. The Fund, as shown on the Consolidated Schedule of Investments, had outstanding total return swaps as of October 31, 2012.

The prices of commodity-linked derivative securities may move in different directions from investments in traditional equity and debt securities when the value of those traditional securities is declining due to adverse economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of rising inflation, prices of certain commodities, such as oil and metals, have historically tended to increase. There cannot be any guarantee that these investments will perform in that manner in the future, and at certain times the price movements of commodity-linked instruments have followed those of debt and equity securities. Commodities have historically tended to increase and

26

decrease in value during different parts of the business cycle than financial assets. Nevertheless, at various times, commodities prices may move in tandem with the prices of financial assets and thus may not provide overall portfolio diversification benefits. Exposure to commodity-linked derivatives is generally achieved through total return swaps, futures or options.

d) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	6	$	—	$	—	$	—	$	—	$	6
Unrealized appreciation on swap contracts		—		—		—		—		68		—		68
Variation margin receivable *		—		—		—		—		31		—		31
Total	$	—	$	6	$	—	$	—	$	99	$	—	$	105
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	36	$	—	$	—	$	—	$	—	$	36
Unrealized depreciation on swap contracts		—		—		—		—		—		2,332		2,332
Total	$	—	$	36	$	—	$	—	$	—	$	2,332	$	2,368

* Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $18 as reported in the Consolidated Schedule of Investments.

The volume of derivatives that is presented in the Consolidated Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

27

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Effect of Derivative Instruments on the Consolidated Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts			Commodity Contracts			Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on futures	$	6	$	—		$	—	$	(2	)	$	(1,462	)	$	—	$	(1,458	)
Net realized gain (loss) on swap contracts		3		—			—		(23	)		5,354			—		5,334
Net realized loss on foreign currency contracts		—		(28	)		—		—			—			—		(28	)
Total	$	9	$	(28	)	$	—	$	(25	)	$	3,892		$	—	$	3,848
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of futures	$	—	$	—		$	—	$	—		$	505		$	—	$	505
Net change in unrealized depreciation of swap contracts		—		—			—		—			(4,717	)		—		(4,717	)
Net change in unrealized depreciation of foreign currency contracts		—		(24	)		—		—			—			—		(24	)
Total	$	—	$	(24	)	$	—	$	—		$	(4,212	)	$	—	$	(4,236	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Consolidated Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse

28

investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	3,650	$	1,147

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis are as follows:

	Amount
Undistributed Ordinary Income	$	2,712
Accumulated Capital Losses *		(33,046	)
Unrealized Depreciation †		(6,342	)
Total Accumulated Deficit	$	(36,676	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Consolidated Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that

29

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	2,064
Accumulated Net Realized Gain (Loss)		(3,824	)
Capital Stock and Paid-in-Capital		1,760

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

	Amount
Short Term Capital Loss Carryforward	$	2,827
Long Term Capital Loss Carryforward		23,537
Total	$	26,364

Capital loss carryforwards with expiration:

Year of Expiration	Amount
2019	$	6,682
Total	$	6,682

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision

30

of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.9500%
On next $250 million		0.9300%
On next $500 million		0.8500%
On next $1.5 billion		0.7800%
On next $2.5 billion		0.7500%
Over $5 billion		0.7100%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.9500%
On next $500 million		0.9000%
On next $4 billion		0.8500%
On next $5 billion		0.8475%
Over $10 billion		0.8450%

HIFSCO voluntarily agreed to waive management fees of 0.40% of average daily net assets until February 29, 2012.

HIFSCO has contractually agreed to waive the management fee in an amount equal to the management fee paid to it by the Fund’s wholly owned Cayman Islands subsidiary fund. This waiver will remain in effect for as long as the Fund remains invested in that subsidiary fund.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.025%
On next $5 billion		0.020%
Over $10 billion		0.015%

31

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.25%		2.00%		1.00%		1.50%		1.20%		1.00%		0.95%

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.05%		1.80%		0.80%		1.30%		1.00%		0.70%		0.65%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Consolidated Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.17	%
Class C		1.91
Class I		0.91
Class R3		1.43
Class R4		1.15
Class R5		0.90
Class Y		0.90

e) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $306 and contingent deferred sales charges of $53 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For

32

Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $7.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Consolidated Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Consolidated Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		161		88	%
Class R4		162		55
Class R5		163		85

As of October 31, 2012, 24% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

9. Investment Transactions:

For the year ended October 31, 2012, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	680,960
Sales Proceeds Excluding U.S. Government Obligations		630,687
Cost of Purchases for U.S. Government Obligations		36,441
Sales Proceeds for U.S. Government Obligations		46,968

33

The Hartford Global Real Asset Fund

Notes to Consolidated Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		2,704		104		(6,175	)		—		(3,367	)		17,092		33		(5,398	)		—		11,727
Amount	$	29,055	$	1,089	$	(65,360	)	$	—	$	(35,216	)	$	203,131	$	382	$	(61,692	)	$	—	$	141,821
Class C
Shares		512		16		(2,985	)		—		(2,457	)		8,045		10		(1,381	)		—		6,674
Amount	$	5,473	$	168	$	(31,263	)	$	—	$	(25,622	)	$	95,570	$	111	$	(15,731	)	$	—	$	79,950
Class I
Shares		2,749		86		(8,048	)		—		(5,213	)		19,016		20		(7,788	)		—		11,248
Amount	$	29,387	$	903	$	(85,994	)	$	—	$	(55,704	)	$	227,156	$	233	$	(87,641	)	$	—	$	139,748
Class R3
Shares		10		1		(8	)		—		3			26		2		(47	)		—		(19	)
Amount	$	107	$	8	$	(89	)	$	—	$	26		$	310	$	20	$	(561	)	$	—	$	(231	)
Class R4
Shares		154		1		(29	)		—		126			6		2		(41	)		—		(33	)
Amount	$	1,620	$	15	$	(316	)	$	—	$	1,319		$	66	$	24	$	(500	)	$	—	$	(410	)
Class R5
Shares		24		2		(3	)		—		23			7		3		(41	)		—		(31	)
Amount	$	260	$	23	$	(29	)	$	—	$	254		$	88	$	28	$	(501	)	$	—	$	(385	)
Class Y
Shares		19,876		73		(2,330	)		—		17,619			6,398		16		(1,158	)		—		5,256
Amount	$	202,116	$	759	$	(24,759	)	$	—	$	178,116		$	73,225	$	182	$	(13,412	)	$	—	$	59,995
Total
Shares		26,029		283		(19,578	)		—		6,734			50,590		86		(15,854	)		—		34,822
Amount	$	268,018	$	2,965	$	(207,810	)	$	—	$	63,173		$	599,546	$	980	$	(180,038	)	$	—	$	420,488

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and

34

restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

35

The Hartford Global Real Asset Fund

Consolidated Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	11.05	$	0.03		$	(0.31	)	$	(0.28	)	$	(0.09	)	$	–		$	–	$	(0.09	)	$	10.68
C		10.96		(0.05	)		(0.30	)		(0.35	)		(0.03	)		–			–		(0.03	)		10.58
I		11.09		0.06			(0.31	)		(0.25	)		(0.12	)		–			–		(0.12	)		10.72
R3		11.04		–			(0.30	)		(0.30	)		(0.05	)		–			–		(0.05	)		10.69
R4		11.07		0.03			(0.30	)		(0.27	)		(0.09	)		–			–		(0.09	)		10.71
R5		11.10		0.06			(0.31	)		(0.25	)		(0.12	)		–			–		(0.12	)		10.73
Y		11.10		0.04			(0.28	)		(0.24	)		(0.13	)		–			–		(0.13	)		10.73
For the Year Ended October 31, 2011 (E)
A		11.06		0.09			0.03			0.12			(0.06	)		(0.07	)		–		(0.13	)		11.05
C		11.02		0.01			0.05			0.06			(0.05	)		(0.07	)		–		(0.12	)		10.96
I		11.07		0.14			0.02			0.16			(0.07	)		(0.07	)		–		(0.14	)		11.09
R3		11.04		0.06			0.04			0.10			(0.03	)		(0.07	)		–		(0.10	)		11.04
R4		11.06		0.09			0.04			0.13			(0.05	)		(0.07	)		–		(0.12	)		11.07
R5		11.07		0.13			0.04			0.17			(0.07	)		(0.07	)		–		(0.14	)		11.10
Y		11.07		0.12			0.05			0.17			(0.07	)		(0.07	)		–		(0.14	)		11.10
From May 28, 2010 (commencement of operations), through October 31, 2010  (E)
A(F)		10.00		0.01			1.05			1.06			–			–			–		–			11.06
C(F)		10.00		(0.03	)		1.05			1.02			–			–			–		–			11.02
I(F)		10.00		0.01			1.06			1.07			–			–			–		–			11.07
R3(F)		10.00		(0.01	)		1.05			1.04			–			–			–		–			11.04
R4(F)		10.00		–			1.06			1.06			–			–			–		–			11.06
R5(F)		10.00		0.02			1.05			1.07			–			–			–		–			11.07
Y(F)		10.00		0.03			1.04			1.07			–			–			–		–			11.07

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Consolidated Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Commenced operations on May 28, 2010.
(G)	Not annualized.
(H)	Annualized.

36

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	(2.50	)%	$	114,692		1.52	%		1.17	%		0.28	%		167	%
	(3.20	)		52,906		2.23			1.91			(0.46	)		–
	(2.26	)		75,179		1.22			0.91			0.53			–
	(2.75	)		1,964		1.84			1.43			0.01			–
	(2.44	)		3,135		1.56			1.15			0.30			–
	(2.19	)		2,062		1.23			0.90			0.54			–
	(2.14	)		256,693		1.19			0.90			0.38			–
	1.08			155,876		1.55			1.04			0.82			145
	0.46			81,736		2.27			1.76			0.13			–
	1.41			135,558		1.25			0.74			1.22			–
	0.90			2,001		1.87			1.30			0.52			–
	1.15			1,846		1.57			1.00			0.81			–
	1.49			1,871		1.26			0.70			1.10			–
	1.52			70,019		1.16			0.65			1.06			–
	10.60	(G)		26,248		1.62	(H)		0.96	(H)		0.13	(H)		20
	10.20	(G)		8,650		2.38	(H)		1.72	(H)		(0.61	)(H)		–
	10.70	(G)		10,821		1.45	(H)		0.79	(H)		0.33	(H)		–
	10.40	(G)		2,208		2.01	(H)		1.31	(H)		(0.21	)(H)		–
	10.60	(G)		2,211		1.71	(H)		1.01	(H)		0.09	(H)		–
	10.70	(G)		2,214		1.41	(H)		0.71	(H)		0.39	(H)		–
	10.70	(G)		11,643		1.32	(H)		0.66	(H)		0.43	(H)		–

37

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of The Hartford Global Real Asset Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of two years in the period then ended, and the consolidated financial highlights for each of the periods indicated therein. These consolidated financial statements and consolidated financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these consolidated financial statements and consolidated financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and consolidated financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements and consolidated financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall consolidated financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the consolidated financial position of The Hartford Global Real Asset Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its consolidated operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

38

The Hartford Global Real Asset Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Consolidated Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

39

The Hartford Global Real Asset Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

40

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

41

The Hartford Global Real Asset Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 41.82%.

42

The Hartford Global Real Asset Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	995.34	$	6.27	$	1,000.00	$	1,018.85	$	6.34		1.25	%		184		366
Class C	$	1,000.00	$	992.50	$	10.02	$	1,000.00	$	1,015.08	$	10.13		2.00			184		366
Class I	$	1,000.00	$	997.21	$	5.02	$	1,000.00	$	1,020.11	$	5.08		1.00			184		366
Class R3	$	1,000.00	$	994.42	$	7.52	$	1,000.00	$	1,017.60	$	7.61		1.50			184		366
Class R4	$	1,000.00	$	996.28	$	6.02	$	1,000.00	$	1,019.10	$	6.09		1.20			184		366
Class R5	$	1,000.00	$	997.21	$	5.02	$	1,000.00	$	1,020.11	$	5.08		1.00			184		366
Class Y	$	1,000.00	$	997.21	$	4.77	$	1,000.00	$	1,020.36	$	4.82		0.95			184		366

43

The Hartford Global Real Asset Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Global Real Asset Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

44

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted the Fund’s relatively recent launch and that the Fund had underperformed relative to its peer group and benchmark for the 1-year period. HIFSCO noted that it would continue to monitor the Fund’s performance.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

45

The Hartford Global Real Asset Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with The Hartford’s preferred partnership agreement with the Sub-adviser, an additional breakpoint had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

46

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

47

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-GRA12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Global Research Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Global Research Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	13
Statement of Assets and Liabilities at October 31, 2012	15
Statement of Operations for the Year Ended October 31, 2012	16
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	17
Notes to Financial Statements	18
Financial Highlights	32
Report of Independent Registered Public Accounting Firm	34
Directors and Officers (Unaudited)	35
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	37
Quarterly Portfolio Holdings Information (Unaudited)	37
Federal Tax Information (Unaudited)	38
Expense Example (Unaudited)	39
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	40

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Global Research Fund inception 02/29/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 2/29/08 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Global Research A#		9.52	%		0.76	%
Global Research A##		3.50	%		-0.45	%
Global Research B#		8.78	%		0.03	%
Global Research B##		3.78	%		-0.37	%
Global Research C#		8.78	%		0.03	%
Global Research C##		7.78	%		0.03	%
Global Research I#		9.91	%		1.09	%
Global Research R3#		9.38	%		0.51	%
Global Research R4#		9.72	%		0.81	%
Global Research R5#		10.04	%		1.08	%
Global Research Y#		10.12	%		1.13	%
MSCI All Country World Index		9.17	%		0.33	%

# Without sales charge

## With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Global Research Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Cheryl M. Duckworth, CFA	Mark D. Mandel, CFA*
Senior Vice President and Associate Director of Global Industry Research	Director and Director of Global Industry Research
* Mr. Mandel supervises a team of global industry analysts that manage the Fund. Mr. Mandel is not involved in day-to-day management of the Fund.

How did the Fund perform?

The Class A shares of The Hartford Global Research Fund returned 9.52%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the MSCI All Country World Index, which returned 9.17% for the same period. The Fund also outperformed the 7.56% return of the average fund in the Lipper Global Multi-Cap Growth peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Nine out of ten sectors in the MSCI All Country World Index rose during the period. The Healthcare (+20%), Consumer Staples (+15%), and Financials (+13%) sectors rose the most while returns in Materials (-3%), Energy (+1%), and Utilities (+3%) lagged on a relative basis.

The Fund’s outperformance versus the benchmark was driven by security selection, which was positive in eight of ten sectors. Stock selection was strongest in the Financials, Information Technology, and Industrials sectors, while selection in Consumer Staples detracted the most from relative performance. Sector allocation detracted modestly from relative performance due in part to residual cash in a rising environment.

Top contributors to benchmark relative performance during the period included Amylin Pharmaceuticals (Health Care), Regeneron Pharmaceuticals (Health Care), and Phillips 66 (Energy). Shares of Amylin, a U.S.-based biopharmaceutical company, soared on news that the firm accepted a takeover bid by Bristol-Myers. Shares of Regeneron Pharmaceuticals, a U.S.-based biopharmaceutical company, rose on positive news regarding the firm's drug Eylea, including approval in the European Union and Japan and the U.S. Food and Drug Administration’s approval of a new eye disease indication for the drug. Shares of Phillips 66, a U.S.-based company engaged in producing natural gas liquids and petrochemicals, rose as investors favored the company for its strong free cash flow and attractive dividend. In addition, Brent crude continued to trade at a significant premium to West Texas crude. Phillips 66's access to the cheaper crude arguably provides the company with a competitive advantage, sending the stock higher. Apple (Information Technology) and Comcast (Media) were also among the top contributors to absolute performance (i.e. total return).

The largest detractors from relative and absolute returns were Green Mountain Coffee Roasters (Consumer Staples), Aquarius Platinum (Materials), and Peugeot (Consumer Discretionary). Shares of Green Mountain Coffee Roasters, the leading provider of single-cup brewers and portion packs for coffee and other beverages, underperformed as investors feared that increasing competition, reduced pricing power, and increased promotional activity may hinder the company's long-term earnings power. Shares of Aquarius Platinum, an Australia-based platinum mining company with assets in South Africa and Zimbabwe, fell after the company reported a challenging quarter due to lower production volume and increased costs. Additionally, European demand for platinum-based autocatalytic converters, which are used in diesel vehicles, is at risk given the macro uncertainty of the region. Shares of Peugeot, a France-based manufacturer of passenger cars, light commercial vehicles, motorcycles, bicycles and related spare parts, fell due to concerns regarding its exposure to the European Union.

3

The Hartford Global Research Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

Notwithstanding volatility from quarter to quarter, we expect global economic growth to continue, but at a slow rate and with varying degrees by region. While we are encouraged by new developments in Europe and the region appears to be incrementally more stable compared to its recent past, we believe that the risks are not contained at this time given the significant fiscal and economic challenges that remain. Among regions, we believe that the U.S. economy appears more favorably positioned in a global context. We also recognize that the U.S. is not immune to growth setbacks and will have to address its fiscal imbalances in the coming years. Within emerging markets, we continue to see mixed stages of economic recovery and development.

The Fund ended the period most overweight in the Consumer Discretionary, Healthcare, and Consumer Staples sectors and most underweight in the Industrials, Telecommunication Services, and Financials sectors relative to the MSCI All Country World Index. The Fund’s largest absolute sector weights were in Financials, Information Technology, and Energy at the end of the period.

Diversification by Country

as of October 31, 2012

	Percentage of
Country	Net Assets
Australia		1.9	%
Belgium		1.3
Brazil		1.5
Canada		3.7
China		0.8
Denmark		0.3
Finland		0.0
France		3.1
Germany		2.1
Hong Kong		2.4
India		0.7
Indonesia		0.1
Ireland		0.9
Israel		0.7
Italy		0.2
Japan		5.2
Luxembourg		0.2
Malaysia		0.5
Marshall Islands		0.1
Mexico		0.5
Netherlands		1.4
Norway		1.3
Papua New Guinea		0.1
Philippines		0.2
Poland		0.0
Portugal		0.3
Russia		0.2
Singapore		0.3
South Africa		0.6
South Korea		0.8
Spain		0.8
Sweden		0.4
Switzerland		2.8
Taiwan		0.5
Thailand		0.1
Turkey		0.3
United Kingdom		7.3
United States		54.5
Other Assets and Liabilities		1.9
Total		100.0	%

4

The Hartford Global Research Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.7%
		Automobiles and Components - 1.6%
	4	Daimler AG	$	182
	88	Dongfeng Motor Group Co., Ltd.		109
	14	Ford Motor Co. w/ rights		154
	3	Keihin Corp.		38
	—	Michelin (C.G.D.E.) Class B		25
	22	Nissan Motor Co., Ltd.		181
	16	Peugeot S.A.		101
	3	Renault S.A.		148
	5	Stanley Electric Co., Ltd.		66
	5	Tokai Rika Co., Ltd.		62
	1	Tokai Rubber Industries Ltd.		12
	2	Toyoda Gosei Co., Ltd.		41
	1	Toyota Boshoku Corp.		12
	6	Toyota Motor Corp.		234
				1,365
		Banks - 6.8%
	48	Banco Santander Brasil S.A.		328
	5	Bancorpsouth, Inc.		74
	5	BankNordik P/F		50
	—	Banque Cantonale Vaudoise		200
	5	BB&T Corp.		142
	7	BNP Paribas		353
	5	Canadian Imperial Bank of Commerce		366
	220	China Construction Bank		165
	1	Citizens & Northern Corp.		22
	3	Citizens Republic Bancorp, Inc. ●		60
	6	DGB Financial Group, Inc.		77
	25	DNB ASA		309
	1	Gronlandsbanken		85
	6	Grupo Financiero Santander Mexico S.A.B. de C.V. ●		82
	7	Hana Financial Holdings		202
	5	Home Capital Group, Inc.		244
	26	HSBC Holdings plc		259
	10	Itau Unibanco Banco Multiplo S.A. ADR		139
	34	Karnataka Bank Ltd.		86
	124	Mitsubishi UFJ Financial Group, Inc.		563
	5	National Bank of Canada		352
	22	Oversea-Chinese Banking Corp., Ltd.		162
	3	PNC Financial Services Group, Inc.		197
	16	Regions Financial Corp.		106
	17	Spar Nord Bank A/S ●		73
	30	Standard Chartered plc		700
	128	Turkiye Sinai Kalkinma Bankasi A.S.		147
	5	Wells Fargo & Co.		152
				5,695
		Capital Goods - 5.6%
	6	AMETEK, Inc.		230
	8	BAE Systems plc		39
	9	Beijing Enterprises Holdings Ltd.		60
	2	Brenntag AG		199
	1	Carlisle Cos., Inc.		28
	4	Colfax Corp. ●		146
	5	Danaher Corp.		238
	1	Dover Corp.		31
	3	Eaton Corp.		132
	4	Empresas ICA, S.A.B. de C.V. ●		9
	1	European Aeronautic Defence & Space Co. N.V.		34
	23	General Electric Co.		482
	5	Honeywell International, Inc.		297
	2	IDEX Corp.		103
	5	Illinois Tool Works, Inc.		293
	2	Ingersoll-Rand plc		112
	4	Itochu Corp.		37
	2	Joy Global, Inc.		108
	2	Komatsu Ltd.		37
	2	Lockheed Martin Corp.		199
	9	Luxfer Holdings plc ●		102
	3	Mitsubishi Corp.		50
	1	Moog, Inc. Class A ●		52
	1	Northrop Grumman Corp.		59
	—	Precision Castparts Corp.		76
	3	Raytheon Co.		170
	8	Rexel S.A.		154
	14	Rolls-Royce Holdings plc		198
	3	Safran S.A.		133
	1	Siemens AG		97
	5	Skf Ab Class B		103
	—	SMC Corp. of America		16
	1	Triumph Group, Inc.		35
	5	United Technologies Corp.		392
	1	Vallourec S.A.		51
	3	Vinci S.A.		129
	2	WESCO International, Inc. ●		100
				4,731
		Commercial and Professional Services - 0.4%
	2	Brambles Ltd.		13
	2	Huron Consulting Group, Inc. ●		61
	4	Pentair Ltd.		190
	13	Transfield Services Ltd.		22
	1	Waste Connections, Inc.		43
				329
		Consumer Durables and Apparel - 0.9%
	2	Adidas AG		131
	3	Brunello Cucinelli S.p.A. ●		48
	74	Daphne International Holdings Ltd.		89
	2	LVMH Moet Hennessy Louis Vuitton S.A.		246
	1	Salvatore Ferragamo Italia S.p.A.		25
	76	Samsonite International S.A.		158
	14	Stella International Holdings Ltd.		37
				734
		Consumer Services - 0.7%
	2	Carnival Corp.		74
	3	Compass Group plc		34
	2	Ctrip.com International Ltd. ADR ●		44
	5	Dunkin' Brands Group, Inc.		143
	—	Marriott International, Inc. Class A		13
	30	Sands China Ltd. §		113
	—	Wyndham Worldwide Corp.		18
	3	Yum! Brands, Inc.		187
				626
		Diversified Financials - 5.4%
	18	Aberdeen Asset Management plc		95
	5	Ameriprise Financial, Inc.		264
	1	BlackRock, Inc.		112
	23	Citigroup, Inc.		873
	37	Direct Line Insurance Group plc ●		117

The accompanying notes are an integral part of these financial statements.

5

The Hartford Global Research Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.7% - (continued)
		Diversified Financials - 5.4% - (continued)
	15	EFG International AG ●	$	138
	15	GAM Holding Ltd.		203
	1	Goldman Sachs Group, Inc.		154
	3	IBJ Leasing Co., Ltd.		73
	5	ICAP plc		26
	19	ING Groep N.V. ●		167
	5	Invesco Ltd.		110
	15	Investec plc		87
	15	JP Morgan Chase & Co.		615
	10	Julius Baer Group Ltd.		352
	1	LPL Financial Holdings, Inc.		41
	9	Macquarie Group Ltd.		282
	2	Matsui Securities Co., Ltd.		14
	1	Nasdaq OMX Group, Inc.		18
	2	NYSE Euronext		44
	10	SEI Investments Co.		221
	31	UBS AG		467
	1	Warsaw Stock Exchange		16
				4,489
		Energy - 11.4%
	8	Aban Offshore Ltd.		64
	8	Alpha Natural Resources, Inc. ●		69
	7	Anadarko Petroleum Corp.		451
	—	Apache Corp.		22
	2	Baker Hughes, Inc.		65
	45	Beach Energy Ltd.		65
	41	BG Group plc		754
	2	BioFuel Energy Corp. ●		10
	47	BP plc		336
	1	BP plc ADR		56
	12	Buru Energy Ltd. ●		34
	16	Cairn Energy plc		71
	1	Cameron International Corp. ●		62
	2	Canadian Natural Resources Ltd. ADR		65
	6	Chesapeake Energy Corp.		124
	5	Chevron Corp.		566
	55	CNOOC Ltd.		114
	10	Cobalt International Energy, Inc. ●		214
	3	ConocoPhillips Holding Co.		172
	4	Consol Energy, Inc.		145
	3	Denbury Resources, Inc. ●		46
	3	Diamondback Energy, Inc. ●		49
	1	Dril-Quip, Inc. ●		83
	4	EnCana Corp. ADR		82
	3	Ensco plc		193
	1	EOG Resources, Inc.		136
	2	Exxon Mobil Corp.		163
	4	Galp Energia SGPS S.A.		70
	2	Genel Energy plc ●		23
	17	Green Plains Renewable Energy, Inc. ●		130
	—	GS Holdings Corp.		25
	6	HRT Participacoes em Petroleo S.A. ●		17
	2	Husky Energy, Inc.		58
	10	Imperial Oil Ltd.		422
	19	JX Holdings, Inc.		100
	34	Karoon Gas Australia Ltd. ●		198
	3	Kinder Morgan, Inc.		115
	66	Kunlun Energy Co., Ltd.		122
	2	Marathon Petroleum Corp.		103
	—	Murphy Oil Corp.		24
	1	National Oilwell Varco, Inc.		89
	61	New Standard Energy Ltd. ●		20
	2	Occidental Petroleum Corp.		150
	6	Ocean Rig UDW, Inc. ●		102
	14	Oil Search Ltd.		105
	3	Painted Pony Petroleum Ltd. ●		31
	17	Patterson-UTI Energy, Inc.		271
	6	Peabody Energy Corp.		176
	11	Petroleo Brasileiro S.A. ADR		229
	4	Petroleum Geo-Services ASA		73
	2	Petrominerales Ltd.		19
	9	Phillips 66		421
	1	Pioneer Natural Resources Co.		158
	7	Reliance Industries Ltd.		103
	3	Reliance Industries Ltd. GDR ■		84
	22	Repsol S.A.		442
	4	Sasol Ltd. ADR		170
	1	Schlumberger Ltd.		85
	1	Southwestern Energy Co. ●		51
	6	Statoil ASA		151
	3	Suncor Energy, Inc.		107
	9	Superior Energy Services, Inc. ●		176
	1	Tesoro Corp.		53
	12	Tonengeneral Sekiyu KK		109
	7	Trican Well Service Ltd.		79
	3	Tupras-Turkiye Petrol Rafinerileri A.S.		63
	1	Valero Energy Corp.		41
	39	Vantage Drilling Co. ●		72
	70	Whitehaven Coal Ltd.		220
	1	Whiting Petroleum Corp. ●		54
				9,522
		Food and Staples Retailing - 2.3%
	1	Carrefour S.A.		34
	3	Costco Wholesale Corp.		248
	10	CVS Caremark Corp.		464
	3	Massmart Holdings Ltd.		54
	7	Seven & I Holdings Co., Ltd.		222
	7	Tesco plc		37
	5	Walgreen Co.		174
	5	Wal-Mart Stores, Inc.		361
	10	Woolworths Ltd.		309
				1,903
		Food, Beverage and Tobacco - 8.7%
	27	Altria Group, Inc.		855
	8	Anheuser-Busch InBev N.V.		650
	23	Bajaj Hindusthan Ltd.		12
	16	Balrampur Chini Mills Ltd. ●		21
	4	British American Tobacco plc		216
	7	Britvic plc		42
	23	Cott Corp. ●		179
	6	Diamond Foods, Inc.		111
	1	General Mills, Inc.		24
	2	GLG Life Technology Corp. ⌂●†		—
	9	Green Mountain Coffee Roasters, Inc. ●		207
	12	Groupe Danone		729
	19	Grupo Modelo S.A.B. de C.V.		167
	2	Imperial Tobacco Group plc		71
	20	ITC Ltd.		104

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.7% - (continued)
		Food, Beverage and Tobacco - 8.7% - (continued)
	3	Japan Tobacco, Inc.	$	96
	5	Kraft Foods Group, Inc. ●		218
	7	Lorillard, Inc.		856
	14	Mondelez International, Inc.		373
	7	Nestle S.A.		452
	3	Omega Protein Corp. ●		22
	7	PepsiCo, Inc.		457
	9	Philip Morris International, Inc.		834
	9	Pilgrim's Pride Corp. ●		51
	3	Salmar ASA		19
	11	Smithfield Foods, Inc. ●		220
	8	Unilever N.V.		303
				7,289
		Health Care Equipment and Services - 3.0%
	2	Aetna, Inc.		94
	16	Boston Scientific Corp. ●		80
	3	Cardinal Health, Inc.		136
	—	Catamaran Corp. ●		9
	2	CIGNA Corp.		84
	5	Covidien plc		289
	1	HCA Holdings, Inc.		42
	1	Hologic, Inc. ●		27
	28	IHH Healthcare Berhad ●		30
	—	M3, Inc.		131
	5	McKesson Corp.		452
	5	Medtronic, Inc.		205
	3	NMC Health plc ●		8
	3	Qualicorp S.A. ●		31
	9	Smith & Nephew plc		99
	7	St. Jude Medical, Inc.		263
	—	Stryker Corp.		21
	8	UnitedHealth Group, Inc.		431
	2	Vanguard Health Systems, Inc. ●		23
	1	Zimmer Holdings, Inc.		32
				2,487
		Insurance - 3.4%
	2	Aflac, Inc.		120
	8	Ageas		201
	4	American International Group, Inc. ●		154
	3	Aon plc		151
	10	AXA S.A.		155
	3	Berkshire Hathaway, Inc. Class B ●		272
	12	Brasil Insurance Participacoes e Administracao S.A.		102
	7	Delta Lloyd N.V.		122
	24	Discovery Holdings Ltd.		156
	12	FBD Holdings		147
	3	Marsh & McLennan Cos., Inc.		95
	5	National Financial Partners Corp. ●		83
	8	Progressive Corp.		167
	35	Storebrand ASA		175
	4	Swiss Re Ltd.		293
	4	Unum Group		81
	14	XL Group plc		356
				2,830
		Materials - 7.5%
	3	Air Products & Chemicals, Inc.		211
	3	Akzo Nobel N.V.		165
	—	Albemarle Corp.		18
	7	Allied Nevada Gold Corp. ●		253
	3	Anglo American plc		80
	3	Antofagasta plc		61
	144	Aquarius Platinum Ltd.		87
	4	Asahi Kasei Corp.		21
	3	AuRico Gold, Inc. ●		23
	4	Ball Corp.		191
	7	Banro Corp. ●		32
	2	Barrick Gold Corp.		71
	3	BASF SE		217
	6	BHP Billiton plc		185
	1	Cabot Corp.		37
	2	Celanese Corp.		90
	—	CF Industries Holdings, Inc.		69
	10	China Metal Recycling Holdings Ltd.		10
	63	China Shanshui Cement Group		47
	2	Crown Holdings, Inc. ●		68
	1	Detour Gold Corp. ●		32
	6	Dow Chemical Co.		181
	—	Eastman Chemical Co.		23
	7	EcoSynthetix, Inc. ●		21
	5	Fertilizantes Heringer S.A. ●		26
	5	First Quantum Minerals Ltd.		108
	2	Freeport-McMoRan Copper & Gold, Inc.		62
	3	Goldcorp, Inc.		152
	10	Graphic Packaging Holding Co. ●		61
	2	HeidelbergCement AG		83
	1	Holcim Ltd.		56
	719	Huabao International Holdings Ltd.		358
	3	International Paper Co.		97
	2	JSR Corp.		32
	2	LyondellBasell Industries Class A		116
	—	Martin Marietta Materials, Inc.		33
	2	MeadWestvaco Corp.		46
	7	Methanex Corp.		197
	3	Methanex Corp. ADR		84
	5	Mitsubishi Chemical Holdings		20
	109	Mongolian Mining Corp. ●		53
	10	Mosaic Co.		531
	3	New Gold, Inc. ●		35
	14	Nine Dragons Paper Holdings		10
	5	Owens-Illinois, Inc. ●		99
	3	Phosagro OAO GDR §		45
	38	PTT Chemical Public Co., Ltd. ●		76
	5	Rexam plc		37
	10	Rio Tinto plc		483
	28	Rubicon Minerals Corp. ●		101
	3	Shin-Etsu Chemical Co., Ltd.		164
	143	Sino Forest Corp. Class A ⌂●†		—
	15	Smurfit Kappa Group plc		162
	12	ThyssenKrupp AG		265
	2	Tikkurila Oyj		30
	72	Torex Gold Resources, Inc. ●		149
	8	Ube Industries Ltd.		18
	6	Universal Stainless & Alloy Products, Inc. ●		203
	1	Uralkali GDR §		34
	—	Westlake Chemical Corp.		30
	8	Yule Catto & Co. plc		19
				6,268

The accompanying notes are an integral part of these financial statements.

7

The Hartford Global Research Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
COMMON STOCKS - 97.7% - (continued)
			Media - 3.1%
	1		AMC Networks, Inc. Class A ●	$	31
	1		CBS Corp. Class B		29
	1		Charter Communications, Inc. ●		82
	9		Comcast Corp. Class A		356
	5		Comcast Corp. Special Class A		194
	3		DreamWorks Animation SKG, Inc. ●		57
	—		Fuji Media Holdings, Inc.		44
	3		Liberty Global, Inc. ●		209
	3		Omnicom Group, Inc.		122
	8		Reed Elsevier Capital, Inc.		80
	2		SES Global S.A.		56
	55		Sirius XM Radio, Inc. w/ Rights ●		153
	—		Time Warner Cable, Inc.		29
	7		Time Warner, Inc.		326
	3		Viacom, Inc. Class B		130
	6		Virgin Media, Inc.		199
	9		Walt Disney Co.		465
					2,562
			Pharmaceuticals, Biotechnology and Life Sciences - 7.1%
	1		Acorda Therapeutics, Inc. ●		22
	1		Actelion Ltd.		27
	1		Agilent Technologies, Inc.		31
	2		Algeta ASA ●		44
	—		Alk-Abello A/S		17
	11		Alkermes plc ●		203
	3		Almirall S.A		23
	9		Arena Pharmaceuticals, Inc. ●		70
	3		Astellas Pharma, Inc.		131
	3		AstraZeneca plc		124
	3		AstraZeneca plc ADR		123
	1		Auxilium Pharmaceuticals, Inc. ●		29
	1		Biogen Idec, Inc. ●		75
	10		Bristol-Myers Squibb Co.		323
	2		Cadence Pharmaceuticals, Inc. ●		5
	1		Covance, Inc. ●		36
	1		Cubist Pharmaceuticals, Inc. ●		37
	14		Daiichi Sankyo Co., Ltd.		218
	6		Eisai Co., Ltd.		256
	25		Elan Corp. plc ADR ●		272
	9		Eli Lilly & Co.		436
	11		Exelixis, Inc. ●		54
	8		Forest Laboratories, Inc. ●		279
	3		Gilead Sciences, Inc. ●		191
	1		H. Lundbeck A/S		25
	2		Immunogen, Inc. ●		18
	2		Incyte Corp. ●		25
	4		Ironwood Pharmaceuticals, Inc. ●		51
	2		Johnson & Johnson		143
	2		Medicines Co. ●		54
	11		Merck & Co., Inc.		493
	2		Mylan, Inc. ●		43
	1		NPS Pharmaceuticals, Inc. ●		13
	1		Ono Pharmaceutical Co., Ltd.		54
	1		Onyx Pharmaceuticals, Inc. ●		69
	4		Pfizer, Inc.		94
	2		Regeneron Pharmaceuticals, Inc. ●		318
	4		Rigel Pharmaceuticals, Inc. ●		38
	1		Roche Holding AG		118
	2		Salix Pharmaceuticals Ltd. ●		63
	2		Seattle Genetics, Inc. ●		38
	16		Shionogi & Co., Ltd.		261
	—		Targacept, Inc. ●		1
	14		Teva Pharmaceutical Industries Ltd. ADR		566
	—		Thermo Fisher Scientific, Inc.		24
	5		UCB S.A.		279
	1		Vertex Pharmaceuticals, Inc. ●		55
	1		Watson Pharmaceuticals, Inc. ●		52
	2		Xenoport, Inc. ●		12
					5,933
			Real Estate - 3.4%
	—		Acadia Realty Trust REIT		12
	1		Aliansce Shopping Centers S.A.		9
	3		American Assets Trust, Inc. REIT		92
	—		American Campus Communities, Inc. REIT		16
	2		American Tower Corp. REIT		125
	9		Ascendas REIT		17
	20		Asian Property Development Public Co., Ltd.		6
	—		AvalonBay Communities, Inc. REIT		33
	35		Ayala Land, Inc.		20
	—		Boardwalk REIT		20
	—		Boston Properties, Inc. REIT		37
	8		BR Malls Participacoes S.A.		109
	4		BR Properties S.A.		55
	2		British Land Co. plc REIT		17
	—		Camden Property Trust REIT		13
	10		Capitacommercial Trust REIT		13
	10	��	Capitamall Trust REIT		17
	1		Castellum Ab		11
	75		China Overseas Grand Oceans Group Ltd.		78
	—		Colony Financial, Inc. REIT		4
	1		Coresite Realty Corp. REIT		15
	1		Daito Trust Construction Co., Ltd.		129
	1		DDR Corp. REIT		15
	1		Derwent London plc REIT		26
	1		Douglas Emmett, Inc. REIT		17
	—		EastGroup Properties, Inc. REIT		12
	—		Education Realty Trust, Inc. REIT		4
	—		Equity Lifestyle Properties, Inc. REIT		16
	—		Essex Property Trust, Inc. REIT		16
	9		Forest City Enterprises, Inc. Class A ●		140
	33		Fortune REIT		26
	1		Glimcher Realty Trust REIT		11
	1		GSW Immobilien AG		32
	15		Hammerson plc REIT		118
	1		HCP, Inc. REIT		23
	1		Health Care, Inc. REIT		43
	1		Host Hotels & Resorts, Inc. REIT		15
	—		Icade REIT		8
	—		Industrial & Infrastructure Fund Investment Corp. REIT		15
	—		Japan Logistics Fund REIT		9
	—		Kilroy Realty Corp. REIT		19
	11		L.P.N. Development Public Co., Ltd.		6
	35		Link (The) REIT		172
	4		Mitsubishi Estate Co., Ltd.		82
	2		Mitsui Fudosan Co., Ltd.		32
	7		New World Development Co., Ltd.		11

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.7% - (continued)
		Real Estate - 3.4% - (continued)
	—	Post Properties, Inc. REIT	$	14
	—	PS Business Parks, Inc. REIT		13
	—	PSP Swiss Property AG		16
	—	Public Storage REIT		43
	3	Rayonier, Inc. REIT		153
	1	RioCan REIT		22
	225	Robinsons Land Corp.		104
	2	Shaftesbury plc REIT		15
	2	Simon Property Group, Inc. REIT		275
	10	Sino Land Co., Ltd.		18
	1	Stag Industrial, Inc. REIT		10
	4	Sun Hung Kai Properties Ltd.		49
	1	Sunstone Hotel Investors, Inc. REIT ●		7
	8	Supalai Public Co., Ltd.		5
	—	Swiss Prime Site AG		11
	—	Taubman Centers, Inc. REIT		35
	—	Unibail-Rodamco SE REIT		48
	3	Unite Group plc		12
	18	Westfield Group REIT		199
	15	Westfield Retail Trust REIT		49
				2,814
		Retailing - 4.5%
	3	Amazon.com, Inc. ●		810
	—	AutoZone, Inc. ●		146
	6	CDON Group Ab ●		35
	1	Dollar General Corp. ●		69
	3	Family Dollar Stores, Inc.		179
	2	Gap, Inc.		73
	5	Hennes & Mauritz Ab		173
	6	Home Depot, Inc.		338
	2	Industria de Diseno Textil S.A.		213
	97	Intime Department Store		114
	13	Liberty Media - Interactive A ●		265
	11	Lowe's Co., Inc.		345
	19	Marks & Spencer Group plc		119
	11	Myer Holdings Ltd.		23
	1	Priceline.com, Inc. ●		363
	24	Rakuten, Inc.		211
	1	Ryohin Keikaku Co., Ltd.		75
	3	Target Corp.		218
	1	Urban Outfitters, Inc. ●		43
				3,812
		Semiconductors and Semiconductor Equipment - 1.6%
	10	ASM Pacific Technology Ltd.		107
	2	ASML Holding N.V.		88
	1	ASML Holding N.V. ADR		65
	1	Cavium, Inc. ●		37
	3	Cirrus Logic, Inc. ●		114
	4	Cypress Semiconductor Corp.		37
	5	Fairchild Semiconductor International, Inc. ●		59
	1	International Rectifier Corp. ●		14
	1	Lam Research Corp. ●		25
	1	Linear Technology Corp.		37
	2	Maxim Integrated Products, Inc.		68
	1	Microchip Technology, Inc.		38
	3	NXP Semiconductors N.V. ●		73
	6	ON Semiconductor Corp. ●		39
	—	Samsung Electronics Co., Ltd.		295
	88	Taiwan Semiconductor Manufacturing Co., Ltd.		269
				1,365
		Software and Services - 6.7%
	7	Accenture plc		451
	4	Activision Blizzard, Inc.		42
	1	Alliance Data Systems Corp. ●		131
	7	Automatic Data Processing, Inc.		420
	11	Cadence Design Systems, Inc. ●		138
	2	Citrix Systems, Inc. ●		134
	1	Cognizant Technology Solutions Corp. ●		67
	7	Dropbox, Inc. ⌂●†		71
	9	eBay, Inc. ●		445
	1	Equinix, Inc. ●		261
	1	Exlservice Holdings, Inc. ●		32
	3	Facebook, Inc. ●		57
	5	Fortinet, Inc. ●		91
	6	Genpact Ltd.		106
	1	Google, Inc. ●		413
	4	hiSoft Technology International Ltd. ADR ●		41
	1	IBM Corp.		213
	3	Intuit, Inc.		156
	4	Kakaku.com, Inc.		135
	3	Microsoft Corp.		73
	1	MicroStrategy, Inc. ●		68
	2	NetSuite, Inc. ●		123
	13	Oracle Corp.		396
	1	QLIK Technologies, Inc. ●		27
	2	Red Hat, Inc. ●		95
	1	Salesforce.com, Inc. ●		185
	5	Sapient Corp. ●		51
	2	Splunk, Inc. ●		59
	4	Tencent Holdings Ltd.		128
	2	Teradata Corp. ●		108
	4	Tibco Software, Inc. ●		91
	4	Vantiv, Inc. ●		73
	6	VeriFone Systems, Inc. ●		163
	4	VeriSign, Inc. ●		131
	3	Visa, Inc.		371
	6	Western Union Co.		75
	1	Workday, Inc. Class A ●		28
				5,649
		Technology Hardware and Equipment - 3.8%
	31	AAC Technologies Holdings, Inc.		110
	18	Advantech Co., Ltd.		61
	3	Anritsu Corp.		31
	2	Apple, Inc.		1,171
	3	Aruba Networks, Inc. ●		56
	1	Avnet, Inc. ●		41
	3	Ciena Corp. ●		40
	20	Cisco Systems, Inc.		345
	9	Delta Electronics, Inc.		31
	10	EMC Corp. ●		242
	2	Fusion-io, Inc. ●		56
	14	Hitachi Ltd.		74
	12	Juniper Networks, Inc. ●		192
	2	National Instruments Corp.		45
	—	Palo Alto Networks, Inc. ●		6
	9	Qualcomm, Inc.		538

The accompanying notes are an integral part of these financial statements.

9

The Hartford Global Research Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 97.7% - (continued)
		Technology Hardware and Equipment - 3.8% - (continued)
	1	Rogers Corp. ●	$	26
	51	WPG Holdings Co., Ltd.		62
	28	ZTE Corp.		39
				3,166
		Telecommunication Services - 3.2%
	5	America Movil S.A.B. de C.V. ADR		130
	59	Axiata Group Berhad		127
	25	Bharti Televentures		126
	46	China Telecom Corp., Ltd.		27
	67	China Unicom Ltd.		107
	5	Cincinnati Bell, Inc. ●		28
	2	Crown Castle International Corp. ●		149
	15	Frontier Communications Co.		70
	27	Leap Wireless International, Inc. ●		146
	1	Millicom International Cellular SDR		94
	5	Mobile Telesystems OJSC ADR		80
	5	MTN Group Ltd.		94
	3	NII Holdings, Inc. Class B ●		28
	1	P.T. Telekomunikasi Indonesia ADR		50
	1	Philippine Long Distance Telephone Co. ADR		55
	42	Portugal Telecom SGPS S.A.		209
	3	SBA Communications Corp. ●		227
	4	SK Telecom Co., Ltd. ADR		63
	37	Sprint Nextel Corp. ●		207
	15	Telenor ASA		297
	11	Turkcell Iletisim Hizmetleri A.S. ●		70
	4	TW Telecom, Inc. ●		103
	3	VimpelCom Ltd. ADR		37
	46	Vodafone Group plc		125
				2,649
		Transportation - 2.6%
	267	AirAsia Berhad		264
	1	C.H. Robinson Worldwide, Inc.		50
	6	Celadon Group, Inc.		104
	10	Covenant Transport ●		45
	9	Delta Air Lines, Inc. ●		85
	—	Expeditors International of Washington, Inc.		15
	2	FedEx Corp.		207
	1	Genesee & Wyoming, Inc. Class A ●		103
	9	GOL Linhas Aereas Inteligentes S.A. ADR ●		47
	18	Hutchinson Port Holdings Trust		14
	3	J.B. Hunt Transport Services, Inc.		202
	2	Kansas City Southern		178
	2	Landstar System, Inc.		117
	6	Localiza Rent a Car S.A.		112
	1	Santos Brasil Participacoes S.A.		19
	2	Spirit Airlines, Inc. ●		35
	15	Swift Transportation Co. ●		142
	15	Transurban Group		92
	19	US Airways Group, Inc. ●		236
	8	Vitran Corp., Inc. ●		39
	3	XPO Logistics, Inc. ●		46
	45	Zhejiang Expressway Co., Ltd.		33
				2,185
		Utilities - 4.0%
	3	American Electric Power Co., Inc.		116
	6	Calpine Corp. ●		106
	4	Cheung Kong Infrastructure		20
	12	Chubu Electric Power Co., Inc.		123
	1	Cia de Saneamento Basico do Estado de Sao Paulo		21
	5	Duke Energy Corp.		324
	8	E.On AG		182
	2	Edison International		80
	1	Electricite de France S.A.		24
	17	Enel S.p.A.		63
	11	ENN Energy Holdings Ltd.		46
	8	Gaz de France		186
	92	Guangdong Investment Ltd.		75
	43	National Grid plc		485
	8	NextEra Energy, Inc.		542
	3	Northeast Utilities		118
	1	OGE Energy Corp.		40
	12	Osaka Gas Co., Ltd.		48
	5	PG&E Corp.		215
	1	Pinnacle West Capital Corp.		66
	3	RWE AG		149
	3	Severn Trent plc		77
	9	Snam S.p.A.		40
	3	Suez Environment S.A.		33
	10	Tokyo Gas Co., Ltd.		52
	1	Tractebel Energia S.A.		24
	3	Xcel Energy, Inc.		93
				3,348
		Total common stocks
		(cost $77,361)	$	81,751
PREFERRED STOCKS - 0.3%
		Automobiles and Components - 0.2%
	1	Volkswagen AG N.V.	$	185
		Utilities - 0.1%
	2	Cia Paranaense de Energie		31
		Total preferred stocks
		(cost $197)	$	216
EXCHANGE TRADED FUNDS - 0.1%
		Other Investment Pools and Funds - 0.1%
	3	Industrial Select Sector SPDR Fund	$	125
		Total exchange traded funds
		(cost $124)	$	125

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount					Market Value ╪
CORPORATE BONDS - 0.0%
		Petroleum and Coal Products Manufacturing - 0.0%
		Green Plains Renewable Energy, Inc.
$	19	5.75%, 11/01/2015 ۞			$	16
		Total corporate bonds
		(cost $18)			$	16
		Total long-term investments
		(cost $77,700)			$	82,108
		Total investments
		(cost $77,700) ▲	98.1	%	$	82,108
		Other assets and liabilities	1.9	%		1,563
		Total net assets	100.0	%	$	83,671

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $80,592 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	4,673
Unrealized Depreciation		(3,157	)
Net Unrealized Appreciation	$	1,516

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $71, which represents 0.1% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $84, which represents 0.1% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $192, which represents 0.2% of total net assets.

۞ Convertible security.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
05/2012		7	Dropbox, Inc.	$	67
02/2011		2	GLG Life Technology Corp.		27
06/2011		143	Sino Forest Corp. Class A		516

At October 31, 2012, the aggregate value of these securities was $71, which represents 0.1% of total net assets.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Global Research Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
AUD	Buy	11/05/2012	CBK	$	14	$	14	$	–
BRL	Sell	11/01/2012	JPM		10		10		–
CAD	Sell	11/06/2012	CSFB		4		4		–
EUR	Buy	11/01/2012	DEUT		5		5		–
EUR	Buy	11/02/2012	DEUT		41		41		–
EUR	Buy	11/05/2012	GSC		9		9		–
EUR	Sell	11/01/2012	JPM		37		37		–
GBP	Buy	11/02/2012	MSC		6		6		–
GBP	Buy	11/05/2012	RBC		100		100		–
GBP	Sell	11/02/2012	MSC		17		17		–
HKD	Buy	11/02/2012	MSC		2		2		–
HKD	Buy	11/01/2012	SSG		3		3		–
HKD	Sell	11/01/2012	SSG		1		1		–
JPY	Buy	11/02/2012	CBK		3		3		–
JPY	Buy	11/01/2012	SSG		25		25		–
JPY	Buy	11/05/2012	SSG		118		118		–
JPY	Sell	02/01/2013	DEUT		453		443		10
NOK	Buy	11/01/2012	JPM		8		8		–
SEK	Sell	11/01/2012	UBS		42		43		(1	)
SEK	Sell	11/02/2012	UBS		17		17		–
								$	9

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG
Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
NOK	Norwegian Krone
SEK	Swedish Krona
Other Abbreviations:
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt
SPDR	Standard & Poor's Depositary Receipt

The accompanying notes are an integral part of these financial statements.

12

The Hartford Global Research Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Automobiles and Components	$	1,365	$	154	$	1,211	$	–
Banks		5,695		2,587		3,108		–
Capital Goods		4,731		3,394		1,337		–
Commercial and Professional Services		329		294		35		–
Consumer Durables and Apparel		734		–		734		–
Consumer Services		626		479		147		–
Diversified Financials		4,489		2,569		1,920		–
Energy		9,522		6,283		3,239		–
Food and Staples Retailing		1,903		1,247		656		–
Food, Beverage and Tobacco		7,289		4,574		2,715		–
Health Care Equipment and Services		2,487		2,227		260		–
Insurance		2,830		1,728		1,102		–
Materials		6,268		3,548		2,720		–
Media		2,562		2,382		180		–
Pharmaceuticals, Biotechnology and Life Sciences		5,933		4,373		1,560		–
Real Estate		2,814		1,454		1,360		–
Retailing		3,812		2,849		963		–
Semiconductors and Semiconductor Equipment		1,365		606		759		–
Software and Services		5,649		5,315		263		71
Technology Hardware and Equipment		3,166		2,758		408		–
Telecommunication Services		2,649		1,582		1,067		–
Transportation		2,185		1,796		389		–
Utilities		3,348		1,745		1,603		–
Total		81,751		53,944		27,736		71
Corporate Bonds		16		–		16		–
Exchange Traded Funds		125		125		–		–
Preferred Stocks		216		–		216		–
Total	$	82,108	$	54,069	$	27,968	$	71
Foreign Currency Contracts*		10		–		10		–
Total	$	10	$	–	$	10	$	–
Liabilities:
Foreign Currency Contracts*		1		–		1		–
Total	$	1	$	–	$	1	$	–

♦ For the year ended October 31, 2012, investments valued at $492 were transferred from Level 1 to Level 2, and investments valued at $546 were transferred from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).  

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

13

The Hartford Global Research Fund

Investment Valuation Hierarchy Level Summary – (continued)

October 31, 2012

(000’s Omitted)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of October 31, 2012
Assets:
Common Stocks	$	137	$	13	$	(140	)†	$	—	$	76	$	(67	)	$	52	$	—	$	71
Total	$	137	$	13	$	(140	)	$	—	$	76	$	(67	)	$	52	$	—	$	71

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(137).

The accompanying notes are an integral part of these financial statements.

14

The Hartford Global Research Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $77,700)	$	82,108
Foreign currency on deposit with custodian (cost $8)		8
Unrealized appreciation on foreign currency contracts		10
Receivables:
Investment securities sold		2,560
Fund shares sold		90
Dividends and interest		133
Other assets		47
Total assets		84,956
Liabilities:
Unrealized depreciation on foreign currency contracts		1
Bank overdraft		201
Payables:
Investment securities purchased		835
Fund shares redeemed		172
Investment management fees		17
Administrative fees		—
Distribution fees		5
Accrued expenses		54
Total liabilities		1,285
Net assets	$	83,671
Summary of Net Assets:
Capital stock and paid-in-capital	$	93,805
Undistributed net investment income		1,245
Accumulated net realized loss		(15,795	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		4,416
Net assets	$	83,671
Shares authorized		850,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.50/$10.05
Shares outstanding		4,898
Net assets	$	46,551
Class B: Net asset value per share	$	9.32
Shares outstanding		380
Net assets	$	3,542
Class C: Net asset value per share	$	9.32
Shares outstanding		965
Net assets	$	8,994
Class I: Net asset value per share	$	9.54
Shares outstanding		74
Net assets	$	708
Class R3: Net asset value per share	$	9.47
Shares outstanding		39
Net assets	$	371
Class R4: Net asset value per share	$	9.52
Shares outstanding		35
Net assets	$	334
Class R5: Net asset value per share	$	9.54
Shares outstanding		34
Net assets	$	322
Class Y: Net asset value per share	$	9.53
Shares outstanding		2,397
Net assets	$	22,849

The accompanying notes are an integral part of these financial statements.

15

The Hartford Global Research Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	3,051
Interest		5
Less: Foreign tax withheld		(183	)
Total investment income		2,873
Expenses:
Investment management fees		1,093
Administrative services fees		1
Transfer agent fees		249
Distribution fees
Class A		117
Class B		43
Class C		94
Class R3		2
Class R4		1
Custodian fees		81
Accounting services fees		22
Registration and filing fees		96
Board of Directors' fees		4
Audit fees		17
Other expenses		34
Total expenses (before waivers and fees paid indirectly)		1,854
Expense waivers		(198	)
Transfer agent fee waivers		(65	)
Commission recapture		(4	)
Total waivers and fees paid indirectly		(267	)
Total expenses, net		1,587
Net Investment Income		1,286
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		3,082
Net realized gain on futures		41
Net realized loss on foreign currency contracts		(40	)
Net realized gain on other foreign currency transactions		53
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		3,136
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		2,530
Net unrealized depreciation of futures		(18	)
Net unrealized appreciation of foreign currency contracts		—
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		16
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		2,528
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		5,664
Net Increase in Net Assets Resulting from Operations	$	6,950

The accompanying notes are an integral part of these financial statements.

16

The Hartford Global Research Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	1,286		$	751
Net realized gain on investments, other financial instruments and foreign currency transactions		3,136			12,743
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		2,528			(11,913	)
Net Increase In Net Assets Resulting From Operations		6,950			1,581
Distributions to Shareholders:
From net investment income
Class A		(125	)		(248	)
Class B		(1	)		—
Class C		(2	)		—
Class I		(3	)		(5	)
Class R3		—			(1	)
Class R4		(1	)		(2	)
Class R5		(2	)		(3	)
Class Y		(526	)		(505	)
Total from net investment income		(660	)		(764	)
From net realized gain on investments
Class A		(2,778	)		—
Class B		(307	)		—
Class C		(611	)		—
Class I		(31	)		—
Class R3		(18	)		—
Class R4		(18	)		—
Class R5		(17	)		—
Class Y		(4,181	)		—
Total from net realized gain on investments		(7,961	)		—
Total distributions		(8,621	)		(764	)
Capital Share Transactions:
Class A		689			(1,953	)
Class B		(1,620	)		(2,040	)
Class C		(1,208	)		(2,672	)
Class I		157			129
Class R3		64			(11	)
Class R4		25			9
Class R5		20			4
Class Y		(41,107	)		17,998
Net increase (decrease) from capital share transactions		(42,980	)		11,464
Net Increase (Decrease) In Net Assets		(44,651	)		12,281
Net Assets:
Beginning of period		128,322			116,041
End of period	$	83,671		$	128,322
Undistributed (distribution in excess of) net investment income (loss)	$	1,245		$	426

The accompanying notes are an integral part of these financial statements.

17

The Hartford Global Research Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Global Research Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

18

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair

19

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

20

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

21

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk – that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

22

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. As of October 31, 2012, the Fund had no outstanding futures contracts.

c) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	10	$	—	$	—	$	—	$	—	$	10
Total	$	—	$	10	$	—	$	—	$	—	$	—	$	10
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Total	$	—	$	1	$	—	$	—	$	—	$	—	$	1

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

23

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—		$	—	$	41		$	—	$	—	$	41
Net realized loss on foreign currency contracts		—		(40	)		—		—			—		—		(40	)
Total	$	—	$	(40	)	$	—	$	41		$	—	$	—	$	1
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	—	$	—		$	—	$	(18	)	$	—	$	—	$	(18	)
Net change in unrealized appreciation of foreign currency contracts		—		—			—		—			—		—		—
Total	$	—	$	—		$	—	$	(18	)	$	—	$	—	$	(18	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives

24

and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	854	$	764
Long-Term Capital Gains ‡		7,767		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	1,330
Accumulated Capital Losses *		(12,979	)
Unrealized Appreciation †		1,515
Total Accumulated Deficit	$	(10,134	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	193
Accumulated Net Realized Gain (Loss)		(193	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss

25

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2015	$	3,985
2016		4,004
2017		2,256
2018		2,734
Total	$	12,979

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2012, the Fund utilized $3,988 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000%
On next $500 million		0.8750%
On next $4 billion		0.8500%
On next $5 billion		0.8475%
Over $10 billion		0.8450%

26

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018%
On next $5 billion		0.016%
Over $10 billion		0.014%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.45%		2.20%		2.20%		1.20%		1.65%		1.35%		1.05%		1.00%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.45	%
Class B		2.20
Class C		2.20
Class I		1.20
Class R3		1.65
Class R4		1.35
Class R5		1.05
Class Y		1.00

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $72 and contingent deferred sales charges of $6 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan,

27

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $1.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		32		82	%
Class R4		33		94
Class R5		33		97

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	127,313
Sales Proceeds Excluding U.S. Government Obligations		174,917

28

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		903		343		(1,126	)		—		120			930		24		(1,138	)		—		(184	)
Amount	$	8,135	$	2,786	$	(10,232	)	$	—	$	689		$	9,147	$	236	$	(11,336	)	$	—	$	(1,953	)
Class B
Shares		15		32		(223	)		—		(176	)		26		—		(233	)		—		(207	)
Amount	$	130	$	256	$	(2,006	)	$	—	$	(1,620	)	$	260	$	—	$	(2,300	)	$	—	$	(2,040	)
Class C
Shares		51		70		(247	)		—		(126	)		39		—		(314	)		—		(275	)
Amount	$	440	$	556	$	(2,204	)	$	—	$	(1,208	)	$	383	$	—	$	(3,055	)	$	—	$	(2,672	)
Class I
Shares		54		3		(39	)		—		18			74		—		(72	)		—		2
Amount	$	483	$	27	$	(353	)	$	—	$	157		$	761	$	5	$	(637	)	$	—	$	129
Class R3
Shares		6		2		(1	)		—		7			1		—		(2	)		—		(1	)
Amount	$	52	$	18	$	(6	)	$	—	$	64		$	9	$	1	$	(21	)	$	—	$	(11	)
Class R4
Shares		1		2		—			—		3			1		—		—			—		1
Amount	$	6	$	19	$	—		$	—	$	25		$	12	$	2	$	(5	)	$	—	$	9
Class R5
Shares		1		2		—			—		3			—		—		—			—		—
Amount	$	1	$	19	$	—		$	—	$	20		$	1	$	3	$	—		$	—	$	4
Class Y
Shares		3,794		576		(9,202	)		—		(4,832	)		3,750		51		(1,483	)		—		2,318
Amount	$	34,267	$	4,707	$	(80,081	)	$	—	$	(41,107	)	$	33,202	$	505	$	(15,709	)	$	—	$	17,998
Total
Shares		4,825		1,030		(10,838	)		—		(4,983	)		4,821		75		(3,242	)		—		1,654
Amount	$	43,514	$	8,388	$	(94,882	)	$	—	$	(42,980	)	$	43,775	$	752	$	(33,063	)	$	—	$	11,464

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		44	$	402
For the Year Ended October 31, 2011		79	$	786

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

29

The Hartford Global Research Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

30

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

31

The Hartford Global Research Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	9.30	$	0.07		$	0.71		$	0.78		$	(0.02	)	$	(0.56	)	$	–	$	(0.58	)	$	9.50
B		9.17		–			0.71			0.71			–			(0.56	)		–		(0.56	)		9.32
C		9.17		0.01			0.70			0.71			–			(0.56	)		–		(0.56	)		9.32
I		9.33		0.09			0.73			0.82			(0.05	)		(0.56	)		–		(0.61	)		9.54
R3		9.26		0.06			0.71			0.77			–			(0.56	)		–		(0.56	)		9.47
R4		9.31		0.08			0.72			0.80			(0.03	)		(0.56	)		–		(0.59	)		9.52
R5		9.33		0.11			0.72			0.83			(0.06	)		(0.56	)		–		(0.62	)		9.54
Y		9.32		0.13			0.70			0.83			(0.06	)		(0.56	)		–		(0.62	)		9.53
For the Year Ended October 31, 2011 (E)
A		9.56		0.06			(0.27	)		(0.21	)		(0.05	)		–			–		(0.05	)		9.30
B		9.45		(0.02	)		(0.26	)		(0.28	)		–			–			–		–			9.17
C		9.45		(0.02	)		(0.26	)		(0.28	)		–			–			–		–			9.17
I		9.60		0.10			(0.28	)		(0.18	)		(0.09	)		–			–		(0.09	)		9.33
R3		9.53		0.04			(0.27	)		(0.23	)		(0.04	)		–			–		(0.04	)		9.26
R4		9.57		0.07			(0.27	)		(0.20	)		(0.06	)		–			–		(0.06	)		9.31
R5		9.59		0.10			(0.27	)		(0.17	)		(0.09	)		–			–		(0.09	)		9.33
Y		9.58		0.10			(0.26	)		(0.16	)		(0.10	)		–			–		(0.10	)		9.32
For the Year Ended October 31, 2010 (E)
A		8.01		0.04			1.52			1.56			(0.01	)		–			–		(0.01	)		9.56
B		7.97		(0.03	)		1.51			1.48			–			–			–		–			9.45
C		7.97		(0.03	)		1.51			1.48			–			–			–		–			9.45
I		8.02		0.07			1.53			1.60			(0.02	)		–			–		(0.02	)		9.60
R3		8.00		0.02			1.51			1.53			–			–			–		–			9.53
R4		8.01		0.04			1.52			1.56			–			–			–		–			9.57
R5		8.02		0.07			1.51			1.58			(0.01	)		–			–		(0.01	)		9.59
Y		8.01		0.07			1.52			1.59			(0.02	)		–			–		(0.02	)		9.58
For the Year Ended October 31, 2009 (E)
A		6.55		0.03			1.50			1.53			(0.07	)		–			–		(0.07	)		8.01
B		6.51		(0.05	)		1.53			1.48			(0.02	)		–			–		(0.02	)		7.97
C		6.51		(0.06	)		1.54			1.48			(0.02	)		–			–		(0.02	)		7.97
I		6.56		0.07			1.47			1.54			(0.08	)		–			–		(0.08	)		8.02
R3		6.53		0.03			1.48			1.51			(0.04	)		–			–		(0.04	)		8.00
R4		6.54		0.04			1.49			1.53			(0.06	)		–			–		(0.06	)		8.01
R5		6.55		0.07			1.48			1.55			(0.08	)		–			–		(0.08	)		8.02
Y		6.56		0.02			1.52			1.54			(0.09	)		–			–		(0.09	)		8.01
From February 29, 2008 (commencement of operations), through October 31, 2008
A(G)		10.00		0.05			(3.50	)		(3.45	)		–			–			–		–			6.55
B(G)		10.00		–			(3.49	)		(3.49	)		–			–			–		–			6.51
C(G)		10.00		–			(3.49	)		(3.49	)		–			–			–		–			6.51
I(G)		10.00		0.07			(3.51	)		(3.44	)		–			–			–		–			6.56
R3(G)		10.00		0.03			(3.50	)		(3.47	)		–			–			–		–			6.53
R4(G)		10.00		0.04			(3.50	)		(3.46	)		–			–			–		–			6.54
R5(G)		10.00		0.06			(3.51	)		(3.45	)		–			–			–		–			6.55
Y(G)		10.00		0.07			(3.51	)		(3.44	)		–			–			–		–			6.56

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) During the year ended October 31, 2009, The Hartford Global Research Fund incurred $50.9 million in sales associated with the transition of assets from The Hartford Global Communications Fund, The Hartford Global Financial Services Fund and The Hartford Global Technology Fund, which merged into the Fund on August 28, 2009.  These sales are excluded from the portfolio turnover calculation.

(G) Commenced operations on February 29, 2008.

(H) Not annualized.

(I) Annualized.

32

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.52	%	$	46,551		1.78	%		1.45	%		0.82	%		107	%
	8.78			3,542		2.69			2.20			0.05			–
	8.78			8,994		2.47			2.20			0.06			–
	9.91			708		1.35			1.20			1.03			–
	9.38			371		1.86			1.65			0.63			–
	9.72			334		1.55			1.35			0.91			–
	10.04			322		1.24			1.05			1.21			–
	10.12			22,849		1.10			1.00			1.48			–
	(2.22	)		44,414		1.74			1.45			0.58			102
	(2.96	)		5,101		2.59			2.20			(0.17	)		–
	(2.96	)		10,009		2.41			2.20			(0.17	)		–
	(1.93	)		526		1.21			1.10			1.05			–
	(2.42	)		294		1.81			1.65			0.38			–
	(2.09	)		299		1.51			1.35			0.68			–
	(1.81	)		292		1.20			1.05			0.98			–
	(1.77	)		67,387		1.10			1.00			1.00			–
	19.48			47,429		1.85			1.48			0.48			100
	18.57			7,209		2.72			2.24			(0.30	)		–
	18.57			12,910		2.52			2.23			(0.30	)		–
	20.00			517		1.26			1.12			0.87			–
	19.13			313		1.90			1.72			0.22			–
	19.48			299		1.60			1.45			0.49			–
	19.77			297		1.29			1.14			0.81			–
	19.92			47,067		1.21			1.07			0.91			–
	23.65			47,527		2.19			1.59			0.44			217	(F)
	22.89			8,964		2.83			2.24			(0.82	)		–
	22.91			14,297		2.67			2.39			(0.99	)		–
	23.97			317		1.91			1.32			1.00			–
	23.36			248		2.62			1.90			0.52			–
	23.70			243		2.31			1.65			0.78			–
	24.05			244		2.01			1.40			1.03			–
	23.85			5,241		1.51			1.30			0.26			–
	(34.50	)(H)		12,746		1.92	(I)		1.56	(I)		0.78	(I)		56
	(34.90	)(H)		223		2.70	(I)		2.34	(I)		0.03	(I)		–
	(34.90	)(H)		225		2.71	(I)		2.34	(I)		0.02	(I)		–
	(34.40	)(H)		199		1.67	(I)		1.31	(I)		1.06	(I)		–
	(34.70	)(H)		196		2.36	(I)		1.90	(I)		0.47	(I)		–
	(34.60	)(H)		196		2.06	(I)		1.65	(I)		0.72	(I)		–
	(34.50	)(H)		196		1.76	(I)		1.40	(I)		0.97	(I)		–
	(34.40	)(H)		197		1.66	(I)		1.30	(I)		1.07	(I)		–

33

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Global Research Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Global Research Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles. 

Minneapolis, MN December 17, 2012

34

The Hartford Global Research Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

35

The Hartford Global Research Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

36

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

37

The Hartford Global Research Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

38

The Hartford Global Research Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,004.23	$	7.30	$	1,000.00	$	1,017.85	$	7.35		1.45	%		184		366
Class B	$	1,000.00	$	1,001.07	$	11.06	$	1,000.00	$	1,014.08	$	11.13		2.20			184		366
Class C	$	1,000.00	$	1,000.00	$	11.06	$	1,000.00	$	1,014.08	$	11.13		2.20			184		366
Class I	$	1,000.00	$	1,006.33	$	6.05	$	1,000.00	$	1,019.10	$	6.09		1.20			184		366
Class R3	$	1,000.00	$	1,003.18	$	8.31	$	1,000.00	$	1,016.84	$	8.36		1.65			184		366
Class R4	$	1,000.00	$	1,005.28	$	6.80	$	1,000.00	$	1,018.35	$	6.85		1.35			184		366
Class R5	$	1,000.00	$	1,006.33	$	5.30	$	1,000.00	$	1,019.86	$	5.33		1.05			184		366
Class Y	$	1,000.00	$	1,006.34	$	5.05	$	1,000.00	$	1,020.11	$	5.08		1.00			184		366

39

The Hartford Global Research Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Global Research Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

40

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

41

The Hartford Global Research Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

42

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

43

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-GR12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Growth Allocation Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Growth Allocation Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	20
Report of Independent Registered Public Accounting Firm	22
Directors and Officers (Unaudited)	23
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	25
Quarterly Portfolio Holdings Information (Unaudited)	25
Federal Tax Information (Unaudited)	26
Expense Example (Unaudited)	27
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	28

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Growth Allocation Fund inception 05/28/2004

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 5/28/04 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes. 

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Growth Allocation A#		9.75	%		-0.17	%		5.09	%
Growth Allocation A##		3.71	%		-1.29	%		4.39	%
Growth Allocation B#		8.93	%		-0.94	%		4.36	%*
Growth Allocation B##		3.93	%		-1.29	%		4.36	%*
Growth Allocation C#		8.97	%		-0.91	%		4.35	%
Growth Allocation C##		7.97	%		-0.91	%		4.35	%
Growth Allocation I#		10.08	%		0.18	%		5.36	%
Growth Allocation R3#		9.43	%		-0.49	%		4.85	%
Growth Allocation R4#		9.83	%		-0.14	%		5.11	%
Growth Allocation R5#		10.11	%		0.15	%		5.32	%
Barclays U.S. Aggregate Bond Index		5.25	%		6.38	%		5.72	%
MSCI All Country World Index		9.17	%		-2.42	%		5.89	%
S&P 500 Index		15.19	%		0.36	%		4.91	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Growth Allocation Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Richard P. Meagher, CFA	Wendy M. Cromwell, CFA
Vice President, Asset Allocation Strategist and Portfolio Manager	Senior Vice President, Director of Strategic Asset Allocation, Asset Allocation Strategies Group, and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Growth Allocation Fund returned 9.75%, before sales charge, for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target Growth Funds category, a group of funds with investment strategies similar to those of the Fund, was 9.34%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S.economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 81% equities and 19% fixed income. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The Fund’s portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. A modest underweight allocation to equities detracted as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed slightly on a relative basis. Strong benchmark-relative results in the Strategic Income, Alternative Strategies, and International Small Company funds offset weak benchmark-relative performance from the International Opportunities, Dividend and Growth, and Small Company funds.

3

The Hartford Growth Allocation Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012

Fund Name	Percentage of Net Assets
Powershares DB Commodity Index Tracking Fund		3.0	%
The Hartford Alternative Strategies Fund, Class Y		10.0
The Hartford Capital Appreciation Fund, Class Y		12.5
The Hartford Dividend and Growth Fund, Class Y		22.5
The Hartford Emerging Markets Research Fund, Class Y		9.0
The Hartford International Opportunities Fund, Class Y		19.0
The Hartford International Small Company Fund, Class Y		7.0
The Hartford MidCap Value Fund, Class Y		4.0
The Hartford Small Company Fund, Class Y		4.0
The Hartford Strategic Income Fund, Class Y		9.0
Other Assets and Liabilities		0.0
Total		100.0	%

4

The Hartford Growth Allocation Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 97.0%
	EQUITY FUNDS - 78.0%
	2,995	The Hartford Capital Appreciation Fund, Class Y			$	106,546
	9,062	The Hartford Dividend and Growth Fund, Class Y				191,933
	9,078	The Hartford Emerging Markets Research Fund, Class Y				76,797
	10,773	The Hartford International Opportunities Fund, Class Y				162,032
	4,473	The Hartford International Small Company Fund, Class Y				59,665
	2,575	The Hartford MidCap Value Fund, Class Y				34,095
	1,587	The Hartford Small Company Fund, Class Y				34,208
						665,276
		Total equity funds
		(cost $611,227)			$	665,276
	FIXED INCOME FUNDS - 19.0%
	7,929	The Hartford Alternative Strategies Fund, Class Y			$	85,237
	7,902	The Hartford Strategic Income Fund, Class Y				76,888
						162,125
		Total fixed income funds
		(cost $153,571)			$	162,125
		Total investments in affiliated investment companies
		(cost $764,798)			$	827,401
	EXCHANGE TRADED FUNDS - 3.0%
	921	Powershares DB Commodity Index Tracking Fund ●			$	25,379
		Total exchange traded funds
		(cost $20,213)			$	25,379
		Total long-term investments
		(cost $785,011)			$	852,780
		Total investments
		(cost $785,011) ▲	100.0	%	$	852,780
		Other assets and liabilities	—	%		(134	)
		Total net assets	100.0	%	$	852,646

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $792,645 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	61,296
Unrealized Depreciation		(1,161	)
Net Unrealized Appreciation	$	60,135

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Growth Allocation Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	827,401	$	827,401	$	—	$	—
Exchange Traded Funds		25,379		25,379		—		—
Total	$	852,780	$	852,780	$	—	$	—

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Growth Allocation Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $20,213)	$	25,379
Investments in underlying affiliated funds, at market value (cost $764,798)		827,401
Receivables:
Investment securities sold		1,535
Fund shares sold		806
Dividends and interest		203
Other assets		73
Total assets		855,397
Liabilities:
Payables:
Investment securities purchased		414
Fund shares redeemed		2,034
Investment management fees		24
Administrative fees		2
Distribution fees		94
Accrued expenses		183
Total liabilities		2,751
Net assets	$	852,646
Summary of Net Assets:
Capital stock and paid-in-capital	$	843,227
Distributions in excess of net investment loss		(1,396	)
Accumulated net realized loss		(56,954	)
Unrealized appreciation of investments		67,769
Net assets	$	852,646
Shares authorized		400,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.21/$12.92
Shares outstanding		42,614
Net assets	$	520,278
Class B: Net asset value per share	$	12.09
Shares outstanding		7,412
Net assets	$	89,586
Class C: Net asset value per share	$	12.08
Shares outstanding		16,284
Net assets	$	196,748
Class I: Net asset value per share	$	12.17
Shares outstanding		268
Net assets	$	3,268
Class R3: Net asset value per share	$	12.01
Shares outstanding		1,458
Net assets	$	17,513
Class R4: Net asset value per share	$	12.15
Shares outstanding		1,424
Net assets	$	17,299
Class R5: Net asset value per share	$	12.22
Shares outstanding		651
Net assets	$	7,954

The accompanying notes are an integral part of these financial statements.

7

The Hartford Growth Allocation Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	192
Dividends from underlying affiliated funds		8,659
Total investment income		8,851
Expenses:
Investment management fees		995
Administrative services fees		57
Transfer agent fees		1,204
Distribution fees
Class A		1,119
Class B		854
Class C		1,740
Class R3		66
Class R4		40
Custodian fees		2
Accounting services fees		89
Registration and filing fees		141
Board of Directors' fees		17
Audit fees		14
Other expenses		156
Total expenses (before fees paid indirectly)		6,494
Commission recapture		(1	)
Total fees paid indirectly		(1	)
Total expenses, net		6,493
Net Investment Income		2,358
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		3,448
Net realized gain on investments in underlying affiliated funds		16,960
Net realized gain on investments in securities		1,357
Net Realized Gain on Investments		21,765
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		63,016
Net unrealized depreciation of investments		(12,187	)
Net Changes in Unrealized Appreciation of Investments		50,829
Net Gain on Investments		72,594
Net Increase in Net Assets Resulting from Operations	$	74,952

The accompanying notes are an integral part of these financial statements.

8

The Hartford Growth Allocation Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	2,358		$	1,882
Net realized gain (loss) on investments		21,765			(13,193	)
Net unrealized appreciation of investments		50,829			29,416
Net Increase In Net Assets Resulting From Operations		74,952			18,105
Distributions to Shareholders:
From net investment income
Class A		(3,915	)		(2,636	)
Class B		(74	)		—
Class C		(336	)		—
Class I		(34	)		(30	)
Class R3		(81	)		(47	)
Class R4		(142	)		(82	)
Class R5		(59	)		(45	)
Total distributions		(4,641	)		(2,840	)
Capital Share Transactions:
Class A		82,780	*		(19,573	)
Class B		2,099	†		(15,540	)
Class C		24,441	‡		(14,840	)
Class I		592	§		(605	)
Class R3		6,502	**		3,309
Class R4		1,032	††		529
Class R5		2,818	‡‡		(498	)
Net increase (decrease) from capital share transactions		120,264			(47,218	)
Net Increase (Decrease) In Net Assets		190,575			(31,953	)
Net Assets:
Beginning of period		662,071			694,024
End of period	$	852,646		$	662,071
Undistributed (distribution in excess of) net investment income (loss)	$	(1,396	)	$	522

* Includes merger activity in the amount of  $125,680.

† Includes merger activity in the amount of  $23,691.

‡ Includes merger activity in the amount of  $46,191.

§ Includes merger activity in the amount of  $570.

** Includes merger activity in the amount of  $4,716.

†† Includes merger activity in the amount of  $7,171.

‡‡ Includes merger activity in the amount of  $3,371.

The accompanying notes are an integral part of these financial statements.

9

The Hartford Growth Allocation Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Growth Allocation Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

10

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

11

The Hartford Growth Allocation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

12

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	4,641	$	2,840

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Accumulated Capital Losses *	$	(50,716	)
Unrealized Appreciation †		60,135
Total Accumulated Earnings	$	9,419

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	365
Accumulated Net Realized Gain (Loss)		(365	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

13

The Hartford Growth Allocation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	16,872
2017		10,578
2018		11,932
2019		9,937
Total	$	49,319

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2012, the Fund utilized $21,513 of prior year capital loss carryforwards.

As of October 31, 2012, the Fund elected to defer the following Late-Year Ordinary Losses:

	Amount
Ordinary Income	$	1,397

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

14

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5
	1.50%		2.25%		2.25%		1.25%		1.70%		1.40%		1.10%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.61	%
Class B		1.41
Class C		1.34
Class I		0.29
Class R3		0.89
Class R4		0.59
Class R5		0.29

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $1,482 and contingent deferred sales charges of $115 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder

15

The Hartford Growth Allocation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $78.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		1	%
Class R5		10		2

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	877,230
Sales Proceeds Excluding U.S. Government Obligations		768,495

16

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		4,753		347		(8,728	)		11,114		7,486		5,931		223		(7,861	)		—		(1,707	)
Amount	$	54,915	$	3,808	$	(101,623	)	$	125,680	$	82,780	$	68,797	$	2,566	$	(90,936	)	$	—	$	(19,573	)
Class B
Shares		93		6		(1,971	)		2,107		235		160		—		(1,518	)		—		(1,358	)
Amount	$	1,388	$	70	$	(23,050	)	$	23,691	$	2,099	$	1,841	$	—	$	(17,381	)	$	—	$	(15,540	)
Class C
Shares		1,350		29		(3,291	)		4,112		2,200		1,847		—		(3,161	)		—		(1,314	)
Amount	$	16,017	$	314	$	(38,081	)	$	46,191	$	24,441	$	21,265	$	—	$	(36,105	)	$	—	$	(14,840	)
Class I
Shares		70		3		(75	)		51		49		251		2		(308	)		—		(55	)
Amount	$	1,489	$	28	$	(1,495	)	$	570	$	592	$	3,002	$	24	$	(3,631	)	$	—	$	(605	)
Class R3
Shares		444		8		(292	)		423		583		427		4		(137	)		—		294
Amount	$	5,054	$	81	$	(3,349	)	$	4,716	$	6,502	$	4,821	$	47	$	(1,559	)	$	—	$	3,309
Class R4
Shares		313		13		(845	)		637		118		430		7		(385	)		—		52
Amount	$	3,591	$	141	$	(9,871	)	$	7,171	$	1,032	$	4,934	$	82	$	(4,487	)	$	—	$	529
Class R5
Shares		72		6		(121	)		298		255		83		4		(130	)		—		(43	)
Amount	$	800	$	59	$	(1,412	)	$	3,371	$	2,818	$	973	$	45	$	(1,516	)	$	—	$	(498	)
Total
Shares		7,095		412		(15,323	)		18,742		10,926		9,129		240		(13,500	)		—		(4,131	)
Amount	$	83,254	$	4,501	$	(178,881	)	$	211,390	$	120,264	$	105,633	$	2,764	$	(155,615	)	$	—	$	(47,218	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		234	$	2,813
For the Year Ended October 31, 2011		122	$	1,421

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

17

The Hartford Growth Allocation Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Fund Merger:

Reorganization of The Hartford Equity Growth Allocation Fund into the Fund: At a meeting held on March 27, 2012, the Board of Directors of the Company approved a Form of Agreement and Plan of Reorganization (“Reorganization Agreement”) that provided for the reorganization of a series of the Company, The Hartford Equity Growth Allocation Fund (“Target Fund”), into a series of the Company, The Fund (“Acquiring Fund”) (the “Reorganization”). The Reorganization did not require shareholder approval by the shareholders of The Hartford Equity Growth Allocation Fund or the Fund.

Pursuant to the Reorganization Agreement, on May 25, 2012, each holder of Class A, Class B, Class C, Class I, Class R3, Class R4 and Class R5 shares of The Hartford Equity Growth Allocation Fund became the owner of full and fractional shares of the corresponding class in the Fund having an equal aggregate value.

This merger was accomplished by tax free exchange as detailed below:

	Net assets of Target Fund on Merger Date		Net assets of Acquiring Fund immediately before merger		Net assets of Acquiring Fund immediately after merger		Target Fund shares exchanged		Acquiring Fund shares issued to the Target Fund's shareholders
Class A	$	125,680	$	381,983	$	507,663		10,978		11,114
Class B		23,691		72,956		96,647		2,120		2,107
Class C		46,191		148,660		194,851		4,142		4,112
Class I		570		2,468		3,038		50		51
Class R3		4,716		10,792		15,508		415		423
Class R4		7,171		12,270		19,441		629		637
Class R5		3,371		4,488		7,859		294		298
Total	$	211,390	$	633,617	$	845,007		18,628		18,742

The Hartford Equity Growth Allocation Fund had the following unrealized depreciation, accumulated net realized losses and capital stock as of May 25, 2012:

Fund	Undistributed Income		Unrealized Appreciation (Depreciation)		Accumulated Net Realized Gains (Losses)			Capital Stock		Total
Target Fund	$	—	$	12,642	$	(32,477	)	$	231,225	$	211,390

Assuming the acquisition had been completed on November 1, 2011, the beginning of the annual reporting period of the Funds, the Fund’s pro forma results of operations for the year ended October 31, 2012, are as follows:

Fund	Net Investment Income		Net gain on investments		Net increase in net assets resulting from operations
Acquiring Fund	$	2,918	$	25,414	$	28,332

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practical to separate the amounts of revenue and earnings of The Hartford Equity Growth Allocation Fund that have been included in the Fund’s Statement of Operations since May 25, 2012.

18

11. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

12. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

13. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

19

The Hartford Growth Allocation Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (F)
A	$	11.24	$	0.07		$	1.01		$	1.08		$	(0.11	)	$	–		$	–	$	(0.11	)	$	12.21
B		11.11		(0.02	)		1.01			0.99			(0.01	)		–			–		(0.01	)		12.09
C		11.11		(0.02	)		1.01			0.99			(0.02	)		–			–		(0.02	)		12.08
I		11.21		0.11			1.00			1.11			(0.15	)		–			–		(0.15	)		12.17
R3		11.07		0.02			1.01			1.03			(0.09	)		–			–		(0.09	)		12.01
R4		11.18		0.07			1.02			1.09			(0.12	)		–			–		(0.12	)		12.15
R5		11.25		0.10			1.02			1.12			(0.15	)		–			–		(0.15	)		12.22
For the Year Ended October 31, 2011
A		11.01		0.06			0.24			0.30			(0.07	)		–			–		(0.07	)		11.24
B		10.90		(0.03	)		0.24			0.21			–			–			–		–			11.11
C		10.89		(0.02	)		0.24			0.22	��		–			–			–		–			11.11
I		10.97		0.10			0.25			0.35			(0.11	)		–			–		(0.11	)		11.21
R3		10.87		0.04			0.23			0.27			(0.07	)		–			–		(0.07	)		11.07
R4		10.95		0.07			0.23			0.30			(0.07	)		–			–		(0.07	)		11.18
R5		11.02		0.10			0.23			0.33			(0.10	)		–			–		(0.10	)		11.25
For the Year Ended October 31, 2010 (F)
A		9.58		0.07			1.42			1.49			(0.06	)		–			–		(0.06	)		11.01
B		9.50		(0.01	)		1.41			1.40			–			–			–		–			10.90
C		9.49		(0.01	)		1.41			1.40			–			–			–		–			10.89
I		9.55		0.10			1.42			1.52			(0.10	)		–			–		(0.10	)		10.97
R3		9.50		0.03			1.41			1.44			(0.07	)		–			–		(0.07	)		10.87
R4		9.53		0.07			1.42			1.49			(0.07	)		–			–		(0.07	)		10.95
R5		9.58		0.10			1.43			1.53			(0.09	)		–			–		(0.09	)		11.02
For the Year Ended October 31, 2009 (F)
A		8.58		0.12			1.24			1.36			(0.17	)		(0.19	)		–		(0.36	)		9.58
B		8.48		0.06			1.23			1.29			(0.08	)		(0.19	)		–		(0.27	)		9.50
C		8.48		0.06			1.23			1.29			(0.09	)		(0.19	)		–		(0.28	)		9.49
I		8.57		0.14			1.25			1.39			(0.22	)		(0.19	)		–		(0.41	)		9.55
R3		8.51		0.03			1.30			1.33			(0.15	)		(0.19	)		–		(0.34	)		9.50
R4		8.56		0.10			1.25			1.35			(0.19	)		(0.19	)		–		(0.38	)		9.53
R5		8.60		0.13			1.25			1.38			(0.21	)		(0.19	)		–		(0.40	)		9.58
For the Year Ended October 31, 2008
A		14.51		0.14			(4.81	)		(4.67	)		(0.47	)		(0.79	)		–		(1.26	)		8.58
B		14.37		0.03			(4.74	)		(4.71	)		(0.39	)		(0.79	)		–		(1.18	)		8.48
C		14.37		0.04			(4.75	)		(4.71	)		(0.39	)		(0.79	)		–		(1.18	)		8.48
I		14.49		0.37			(4.98	)		(4.61	)		(0.52	)		(0.79	)		–		(1.31	)		8.57
R3		14.46		0.18			(4.87	)		(4.69	)		(0.47	)		(0.79	)		–		(1.26	)		8.51
R4		14.51		0.43			(5.08	)		(4.65	)		(0.51	)		(0.79	)		–		(1.30	)		8.56
R5		14.54		0.46			(5.09	)		(4.63	)		(0.52	)		(0.79	)		–		(1.31	)		8.60

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Ratios do not include expenses of the Underlying Funds.

(E) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(F) Per share amounts have been calculated using average shares outstanding method.

(G) During the year ended October 31, 2012, the Fund incurred $36.1 million in sales associated with the transition of assets from The Hartford Equity Growth Allocation Fund, which merged into the Fund on May 25, 2012. These sales are excluded from the portfolio turnover calculation.

20

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Net Investment Income to Average Net Assets(D)			Portfolio Turnover Rate(E)
	9.75	%	$	520,278		0.61	%		0.61	%		0.58	%		95	%(G)
	8.93			89,586		1.41			1.41			(0.20	)		–
	8.97			196,748		1.34			1.34			(0.15	)		–
	10.08			3,268		0.29			0.29			0.91			–
	9.43			17,513		0.89			0.89			0.21			–
	9.83			17,299		0.59			0.59			0.60			–
	10.11			7,954		0.29			0.29			0.82			–
	2.72			394,691		0.59			0.59			0.54			36
	1.93			79,711		1.38			1.38			(0.25	)		–
	2.02			156,463		1.33			1.33			(0.19	)		–
	3.15			2,455		0.26			0.26			0.86			–
	2.48			9,689		0.89			0.89			0.24			–
	2.74			14,605		0.59			0.59			0.55			–
	3.02			4,457		0.29			0.29			0.86			–
	15.60			405,386		0.61			0.61			0.67			23
	14.74			93,002		1.41			1.41			(0.13	)		–
	14.75			167,745		1.34			1.34			(0.07	)		–
	15.96			3,005		0.27			0.27			1.02			–
	15.21			6,314		0.90			0.90			0.35			–
	15.67			13,734		0.59			0.59			0.66			–
	16.06			4,838		0.29			0.29			0.98			–
	17.06			366,509		0.68			0.68			1.45			7
	16.13			95,176		1.51			1.44			0.70			–
	16.10			160,530		1.43			1.43			0.72			–
	17.47			2,335		0.28			0.28			1.70			–
	16.76			1,081		1.00			1.00			0.35			–
	16.96			10,597		0.61			0.61			1.22			–
	17.38			5,040		0.31			0.31			1.62			–
	(35.00	)		329,312		0.59			0.59			1.06			13
	(35.52	)		89,717		1.41			1.41			0.26			–
	(35.50	)		148,584		1.34			1.34			0.34			–
	(34.75	)		1,310		0.23			0.23			0.97			–
	(35.32	)		49		1.06			1.06			0.34			–
	(34.95	)		4,825		0.59			0.59			0.17			–
	(34.78	)		2,917		0.30			0.30			0.63			–

21

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Growth Allocation Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Growth Allocation Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

22

The Hartford Growth Allocation Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

23

The Hartford Growth Allocation Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

24

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

25

The Hartford Growth Allocation Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 7.96%.

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The Hartford Growth Allocation Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,011.60	$	3.06	$	1,000.00	$	1,022.09	$	3.08	0.61	%		184		366
Class B	$	1,000.00	$	1,008.34	$	7.12	$	1,000.00	$	1,018.05	$	7.15	1.41			184		366
Class C	$	1,000.00	$	1,008.35	$	6.76	$	1,000.00	$	1,018.40	$	6.80	1.34			184		366
Class I	$	1,000.00	$	1,013.32	$	1.47	$	1,000.00	$	1,023.68	$	1.48	0.29			184		366
Class R3	$	1,000.00	$	1,010.09	$	4.52	$	1,000.00	$	1,020.64	$	4.54	0.89			184		366
Class R4	$	1,000.00	$	1,012.50	$	2.99	$	1,000.00	$	1,022.17	$	3.00	0.59			184		366
Class R5	$	1,000.00	$	1,013.27	$	1.48	$	1,000.00	$	1,023.67	$	1.49	0.29			184		366

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The Hartford Growth Allocation Fund

Approval of and Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Growth Allocation Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

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With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

29

The Hartford Growth Allocation Fund

Approval of and Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

 The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

30

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

31

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-GA12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155   

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Healthcare Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Healthcare Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	7
Statement of Assets and Liabilities at October 31, 2012	8
Statement of Operations for the Year Ended October 31, 2012	9
Statement of Changes in Net Assets for the Years Ended October 31, 2012 and October 31, 2011	10
Notes to Financial Statements	11
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Healthcare Fund inception 05/01/2000

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 10/31//02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Healthcare A#		19.70	%		3.86	%		9.11	%
Healthcare A##		13.12	%		2.69	%		8.50	%
Healthcare B#		18.75	%		3.09	%		8.47	%*
Healthcare B##		13.75	%		2.73	%		8.47	%*
Healthcare C#		18.88	%		3.13	%		8.33	%
Healthcare C##		17.88	%		3.13	%		8.33	%
Healthcare I#		20.18	%		4.17	%		9.34	%
Healthcare R3#		19.51	%		3.63	%		9.17	%
Healthcare R4#		19.89	%		3.99	%		9.40	%
Healthcare R5#		20.24	%		4.32	%		9.60	%
Healthcare Y#		20.28	%		4.36	%		9.64	%
S&P 500 Index		15.19	%		0.36	%		6.90	%
S&P North American Health Care Sector Index		22.69	%		5.19	%		8.13	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

S&P North American Health Care Sector Index is a modified capitalization-weighted index based on United States headquartered health care companies. Stocks in the index are weighted such that each stock is no more than 7.5% of the market capitalization as of the most recent reconstitution date. The companies included in the index must be common stocks and be traded on the American Stock Exchange, Nasdaq or the New York Stock Exchange and meet certain established market capitalization levels.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Healthcare Fund

  Manager Discussion

  October 31, 2012 (Unaudited)

Portfolio Managers
Ann C. Gallo	Jean M. Hynes, CFA	Robert L. Deresiewicz	Kirk J. Mayer, CFA
Senior Vice President and Global Industry Analyst	Senior Vice President and Global Industry Analyst	Senior Vice President and Global Industry Analyst	Senior Vice President and Global Industry Analyst

How did the Fund perform?

The Class A shares of The Hartford Healthcare Fund returned 19.70%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the S&P North American Health Care Sector Index, which returned 22.69% for the same period. The Fund outperformed the 18.65% return of the average fund in the Lipper Global Health and Biotechnology peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Health Care stocks (+22.69) outperformed both the broader U.S. market (+15.19) and the global equity market (+10.1%) during the period, as measured by the S&P North American Health Care, S&P 500, and the MSCI World Indexes, respectively. Within the S&P North American Health Care Index, all four sub-sectors posted positive returns. Specialty Pharmaceuticals/Biotechnology (+33%) gained the most while Major Pharmaceuticals (+26%), Medical Technology (+17%), and Health Services (+15%) lagged on a relative basis.

While Health Care stocks outperformed the broader market for the period, the sector did give back some gains during the last two quarters due to concerns over the U.S. federal deficit reduction plan. With the inability of the Super Committee to reach a compromise in November 2011, the “Sequestration” process will take effect absent Congressional action. As a result, unless Congress intervenes, the U.S. Health Care industry is slated to receive an automatic 2% across the board reduction in Medicare reimbursement effective January 1, 2013. Medicaid and commercial reimbursement would not be affected by Sequestration. Importantly, given that other U.S. government programs, including defense, education, agriculture, and environmental programs are intended to receive even greater cuts (generally in the 8-10% range), most observers believe it is highly likely that Congress will step in and prevent the automatic cuts from taking place. We share this view.

Weak stock selection in Major Pharmaceuticals and Medical Technology was the primary driver of the Fund’s relative underperformance, more than offsetting stronger security selection in Specialty Pharmaceuticals/Biotechnology and Health Services. Sub-sector allocation, a fallout of our bottom-up stock selection process, modestly detracted from relative performance, primarily due to an underweight (i.e. the Fund’s position was less than the benchmark position) to the Major Pharmacueticals sub-sector.

Holdings of Amgen Inc (Biotechnology), Elan Corp (Major Pharmaceuticals), and Daiichi Sankyo (Major Pharmaceuticals) detracted from benchmark-relative performance. Not owning U.S.-based biotechnology company Amgen hurt relative performance as the stock is a component of the benchmark and had strong performance during the period. Shares of Elan Corp, a biotechnology company, fell sharply after a Phase 3 study of its drug Bapineuzumab failed to show any benefit in its trials. Shares of Daiichi Sankyo, a major Japanese pharmaceutical company, fell during the period due to losses at the company’s Indian subsidiary, Ranbaxy Laboratories, as well as concern around the company’s pipeline given upcoming patent expirations. Top detractors from absolute performance also included Vertex Pharmaceutical (Biotechnology), Exelixis Inc (Biotechnology) and China Medical Technologies (Medical Technology).

Holdings of Amylin Pharmaceuticals (Major Pharmaceuticals), Regeneron Pharmaceuticals (Major Pharmaceuticals), and Pharmasset Inc (Major Pharmaceuticals) contributed most to benchmark-relative and absolute performance during the period. Amylin Pharmaceuticals, a US-based biopharmaceutical company focused on developing drugs for diabetes and other metabolic diseases, rose on news that it will be acquired by Bristol-Meyers Squibb. Shares of Regeneron Pharmaceuticals, a US-based biopharmaceutical company, moved higher after the company’s results exceeded expectations on strong sales of the firm’s recently launched macular degeneration drug Eylea. Pharmasset Inc., a U.S.-based biopharmaceutical company, rose on the news of its acquisition by Gilead Sciences.

What is the outlook?

While we think Sequestration-driven cuts are unlikely to be implemented, given the magnitude of the health care cost problem in the U.S., combined with our view that the Patient Protection and Affordable Care Act (PPACA) does very little to address the issue, we continue to believe that health care stocks will be subject to escalating reimbursement pressure in the years to come. More specifically, we think it is likely that Congress will be forced to pass a comprehensive budget bill in either 2013 or 2014 that addresses the health care cost issue in a targeted, thoughtful manner. While it is impossible to predict the details, we believe the outcome is clear. The bar has been

3

The Hartford Healthcare Fund

  Manager Discussion – (continued)

  October 31, 2012 (Unaudited)

raised for companies seeking reimbursement for health care products and services in the U.S. Going forward, we believe that success will accrue only to those able to offer a demonstrable improvement over current standards of care or an equivalent level of care, but at a lower price. This is one of the key tenets upon which we have structured our portfolio.

As a result of bottom up stock decisions, the Fund ended the period most overweight in the Specialty Pharmaceuticals/Biotechnology sub-sector and most underweight in the Major Pharmaceuticals sub-sector relative to the benchmark.

Diversification by Industry

as of October 31, 2012

Industry	Percentage of Net Assets
Biotechnology		21.3	%
Drug Retail		3.3
Health Care Distributors		6.9
Health Care Equipment		18.2
Health Care Facilities		1.8
Health Care Technology		0.6
Life Sciences Tools and Services		2.5
Managed Health Care		12.1
Pharmaceuticals		32.4
Other Assets and Liabilities		0.9
Total		100.0	%

4

The Hartford Healthcare Fund

  Schedule of Investments

  October 31, 2012

  (000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.1%
		Biotechnology - 21.3%
	156	3SBio, Inc. ADR ●	$	2,088
	72	Acorda Therapeutics, Inc. ●		1,722
	51	Actelion Ltd.		2,460
	102	Algeta ASA ●		2,752
	373	Alkermes plc ●		6,916
	150	Anacor Pharmaceuticals, Inc. ●		864
	309	Arena Pharmaceuticals, Inc. ●		2,444
	183	Aveo Pharmaceuticals, Inc. ●		1,399
	57	Biogen Idec, Inc. ●		7,866
	82	Cubist Pharmaceuticals, Inc. ●		3,509
	999	Exelixis, Inc. ●		4,744
	285	Gilead Sciences, Inc. ●		19,149
	178	Immunogen, Inc. ●		1,973
	144	Incyte Corp. ●		2,299
	156	Ironwood Pharmaceuticals, Inc. ●		1,810
	134	NPS Pharmaceuticals, Inc. ●		1,236
	87	Onyx Pharmaceuticals, Inc. ●		6,825
	35	Puma Biotechnology, Inc. ●		715
	72	Regeneron Pharmaceuticals, Inc. ●		10,303
	366	Rigel Pharmaceuticals, Inc. ●		3,258
	144	Seattle Genetics, Inc. ●		3,619
	91	Vertex Pharmaceuticals, Inc. ●		4,380
				92,331
		Drug Retail - 3.3%
	174	CVS Caremark Corp.		8,087
	180	Walgreen Co.		6,331
				14,418
		Health Care Distributors - 6.9%
	353	Cardinal Health, Inc.		14,502
	165	McKesson Corp.		15,369
				29,871
		Health Care Equipment - 18.2%
	333	ABIOMED, Inc. ●		6,602
	1,511	Boston Scientific Corp. ●		7,766
	203	Covidien plc		11,144
	77	Globus Medical, Inc. ●		1,324
	74	Heartware International, Inc. ●		6,251
	127	Hologic, Inc. ●		2,613
	295	Medtronic, Inc.		12,266
	53	Orthofix International N.V. ●		2,114
	366	St. Jude Medical, Inc.		14,011
	52	Stryker Corp.		2,730
	164	Tornier N.V. ●		2,808
	178	Volcano Corp. ●		5,091
	65	Zimmer Holdings, Inc.		4,148
				78,868
		Health Care Facilities - 1.8%
	175	HCA Holdings, Inc.		4,978
	273	NMC Health plc ●		798
	199	Vanguard Health Systems, Inc. ●		1,926
				7,702
		Health Care Technology - 0.6%
	203	Allscripts Healthcare Solutions, Inc. ●		2,617
		Life Sciences Tools and Services - 2.5%
	106	Agilent Technologies, Inc.		3,830
	96	Covance, Inc. ●		4,676
	7	MorphoSys AG ●		221
	34	Thermo Fisher Scientific, Inc.		2,076
				10,803
		Managed Health Care - 12.1%
	298	Aetna, Inc.		13,040
	239	CIGNA Corp.		12,194
	435	Qualicorp S.A. ●		4,462
	373	UnitedHealth Group, Inc.		20,908
	37	Wellcare Health Plans, Inc. ●		1,763
				52,367
		Pharmaceuticals - 32.4%
	17	Alk-Abello A/S		1,158
	102	Almirall S.A.		917
	94	Astellas Pharma, Inc.		4,675
	75	AstraZeneca plc ADR		3,471
	71	Auxilium Pharmaceuticals, Inc. ●		1,450
	246	Bristol-Myers Squibb Co.		8,183
	150	Cadence Pharmaceuticals, Inc. ●		532
	320	Daiichi Sankyo Co., Ltd.		4,901
	90	Dr. Reddy's Laboratories Ltd. ADR		2,922
	147	Eisai Co., Ltd.		6,527
	837	Elan Corp. plc ADR ●		9,037
	219	Eli Lilly & Co.		10,640
	294	Forest Laboratories, Inc. ●		9,924
	104	Johnson & Johnson		7,351
	267	Medicines Co. ●		5,846
	281	Merck & Co., Inc.		12,827
	237	Mylan, Inc. ●		6,003
	19	Ono Pharmaceutical Co., Ltd.		1,129
	166	Optimer Pharmaceuticals, Inc. ●		1,586
	112	Pfizer, Inc.		2,778
	22	Salix Pharmaceuticals Ltd. ●		863
	551	Shionogi & Co., Ltd.		9,139
	50	Simcere Pharmaceutical Group ADR ●		406
	297	Teva Pharmaceutical Industries Ltd. ADR		12,014
	111	UCB S.A.		6,512
	92	Watson Pharmaceuticals, Inc. ●		7,916
	186	Xenoport, Inc. ●		1,530
				140,237

Total common stocks
(cost $371,728)			$	429,214
Total long-term investments
(cost $371,728)			$	429,214
Total investments
(cost $371,728) ▲	99.1	%	$	429,214
Other assets and liabilities	0.9	%		4,094
Total net assets	100.0	%	$	433,308

The accompanying notes are an integral part of these financial statements.

5

The Hartford Healthcare Fund

  Schedule of Investments – (continued)

  October 31, 2012

  (000’s Omitted)

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $377,093 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	72,780
Unrealized Depreciation		(20,659	)
Net Unrealized Appreciation	$	52,121

● Non-income producing.

Foreign Currency Contracts Outstanding at October 31, 2012
Currency	Buy / Sell	Delivery Date	Counterparty		Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
JPY	Sell	02/01/2013	DEUT	$	12,810	$	12,539	$	271

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
DEUT	Deutsche Bank Securities, Inc.
Currency Abbreviations:
JPY	Japanese Yen
Other Abbreviations:
ADR	American Depositary Receipt

The accompanying notes are an integral part of these financial statements.

6

The Hartford Healthcare Fund

  Investment Valuation Hierarchy Level Summary

  October 31, 2012

  (000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	429,214	$	389,981	$	39,233	$	–
Total	$	429,214	$	389,981	$	39,233	$	–
Foreign Currency Contracts *		271		–		271		–
Total	$	271	$	–	$	271	$	–

♦ For the year ended October 31, 2012, investments valued at $1,058 were transferred from Level 2 to Level 1, and there were no transfers from Level 1 to Level 2. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements. 

7

The Hartford Healthcare Fund

  Statement of Assets and Liabilities

  October 31, 2012

  (000’s Omitted)

Assets:
Investments in securities, at market value (cost $371,728)	$	429,214
Unrealized appreciation on foreign currency contracts		271
Receivables:
Investment securities sold		5,720
Fund shares sold		713
Dividends and interest		1,115
Other assets		40
Total assets		437,073
Liabilities:
Bank overdraft		1,011
Payables:
Investment securities purchased		1,627
Fund shares redeemed		888
Investment management fees		86
Administrative fees		1
Distribution fees		36
Accrued expenses		116
Total liabilities		3,765
Net assets	$	433,308
Summary of Net Assets:
Capital stock and paid-in-capital	$	435,073
Distributions in excess of net investment loss		(279	)
Accumulated net realized loss		(59,233	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		57,747
Net assets	$	433,308
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$20.11/$21.28
Shares outstanding		13,763
Net assets	$	276,741
Class B: Net asset value per share	$	17.99
Shares outstanding		779
Net assets	$	14,015
Class C: Net asset value per share	$	18.07
Shares outstanding		4,080
Net assets	$	73,728
Class I: Net asset value per share	$	20.55
Shares outstanding		1,859
Net assets	$	38,199
Class R3: Net asset value per share	$	20.77
Shares outstanding		603
Net assets	$	12,521
Class R4: Net asset value per share	$	21.22
Shares outstanding		583
Net assets	$	12,363
Class R5: Net asset value per share	$	21.62
Shares outstanding		115
Net assets	$	2,489
Class Y: Net asset value per share	$	21.71
Shares outstanding		150
Net assets	$	3,252

The accompanying notes are an integral part of these financial statements.

8

The Hartford Healthcare Fund

  Statement of Operations

  For the Year Ended October 31, 2012

  (000’s Omitted)

Investment Income:
Dividends	$	5,997
Interest		12
Less: Foreign tax withheld		(173	)
Total investment income		5,836
Expenses:
Investment management fees		3,603
Administrative services fees		37
Transfer agent fees		844
Distribution fees
Class A		637
Class B		155
Class C		697
Class R3		47
Class R4		28
Custodian fees		11
Accounting services fees		56
Registration and filing fees		128
Board of Directors' fees		10
Audit fees		14
Other expenses		95
Total expenses (before waivers and fees paid indirectly)		6,362
Expense waivers		(8	)
Transfer agent fee waivers		(15	)
Commission recapture		(16	)
Total waivers and fees paid indirectly		(39	)
Total expenses, net		6,323
Net Investment Loss		(487	)
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		36,449
Net realized gain on foreign currency contracts		45
Net realized gain on other foreign currency transactions		128
Net Realized Gain on Investments and Foreign Currency Transactions		36,622
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		32,642
Net unrealized appreciation of foreign currency contracts		131
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(7	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		32,766
Net Gain on Investments and Foreign Currency Transactions		69,388
Net Increase in Net Assets Resulting from Operations	$	68,901

The accompanying notes are an integral part of these financial statements.

9

The Hartford Healthcare Fund

  Statement of Changes in Net Assets

  (000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment loss	$	(487	)	$	(1,453	)
Net realized gain on investments and foreign currency transactions		36,622			26,742
Net unrealized appreciation of investments and foreign currency transactions		32,766			9,995
Net Increase In Net Assets Resulting From Operations		68,901			35,284
Capital Share Transactions:
Class A		8,673			(38,064	)
Class B		(5,869	)		(7,968	)
Class C		(3,804	)		(11,674	)
Class I		(180	)		18,255
Class R3		5,030			2,136
Class R4		1,163			489
Class R5		729			(744	)
Class Y		154			16
Net increase (decrease) from capital share transactions		5,896			(37,554	)
Net Increase (Decrease) In Net Assets		74,797			(2,270	)
Net Assets:
Beginning of period		358,511			360,781
End of period	$	433,308		$	358,511
Undistributed (distribution in excess of) net investment income (loss)	$	(279	)	$	—

The accompanying notes are an integral part of these financial statements.

10

The Hartford Healthcare Fund

  Notes to Financial Statements

  October 31, 2012

  (000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Healthcare Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current

11

The Hartford Healthcare Fund

  Notes to Financial Statements – (continued)

  October 31, 2012

  (000’s Omitted)

or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted

12

or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

13

The Hartford Healthcare Fund

  Notes to Financial Statements – (continued)

  October 31, 2012

  (000’s Omitted)

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk – that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund had no outstanding repurchase agreements as of October 31, 2012.

14

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:
	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	271	$	—	$	—	$	—	$	—	$	271
Total	$	—	$	271	$	—	$	—	$	—	$	—	$	271

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

15

The Hartford Healthcare Fund

  Notes to Financial Statements – (continued)

  October 31, 2012

  (000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:
	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	45	$	—	$	—	$	—	$	—	$	45
Total	$	—	$	45	$	—	$	—	$	—	$	—	$	45
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	131	$	—	$	—	$	—	$	—	$	131
Total	$	—	$	131	$	—	$	—	$	—	$	—	$	131

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

16

c) Components of Distributable Earnings – The Fund’s components of distributable earnings (deficit) on a tax basis at October 31, 2012, are as follows:

	Amount
Accumulated Capital Losses *	$	(53,876	)
Unrealized Appreciation †		52,111
Total Accumulated Deficit	$	(1,765	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	208
Accumulated Net Realized Gain (Loss)		21
Capital Stock and Paid-in-Capital		(229	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	53,876
Total	$	53,876

During the year ended October 31, 2012, the Fund utilized $35,363 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

17

The Hartford Healthcare Fund

  Notes to Financial Statements – (continued)

  October 31, 2012

  (000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million	0.9000%
On next $500 million	0.8500%
On next $4 billion	0.8000%
On next $5 billion	0.7975%
Over $10 billion	0.7950%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.014%
On next $5 billion	0.012%
Over $10 billion	0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.60%		2.35%		2.35%		1.35%		1.65%		1.35%		1.05%		1.00%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

18

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.46	%
Class B		2.28
Class C		2.16
Class I		1.11
Class R3		1.64
Class R4		1.35
Class R5		1.05
Class Y		0.98

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $439 and contingent deferred sales charges of $17 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $14.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

19

The Hartford Healthcare Fund

  Notes to Financial Statements – (continued)

  October 31, 2012

  (000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		6		5	%
Class Y		6		4

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	184,210
Sales Proceeds Excluding U.S. Government Obligations		182,240

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		4,253		—		(3,845	)		—		408			3,106		—		(5,323	)		—		(2,217	)
Amount	$	79,496	$	—	$	(70,823	)	$	—	$	8,673		$	51,647	$	—	$	(89,711	)	$	—	$	(38,064	)
Class B
Shares		59		—		(416	)		—		(357	)		40		—		(569	)		—		(529	)
Amount	$	995	$	—	$	(6,864	)	$	—	$	(5,869	)	$	616	$	—	$	(8,584	)	$	—	$	(7,968	)
Class C
Shares		471		—		(713	)		—		(242	)		473		—		(1,283	)		—		(810	)
Amount	$	8,136	$	—	$	(11,940	)	$	—	$	(3,804	)	$	7,533	$	—	$	(19,207	)	$	—	$	(11,674	)
Class I
Shares		493		—		(517	)		—		(24	)		1,718		—		(753	)		—		965
Amount	$	9,483	$	—	$	(9,663	)	$	—	$	(180	)	$	31,076	$	—	$	(12,821	)	$	—	$	18,255
Class R3
Shares		402		—		(139	)		—		263			222		—		(107	)		—		115
Amount	$	7,715	$	—	$	(2,685	)	$	—	$	5,030		$	3,956	$	—	$	(1,820	)	$	—	$	2,136
Class R4
Shares		270		—		(209	)		—		61			200		—		(174	)		—		26
Amount	$	5,368	$	—	$	(4,205	)	$	—	$	1,163		$	3,537	$	—	$	(3,048	)	$	—	$	489
Class R5
Shares		60		—		(23	)		—		37			26		—		(65	)		—		(39	)
Amount	$	1,202	$	—	$	(473	)	$	—	$	729		$	460	$	—	$	(1,204	)	$	—	$	(744	)
Class Y
Shares		25		—		(17	)		—		8			29		—		(28	)		—		1
Amount	$	501	$	—	$	(347	)	$	—	$	154		$	499	$	—	$	(483	)	$	—	$	16
Total
Shares		6,033		—		(5,879	)		—		154			5,814		—		(8,302	)		—		(2,488	)
Amount	$	112,896	$	—	$	(107,000	)	$	—	$	5,896		$	99,324	$	—	$	(136,878	)	$	—	$	(37,554	)

20

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		93	$	1,727
For the Year Ended October 31, 2011		114	$	1,904

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

21

The Hartford Healthcare Fund

  Notes to Financial Statements – (continued)

  October 31, 2012

  (000’s Omitted)

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities - In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

22

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23

The Hartford Healthcare Fund

  Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income		Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	16.80	$	–		$	3.31		$	3.31		$	–	$	–		$	–	$	–		$	20.11
B		15.15		(0.17	)		3.01			2.84			–		–			–		–			17.99
C		15.20		(0.12	)		2.99			2.87			–		–			–		–			18.07
I		17.10		0.07			3.38			3.45			–		–			–		–			20.55
R3		17.38		(0.02	)		3.41			3.39			–		–			–		–			20.77
R4		17.70		0.02			3.50			3.52			–		–			–		–			21.22
R5		17.98		0.08			3.56			3.64			–		–			–		–			21.62
Y		18.05		0.10			3.56			3.66			–		–			–		–			21.71
For the Year Ended October 31, 2011 (E)
A		15.21		(0.04	)		1.63			1.59			–		–			–		–			16.80
B		13.83		(0.16	)		1.48			1.32			–		–			–		–			15.15
C		13.86		(0.14	)		1.48			1.34			–		–			–		–			15.20
I		15.44		0.02			1.64			1.66			–		–			–		–			17.10
R3		15.76		(0.07	)		1.69			1.62			–		–			–		–			17.38
R4		16.01		(0.02	)		1.71			1.69			–		–			–		–			17.70
R5		16.21		0.04			1.73			1.77			–		–			–		–			17.98
Y		16.26		0.05			1.74			1.79			–		–			–		–			18.05
For the Year Ended October 31, 2010
A		13.07		–			2.14			2.14			–		–			–		–			15.21
B		11.98		(0.14	)		1.99			1.85			–		–			–		–			13.83
C		11.99		(0.11	)		1.98			1.87			–		–			–		–			13.86
I		13.23		0.04			2.17			2.21			–		–			–		–			15.44
R3		13.57		(0.02	)		2.21			2.19			–		–			–		–			15.76
R4		13.74		0.02			2.25			2.27			–		–			–		–			16.01
R5		13.87		0.06			2.28			2.34			–		–			–		–			16.21
Y		13.90		0.08			2.28			2.36			–		–			–		–			16.26
For the Year Ended October 31, 2009 (E)
A		12.69		(0.02	)		1.01			0.99			–		(0.61	)		–		(0.61	)		13.07
B		11.74		(0.08	)		0.93			0.85			–		(0.61	)		–		(0.61	)		11.98
C		11.78		(0.10	)		0.92			0.82			–		(0.61	)		–		(0.61	)		11.99
I		12.81		0.01			1.02			1.03			–		(0.61	)		–		(0.61	)		13.23
R3		13.19		(0.05	)		1.04			0.99			–		(0.61	)		–		(0.61	)		13.57
R4		13.29		–			1.06			1.06			–		(0.61	)		–		(0.61	)		13.74
R5		13.38		0.03			1.07			1.10			–		(0.61	)		–		(0.61	)		13.87
Y		13.40		0.01			1.10			1.11			–		(0.61	)		–		(0.61	)		13.90
For the Year Ended October 31, 2008
A		18.85		(0.03	)		(4.83	)		(4.86	)		–		(1.30	)		–		(1.30	)		12.69
B		17.67		(0.18	)		(4.45	)		(4.63	)		–		(1.30	)		–		(1.30	)		11.74
C		17.71		(0.14	)		(4.49	)		(4.63	)		–		(1.30	)		–		(1.30	)		11.78
I		18.96		0.01			(4.86	)		(4.85	)		–		(1.30	)		–		(1.30	)		12.81
R3		19.59		(0.03	)		(5.07	)		(5.10	)		–		(1.30	)		–		(1.30	)		13.19
R4		19.66		–			(5.07	)		(5.07	)		–		(1.30	)		–		(1.30	)		13.29
R5		19.70		0.03			(5.05	)		(5.02	)		–		(1.30	)		–		(1.30	)		13.38
Y		19.74		0.05			(5.09	)		(5.04	)		–		(1.30	)		–		(1.30	)		13.40

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	19.70	%	$	276,741		1.47	%		1.47	%		–	%		46	%
	18.75			14,015		2.38			2.28			(0.84	)		–
	18.88			73,728		2.17			2.17			(0.71	)		–
	20.18			38,199		1.11			1.11			0.35			–
	19.51			12,521		1.69			1.65			(0.15	)		–
	19.89			12,363		1.38			1.35			0.11			–
	20.24			2,489		1.09			1.05			0.43			–
	20.28			3,252		0.98			0.98			0.48			–
	10.45			224,294		1.49			1.49			(0.24	)		44
	9.54			17,208		2.38			2.28			(1.04	)		–
	9.67			65,692		2.18			2.18			(0.93	)		–
	10.75			32,213		1.18			1.18			0.09			–
	10.28			5,905		1.71			1.65			(0.39	)		–
	10.56			9,241		1.39			1.35			(0.09	)		–
	10.92			1,403		1.09			1.05			0.21			–
	11.01			2,555		0.99			0.99			0.27			–
	16.37			236,781		1.49			1.49			(0.03	)		36
	15.44			23,023		2.39			2.28			(0.84	)		–
	15.60			71,124		2.18			2.18			(0.72	)		–
	16.70			14,176		1.22			1.22			0.24			–
	16.14			3,549		1.70			1.70			(0.17	)		–
	16.52			7,939		1.37			1.37			0.11			–
	16.87			1,895		1.08			1.08			0.38			–
	16.98			2,294		0.97			0.97			0.50			–
	8.48			234,603		1.58			1.55			(0.18	)		80
	7.95			31,746		2.54			2.11			(0.75	)		–
	7.66			74,424		2.28			2.28			(0.91	)		–
	8.73			15,934		1.27			1.27			0.04			–
	8.15			1,330		1.79			1.79			(0.36	)		–
	8.64			6,147		1.40			1.40			–			–
	8.89			1,412		1.11			1.11			0.27			–
	8.95			1,813		0.99			0.99			0.11			–
	(27.59	)		299,699		1.41			1.41			(0.18	)		67
	(28.17	)		45,475		2.32			2.24			(1.02	)		–
	(28.10	)		93,208		2.15			2.15			(0.92	)		–
	(27.36	)		43,036		1.11			1.11			0.10			–
	(27.78	)		503		1.91			1.85			(0.67	)		–
	(27.52	)		3,921		1.35			1.35			(0.02	)		–
	(27.18	)		1,449		1.05			1.05			0.27			–
	(27.23	)		155,104		0.95			0.95			0.28			–

25

Report of Independent Registered Public Accounting Firm

  The Board of Directors and Shareholders of

  The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Healthcare Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Healthcare Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

26

The Hartford Healthcare Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Healthcare Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

28

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford Healthcare Fund

   Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

30

The Hartford Healthcare Fund

  Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,041.43	$	7.44	$	1,000.00	$	1,017.85	$	7.35	1.45	%		184		366
Class B	$	1,000.00	$	1,036.89	$	11.62	$	1,000.00	$	1,013.72	$	11.49	2.27			184		366
Class C	$	1,000.00	$	1,037.31	$	11.01	$	1,000.00	$	1,014.33	$	10.89	2.15			184		366
Class I	$	1,000.00	$	1,043.15	$	5.70	$	1,000.00	$	1,019.56	$	5.63	1.11			184		366
Class R3	$	1,000.00	$	1,040.58	$	8.46	$	1,000.00	$	1,016.84	$	8.36	1.65			184		366
Class R4	$	1,000.00	$	1,041.73	$	6.93	$	1,000.00	$	1,018.35	$	6.85	1.35			184		366
Class R5	$	1,000.00	$	1,043.44	$	5.39	$	1,000.00	$	1,019.86	$	5.33	1.05			184		366
Class Y	$	1,000.00	$	1,043.75	$	5.03	$	1,000.00	$	1,020.21	$	4.98	0.98			184		366

31

The Hartford Healthcare Fund

  Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Healthcare Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

32

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

33

The Hartford Healthcare Fund

  Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

34

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company, an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

35

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-HC12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford High Yield Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford High Yield Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	13
Statement of Assets and Liabilities at October 31, 2012	14
Statement of Operations for the Year Ended October 31, 2012	15
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	16
Notes to Financial Statements	17
Financial Highlights	34
Report of Independent Registered Public Accounting Firm	36
Directors and Officers (Unaudited)	37
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	39
Quarterly Portfolio Holdings Information (Unaudited)	39
Federal Tax Information (Unaudited)	40
Expense Example (Unaudited)	41
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	42

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford High Yield Fund inception 09/30/1998
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to provide high current  income, and long-term total return.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
High Yield A#		11.00	%		7.21	%		8.99	%
High Yield A##		6.01	%		6.23	%		8.49	%
High Yield B#		10.24	%		6.41	%		8.34	%*
High Yield B##		5.24	%		6.11	%		8.34	%*
High Yield C#		10.23	%		6.42	%		8.22	%
High Yield C##		9.23	%		6.42	%		8.22	%
High Yield I#		11.39	%		7.58	%		9.20	%
High Yield R3#		10.68	%		6.89	%		9.02	%
High Yield R4#		11.15	%		7.24	%		9.23	%
High Yield R5#		11.34	%		7.49	%		9.37	%
High Yield Y#		11.55	%		7.57	%		9.43	%
Barclays U.S. Corporate High-Yield Index		13.61	%		9.40	%		11.18	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 4.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/31/07. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Corporate High-Yield Index (formerly known as Barclays Capital U.S. Corporate High-Yield Index) is an unmanaged broad-based market-value-weighted index that tracks the total return performance of non-investment grade, fixed-rate, publicly placed, dollar denominated and nonconvertible debt registered with the Securities and Exchange Commission.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford High Yield Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers

Christopher A. Jones, CFA

Senior Vice President and Fixed Income Portfolio Manager

As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford High Yield Fund returned 11.00%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the Barclays U.S. Corporate High-Yield Index, which returned 13.61% for the same period. The Fund also underperformed the 12.51% return of the average fund in the Lipper High Current Yield Funds peer group, a group of funds that that aim at high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower-grade debt issues.

Why did the Fund perform this way?

During the annual period, fixed income markets were extremely volatile due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and Federal Open Market Committee (FOMC) - responded with bold policy moves in order to prop up the markets. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the euro zone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

The Fund underperformed its benchmark, the Barclays U.S. Corporate High-Yield Index, for the period. An underweight (i.e. the Fund’s sector position was less than the benchmark position) to the Energy sector and an overweight to Financials contributed positively to relative performance during the period, while overweights to the Media Cable and Technology sectors detracted from relative returns. Within the Energy sector, a position in out of benchmark First Reserve Corp and lack of exposure to ATP Oil & Gas represented the primary contributors to positive relative results. Among issuers within the Financial Services sector, overweights to Ally Financial and Lloyds TSB Bank contributed the most to relative performance. Within the Auto sector, overweights to General Motors, TRW Automotive, and Meritor each detracted from relative results. An underweight to Sprint also detracted from relative performance in the Wireless sector.

Lower quality bonds (CCC and Below) slightly outperformed their higher rated counterparts (BB and B Rated) during the period. The portfolio’s underweight to CCC rated bonds detracted modestly from relative results. Security selection within BB rated bonds also hurt relative performance. Finally, a small position in cash also detracted from relative results.

What is the outlook?

Despite the recent rally, we believe high yield bonds remain attractive, given strong fundamentals, attractive yield advantage and a supportive technical backdrop. The trailing 12-month par-weighted default rate declined to 1.77% in October, well below the 25-year average of 4.20%. Issuers have meaningfully strengthened their balance sheets and liquidity positions since the 2008 credit crisis. In recent years, proceeds from new issuance have been used mainly to refinance existing debt, which should help mitigate default risk over the next few years. Finally, the sector’s average yield of 6.52% compares favorably to other fixed income sectors. However, one issue that has become increasingly important in high yield is negative convexity - the prospect that capital appreciation is likely to be limited because of the callable nature of high yield debt.

In aggregate, we recognize the risks of a severe macro economic backdrop; however, average spreads are currently in the 59th percentile (only 41% of months since 1994 have U.S. High Yield valuations been cheaper) which suggests that there may be room for further spread tightening.

3

The Hartford High Yield Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Baa / BBB		1.1
Ba / BB		28.8
B		46.0
Caa / CCC or Lower		16.5
Unrated		3.4
Non Debt Securities and Other Short-Term Instruments		1.9
Other Assets & Liabilities		2.3
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of October 31, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		2.7	%
Administrative Waste Management and Remediation		0.9
Arts, Entertainment and Recreation		9.6
Beverage and Tobacco Product Manufacturing		0.7
Chemical Manufacturing		2.6
Computer and Electronic Product Manufacturing		3.0
Construction		3.1
Fabricated Metal Product Manufacturing		0.7
Finance and Insurance		12.1
Food Services		0.5
Furniture and Related Product Manufacturing		0.3
Health Care and Social Assistance		8.6
Information		16.3
Machinery Manufacturing		0.9
Mining		3.2
Miscellaneous Manufacturing		2.7
Motor Vehicle and Parts Manufacturing		2.0
Nonmetallic Mineral Product Manufacturing		0.8
Other Services		1.2
Paper Manufacturing		0.2
Petroleum and Coal Products Manufacturing		5.6
Pipeline Transportation		2.4
Plastics and Rubber Products Manufacturing		0.6
Primary Metal Manufacturing		0.3
Printing and Related Support Activities		0.4
Professional, Scientific and Technical Services		1.6
Real Estate and Rental and Leasing		4.7
Retail Trade		3.7
Soap, Cleaning Compound and Toilet Manufacturing		0.5
Transportation Equipment Manufacturing		0.4
Utilities		2.5
Water Transportation		0.5
Wholesale Trade		0.5
Total		95.8	%
Equity Securities
Diversified Financials		1.2
Energy		0.2
Software and Services		0.0
Total		1.4	%
Short-Term Investments		0.5
Other Assets and Liabilities		2.3
Total		100.0	%

4

The Hartford High Yield Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 0.0%
		Finance and Insurance - 0.0%
		Soundview NIM Trust
$	920	0.00%, 12/25/2036 ■●	$	—
		Total asset & commercial mortgage backed securities
		(cost $916)	$	—
CORPORATE BONDS - 93.3%
		Accommodation and Food Services - 2.7%
		Caesars Operating Escrow
$	4,075	8.50%, 02/15/2020 ■	$	4,004
	1,815	9.00%, 02/15/2020 ■		1,806
		Choice Hotels International, Inc.
	211	5.70%, 08/28/2020		228
	1,610	5.75%, 07/01/2022		1,763
		MGM Mirage, Inc.
	2,298	11.13%, 11/15/2017		2,533
		Starwood Hotels & Resorts, Inc.
	1,855	7.15%, 12/01/2019		2,282
		Wynn Las Vegas LLC
	860	5.38%, 03/15/2022 ■		887
	1,456	7.75%, 08/15/2020		1,634
				15,137
		Administrative Waste Management and Remediation - 0.9%
		Clean Harbors, Inc.
	735	5.25%, 08/01/2020 ■		753
		Iron Mountain, Inc.
	1,585	5.75%, 08/15/2024		1,581
	2,631	7.75%, 10/01/2019		2,967
				5,301
		Arts, Entertainment and Recreation - 9.6%
		AMC Entertainment, Inc.
	4,211	8.75%, 06/01/2019 ╦		4,653
	2,039	9.75%, 12/01/2020		2,289
		Carlson Wagonlit B.V.
	936	6.88%, 06/15/2019 ■		978
		CCO Holdings LLC
	5,130	5.25%, 09/30/2022		5,156
	1,030	6.63%, 01/31/2022		1,118
	1,640	7.25%, 10/30/2017		1,792
	3,435	7.38%, 06/01/2020		3,847
	2,170	8.13%, 04/30/2020		2,441
		Cequel Communications, LLC
	905	6.38%, 09/15/2020 ■		916
		Chester Downs & Marina LLC
	721	9.25%, 02/01/2020 ■		717
		Clear Channel Worldwide Holdings, Inc.
	2,410	9.25%, 12/15/2017		2,585
		Emdeon, Inc.
	1,625	11.00%, 12/31/2019		1,844
		Equinix, Inc.
	1,455	7.00%, 07/15/2021		1,615
		Fidelity National Information Services, Inc.
	1,945	5.00%, 03/15/2022		1,984
		Gray Television, Inc.
	2,690	7.50%, 10/01/2020 ■		2,656
		Great Canadian Gaming Co.
	CAD   935	6.63%, 07/25/2022 ■		967
		Greektown Superholdings, Inc.
	2,840	13.00%, 07/01/2015		3,049
		Isle of Capri Casinos, Inc.
	2,970	8.88%, 06/15/2020 ■		3,126
		NAI Entertainment Holdings LLC
	860	8.25%, 12/15/2017 ■		957
		Regal Entertainment Group
	2,450	9.13%, 08/15/2018		2,720
		Sirius XM Radio, Inc.
	5,025	5.25%, 08/15/2022 ■		5,025
		Unitymedia Hessen GmbH & Co.
	1,693	8.13%, 12/01/2017 ■		1,828
		Univision Communications, Inc.
	2,090	6.75%, 09/15/2022 ■		2,090
				54,353
		Beverage and Tobacco Product Manufacturing - 0.7%
		Constellation Brands, Inc.
	505	4.63%, 03/01/2023		515
	2,830	6.00%, 05/01/2022		3,212
				3,727
		Chemical Manufacturing - 2.6%
		Ferro Corp.
	2,632	7.88%, 08/15/2018		2,428
		Hexion Specialty Chemicals
	2,145	8.88%, 02/01/2018		2,166
		Hexion U.S. Finance Corp.
	880	6.63%, 04/15/2020		878
		Ineos Group Holdings plc
	4,579	8.50%, 02/15/2016 ■		4,419
		LyondellBasell Industries N.V.
	1,215	6.00%, 11/15/2021		1,405
		Momentive Performance Materials, Inc.
	1,450	9.00%, 01/15/2021		1,000
		MPM Escrow LLC/MPM Finance Corp.
	1,455	8.88%, 10/15/2020 ■		1,426
		Nufarm Australia Ltd.
	1,060	6.38%, 10/15/2019 ■		1,087
				14,809
		Computer and Electronic Product Manufacturing - 3.0%
		CDW Escrow Corp.
	5,970	8.50%, 04/01/2019		6,373
		CDW LLC/CDW Finance
	1,970	8.00%, 12/15/2018		2,152
		Freescale Semiconductor, Inc.
	3,085	8.05%, 02/01/2020		2,884
	1,165	9.25%, 04/15/2018 ■		1,247
		Seagate HDD Cayman
	1,555	7.75%, 12/15/2018		1,687
		Sorenson Communications, Inc.
	3,350	10.50%, 02/01/2015 ■		2,747
				17,090
		Construction - 3.1%
		D.R. Horton, Inc.
	1,610	6.50%, 04/15/2016		1,799
		K Hovnanian Enterprises, Inc.
	2,426	9.13%, 11/15/2020 ■		2,523
		KB Home
	1,635	7.50%, 09/15/2022		1,776
	2,660	8.00%, 03/15/2020		2,972

The accompanying notes are an integral part of these financial statements.

5

The Hartford High Yield Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 93.3% - (continued)
		Construction - 3.1% - (continued)
		Lennar Corp.
$	5,725	4.75%, 12/15/2017 - 11/15/2022 ■	$	5,858
		Pulte Homes, Inc.
	1,523	7.88%, 06/15/2032		1,630
		Ryland Group, Inc.
	705	5.38%, 10/01/2022		716
				17,274
		Fabricated Metal Product Manufacturing - 0.7%
		BWAY Holding Co.
	1,473	10.00%, 06/15/2018		1,635
		Masco Corp.
	795	5.95%, 03/15/2022		890
	225	7.13%, 03/15/2020		261
		Ply Gem Industries, Inc.
	890	9.38%, 04/15/2017 ■		934
				3,720
		Finance and Insurance - 11.4%
		Ally Financial, Inc.
	4,240	5.50%, 02/15/2017		4,487
	2,265	7.50%, 09/15/2020		2,670
		CIT Group, Inc.
	5,555	5.25%, 03/15/2018		5,902
	5,299	5.50%, 02/15/2019 ■		5,650
	2,260	6.63%, 04/01/2018 ■		2,520
		Community Choice Financial, Inc.
	2,700	10.75%, 05/01/2019		2,626
		Credit Acceptance Corp.
	1,036	9.13%, 02/01/2017		1,137
		Fibria Overseas Finance Ltd.
	2,505	7.50%, 05/04/2020 ■		2,774
		Ford Motor Credit Co. LLC
	2,040	12.00%, 05/15/2015		2,514
		Ineos Finance plc
	821	7.50%, 05/01/2020 ■		831
	691	8.38%, 02/15/2019 ■		726
	1,285	9.00%, 05/15/2015 ■		1,362
		ING US, Inc.
	1,795	5.50%, 07/15/2022 ■		1,951
		Ladder Capital Finance Holdings LLC
	2,355	7.38%, 10/01/2017 ■		2,384
		Lloyds Banking Group plc
	4,380	7.88%, 11/01/2020 ■		4,500
		National Money Mart Co.
	1,565	10.38%, 12/15/2016		1,747
		Nationstar Mortgage LLC
	1,936	7.88%, 10/01/2020 ■		1,994
		Nuveen Investments, Inc.
	1,010	9.13%, 10/15/2017 ■		1,009
	2,390	9.50%, 10/15/2020 ■		2,408
		Provident Funding Associates L.P.
	3,464	10.25%, 04/15/2017 ■		3,789
		SLM Corp.
	1,735	6.25%, 01/25/2016		1,874
	1,354	7.25%, 01/25/2022		1,493
	1,655	8.45%, 06/15/2018		1,967
		TitleMax, Inc.
	3,655	13.25%, 07/15/2015		4,057
		UBS AG Stamford CT
	1,885	7.63%, 08/17/2022		2,033
				64,405
		Food Services - 0.5%
		ARAMARK Holdings Corp.
	2,565	8.63%, 05/01/2016 ■Þ		2,623
		Furniture and Related Product Manufacturing - 0.3%
		Masco Corp.
	1,430	5.85%, 03/15/2017		1,561
		Health Care and Social Assistance - 8.5%
		Alere, Inc.
	1,636	7.88%, 02/01/2016		1,706
	3,115	9.00%, 05/15/2016		3,290
		American Renal Holdings, Inc.
	2,470	8.38%, 05/15/2018		2,612
		Biomet, Inc.
	2,170	6.50%, 08/01/2020 - 10/01/2020 ■		2,182
		Community Health Systems, Inc.
	1,675	5.13%, 08/15/2018		1,738
	1,985	7.13%, 07/15/2020		2,099
		DaVita, Inc.
	1,910	6.63%, 11/01/2020		2,039
		Elan Finance plc
	2,500	6.25%, 10/15/2019 ■		2,525
		Fresenius Medical Care U.S. Finance II, Inc.
	2,045	5.88%, 01/31/2022 ■		2,175
		HCA, Inc.
	3,005	7.25%, 09/15/2020		3,324
	6,576	7.50%, 11/15/2095		5,623
	1,724	8.50%, 04/15/2019		1,937
		Health Management Associates, Inc.
	1,407	7.38%, 01/15/2020		1,516
		HealthSouth Corp.
	3,299	7.25%, 10/01/2018		3,563
		Hologic, Inc.
	310	6.25%, 08/01/2020 ■		329
		Radiation Therapy Services, Inc.
	2,021	8.88%, 01/15/2017		1,943
	2,500	9.88%, 04/15/2017		1,763
		Savient Pharmaceuticals, Inc.
	2,815	4.75%, 02/01/2018 ۞		732
		Tenet Healthcare Corp.
	1,610	4.75%, 06/01/2020 ■		1,596
		Valeant Pharmaceuticals International, Inc.
	1,090	6.75%, 08/15/2021 ■		1,158
	2,475	7.25%, 07/15/2022 ■		2,679
		Warner Chilcott plc
	1,566	7.75%, 09/15/2018		1,652
				48,181
		Information - 16.3%
		Audatex North America, Inc.
	2,265	6.75%, 06/15/2018 ■		2,429
		Cricket Communications, Inc.
	3,995	7.75%, 10/15/2020		4,120
		CSC Holdings, Inc.
	2,175	7.63%, 07/15/2018		2,518

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 93.3% - (continued)
		Information - 16.3% - (continued)
		DISH DBS Corp.
$	3,655	5.88%, 07/15/2022	$	3,838
	3,997	7.88%, 09/01/2019		4,686
		First Data Corp.
	1,525	6.75%, 11/01/2020 ■		1,525
	4,945	7.38%, 06/15/2019 ■		5,118
	2,310	8.25%, 01/15/2021 ■		2,310
	1,499	10.55%, 09/24/2015 Þ		1,536
		GCI, Inc.
	1,035	6.75%, 06/01/2021		1,035
		Harron Communications L.P.
	2,630	9.13%, 04/01/2020 ■		2,840
		Hughes Satelite Systems
	2,300	6.50%, 06/15/2019		2,461
		Inmarsat Finance plc
	615	7.38%, 12/01/2017 ■		663
		Intelsat Bermuda Ltd.
	6,802	11.50%, 02/04/2017 Þ		7,159
		Intelsat Jackson Holdings S.A.
	1,315	7.50%, 04/01/2021		1,410
	4,034	8.50%, 11/01/2019		4,528
		Lawson Software, Inc.
	1,780	9.38%, 04/01/2019		1,967
		Level 3 Communications, Inc.
	405	8.88%, 06/01/2019 ■		425
		Level 3 Escrow, Inc.
	541	8.13%, 07/01/2019		577
		Level 3 Financing, Inc.
	1,119	7.00%, 06/01/2020 ■		1,139
	4,355	10.00%, 02/01/2018		4,856
		Mediacom LLC
	2,460	9.13%, 08/15/2019		2,724
		MetroPCS Wireless, Inc.
	1,580	6.63%, 11/15/2020		1,698
	3,340	7.88%, 09/01/2018		3,657
		Nara Cable Funding Ltd.
	3,290	8.88%, 12/01/2018 ■		3,109
		Paetec Holding Corp.
	1,361	9.88%, 12/01/2018		1,555
		SBA Communications Corp.
	840	5.63%, 10/01/2019 ■		854
		SBA Telecommunications, Inc.
	671	5.75%, 07/15/2020 ■		698
		Softbrands, Inc.
	1,840	11.50%, 07/15/2018		2,130
		Sprint Nextel Corp.
	1,255	7.00%, 03/01/2020 ■		1,456
	2,103	9.00%, 11/15/2018 ■		2,597
		Syniverse Holdings, Inc.
	3,255	9.13%, 01/15/2019		3,467
		UPCB Finance III Ltd.
	2,015	6.63%, 07/01/2020 ■		2,156
		UPCB Finance VI Ltd.
	1,310	6.88%, 01/15/2022 ■		1,402
		Videotron Ltee
	1,651	9.13%, 04/15/2018		1,781
		Wind Acquisition Finance S.A.
	1,360	7.25%, 02/15/2018 ■		1,319
		Windstream Corp.
	2,050	7.50%, 04/01/2023		2,158
	1,045	7.75%, 10/15/2020		1,126
		Zayo Group LLC
	445	8.13%, 01/01/2020		487
	320	10.13%, 07/01/2020		358
				91,872
		Machinery Manufacturing - 0.9%
		Case New Holland, Inc.
	4,344	7.88%, 12/01/2017		5,104
		Mining - 2.7%
		American Rock Salt Co. LLC
	756	8.25%, 05/01/2018 ■		696
		FMG Resources Pty Ltd.
	2,491	6.00%, 04/01/2017 ■		2,391
	6,019	7.00%, 11/01/2015 ■		6,079
	916	8.25%, 11/01/2019 ■		916
		Peabody Energy Corp.
	4,055	6.00%, 11/15/2018		4,207
	1,116	6.50%, 09/15/2020		1,183
				15,472
		Miscellaneous Manufacturing - 2.7%
		BE Aerospace, Inc.
	3,596	5.25%, 04/01/2022		3,749
	1,558	6.88%, 10/01/2020		1,729
		Reynolds Group Issuer, Inc.
	2,625	5.75%, 10/15/2020 ■		2,651
	850	7.13%, 04/15/2019 Δ		905
	1,275	7.88%, 08/15/2019		1,383
		TransDigm Group, Inc.
	915	5.50%, 10/15/2020 ■		927
	3,645	7.75%, 12/15/2018		4,019
				15,363
		Motor Vehicle and Parts Manufacturing - 2.0%
		American Axle & Manufacturing Holdings, Inc.
	1,485	6.63%, 10/15/2022		1,468
		Ford Motor Co.
	1,540	7.50%, 08/01/2026		1,802
		Meritor, Inc.
	3,510	10.63%, 03/15/2018		3,541
		Tenneco, Inc.
	2,485	7.75%, 08/15/2018		2,706
		TRW Automotive, Inc.
	1,220	7.25%, 03/15/2017 ■		1,389
	390	8.88%, 12/01/2017 ■		428
				11,334
		Nonmetallic Mineral Product Manufacturing - 0.8%
		Ardagh Packaging Finance plc
	323	7.38%, 10/15/2017 ■		347
	1,987	9.13%, 10/15/2020 ■		2,077
		Silgan Holdings, Inc.
	2,050	5.00%, 04/01/2020		2,106
				4,530

The accompanying notes are an integral part of these financial statements.

7

The Hartford High Yield Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 93.3% - (continued)
		Other Services - 1.2%
		Service Corp. International
$	990	7.00%, 05/15/2019	$	1,084
	4,565	7.63%, 10/01/2018		5,398
				6,482
		Paper Manufacturing - 0.2%
		Boise Cascade LLC
	775	6.38%, 11/01/2020 ■		786
		P.H. Glatfelter Co.
	415	5.38%, 10/15/2020 ■		421
				1,207
		Petroleum and Coal Products Manufacturing - 5.6%
		Antero Resources Finance Corp.
	2,555	7.25%, 08/01/2019		2,759
		Continental Resources, Inc.
	1,275	5.00%, 09/15/2022		1,342
	1,465	5.00%, 09/15/2022 ■		1,546
		Endeavour International Corp.
	1,857	12.00%, 03/01/2018 ■		2,024
		Everest Acquisition LLC
	405	6.88%, 05/01/2019 ■		438
	3,865	9.38%, 05/01/2020 ■		4,271
		Ferrellgas Partners L.P.
	2,595	6.50%, 05/01/2021		2,504
		Harvest Operations Corp.
	1,336	6.88%, 10/01/2017		1,463
		MEG Energy Corp.
	1,175	6.38%, 01/30/2023 ■		1,257
		Newfield Exploration Co.
	2,640	5.63%, 07/01/2024		2,818
	1,464	5.75%, 01/30/2022		1,581
		Plains Exploration & Production Co.
	474	6.75%, 02/01/2022		476
		Range Resources Corp.
	1,160	5.00%, 08/15/2022		1,212
	1,245	5.75%, 06/01/2021		1,332
		Rosetta Resources, Inc.
	2,387	9.50%, 04/15/2018		2,635
		Seadrill Ltd.
	2,000	5.63%, 09/15/2017 ■		2,000
		Shelf Drilling Holdings Ltd.
	1,940	8.63%, 11/01/2018 ■		1,950
				31,608
		Pipeline Transportation - 2.4%
		El Paso Corp.
	2,245	7.00%, 06/15/2017		2,565
	365	7.75%, 01/15/2032		436
	2,218	7.80%, 08/01/2031		2,640
		Energy Transfer Equity L.P.
	1,757	7.50%, 10/15/2020		1,999
		Kinder Morgan Finance Co.
	2,025	6.00%, 01/15/2018 ■		2,221
		MarkWest Energy Partners L.P.
	700	5.50%, 02/15/2023		735
	1,480	6.25%, 06/15/2022		1,602
		NGPL Pipeco LLC
	1,465	7.12%, 12/15/2017 ■		1,571
				13,769
		Plastics and Rubber Products Manufacturing - 0.6%
		Continental Rubber of America Corp.
	2,455	4.50%, 09/15/2019 ■		2,508
		Nortek, Inc.
	945	8.50%, 04/15/2021 ■		1,011
				3,519
		Primary Metal Manufacturing - 0.3%
		Novelis, Inc.
	1,608	8.75%, 12/15/2020		1,773
		Printing and Related Support Activities - 0.4%
		Quebecor Media, Inc.
	2,375	5.75%, 01/15/2023 ■		2,423
		Professional, Scientific and Technical Services - 1.6%
		Lamar Media Corp.
	1,035	7.88%, 04/15/2018		1,139
		Lender Processing Services, Inc.
	1,565	5.75%, 04/15/2023		1,655
		SunGard Data Systems, Inc.
	710	6.63%, 11/01/2019 ■☼		716
	2,615	7.38%, 11/15/2018		2,814
	1,075	7.63%, 11/15/2020		1,168
	1,620	10.25%, 08/15/2015		1,657
				9,149
		Real Estate and Rental and Leasing - 4.7%
		Air Lease Corp.
	3,751	5.63%, 04/01/2017 ■		3,845
		Ashtead Capital, Inc.
	285	6.50%, 07/15/2022 ■		301
		H & E Equipment Services, Inc.
	1,095	7.00%, 09/01/2022 ■		1,139
		HDTFS, Inc.
	890	5.88%, 10/15/2020 ■		899
	580	6.25%, 10/15/2022 ■		588
		International Lease Finance Corp.
	3,380	5.75%, 05/15/2016		3,569
	6,990	5.88%, 04/01/2019 - 08/15/2022		7,337
	1,220	6.25%, 05/15/2019		1,315
	2,270	8.88%, 09/01/2017		2,673
		Realogy Corp.
	1,282	7.63%, 01/15/2020 ■		1,439
		United Rental Financing Escrow Corp.
	1,393	5.75%, 07/15/2018 ■		1,497
	377	7.38%, 05/15/2020 ■		408
	375	7.63%, 04/15/2022 ■		411
		United Rentals North America, Inc.
	925	6.13%, 06/15/2023		936
				26,357
		Retail Trade - 3.1%
		99 Cents Only Stores
	2,510	11.00%, 12/15/2019 ■		2,849
		AmeriGas Partners L.P.
	2,266	6.25%, 08/20/2019		2,379
		Building Materials Corp.
	2,001	7.50%, 03/15/2020 ■		2,176
		GRD Holding III Corp.
	2,030	10.75%, 06/01/2019 ■		2,058
		Michaels Stores, Inc.
	2,885	7.75%, 11/01/2018		3,098

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 93.3% - (continued)
		Retail Trade - 3.1% - (continued)
		PC Merger Sub, Inc.
$	2,395	8.88%, 08/01/2020 ■	$	2,545
		Sally Holdings LLC
	985	5.75%, 06/01/2022		1,053
	985	6.88%, 11/15/2019		1,092
				17,250
		Soap, Cleaning Compound and Toilet Manufacturing - 0.5%
		Revlon Consumer Products
	2,435	9.75%, 11/15/2015		2,566
		Transportation Equipment Manufacturing - 0.4%
		Huntington Ingalls Industries, Inc.
	2,065	7.13%, 03/15/2021		2,220
		Utilities - 1.9%
		AES (The) Corp.
	2,915	8.00%, 10/15/2017		3,334
	1,636	9.75%, 04/15/2016 ‡		1,957
		Calpine Corp.
	2,425	7.88%, 01/15/2023 ■		2,680
		Dolphin Subsidiary II, Inc.
	990	7.25%, 10/15/2021		1,116
		Texas Competitive Electric Co.
	1,960	11.50%, 10/01/2020 ■		1,401
				10,488
		Water Transportation - 0.5%
		ACL I Corp.
	2,766	10.63%, 02/15/2016 Þ		2,714
		Wholesale Trade - 0.5%
		J.M. Huber Corp.
	2,370	9.88%, 11/01/2019 ■		2,631
		Total corporate bonds
		(cost $508,188)	$	526,012
SENIOR FLOATING RATE INTERESTS ♦ - 2.5%
		Finance and Insurance - 0.7%
		Asurion Corp., 2nd Lien Term Loan
$	676	9.00%, 05/24/2019	$	698
		Asurion Corp., Term Loan
	1,616	5.50%, 05/24/2018		1,626
		Macquarie Aircraft Leasing Finance S.A., 2nd Lien Term Loan
	1,897	4.21%, 11/29/2013		1,878
				4,202
		Health Care and Social Assistance - 0.1%
		Hologic, Inc.
	559	4.50%, 08/01/2019		565
		Mining - 0.5%
		Arch Coal, Inc.
	2,663	5.75%, 05/16/2018		2,684
		Retail Trade - 0.6%
		EB Sports Corp.
	3,698	11.50%, 12/31/2015 Þ		3,624
		Utilities - 0.6%
		Texas Competitive Electric Holdings Co. LLC
	5,000	4.75%, 10/10/2017		3,218
		Total senior floating rate interests
		(cost $13,966)	$	14,293
COMMON STOCKS - 0.2%
		Energy - 0.2%
	104,555	KCA Deutag ⌂●†	$	867
		Software and Services - 0.0%
	16	Stratus Technologies, Inc. ⌂●†		11
		Total common stocks
		(cost $1,417)	$	878
PREFERRED STOCKS - 1.2%
		Diversified Financials - 1.2%
	84	Citigroup Capital XIII	$	2,348
	159	GMAC Capital Trust I ۞		4,168
				6,516
		Software and Services - 0.0%
	4	Stratus Technologies, Inc. ⌂†		63
		Total preferred stocks
		(cost $5,926)	$	6,579
		Total long-term investments
		(cost $530,413)	$	547,762
SHORT-TERM INVESTMENTS - 0.5%
Repurchase Agreements - 0.5%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $520, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $530)
$	520	0.30%, 10/31/2012	$	520
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $212, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $216)
	212	0.25%, 10/31/2012		212
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $364, collateralized by FNMA 2.50%, 2027, value of $371)
	364	0.35%, 10/31/2012		364
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $138, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $141)
	138	0.35%, 10/31/2012		138

The accompanying notes are an integral part of these financial statements.

9

The Hartford High Yield Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬						Market Value ╪
SHORT-TERM INVESTMENTS - 0.5% - (continued)
Repurchase Agreements - 0.5% - (continued)
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $642, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $654)
$	642	0.28%, 10/31/2012			$	642
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $814, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $830)
	814	0.25%, 10/31/2012				814
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $4, collateralized by U.S. Treasury Note 8.13%, 2019, value of $4)
	4	0.25%, 10/31/2012				4
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $189, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $193)
	189	0.30%, 10/31/2012				189
						2,883
		Total short-term investments
		(cost $2,883)			$	2,883
		Total investments
		(cost $533,296) ▲	97.7	%	$	550,645
		Other assets and liabilities	2.3	%		12,921
		Total net assets	100.0	%	$	563,566

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $534,151 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	21,401
Unrealized Depreciation		(4,907	)
Net Unrealized Appreciation	$	16,494

† These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $941, which represents 0.2% of total net assets.

● Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

Þ This security may pay interest in additional principal instead of cash.

The accompanying notes are an integral part of these financial statements.

10

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $194,067, which represents 34.4% of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
03/2011		104,555	KCA Deutag	$	1,417
03/2010 - 07/2010		16	Stratus Technologies, Inc.		–
03/2010 - 07/2010		4	Stratus Technologies, Inc. Preferred		–

At October 31, 2012, the aggregate value of these securities was $941, which represents 0.2% of total net assets.

۞ Convertible security.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $710 at October 31, 2012.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.

Credit Default Swap Contracts Outstanding at October 31, 2012

Upfront

Premiums

Unrealized

Notional

(Pay)/Receive

Expiration

Paid/

Market

Appreciation/

Reference Entity

Counterparty

Amount (a)

Fixed Rate

Date

(Received)

Value ╪

(Depreciation)

Credit default swaps on traded indexes:

Buy protection:

CDX.NA.HY.19

BCLY

$

14,105

(5.00

)%

12/20/17

$

97

$

115

$

18

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.  Notional shown in U.S. dollars unless otherwise noted.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty		Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
CAD	Sell	11/15/2012		UBS	$	953	$	936	$	17

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

11

The Hartford High Yield Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
UBS	UBS AG
Currency Abbreviations:
CAD	Canadian Dollar
Index Abbreviations:
CDX.NA.HY	Credit Derivatives North American High Yield
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate

The accompanying notes are an integral part of these financial statements.

12

The Hartford High Yield Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	–	$	–	$	–	$	–
Common Stocks ‡		878		–		–		878
Corporate Bonds		526,012		–		526,012		–
Preferred Stocks		6,579		6,516		–		63
Senior Floating Rate Interests		14,293		–		14,293		–
Short-Term Investments		2,883		–		2,883		–
Total	$	550,645	$	6,516	$	543,188	$	941
Credit Default Swaps *		18		–		18		–
Foreign Currency Contracts *		17		–		17		–
Total	$	35	$	–	$	35	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Balance as of October 31, 2012
Assets:
Common Stocks	$	910	$	—		$	(31	)*	$	—		$	1,417	$	(1,418	)	$	—	$	—	$	878
Corporate Bonds		1,169		(16	)		9			(1	)		57		(1,218	)		—		—		—
Preferred Stocks		—		—			63	†		—			—		—			—		—		63
Total	$	2,079	$	(16	)	$	41		$	(1	)	$	1,474	$	(2,636	)	$	—	$	—	$	941

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(31).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $63.

The accompanying notes are an integral part of these financial statements.

13

The Hartford High Yield Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $533,296)	$	550,645
Cash		5,418
Unrealized appreciation on foreign currency contracts		17
Unrealized appreciation on swap contracts		18
Receivables:
Investment securities sold		6,975
Fund shares sold		2,424
Dividends and interest		10,312
Swap premiums paid		97
Total assets		575,906
Liabilities:
Payables:
Investment securities purchased		10,200
Fund shares redeemed		1,786
Investment management fees		79
Dividends		34
Administrative fees		—
Distribution fees		45
Accrued expenses		94
Other liabilities		102
Total liabilities		12,340
Net assets	$	563,566
Summary of Net Assets:
Capital stock and paid-in-capital	$	589,791
Undistributed net investment income		348
Accumulated net realized loss		(43,957	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		17,384
Net assets	$	563,566
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$7.53/$7.88
Shares outstanding		48,545
Net assets	$	365,718
Class B: Net asset value per share	$	7.50
Shares outstanding		1,466
Net assets	$	10,990
Class C: Net asset value per share	$	7.51
Shares outstanding		13,798
Net assets	$	103,639
Class I: Net asset value per share	$	7.57
Shares outstanding		8,484
Net assets	$	64,195
Class R3: Net asset value per share	$	7.53
Shares outstanding		257
Net assets	$	1,934
Class R4: Net asset value per share	$	7.54
Shares outstanding		158
Net assets	$	1,191
Class R5: Net asset value per share	$	7.53
Shares outstanding		57
Net assets	$	431
Class Y: Net asset value per share	$	7.53
Shares outstanding		2,055
Net assets	$	15,468

The accompanying notes are an integral part of these financial statements.

14

The Hartford High Yield Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	417
Interest		34,534
Total investment income		34,951
Expenses:
Investment management fees		3,225
Administrative services fees		5
Transfer agent fees		632
Distribution fees
Class A		733
Class B		118
Class C		1,001
Class R3		8
Class R4		2
Custodian fees		13
Accounting services fees		100
Registration and filing fees		149
Board of Directors' fees		14
Audit fees		14
Other expenses		84
Total expenses (before waivers and fees paid indirectly)		6,098
Expense waivers		(281	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(281	)
Total expenses, net		5,817
Net Investment Income		29,134
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		634
Net realized gain on written options		602
Net realized loss on swap contracts		(1,345	)
Net realized loss on foreign currency contracts		(39	)
Net realized gain on other foreign currency transactions		7
Net Realized Loss on Investments, Other Financial Instruments and Foreign Currency Transactions		(141	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		20,872
Net unrealized depreciation of written options		(15	)
Net unrealized depreciation of swap contracts		(566	)
Net unrealized appreciation of foreign currency contracts		17
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		20,308
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		20,167
Net Increase in Net Assets Resulting from Operations	$	49,301

The accompanying notes are an integral part of these financial statements.

15

The Hartford High Yield Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	29,134		$	29,756
Net realized gain (loss) on investments, other financial instruments and foreign currency transactions		(141	)		18,218
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		20,308			(26,949	)
Net Increase In Net Assets Resulting From Operations		49,301			21,025
Distributions to Shareholders:
From net investment income
Class A		(17,413	)		(17,146	)
Class B		(625	)		(1,074	)
Class C		(5,228	)		(5,436	)
Class I		(4,380	)		(2,838	)
Class R3		(95	)		(67	)
Class R4		(54	)		(26	)
Class R5		(26	)		(37	)
Class Y		(1,150	)		(3,015	)
Total distributions		(28,971	)		(29,639	)
Capital Share Transactions:
Class A		72,845			2,549
Class B		(2,524	)		(6,659	)
Class C		(3,149	)		18,786
Class I		(24,472	)		64,175
Class R3		430			1,078
Class R4		661			173
Class R5		93			(154	)
Class Y		(5,418	)		(23,444	)
Net increase from capital share transactions		38,466			56,504
Net Increase In Net Assets		58,796			47,890
Net Assets:
Beginning of period		504,770			456,880
End of period	$	563,566		$	504,770
Undistributed (distribution in excess of) net investment income (loss)	$	348		$	182

The accompanying notes are an integral part of these financial statements.

16

The Hartford High Yield Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford High Yield Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

17

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

18

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

19

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the

20

Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are

21

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. At October 31, 2012 the aggregate value of unfunded loan commitments was $693,663. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are

22

marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. As of October 31, 2012, there were no outstanding options contracts.

Options Contract Activity During the Year Ended October 31, 2012:

Call Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		7,100,000		$	300
Written		—			—
Expired		(7,100,000	)		(300	)
Closed		—			—
Exercised		—			—
End of year		—		$	—

Put Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		7,100,000		$	301
Written		—			—
Expired		(7,100,000	)		(301	)
Closed		—			—
Exercised		—			—
End of year		—		$	—

* The number of contracts does not omit 000's.

23

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Contracts – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the

24

contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of October 31, 2012.

d) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	17	$	—	$	—	$	—	$	—	$	17
Unrealized appreciation on swap contracts		—		—		18		—		—		—		18
Total	$	—	$	17	$	18	$	—	$	—	$	—	$	35

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on written options	$	—	$	—		$	602		$	—	$	—	$	—	$	602
Net realized loss on swap contracts		—		—			(1,345	)		—		—		—		(1,345	)
Net realized loss on foreign currency contracts		—		(39	)		—			—		—		—		(39	)
Total	$	—	$	(39	)	$	(743	)	$	—	$	—	$	—	$	(782	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of written options	$	—	$	—		$	(15	)	$	—	$	—	$	—	$	(15	)
Net change in unrealized depreciation of swap contracts		—		—			(566	)		—		—		—		(566	)
Net change in unrealized appreciation of foreign currency contracts		—		17			—			—		—		—		17
Total	$	—	$	17		$	(581	)	$	—	$	—	$	—	$	(564	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

25

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

26

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	29,262	$	29,686

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	394
Accumulated Capital Losses *		(43,083	)
Unrealized Appreciation †		16,510
Total Accumulated Deficit	$	(26,179	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	3
Accumulated Net Realized Gain (Loss)		(185	)
Capital Stock and Paid-in-Capital		182

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

27

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

	Amount
Long Term Capital Loss Carryforward	$	1,154
Total	$	1,154

Capital loss carryforwards with expiration:

Year of Expiration	Amount
2014	$	2,064
2016		21,761
2017		18,104
Total	$	41,929

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective March 5, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to March 5, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million	0.650%
On next $500 million	0.600%
On next $1.5 billion	0.595%
On next $2.5 billion	0.590%
On next $5 billion	0.580%
Over $10 billion	0.570%

28

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million	0.650%
On next $4.5 billion	0.600%
On next $5 billion	0.580%
Over $10 billion	0.570%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion	0.020%
On next $5 billion	0.018%
Over $10 billion	0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.05%		1.80%		1.80%		0.80%		1.35%		1.05%		0.75%		0.70%

d) Fees Paid Indirectly – The Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.05	%
Class B		1.80
Class C		1.79
Class I		0.80
Class R3		1.35
Class R4		1.05
Class R5		0.75
Class Y		0.70

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31,

29

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

2012, HIFSCO received front-end load sales charges of $981 and contingent deferred sales charges of $48 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $28. These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		14		9	%
Class R5		18		32
Class Y		16		1

30

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	628,813
Sales Proceeds Excluding U.S. Government Obligations		510,909
Cost of Purchases for U.S. Government Obligations		176,264
Sales Proceeds for U.S. Government Obligations		175,949

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		33,830		2,070		(26,324	)		—		9,576			29,956		2,026		(31,653	)		—		329
Amount	$	248,181	$	15,175	$	(190,511	)	$	—	$	72,845		$	219,290	$	14,952	$	(231,693	)	$	—	$	2,549
Class B
Shares		263		75		(687	)		—		(349	)		353		125		(1,377	)		—		(899	)
Amount	$	1,919	$	547	$	(4,990	)	$	—	$	(2,524	)	$	2,588	$	924	$	(10,171	)	$	—	$	(6,659	)
Class C
Shares		8,901		574		(9,983	)		—		(508	)		11,677		596		(9,606	)		—		2,667
Amount	$	64,496	$	4,191	$	(71,836	)	$	—	$	(3,149	)	$	85,052	$	4,388	$	(70,654	)	$	—	$	18,786
Class I
Shares		13,950		518		(17,901	)		—		(3,433	)		19,994		322		(11,254	)		—		9,062
Amount	$	101,163	$	3,808	$	(129,443	)	$	—	$	(24,472	)	$	144,991	$	2,390	$	(83,206	)	$	—	$	64,175
Class R3
Shares		91		13		(45	)		—		59			167		9		(28	)		—		148
Amount	$	664	$	95	$	(329	)	$	—	$	430		$	1,218	$	67	$	(207	)	$	—	$	1,078
Class R4
Shares		152		7		(68	)		—		91			82		3		(61	)		—		24
Amount	$	1,106	$	50	$	(495	)	$	—	$	661		$	603	$	25	$	(455	)	$	—	$	173
Class R5
Shares		29		3		(20	)		—		12			48		5		(75	)		—		(22	)
Amount	$	213	$	26	$	(146	)	$	—	$	93		$	360	$	36	$	(550	)	$	—	$	(154	)
Class Y
Shares		591		157		(1,493	)		—		(745	)		1,303		418		(4,972	)		—		(3,251	)
Amount	$	4,305	$	1,145	$	(10,868	)	$	—	$	(5,418	)	$	9,778	$	3,015	$	(36,237	)	$	—	$	(23,444	)
Total
Shares		57,807		3,417		(56,521	)		—		4,703			63,580		3,504		(59,026	)		—		8,058
Amount	$	422,047	$	25,037	$	(408,618	)	$	—	$	38,466		$	463,880	$	25,797	$	(433,173	)	$	—	$	56,504

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		145	$	1,055
For the Year Ended October 31, 2011		235	$	1,748

31

The Hartford High Yield Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No.

32

2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

33

The Hartford High Yield Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	7.20	$	0.44	$	0.33		$	0.77		$	(0.44	)	$	–	$	–	$	(0.44	)	$	7.53
B		7.17		0.38		0.33			0.71			(0.38	)		–		–		(0.38	)		7.50
C		7.18		0.38		0.33			0.71			(0.38	)		–		–		(0.38	)		7.51
I		7.23		0.46		0.34			0.80			(0.46	)		–		–		(0.46	)		7.57
R3		7.20		0.42		0.33			0.75			(0.42	)		–		–		(0.42	)		7.53
R4		7.20		0.44		0.34			0.78			(0.44	)		–		–		(0.44	)		7.54
R5		7.20		0.46		0.33			0.79			(0.46	)		–		–		(0.46	)		7.53
Y		7.19		0.47		0.33			0.80			(0.46	)		–		–		(0.46	)		7.53
For the Year Ended October 31, 2011
A		7.37		0.53		(0.17	)		0.36			(0.53	)		–		–		(0.53	)		7.20
B		7.34		0.48		(0.17	)		0.31			(0.48	)		–		–		(0.48	)		7.17
C		7.35		0.47		(0.16	)		0.31			(0.48	)		–		–		(0.48	)		7.18
I		7.39		0.55		(0.16	)		0.39			(0.55	)		–		–		(0.55	)		7.23
R3		7.36		0.51		(0.16	)		0.35			(0.51	)		–		–		(0.51	)		7.20
R4		7.37		0.53		(0.17	)		0.36			(0.53	)		–		–		(0.53	)		7.20
R5		7.37		0.56		(0.18	)		0.38			(0.55	)		–		–		(0.55	)		7.20
Y		7.36		0.57		(0.18	)		0.39			(0.56	)		–		–		(0.56	)		7.19
For the Year Ended October 31, 2010
A		6.73		0.59		0.65			1.24			(0.60	)		–		–		(0.60	)		7.37
B		6.71		0.54		0.64			1.18			(0.55	)		–		–		(0.55	)		7.34
C		6.71		0.54		0.65			1.19			(0.55	)		–		–		(0.55	)		7.35
I		6.74		0.61		0.66			1.27			(0.62	)		–		–		(0.62	)		7.39
R3		6.73		0.56		0.65			1.21			(0.58	)		–		–		(0.58	)		7.36
R4		6.73		0.59		0.65			1.24			(0.60	)		–		–		(0.60	)		7.37
R5		6.73		0.61		0.65			1.26			(0.62	)		–		–		(0.62	)		7.37
Y		6.73		0.62		0.64			1.26			(0.63	)		–		–		(0.63	)		7.36
For the Year Ended October 31, 2009
A		5.52		0.59		1.22			1.81			(0.60	)		–		–		(0.60	)		6.73
B		5.51		0.55		1.21			1.76			(0.56	)		–		–		(0.56	)		6.71
C		5.51		0.54		1.21			1.75			(0.55	)		–		–		(0.55	)		6.71
I		5.53		0.61		1.21			1.82			(0.61	)		–		–		(0.61	)		6.74
R3		5.52		0.57		1.22			1.79			(0.58	)		–		–		(0.58	)		6.73
R4		5.53		0.59		1.21			1.80			(0.60	)		–		–		(0.60	)		6.73
R5		5.53		0.60		1.21			1.81			(0.61	)		–		–		(0.61	)		6.73
Y		5.53		0.61		1.21			1.82			(0.62	)		–		–		(0.62	)		6.73
For the Year Ended October 31, 2008 (E)
A		7.92		0.58		(2.40	)		(1.82	)		(0.58	)		–		–		(0.58	)		5.52
B		7.91		0.53		(2.41	)		(1.88	)		(0.52	)		–		–		(0.52	)		5.51
C		7.91		0.53		(2.41	)		(1.88	)		(0.52	)		–		–		(0.52	)		5.51
I		7.93		0.60		(2.40	)		(1.80	)		(0.60	)		–		–		(0.60	)		5.53
R3		7.93		0.56		(2.41	)		(1.85	)		(0.56	)		–		–		(0.56	)		5.52
R4		7.93		0.59		(2.41	)		(1.82	)		(0.58	)		–		–		(0.58	)		5.53
R5		7.93		0.60		(2.40	)		(1.80	)		(0.60	)		–		–		(0.60	)		5.53
Y		7.93		0.60		(2.40	)		(1.80	)		(0.60	)		–		–		(0.60	)		5.53

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

34

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment  Income to Average Net Assets			Portfolio Turnover Rate(D)
	11.00	%	$	365,718		1.12	%		1.05	%		5.97	%		138	%
	10.24			10,990		2.00			1.80			5.28			–
	10.23			103,639		1.82			1.79			5.24			–
	11.39			64,195		0.83			0.80			6.24			–
	10.68			1,934		1.49			1.35			5.65			–
	11.15			1,191		1.16			1.05			5.85			–
	11.34			431		0.86			0.75			6.25			–
	11.55			15,468		0.73			0.70			6.39			–
	4.95			280,568		1.14			1.05			7.19			117
	4.19			13,007		1.99			1.80			6.45			–
	4.20			102,694		1.83			1.80			6.43			–
	5.36			86,138		0.82			0.79			7.38			–
	4.79			1,423		1.51			1.35			6.85			–
	4.95			483		1.19			1.05			7.13			–
	5.27			321		0.84			0.75			7.45			–
	5.32			20,136		0.73			0.70			7.53			–
	19.14			284,606		1.20			1.20			8.43			141
	18.17			19,919		2.06			1.95			7.73			–
	18.38			85,523		1.89			1.89			7.73			–
	19.63			21,098		0.88			0.88			8.51			–
	18.70			371		1.61			1.45			8.16			–
	19.20			318		1.27			1.15			8.24			–
	19.51			492		0.90			0.88			8.52			–
	19.47			44,553		0.79			0.79			8.85			–
	35.01			202,256		1.30			1.15			10.16			182
	34.05			22,749		2.18			1.80			9.54			–
	33.90			51,777		1.96			1.90			9.41			–
	35.30			2,068		0.86			0.86			10.36			–
	34.68			166		1.69			1.40			9.89			–
	34.83			18		1.36			1.10			10.21			–
	35.11			11		0.89			0.89			10.46			–
	35.21			49,568		0.79			0.79			10.50			–
	(24.40	)		117,343		1.30			1.15			8.07			111
	(25.00	)		17,838		2.13			1.87			7.34			–
	(25.01	)		21,634		1.97			1.90			7.30			–
	(24.11	)		777		0.82			0.82			8.82			–
	(24.70	)		14		1.63			1.40			7.93			–
	(24.32	)		8		1.19			1.10			8.15			–
	(24.16	)		8		0.90			0.90			8.35			–
	(24.09	)		13,394		0.79			0.79			8.57			–

35

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford High Yield Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.  We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation.  Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian, agent banks and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford High Yield Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

36

The Hartford High Yield Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

37

The Hartford High Yield Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

38

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

39

The Hartford High Yield Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

40

The Hartford High Yield Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,050.22	$	5.41	$	1,000.00	$	1,019.86	$	5.33		1.05	%		184		366
Class B	$	1,000.00	$	1,047.98	$	9.27	$	1,000.00	$	1,016.09	$	9.12		1.80			184		366
Class C	$	1,000.00	$	1,046.50	$	9.22	$	1,000.00	$	1,016.12	$	9.08		1.79			184		366
Class I	$	1,000.00	$	1,052.72	$	4.13	$	1,000.00	$	1,021.12	$	4.06		0.80			184		366
Class R3	$	1,000.00	$	1,050.10	$	6.96	$	1,000.00	$	1,018.35	$	6.85		1.35			184		366
Class R4	$	1,000.00	$	1,051.61	$	5.42	$	1,000.00	$	1,019.85	$	5.34		1.05			184		366
Class R5	$	1,000.00	$	1,051.82	$	3.87	$	1,000.00	$	1,021.37	$	3.81		0.75			184		366
Class Y	$	1,000.00	$	1,053.53	$	3.61	$	1,000.00	$	1,021.62	$	3.56		0.70			184		366

41

The Hartford High Yield Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford High Yield Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

42

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds, when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

43

The Hartford High Yield Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

44

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

45

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-HY12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Inflation Plus Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Inflation Plus Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	9
Statement of Assets and Liabilities at October 31, 2012	10
Statement of Operations for the Year Ended October 31, 2012	11
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	12
Notes to Financial Statements	13
Financial Highlights	30
Report of Independent Registered Public Accounting Firm	32
Directors and Officers (Unaudited)	33
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	35
Quarterly Portfolio Holdings Information (Unaudited)	35
Federal Tax Information (Unaudited)	36
Expense Example (Unaudited)	37
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	38

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Inflation Plus Fund inception 10/31/2002
(sub-advised by Wellington Management Company LLP)

Investment objective – Seeks a total return that exceeds the rate of inflation over an economic cycle.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Inflation Plus A#		7.41	%		7.75	%		6.41	%
Inflation Plus A##		2.58	%		6.76	%		5.93	%
Inflation Plus B#		6.65	%		6.95	%		5.80	%*
Inflation Plus B##		1.65	%		6.64	%		5.80	%*
Inflation Plus C#		6.66	%		6.96	%		5.64	%
Inflation Plus C##		5.66	%		6.96	%		5.64	%
Inflation Plus I#		7.70	%		8.04	%		6.60	%
Inflation Plus R3#		7.07	%		7.35	%		6.04	%‡
Inflation Plus R4#		7.39	%		7.67	%		6.24	%‡
Inflation Plus R5#		7.63	%		7.96	%		6.43	%‡
Inflation Plus Y#		7.73	%		8.07	%		6.51	%‡
Barclays U.S. TIPS Index		8.03	%		7.88	%		7.02	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

‡ Rates shown are since inception date of Class Y shares. 

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 4.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced on 8/31/06. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses. Class Y shares commenced operations on 11/28/03.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. TIPS Index (formerly known as Barclays Capital U.S. TIPS Index) represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Inflation Plus Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

Lindsay T. Politi

Vice President and Fixed Income Portfolio Manager

As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Inflation Plus Fund returned 7.41%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the Barclays U.S. TIPS (Treasury Inflation Protected Securities) Index, which returned 8.03% for the same period. The Fund outperformed the 6.36% return of the average fund in the Lipper Inflation Protected Bond Funds peer group, a group of funds that invest primarily in inflation-indexed fixed income securities. Inflation-linked bonds are fixed income securities structured to provide protection against inflation.

Why did the Fund perform this way?

Markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and the U.S. Federal Reserve Board (Fed) - responded with bold policy moves. ECB President Mario Draghi’s comments in late July that he would do “whatever it takes” to save the euro zone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

The Fed remained extremely accommodative throughout the period, which further supported fixed income assets. In September, the Fed announced a third round of quantitative easing involving the purchase of $40 billion of additional mortgage-backed securities per month. Additionally, the U.S. central bank extended its rates guidance to the middle of 2015 and further stated that it expected to maintain a highly accommodative stance for a considerable period after the economic recovery strengthens.

Economic data released throughout the period painted a mixed picture of the U.S. economy. Consumer confidence weakened and the labor market remained sluggish. However, there was growing enthusiasm over a recovery in housing as home prices showed their first year-over-year gain in years.

The U.S. Treasury yield curve flattened over the period as longer term rates declined more than short term yields. All of the major fixed income sectors posted strong absolute returns driven by the decline in Treasury yields, and all sectors outperformed Treasuries on a duration-adjusted basis.

Real yields, which are quoted for inflation protected securities, fell during the period. Similar to nominal Treasuries, yields on the longer end of the curve fell by more than on the front end of the curve leading longer duration issues to outperform their short dated counterparts.

For the period, breakeven inflation rates rose and real yields fell across the curve, as pressure on food prices increased. We employed tactical yield curve positioning throughout the period and ended the period with a slightly longer duration bias. The portfolio’s longer duration posture relative to the benchmark added to relative results for the period. The timing of a small allocation to nominal Treasuries was additive for the period as was as an out-of-benchmark allocation to bank loans. Security selection detracted from relative results for the period.

What is the outlook?

The TIPS market reflects an uncertain macroeconomic outlook and has responded on the margin to increasing food commodity prices and the possibility of Fed-generated inflation pressures. U.S. growth and unemployment remain challenged, meaning the Fed will likely remain accommodative for an extended period. We expect headline inflation to rise over the next 6 – 12 months to 1.5% – 2.5%; however, macroeconomic volatility and political uncertainty will likely increase the volatility around our near term inflation expectations.

3

The Hartford Inflation Plus Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Baa / BBB		0.2	%
Ba / BB		2.1
B		1.0
Unrated		0.0
U.S. Government Agencies and Securities		94.3
Non Debt Securities and Other Short-Term Instruments		2.6
Other Assets & Liabilities		(0.2	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of October 31, 2012

Industry	Percentage of Net Assets
Accommodation and Food Services		0.0	%
Administrative Waste Management and Remediation		0.0
Air Transportation		0.1
Arts, Entertainment and Recreation		0.0
Chemical Manufacturing		0.1
Computer and Electronic Product Manufacturing		0.1
Finance and Insurance		0.3
Food Manufacturing		0.0
Food Services		0.0
Health Care and Social Assistance		0.6
Information		0.9
Mining		0.1
Miscellaneous Manufacturing		0.0
Motor Vehicle and Parts Manufacturing		0.1
Other Services		0.1
Petroleum and Coal Products Manufacturing		0.1
Pipeline Transportation		0.1
Plastics and Rubber Products Manufacturing		0.1
Primary Metal Manufacturing		0.0
Professional, Scientific and Technical Services		0.0
Real Estate, Rental and Leasing		0.0
Retail Trade		0.2
Soap, Cleaning Compound and Toilet Manufacturing		0.1
U.S. Government Agencies		0.0
U.S. Government Securities		94.3
Utilities		0.3
Short-Term Investments		2.6
Other Assets and Liabilities		(0.2	)
Total		100.0	%

4

The Hartford Inflation Plus Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 3.3%
		Accommodation and Food Services - 0.0%
		Pilot Travel Centers LLC
$	225	4.25%, 08/07/2019	$	226
		Administrative Waste Management and Remediation - 0.0%
		ADS Waste Holdings, Inc.
	720	5.25%, 10/09/2019		727
		Wolverine Healthcare Analytics, Inc.
	499	5.75%, 06/06/2019		498
				1,225
		Air Transportation - 0.1%
		AWAS Finance Luxembourg S.aár.l.
	391	4.75%, 07/16/2018		394
		Delta Air Lines, Inc.
	260	5.25%, 10/18/2018		258
		Delta Air Lines, Inc., Term Loan
	2,487	5.50%, 04/20/2017		2,485
				3,137
		Arts, Entertainment and Recreation - 0.0%
		Penn National Gaming, Inc.
	435	3.75%, 07/16/2018 ☼		437
		Chemical Manufacturing - 0.1%
		Ineos US Finance LLC
	1,323	6.50%, 05/04/2018		1,341
		Computer and Electronic Product Manufacturing - 0.1%
		Freescale Semiconductor, Inc.
	2,000	4.46%, 12/01/2016		1,934
		Finance and Insurance - 0.3%
		Asurion Corp., Term Loan
	2,755	5.50%, 05/24/2018		2,772
		Chrysler Group LLC
	980	6.00%, 05/24/2017		1,001
		Nuveen Investments, Inc.
	500	5.84%, 05/13/2017 ☼		498
		RPI Finance Trust
	2,389	4.00%, 11/09/2018		2,401
				6,672
		Food Manufacturing - 0.0%
		Pinnacle Foods Finance LLC
	960	4.75%, 10/17/2018		963
		Food Services - 0.0%
		Wendy's International, Inc.
	1,200	4.51%, 05/15/2019		1,210
		Health Care and Social Assistance - 0.6%
		Alkermes, Inc.
	375	4.50%, 09/25/2019		377
		Aptalis Pharma, Inc.
	2,223	5.50%, 02/10/2017		2,218
		Bausch & Lomb, Inc.
	1,322	5.25%, 05/17/2019		1,335
		DaVita, Inc.
	455	4.00%, 11/29/2019 ☼		455
		HCA, Inc., Tranche B-3 Term Loan
	2,000	3.46%, 05/01/2018		2,001
		Health Management Associates, Inc.
	1,990	4.50%, 11/16/2018		2,006
		Hologic, Inc.
	1,272	4.50%, 08/01/2019		1,285
		IMS Health, Inc.
	245	4.50%, 08/26/2017 ☼		247
		Jazz Pharmaceuticals, Inc.
	291	5.25%, 06/12/2018		293
		MultiPlan, Inc.
	1,819	4.75%, 08/26/2017		1,825
		Valeant Pharmaceuticals International, Inc.
	605	3.84%, 02/13/2019 ☼		607
	475	3.85%, 09/27/2019 ☼		476
		Warner Chilcott Corp., Term Loan B-1
	196	4.25%, 03/14/2018		197
		Warner Chilcott Corp., Term Loan B-2
	98	4.25%, 03/14/2018		98
		Warner Chilcott Corp., Term Loan B-3
	135	4.25%, 03/14/2018		135
		Warner Chilcott plc
	75	4.25%, 03/15/2018		75
				13,630
		Information - 0.9%
		Charter Communications Operating LLC
	2,607	4.00%, 05/15/2019		2,624
		Emdeon, Inc.
	458	5.00%, 11/02/2018		463
		Gray Television, Inc.
	350	4.40%, 10/12/2019 ☼		350
		Kronos, Inc.
	1,050	4.53%, 10/31/2019 ☼		1,056
		Lawson Software, Inc.
	1,352	5.25%, 04/05/2018		1,365
		Level 3 Financing, Inc.
	401	4.75%, 08/01/2019		403
	640	5.25%, 08/01/2019		647
		Metro PCS Wireless, Inc., Term Loan B3
	2,388	4.00%, 03/19/2018		2,387
		MISYS plc
	1,755	7.25%, 12/12/2018		1,761
		Rovi Solutions Corp.
	3,109	4.00%, 03/29/2019		3,043
		Syniverse Holdings, Inc.
	1,526	5.00%, 04/23/2019		1,534
		Telesat Canada
	4,390	4.25%, 03/28/2019		4,425
		Zayo Group LLC
	1,128	5.25%, 07/02/2019		1,132
				21,190
		Mining - 0.1%
		Arch Coal, Inc.
	1,212	5.75%, 05/16/2018		1,222
		Fortescue Metals Group Ltd.
	1,030	5.54%, 10/18/2017 ☼		1,024
				2,246
		Miscellaneous Manufacturing - 0.0%
		Reynolds Group Holdings, Inc.
	1,100	4.75%, 09/28/2018		1,103

The accompanying notes are an integral part of these financial statements.

5

The Hartford Inflation Plus Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 3.3% - (continued)
		Miscellaneous Manufacturing - 0.0% - (continued)
		TransDigm Group, Inc.
$	137	4.00%, 02/14/2017	$	138
				1,241
		Motor Vehicle and Parts Manufacturing - 0.1%
		Allison Transmission, Inc.
	816	2.72%, 08/07/2014		817
	929	4.25%, 08/23/2019		932
				1,749
		Other Services - 0.1%
		Rexnord LLC
	2,640	4.50%, 04/01/2018		2,655
		Petroleum and Coal Products Manufacturing - 0.1%
		Chesapeake Energy Corp.
	483	8.50%, 12/02/2017		484
		Plains Exploration & Production Co.
	721	3.91%, 10/15/2019 ☼		724
		Samson Investment Co.
	510	6.00%, 09/25/2018		514
				1,722
		Pipeline Transportation - 0.1%
		EP Energy LLC
	1,250	5.00%, 05/24/2018		1,257
		Plastics and Rubber Products Manufacturing - 0.1%
		Goodyear (The) Tire & Rubber Co.
	2,000	4.75%, 04/30/2019		2,011
		Primary Metal Manufacturing - 0.0%
		Novelis, Inc.
	390	4.00%, 03/10/2017		390
		Professional, Scientific and Technical Services - 0.0%
		Getty Images, Inc.
	865	4.47%, 10/18/2019 ☼		867
		Real Estate, Rental and Leasing - 0.0%
		Delos Aircraft, Inc.
	400	4.75%, 04/12/2016		405
		Retail Trade - 0.2%
		Armstrong World Industries, Inc.
	1,703	4.00%, 03/10/2018		1,711
		FGI Operating Co. LLC
	466	5.50%, 04/19/2019		470
		Weight Watchers International, Inc.
	3,249	4.00%, 03/15/2019		3,252
				5,433
		Soap, Cleaning Compound and Toilet Manufacturing - 0.1%
		Yankee (The) Candle Co., Inc.
	1,564	5.25%, 04/02/2019		1,574
		Utilities - 0.3%
		Calpine Corp.
	1,225	4.50%, 10/09/2019		1,226
		Energy Transfer Equity L.P.
	4,445	3.75%, 03/23/2017		4,426
		LSP Madison Funding LLC
	519	5.50%, 06/28/2019		523
				6,175
		Total senior floating rate interests
		(cost $78,819)	$	79,690
U.S. GOVERNMENT AGENCIES - 0.0%
		FNMA - 0.0%
$	5	9.75%, 07/01/2020	$	5
	3	10.50%, 12/01/2018		3
	—	11.50%, 07/01/2015		—
				8
		GNMA - 0.0%
	4	11.00%, 12/20/2015 - 12/20/2018		4
		Total U.S. government agencies
		(cost $12)	$	12
U.S. GOVERNMENT SECURITIES - 94.3%
U.S. Treasury Securities - 94.3%
		U.S. Treasury Bonds - 32.9%
$	43,441	0.75%, 02/15/2042 ◄	$	49,318
	68,335	1.75%, 01/15/2028 ◄		98,489
	49,455	2.00%, 01/15/2026 ◄		76,168
	96,641	2.13%, 02/15/2040 - 02/15/2041 ◄		152,812
	103,585	2.38%, 01/15/2025 - 01/15/2027 ◄		171,191
	82,310	2.50%, 01/15/2029 ◄		127,631
	5,000	3.63%, 04/15/2028 ◄		11,436
	50,825	3.88%, 04/15/2029 ◄‡		119,587
				806,632
		U.S. Treasury Notes - 61.4%
	350,120	0.13%, 04/15/2016 - 07/15/2022 ◄		384,355
	76,125	0.50%, 04/15/2015 ◄		84,542
	118,075	0.63%, 07/15/2021 ◄		138,098
	100,375	1.13%, 01/15/2021 ◄		125,010
	77,215	1.25%, 07/15/2020 ◄		97,276
	203,580	1.38%, 07/15/2018 - 01/15/2020 ◄		256,890
	28,800	1.63%, 01/15/2015 ◄		36,990
	58,700	1.88%, 07/15/2015 ◄		75,983
	146,240	2.00%, 01/15/2014 - 01/15/2016 ◄		188,981
	44,330	2.13%, 01/15/2019 ◄		58,144
	37,050	2.63%, 07/15/2017 ◄		49,469
				1,495,738
				2,302,370
		Total U.S. government securities
		(cost $2,134,045)	$	2,302,370
		Total long-term investments
		(cost $2,212,876)	$	2,382,072

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 2.6%
Repurchase Agreements - 2.6%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $11,543, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $11,774)
$	11,543	0.30%, 10/31/2012			$	11,543
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $4,700, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $4,794)
	4,700	0.25%, 10/31/2012				4,700
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $8,082, collateralized by FNMA 2.50%, 2027, value of $8,243)
	8,082	0.35%, 10/31/2012				8,082
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $3,070, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $3,131)
	3,070	0.35%, 10/31/2012				3,070
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $14,261, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $14,529)
	14,261	0.28%, 10/31/2012				14,261
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $18,075, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $18,437)
	18,075	0.25%, 10/31/2012				18,075
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $82, collateralized by U.S. Treasury Note 8.13%, 2019, value of $84)
	82	0.25%, 10/31/2012				82
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $4,190, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $4,274)
	4,190	0.30%, 10/31/2012				4,190
						64,003
		Total short-term investments
		(cost $64,003)			$	64,003
		Total investments
		(cost $2,276,879) ▲	100.2	%	$	2,446,075
		Other assets and liabilities	(0.2	)%		(4,368	)
		Total net assets	100.0	%	$	2,441,707

The accompanying notes are an integral part of these financial statements.

7

The Hartford Inflation Plus Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $2,277,900 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	169,286
Unrealized Depreciation		(1,111	)
Net Unrealized Appreciation	$	168,175

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

◄ The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $6,693 at October 31, 2012.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate

The accompanying notes are an integral part of these financial statements.

8

The Hartford Inflation Plus Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Senior Floating Rate Interests	$	79,690	$	–	$	79,690	$	–
U.S. Government Agencies		12		–		12		–
U.S. Government Securities		2,302,370		373,829		1,928,541		–
Short-Term Investments		64,003		–		64,003		–
Total	$	2,446,075	$	373,829	$	2,072,246	$	–

♦ For the year ended October 31, 2012, investments valued at $156,019 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

The accompanying notes are an integral part of these financial statements.

9

The Hartford Inflation Plus Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,276,879)	$	2,446,075
Cash		137
Receivables:
Fund shares sold		4,714
Dividends and interest		7,185
Other assets		121
Total assets		2,458,232
Liabilities:
Payables:
Investment securities purchased		6,693
Fund shares redeemed		8,794
Investment management fees		243
Dividends		261
Administrative fees		5
Distribution fees		226
Accrued expenses		303
Total liabilities		16,525
Net assets	$	2,441,707
Summary of Net Assets:
Capital stock and paid-in-capital	$	2,188,197
Undistributed net investment income		4,103
Accumulated net realized gain		80,211
Unrealized appreciation of investments		169,196
Net assets	$	2,441,707
Shares authorized		6,245,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.65/$13.25
Shares outstanding		67,260
Net assets	$	851,003
Class B: Net asset value per share	$	12.44
Shares outstanding		4,282
Net assets	$	53,262
Class C: Net asset value per share	$	12.43
Shares outstanding		57,747
Net assets	$	717,899
Class I: Net asset value per share	$	12.76
Shares outstanding		23,348
Net assets	$	297,985
Class R3: Net asset value per share	$	12.57
Shares outstanding		7,487
Net assets	$	94,112
Class R4: Net asset value per share	$	12.66
Shares outstanding		3,259
Net assets	$	41,261
Class R5: Net asset value per share	$	12.73
Shares outstanding		636
Net assets	$	8,096
Class Y: Net asset value per share	$	12.76
Shares outstanding		29,625
Net assets	$	378,089

The accompanying notes are an integral part of these financial statements.

10

The Hartford Inflation Plus Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Interest	$	36,449
Total investment income		36,449
Expenses:
Investment management fees		10,908
Administrative services fees		225
Transfer agent fees		2,135
Distribution fees
Class A		2,083
Class B		624
Class C		7,058
Class R3		414
Class R4		88
Custodian fees		15
Accounting services fees		333
Registration and filing fees		224
Board of Directors' fees		62
Audit fees		33
Other expenses		329
Total expenses (before waivers and fees paid indirectly)		24,531
Expense waivers		(316	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(316	)
Total expenses, net		24,215
Net Investment Income		12,234
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		92,541
Net realized loss on purchased options		(5,877	)
Net realized loss on futures		(2,078	)
Net realized gain on written options		7,192
Net realized loss on foreign currency contracts		(1	)
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		91,777
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		61,699
Net unrealized appreciation of purchased options		1,529
Net unrealized depreciation of futures		(612	)
Net unrealized depreciation of written options		(786	)
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		61,830
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		153,607
Net Increase in Net Assets Resulting from Operations	$	165,841

The accompanying notes are an integral part of these financial statements.

11

The Hartford Inflation Plus Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	12,234		$	59,328
Net realized gain on investments, other financial instruments and foreign currency transactions		91,777			115,213
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		61,830			(10,179	)
Net Increase In Net Assets Resulting From Operations		165,841			164,362
Distributions to Shareholders:
From net investment income
Class A		(4,916	)		(20,086	)
Class B		(215	)		(1,704	)
Class C		(2,606	)		(13,221	)
Class I		(2,084	)		(7,266	)
Class L*		—			(582	)
Class R3		(418	)		(1,215	)
Class R4		(207	)		(515	)
Class R5		(51	)		(316	)
Class Y		(2,282	)		(9,577	)
Total from net investment income		(12,779	)		(54,482	)
From net realized gain on investments
Class A		(33,827	)		(34,407	)
Class B		(2,972	)		(4,360	)
Class C		(28,745	)		(29,129	)
Class I		(13,598	)		(10,358	)
Class L*		—			(1,051	)
Class R3		(2,836	)		(1,485	)
Class R4		(1,125	)		(632	)
Class R5		(299	)		(124	)
Class Y		(12,276	)		(13,962	)
Total from net realized gain on investments		(95,678	)		(95,508	)
Total distributions		(108,457	)		(149,990	)
Capital Share Transactions:
Class A		(6,243	)		11,837
Class B		(19,889	)		(29,689	)
Class C		25,132			2,547
Class I		(10,330	)		52,916
Class L*		—			(26,675	)
Class R3		26,489			29,576
Class R4		14,507			10,508
Class R5		(6,893	)		11,118
Class Y		68,734			(22,959	)
Net increase from capital share transactions		91,507			39,179
Net Increase In Net Assets		148,891			53,551
Net Assets:
Beginning of period		2,292,816			2,239,265
End of period	$	2,441,707		$	2,292,816
Undistributed (distribution in excess of) net investment income (loss)	$	4,103		$	4,323

* Class L merged into Class A on August 5, 2011. Please refer to the Notes to Financial Statements for further details.

The accompanying notes are an integral part of these financial statements.

12

The Hartford Inflation Plus Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Inflation Plus Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

13

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

14

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

15

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

16

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 10% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund had no illiquid or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities,

17

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

f) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund had no outstanding mortgage related and other asset backed securities as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated

18

with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of October 31, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. As of October 31, 2012, the Fund had no outstanding futures contracts.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund had no outstanding purchased options contracts as of October 31, 2012. Transactions involving written options contracts for the Fund during the year ended October 31, 2012, are summarized below:

19

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Options Contract Activity During the Year Ended October 31, 2012:
Call Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		4,425		$	2,040
Written		13,349			7,108
Expired		(800	)		(723	)
Closed		(16,974	)		(8,425	)
Exercised		—			—
End of year		—		$	—

Put Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		2,000		$	922
Written		21,880			13,844
Expired		(1,000	)		(638	)
Closed		(22,880	)		(14,128	)
Exercised		—			—
End of year		—		$	—

* The number of contracts does not omit 000's.

d) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on purchased options	$	(5,877	)	$	—		$	—	$	—	$	—	$	—	$	(5,877	)
Net realized loss on futures		(2,078	)		—			—		—		—		—		(2,078	)
Net realized gain on written options		7,192			—			—		—		—		—		7,192
Net realized loss on foreign currency contracts		—			(1	)		—		—		—		—		(1	)
Total	$	(763	)	$	(1	)	$	—	$	—	$	—	$	—	$	(764	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of  purchased options	$	1,529		$	—		$	—	$	—	$	—	$	—	$	1,529
Net change in unrealized depreciation of futures		(612	)		—			—		—		—		—		(612	)
Net change in unrealized depreciation of written options		(786	)		—			—		—		—		—		(786	)
Net change in unrealized appreciation of foreign currency contracts		—			—			—		—		—		—		—
Total	$	131		$	—		$	—	$	—	$	—	$	—	$	131

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

20

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

21

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	58,892	$	111,824
Long-Term Capital Gains ‡		49,442		38,315

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	63,917
Undistributed Long-Term Capital Gain		21,679
Unrealized Appreciation *		168,175
Total Accumulated Earnings	$	253,771

* Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. 

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	325
Accumulated Net Realized Gain (Loss)		(325	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

During the year ended October 31, 2012, the Fund utilized $7,265 of prior year capital loss carryforwards.

22

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective March 5, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to March 5, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.500%
On next $500 million		0.450%
On next $1.5 billion		0.445%
On next $2.5 billion		0.440%
On next $5 billion		0.430%
Over $10 billion		0.420%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period October 31, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.500%
On next $4.5 billion		0.450%
On next $5 billion		0.430%
Over $10 billion		0.420%

23

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014%
On next $5 billion		0.012%
Over $ 10 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	0.85%		1.60%		1.60%		0.60%		1.20%		0.90%		0.60%		0.55%

d) Fees Paid Indirectly – The Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, this amount, if any, is included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.85	%
Class B		1.60
Class C		1.59
Class I		0.60
Class R3		1.20
Class R4		0.90
Class R5		0.60
Class Y		0.50

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $2,666 and contingent deferred sales charges of $209 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution

24

expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $59.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $3. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, 9% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,735,003
Sales Proceeds Excluding U.S. Government Obligations		1,730,280
Cost of Purchases for U.S. Government Obligations		679,645
Sales Proceeds for U.S. Government Obligations		735,557

25

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger			Net Increase (Decrease) of Shares
Class A
Shares		18,772		2,984		(22,159	)		—		(403	)		23,314		4,263		(28,951	)		1,968			594
Amount	$	229,638	$	35,647	$	(271,528	)	$	—	$	(6,243	)	$	275,149	$	49,304	$	(338,630	)	$	26,014		$	11,837
Class B
Shares		265		226		(2,131	)		—		(1,640	)		379		437		(3,391	)		—			(2,575	)
Amount	$	3,191	$	2,663	$	(25,743	)	$	—	$	(19,889	)	$	4,456	$	4,983	$	(39,128	)	$	—		$	(29,689	)
Class C
Shares		12,630		2,204		(12,668	)		—		2,166			13,933		2,963		(16,849	)		—			47
Amount	$	152,234	$	25,941	$	(153,043	)	$	—	$	25,132		$	162,955	$	33,830	$	(194,238	)	$	—		$	2,547
Class I
Shares		14,628		946		(16,373	)		—		(799	)		14,144		998		(10,759	)		—			4,383
Amount	$	180,227	$	11,382	$	(201,939	)	$	—	$	(10,330	)	$	167,964	$	11,631	$	(126,679	)	$	—		$	52,916
Class L
Shares		—		—		—			—		—			17		124		(198	)		(1,966	)		(2,023	)
Amount	$	—	$	—	$	—		$	—	$	—		$	200	$	1,437	$	(2,298	)	$	(26,014	)	$	(26,675	)
Class R3
Shares		3,031		271		(1,111	)		—		2,191			3,092		233		(779	)		—			2,546
Amount	$	36,906	$	3,225	$	(13,642	)	$	—	$	26,489		$	36,098	$	2,691	$	(9,213	)	$	—		$	29,576
Class R4
Shares		2,325		104		(1,236	)		—		1,193			1,578		98		(782	)		—			894
Amount	$	28,471	$	1,239	$	(15,203	)	$	—	$	14,507		$	18,537	$	1,131	$	(9,160	)	$	—		$	10,508
Class R5
Shares		496		28		(1,077	)		—		(553	)		1,278		37		(360	)		—			955
Amount	$	6,102	$	339	$	(13,334	)	$	—	$	(6,893	)	$	14,939	$	439	$	(4,260	)	$	—		$	11,118
Class Y
Shares		13,671		1,178		(9,276	)		—		5,573			6,916		1,966		(10,661	)		—			(1,779	)
Amount	$	169,942	$	14,179	$	(115,387	)	$	—	$	68,734		$	81,721	$	22,871	$	(127,551	)	$	—		$	(22,959	)
Total
Shares		65,818		7,941		(66,031	)		—		7,728			64,651		11,119		(72,730	)		2			3,042
Amount	$	806,711	$	94,615	$	(809,819	)	$	—	$	91,507		$	762,019	$	128,317	$	(851,157	)	$	—		$	39,179

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		347	$	4,255
For the Year Ended October 31, 2011		603	$	7,020

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

26

12. Class Merger:

At its May 3, 2011, meeting, the Board of Directors of The Hartford Mutual Funds, Inc. approved the reclassification of Class L shares into Class A shares of the Fund.

Effective with the close of business on August 5, 2011, Class L was merged into Class A. The merger was accomplished by a tax-free exchange as detailed below:

	Class A		Class L
Shares exchanged		N/A		1,966
Shares issued - to Class L shareholders		1,968		N/A
Net assets immediately before merger	$	791,169	$	23,884
Net assets immediately after merger	$	815,053		N/A

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

27

The Hartford Inflation Plus Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

28

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29

The Hartford Inflation Plus Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	12.36	$	0.08		$	0.80		$	0.88		$	(0.07	)	$	(0.52	)	$	–	$	(0.59	)	$	12.65
B		12.22		(0.01	)		0.79			0.78			(0.04	)		(0.52	)		–		(0.56	)		12.44
C		12.21		(0.01	)		0.79			0.78			(0.04	)		(0.52	)		–		(0.56	)		12.43
I		12.44		0.11			0.81			0.92			(0.08	)		(0.52	)		–		(0.60	)		12.76
R3		12.31		0.05			0.78			0.83			(0.05	)		(0.52	)		–		(0.57	)		12.57
R4		12.37		0.08			0.80			0.88			(0.07	)		(0.52	)		–		(0.59	)		12.66
R5		12.42		0.13			0.78			0.91			(0.08	)		(0.52	)		–		(0.60	)		12.73
Y		12.44		0.12			0.80			0.92			(0.08	)		(0.52	)		–		(0.60	)		12.76
For the Year Ended October 31, 2011
A(F)		12.27		0.35			0.58			0.93			(0.32	)		(0.52	)		–		(0.84	)		12.36
B		12.16		0.26			0.57			0.83			(0.25	)		(0.52	)		–		(0.77	)		12.22
C		12.15		0.26			0.57			0.83			(0.25	)		(0.52	)		–		(0.77	)		12.21
I		12.34		0.37			0.59			0.96			(0.34	)		(0.52	)		–		(0.86	)		12.44
R3		12.23		0.30			0.59			0.89			(0.29	)		(0.52	)		–		(0.81	)		12.31
R4		12.28		0.34			0.58			0.92			(0.31	)		(0.52	)		–		(0.83	)		12.37
R5		12.31		0.36			0.61			0.97			(0.34	)		(0.52	)		–		(0.86	)		12.42
Y		12.33		0.39			0.59			0.98			(0.35	)		(0.52	)		–		(0.87	)		12.44
For the Year Ended October 31, 2010 (E)
A		11.39		0.17			0.96			1.13			(0.18	)		(0.07	)		–		(0.25	)		12.27
B		11.30		0.09			0.95			1.04			(0.11	)		(0.07	)		–		(0.18	)		12.16
C		11.29		0.08			0.96			1.04			(0.11	)		(0.07	)		–		(0.18	)		12.15
I		11.45		0.20			0.96			1.16			(0.20	)		(0.07	)		–		(0.27	)		12.34
R3		11.36		0.12			0.96			1.08			(0.14	)		(0.07	)		–		(0.21	)		12.23
R4		11.40		0.15			0.97			1.12			(0.17	)		(0.07	)		–		(0.24	)		12.28
R5		11.42		0.18			0.98			1.16			(0.20	)		(0.07	)		–		(0.27	)		12.31
Y		11.43		0.21			0.97			1.18			(0.21	)		(0.07	)		–		(0.28	)		12.33
For the Year Ended October 31, 2009 (E)
A		9.78		0.09			1.59			1.68			(0.07	)		–			–		(0.07	)		11.39
B		9.76		(0.07	)		1.66			1.59			(0.05	)		–			–		(0.05	)		11.30
C		9.75		(0.01	)		1.60			1.59			(0.05	)		–			–		(0.05	)		11.29
I		9.81		0.19			1.52			1.71			(0.07	)		–			–		(0.07	)		11.45
R3		9.78		0.26			1.38			1.64			(0.06	)		–			–		(0.06	)		11.36
R4		9.79		0.30			1.37			1.67			(0.06	)		–			–		(0.06	)		11.40
R5		9.80		0.30			1.39			1.69			(0.07	)		–			–		(0.07	)		11.42
Y		9.80		0.02			1.68			1.70			(0.07	)		–			–		(0.07	)		11.43
For the Year Ended October 31, 2008
A		10.66		0.60			(0.87	)		(0.27	)		(0.61	)		–			–		(0.61	)		9.78
B		10.64		0.53			(0.88	)		(0.35	)		(0.53	)		–			–		(0.53	)		9.76
C		10.63		0.52			(0.87	)		(0.35	)		(0.53	)		–			–		(0.53	)		9.75
I		10.68		0.62			(0.85	)		(0.23	)		(0.64	)		–			–		(0.64	)		9.81
R3		10.67		0.53			(0.85	)		(0.32	)		(0.57	)		–			–		(0.57	)		9.78
R4		10.67		0.57			(0.86	)		(0.29	)		(0.59	)		–			–		(0.59	)		9.79
R5		10.68		0.58			(0.83	)		(0.25	)		(0.63	)		–			–		(0.63	)		9.80
Y		10.69		0.66			(0.91	)		(0.25	)		(0.64	)		–			–		(0.64	)		9.80

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Class L was merged into Class A on August 5, 2011 (See Class Merger in accompanying Notes to Financial Statements).

(G) Excluding the expenses not subject to cap, the ratio would have been 0.85%, 1.60%, 1.60%, 0.60%, 1.25%, 1.00%, 0.70% and 0.60% for Class A, Class B, Class C, Class I, Class R3, Class R4, Class R5 and Class Y, respectively.

30

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	7.41	%	$	851,003		0.86	%		0.85	%		0.69	%		102	%
	6.65			53,262		1.66			1.60			(0.11	)		–
	6.66			717,899		1.59			1.59			(0.04	)		–
	7.70			297,985		0.64			0.60			0.91			–
	7.07			94,112		1.21			1.20			0.41			–
	7.39			41,261		0.91			0.90			0.69			–
	7.63			8,096		0.62			0.60			1.05			–
	7.73			378,089		0.50			0.50			0.99			–
	8.19			836,386		0.87			0.85			2.89			232
	7.35			72,383		1.67			1.60			2.14			–
	7.36			678,916		1.60			1.60			2.16			–
	8.45			300,497		0.64			0.60			3.19			–
	7.83			65,208		1.22			1.20			2.70			–
	8.14			25,566		0.92			0.90			2.93			–
	8.55			14,764		0.63			0.60			3.69			–
	8.63			299,096		0.51			0.51			3.37			–
	10.06			822,952		0.92			0.90			1.52			322
	9.28			103,313		1.71			1.65			0.77			–
	9.28			674,801		1.65			1.65			0.75			–
	10.32			243,916		0.71			0.65			1.74			–
	9.67			33,638		1.29			1.25			1.09			–
	9.97			14,398		0.98			0.97			1.35			–
	10.30			2,878		0.68			0.67			1.60			–
	10.49			318,524		0.57			0.57			1.88			–
	17.20			608,161		0.96			0.85			0.89			145
	16.30			95,935		1.75			1.60			(0.64	)		–
	16.32			463,764		1.69			1.60			(0.07	)		–
	17.53			137,773		0.74			0.60			1.92			–
	16.78			5,355		1.38			1.25			2.73			–
	17.14			2,758		1.02			1.00			3.07			–
	17.30			258		0.76			0.76			2.91			–
	17.44			165,637		0.59			0.59			0.16			–
	(3.08	)		307,863		1.01			0.91	(G)		5.60			437
	(3.81	)		75,789		1.80			1.66	(G)		4.82			–
	(3.82	)		241,305		1.75			1.66	(G)		4.86			–
	(2.74	)		27,135		0.75			0.65	(G)		5.28			–
	(3.56	)		216		1.43			1.30	(G)		5.63			–
	(3.23	)		17		1.12			1.06	(G)		5.29			–
	(2.94	)		28		0.75			0.75	(G)		4.92			–
	(2.90	)		138,292		0.65			0.65	(G)		5.85			–

31

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Inflation Plus Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian, agent banks and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Inflation Plus Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

32

The Hartford Inflation Plus Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF��) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

33

The Hartford Inflation Plus Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

34

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

35

The Hartford Inflation Plus Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 97.44%.

36

The Hartford Inflation Plus Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,039.05	$	4.36	$	1,000.00	$	1,020.86	$	4.32		0.85	%		184		366
Class B	$	1,000.00	$	1,035.21	$	8.18	$	1,000.00	$	1,017.10	$	8.11		1.60			184		366
Class C	$	1,000.00	$	1,035.28	$	8.11	$	1,000.00	$	1,017.16	$	8.04		1.59			184		366
Class I	$	1,000.00	$	1,040.19	$	3.08	$	1,000.00	$	1,022.12	$	3.05		0.60			184		366
Class R3	$	1,000.00	$	1,037.54	$	6.15	$	1,000.00	$	1,019.10	$	6.09		1.20			184		366
Class R4	$	1,000.00	$	1,038.88	$	4.61	$	1,000.00	$	1,020.61	$	4.57		0.90			184		366
Class R5	$	1,000.00	$	1,040.28	$	3.08	$	1,000.00	$	1,022.12	$	3.05		0.60			184		366
Class Y	$	1,000.00	$	1,040.44	$	2.57	$	1,000.00	$	1,022.62	$	2.55		0.50			184		366

37

The Hartford Inflation Plus Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Inflation Plus Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

38

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

39

The Hartford Inflation Plus Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

40

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

41

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-IP12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford International Growth Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford International Growth Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	9
Statement of Assets and Liabilities at October 31, 2012	10
Statement of Operations for the Year Ended October 31, 2012	11
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	12
Notes to Financial Statements	13
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford International Growth Fund inception 04/30/2001

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks capital appreciation.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
International Growth A#		6.33	%		-9.41	%		6.46	%
International Growth A##		0.49	%		-10.43	%		5.86	%
International Growth B#		5.48	%		-10.02	%		5.85	%*
International Growth B##		0.48	%		-10.33	%		5.85	%*
International Growth C#		5.50	%		-10.09	%		5.67	%
International Growth C##		4.50	%		-10.09	%		5.67	%
International Growth I#		6.63	%		-9.08	%		6.68	%
International Growth R3#		6.23	%		-9.63	%		6.48	%
International Growth R4#		6.61	%		-9.31	%		6.71	%
International Growth R5#		6.87	%		-9.02	%		6.90	%
International Growth Y#		6.93	%		-8.93	%		6.97	%
MSCI EAFE Growth Index		5.05	%		-4.56	%		7.64	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

MSCI EAFE Growth Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance (excluding the U.S. and Canada) of the growth securities within the MSCI EAFE Index.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford International Growth Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
John A. Boselli, CFA	Jean-Marc Berteaux
Director and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford International Growth Fundreturned 6.33%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the MSCI EAFE Growth Index, which returned 5.05% for the same period. The Fund underperformed the 6.79% return of the average fund in the International Multi-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period. Within the benchmark, health care (+17%), consumer staples (+14%), and financials (+7%) performed best while utilities (-11%), energy (-8%), and materials (-5%) lagged the most.

The Fund’s outperformance relative to the MSCI EAFE Growth Index was primarily the result of strong security selection. Stock selection was strongest in the Industrials, Energy, and Financials sectors. This was partially offset by weaker selection in the Health Care, Telecommunication Services, and Consumer Discretionary sectors. Sector allocation, a residual of bottom-up stock selection, also contributed positively to benchmark-relative performance. The Fund’s underweight exposure (i.e. the Fund’s sector position was less than the benchmark position) to the Materials sector contributed positively to benchmark-relative results, while an overweight to the Information Technology sector detracted from relative results.

Top contributors to the Fund’s relative performance were Petroleum Geo-Services (Energy), CP ALL (Consumer Staples), and BHP Billiton (Materials). Petroleum Geo-Services is a Norway based company that provides marine geophysical services to companies in the oil and gas industry. The company’s operating results exceeded expectations on strong multi-client activity and management noted that higher prices are being accepted by customers for the North Sea season this summer, driving share prices higher. CP ALL is a convenience store operator in Thailand. Shares rose as revenue and margins have seen impressive growth recently, and the company boasts an impressive dividend yield. BHP Billiton is a U.K.-based diversified metals and mining company. Shares declined during the period amid fears of a slowdown in China and weakness in many metals prices, including iron ore. Not owning this benchmark constituent contributed to relative results. Rolls-Royce (Industrials) also contributed positively to the Fund’s absolute performance (i.e. total return).

Ctrip.com (Consumer Discretionary), Softbank (Telecommunication Services), and Neopost (Information Technology) were the top detractors from benchmark relative performance. Shares of Ctrip.com, a China based travel services company, declined during the period as the stock reported revenue below analysts estimates. Shares of Softbank, a Japan-based telecommunication and Internet provider, declined during the period as investors were concerned that Softbank’s competitive position may be compromised as the company lost exclusivity on selling the iPhone in Japan. Shares of France-based Neopost, which produces and sells digital mailroom equipment, fell as elections in several core markets led to a pause in postal rate hikes which slowed revenue growth more than anticipated, disappointing investors. Infineon Technologies (Information Technology) also detracted from the Fund’s absolute performance.

What is the outlook?

In general, we continue to expect sluggish mid-cycle global growth. Weaker economic data in Europe and Asia has been offset with strength in the U.S. economy. Global industrial confidence and capacity utilization remain poor but consumer confidence has improved slightly. Continued quantitative

3

The Hartford International Growth Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

easing and stimulus programs around the world have improved credit spreads and commodity prices recently. We remain concerned about the potential for economic uncertainties over the near term, although we continue to identify new investment opportunities, focusing on companies that we believe possess a sustainable competitive advantage.

We select stocks individually based on their merits. As a result of bottom-up stock selection, Consumer Discretionary was the Fund’s largest overweight exposure relative to the benchmark at the end of the period. Other sectors where we ended the period with above benchmark weights included Information Technology and Industrials. The largest underweights relative to the benchmark were in the Materials, Consumer Staples, and Health Care sectors.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)		2.0	%
Banks (Financials)		2.6
Capital Goods (Industrials)		10.8
Commercial and Professional Services (Industrials)		3.6
Consumer Durables and Apparel (Consumer Discretionary)		7.1
Consumer Services (Consumer Discretionary)		4.6
Diversified Financials (Financials)		1.4
Energy (Energy)		3.3
Food and Staples Retailing (Consumer Staples)		2.8
Food, Beverage and Tobacco (Consumer Staples)		11.9
Health Care Equipment and Services (Health Care)		2.2
Insurance (Financials)		7.0
Materials (Materials)		5.7
Media (Consumer Discretionary)		4.3
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		6.9
Real Estate (Financials)		1.1
Retailing (Consumer Discretionary)		2.5
Semiconductors and Semiconductor Equipment (Information Technology)		5.4
Software and Services (Information Technology)		3.7
Technology Hardware and Equipment (Information Technology)		2.5
Telecommunication Services (Services)		0.6
Transportation (Industrials)		5.5
Utilities (Utilities)		1.1
Short-Term Investments		2.0
Other Assets and Liabilities		(0.6	)
Total		100.0	%

Currency Concentration of Securities

as of October 31, 2012

	Percentage of
Description	Net Assets
Australian Dollar		1.7	%
Brazilian Real		0.9
British Pound		27.6
Canadian Dollar		4.5
Colombian Peso		1.1
Danish Kroner		2.8
Euro		21.9
Hong Kong Dollar		8.2
Indian Rupee		1.3
Indonesian New Rupiah		0.6
Japanese Yen		6.3
Malaysian Ringgit		0.5
Philippine Peso		0.2
Republic of Korea Won		1.8
South African Rand		0.5
Swedish Krona		3.0
Swiss Franc		5.5
Taiwanese Dollar		1.2
Thai Bhat		1.7
United States Dollar		9.3
Other Assets and Liabilities		(0.6	)
Total		100.0	%

4

The Hartford International Growth Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
	COMMON STOCKS - 98.6%
		Australia - 1.7%
	101	Seek Ltd.	$	697
	202	Transurban Group		1,273
				1,970
		Austria - 0.6%
	12	Andritz AG		738
		Belgium - 1.2%
	17	Anheuser-Busch InBev N.V.		1,432
		Brazil - 0.9%
	80	BR Properties S.A.		1,042
		Canada - 5.3%
	8	Agrium, Inc.		790
	11	Alimentation Couche-Tard, Inc. Class B		547
	24	Barrick Gold Corp.		980
	89	CAE, Inc.		983
	49	Methanex Corp.		1,459
	108	Trican Well Service Ltd.		1,289
				6,048
		China - 1.3%
	1,241	Greatview Aseptic Packaging Co., Ltd.		649
	25	Tencent Holdings Ltd.		879
				1,528
		Colombia - 1.1%
	65	Almacenes Exito S.A.		1,226
		Denmark - 2.8%
	74	DSV A/S		1,656
	9	Novo Nordisk A/S		1,504
				3,160
		Finland - 2.0%
	11	Kone Oyj Class B		823
	30	Outotec Oyj		1,486
				2,309
		France - 9.7%
	6	Bureau Veritas S.A.		673
	19	Cie Generale d'Optique Essilor International S.A.		1,683
	55	Club Mediterranee S.A. ●		874
	8	Dassault Systemes S.A.		829
	14	Publicis Groupe		769
	42	Safran S.A.		1,668
	10	Sanofi-Aventis S.A.		909
	59	Scor SE		1,565
	10	Sodexo, Inc.		781
	7	Technip S.A.		760
	6	Zodiac Aerospace		626
				11,137
		Germany - 5.0%
	9	Adidas AG		774
	12	Brenntag AG		1,562
	13	Hannover Rueckversicherung AG		932
	9	MTU Aero Engines Holdings AG		782
	23	SAP AG		1,696
				5,746
		Hong Kong - 6.9%
	224	AAC Technologies Holdings, Inc.		796
	280	AIA Group Ltd.		1,104
	68	ASM Pacific Technology Ltd.		756
	62	China Mobile Ltd.		682
	730	Legend Holdings Ltd.		584
	844	Samsonite International S.A.		1,747
	192	Sands China Ltd. §		719
	425	Shangri-La Asia Ltd.		820
	378	Techtronic Industries Co., Ltd.		716
				7,924
		India - 1.3%
	50	HDFC Bank Ltd.		592
	168	ITC Ltd.		883
				1,475
		Indonesia - 0.6%
	145	PT Gudang Garam Tbk		737
		Ireland - 1.7%
	68	Experian plc		1,177
	57	WPP plc		741
				1,918
		Israel - 1.3%
	37	Teva Pharmaceutical Industries Ltd. ADR		1,502
		Italy - 0.6%
	33	Salvatore Ferragamo Italia S.p.A.		677
		Japan - 6.3%
	72	Bridgestone Corp.		1,678
	48	Daiichi Sankyo Co., Ltd.		740
	17	FamilyMart Co., Ltd.		814
	25	IBJ Leasing Co., Ltd.		635
	35	Japan Tobacco, Inc.		957
	55	Shionogi & Co., Ltd.		919
	26	West Japan Railway Co.		1,116
	44	Yusen Logistics Co. Ltd.		375
				7,234
		Luxembourg - 1.0%
	41	SES Global S.A.		1,127
		Malaysia - 0.5%
	604	AirAsia Berhad		600
		Netherlands - 1.8%
	19	ASML Holding N.V.		1,041
	17	Heineken N.V.		1,038
				2,079
		Panama - 1.1%
	13	Copa Holdings S.A. Class A		1,238
		Philippines - 0.2%
	448	Ayala Land, Inc. ☼		256
		South Africa - 0.5%
	90	Discovery Holdings Ltd.		578
		South Korea - 1.8%
	3	Hyundai Motor Co., Ltd.		673
	1	Samsung Electronics Co., Ltd.		1,362
				2,035

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Growth Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
	COMMON STOCKS - 98.6% - (continued)
		Sweden - 3.0%
	25	Assa Abloy Ab	$	829
	48	Electrolux Ab Series B		1,233
	20	Hennes & Mauritz Ab		669
	19	Swedish Match Ab		659
				3,390
		Switzerland - 5.5%
	18	Cie Financiere Richemont S.A.		1,180
	5	Dufry Group ●		627
	20	Nestle S.A.		1,294
	12	Roche Holding AG		2,367
	13	Swiss Re Ltd.		868
				6,336
		Taiwan - 1.2%
	286	Quanta Computer, Inc.		653
	227	Taiwan Semiconductor Manufacturing Co., Ltd.		691
				1,344
		Thailand - 1.7%
	105	Bangkok Bank plc		617
	674	Bank of Ayudhya plc		650
	530	CP ALL plc		686
				1,953
		United Kingdom - 27.9%
	187	Aberdeen Asset Management plc		981
	215	Arm Holdings plc		2,313
	17	ASOS plc ●		638
	47	Babcock International Group plc		748
	49	BG Group plc		906
	39	British American Tobacco plc		1,917
	55	Burberry Group plc		1,036
	78	Catlin Group Ltd.		592
	187	Compass Group plc		2,052
	54	Diageo Capital plc		1,543
	15	Ensco plc		841
	34	Fresnillo plc		1,044
	38	Imperial Tobacco Group plc		1,419
	18	Intertek Group plc		801
	61	Jardine Lloyd Thompson Group plc		738
	50	Lancashire Holdings Ltd.		701
	114	National Grid plc		1,299
	17	Next plc		970
	59	Persimmon plc		757
	72	Prudential plc		990
	20	Rio Tinto plc		1,008
	208	Rolls-Royce Holdings plc		2,881
	31	Spectris plc		855
	49	Standard Chartered plc		1,151
	46	Unilever plc		1,732
	46	Virgin Media, Inc.		1,509
	38	Xstrata plc		603
				32,025
		United States - 2.1%
	26	Amdocs Ltd.		843
	15	Covidien plc ‡		819
	12	Liberty Global, Inc. ●		744
				2,406
		Total common stocks
		(cost $100,865)	$	113,170
		Total long-term investments
		(cost $100,865)	$	113,170
	SHORT-TERM INVESTMENTS - 2.0%
		Repurchase Agreements - 2.0%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $404, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $412)
$	404	0.30%, 10/31/2012	$	404
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $164, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $168)
	164	0.25%, 10/31/2012		164
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $283, collateralized by FNMA 2.50%, 2027, value of $288)
	283	0.35%, 10/31/2012		283
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $107, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $110)
	107	0.35%, 10/31/2012		107
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $499, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $508)
	499	0.28%, 10/31/2012		499
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $633, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $645)
	633	0.25%, 10/31/2012		633
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $3, collateralized by U.S. Treasury Note 8.13%, 2019, value of $3)
	3	0.25%, 10/31/2012		3

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
	SHORT-TERM INVESTMENTS - 2.0% - (continued)
		Repurchase Agreements - 2.0% - (continued)
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $147, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $150)
$	147	0.30%, 10/31/2012				$	147
							2,240
		Total short-term investments
		(cost $2,240)				$	2,240
		Total investments
		(cost $103,105) ▲		100.6	%	$	115,410
		Other assets and liabilities		(0.6	)%		(693	)
		Total net assets		100.0	%	$	114,717

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $103,362 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	14,962
Unrealized Depreciation		(2,914	)
Net Unrealized Appreciation	$	12,048

● Non-income producing.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $719, which represents 0.6% of total net assets.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $258 at October 31, 2012.

Foreign Currency Contracts Outstanding at October 31, 2012
Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
BRL	Sell	11/01/2012	JPM	$	25	$	25	$	–
CAD	Sell	11/01/2012	WEST		105		105		–
HKD	Sell	11/01/2012	SSG		59		59		–
								$	–

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Growth Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
JPM	JP Morgan Chase & Co.
SSG	State Street Global Markets LLC
WEST	Westpac International
Currency Abbreviations:
BRL	Brazilian Real
CAD	Canadian Dollar
HKD	Hong Kong Dollar
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Growth Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Australia	$	1,970	$	–	$	1,970	$	–
Austria		738		–		738		–
Belgium		1,432		–		1,432		–
Brazil		1,042		1,042		–		–
Canada		6,048		6,048		–		–
China		1,528		–		1,528		–
Colombia		1,226		1,226		–		–
Denmark		3,160		–		3,160		–
Finland		2,309		–		2,309		–
France		11,137		–		11,137		–
Germany		5,746		–		5,746		–
Hong Kong		7,924		–		7,924		–
India		1,475		–		1,475		–
Indonesia		737		–		737		–
Ireland		1,918		–		1,918		–
Israel		1,502		1,502		–		–
Italy		677		–		677		–
Japan		7,234		–		7,234		–
Luxembourg		1,127		–		1,127		–
Malaysia		600		–		600		–
Netherlands		2,079		–		2,079		–
Panama		1,238		1,238		–		–
Philippines		256		–		256		–
South Africa		578		–		578		–
South Korea		2,035		–		2,035		–
Sweden		3,390		–		3,390		–
Switzerland		6,336		–		6,336		–
Taiwan		1,344		–		1,344		–
Thailand		1,953		–		1,953		–
United Kingdom		32,025		2,350		29,675		–
United States		2,406		2,406		–		–
Total		113,170		15,812		97,358		–
Short-Term Investments		2,240		–		2,240		–
Total	$	115,410	$	15,812	$	99,598	$	–
Liabilities:
Foreign Currency Contracts*		–		–		–		–
Total	$	–	$	–	$	–	$	–

♦ For the year ended October 31, 2012, investments valued at $2,801 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Growth Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $103,105)	$	115,410
Receivables:
Investment securities sold		423
Fund shares sold		61
Dividends and interest		223
Other assets		60
Total assets		116,177
Liabilities:
Unrealized depreciation on foreign currency contracts		—
Bank overdraft		757
Payables:
Investment securities purchased		258
Fund shares redeemed		345
Investment management fees		21
Administrative fees		—
Distribution fees		10
Accrued expenses		69
Total liabilities		1,460
Net assets	$	114,717
Summary of Net Assets:
Capital stock and paid-in-capital	$	373,544
Undistributed net investment income		730
Accumulated net realized loss		(271,859	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		12,302
Net assets	$	114,717
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.75/$10.32
Shares outstanding		8,545
Net assets	$	83,324
Class B: Net asset value per share	$	9.04
Shares outstanding		992
Net assets	$	8,974
Class C: Net asset value per share	$	9.04
Shares outstanding		1,379
Net assets	$	12,465
Class I: Net asset value per share	$	9.70
Shares outstanding		576
Net assets	$	5,585
Class R3: Net asset value per share	$	9.82
Shares outstanding		71
Net assets	$	700
Class R4: Net asset value per share	$	10.03
Shares outstanding		72
Net assets	$	718
Class R5: Net asset value per share	$	10.09
Shares outstanding		12
Net assets	$	117
Class Y: Net asset value per share	$	10.12
Shares outstanding		280
Net assets	$	2,834

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Growth Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	3,038
Interest		3
Less: Foreign tax withheld		(309	)
Total investment income		2,732
Expenses:
Investment management fees		1,046
Administrative services fees		2
Transfer agent fees		497
Distribution fees
Class A		223
Class B		103
Class C		133
Class R3		4
Class R4		1
Custodian fees		24
Accounting services fees		25
Registration and filing fees		95
Board of Directors' fees		4
Audit fees		16
Other expenses		47
Total expenses (before waivers and fees paid indirectly)		2,220
Expense waivers		(91	)
Transfer agent fee waivers		(142	)
Commission recapture		(2	)
Total waivers and fees paid indirectly		(235	)
Total expenses, net		1,985
Net Investment Income		747
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(600	)
Net realized loss on foreign currency contracts		(12	)
Net realized loss on other foreign currency transactions		(63	)
Net Realized Loss on Investments and Foreign Currency Transactions		(675	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		6,808
Net unrealized depreciation of foreign currency contracts		(17	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		12
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		6,803
Net Gain on Investments and Foreign Currency Transactions		6,128
Net Increase in Net Assets Resulting from Operations	$	6,875

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Growth Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	747		$	800
Net realized gain (loss) on investments and foreign currency transactions		(675	)		16,094
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		6,803			(20,877	)
Net Increase (Decrease) In Net Assets Resulting From Operations		6,875			(3,983	)
Distributions to Shareholders:
From net investment income
Class A		(800	)		—
Class C		(1	)		—
Class I		(59	)		—
Class R3		(7	)		—
Class R4		(2	)		—
Class R5		(2	)		—
Class Y		(39	)		—
Total distributions		(910	)		—
Capital Share Transactions:
Class A		(22,472	)		(30,797	)
Class B		(3,521	)		(3,975	)
Class C		(3,007	)		(4,566	)
Class I		5			(1,001	)
Class R3		(119	)		238
Class R4		(650	)		1,001
Class R5		(25	)		35
Class Y		(520	)		(116	)
Net decrease from capital share transactions		(30,309	)		(39,181	)
Net Decrease In Net Assets		(24,344	)		(43,164	)
Net Assets:
Beginning of period		139,061			182,225
End of period	$	114,717		$	139,061
Undistributed (distribution in excess of) net investment income (loss)	$	730		$	905

The accompanying notes are an integral part of these financial statements.

12

The Hartford International Growth Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford International Growth Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

13

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant

14

management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

15

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve

16

to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

17

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

Risk Exposure Category

Interest Rate Contracts

Foreign Exchange Contracts

Credit Contracts

Equity Contracts

Commodity Contracts

Other Contracts

Total

Liabilities:

Unrealized depreciation on foreign currency contracts

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Total

$

—

$

—

$

—

$

—

$

—

$

—

$

—

The volume of derivative activity was minimal during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(12	)	$	—	$	—	$	—	$	—	$	(12	)
Total	$	—	$	(12	)	$	—	$	—	$	—	$	—	$	(12	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(17	)	$	—	$	—	$	—	$	—	$	(17	)
Total	$	—	$	(17	)	$	—	$	—	$	—	$	—	$	(17	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

18

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	910	$	—

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	730
Accumulated Capital Losses *		(271,602	)
Unrealized Appreciation †		12,045
Total Accumulated Deficit	$	(258,827	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

19

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(12	)
Accumulated Net Realized Gain (Loss)		12

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

	Amount
Short Term Capital Loss Carryforward	$	628
Total	$	628

Capital loss carryforwards with expiration:

Year of Expiration	Amount
2016	$	160,429
2017		110,545
Total	$	270,974

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

20

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500%
On next $500 million		0.8000%
On next $4 billion		0.7500%
On next $5 billion		0.7475%
Over $10 billion		0.7450%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.55%		2.30%		2.30%		1.30%		1.60%		1.30%		1.00%		0.95%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

21

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.50	%
Class B		2.25
Class C		2.25
Class I		1.21
Class R3		1.60
Class R4		1.30
Class R5		1.00
Class Y		0.95

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $90 and contingent deferred sales charges of $13 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $7.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

22

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		10		14	%
Class R5		11		92
Class Y		11		4

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	128,693
Sales Proceeds Excluding U.S. Government Obligations		160,065

23

The Hartford International Growth Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		571		91		(3,078	)		—		(2,416	)		896		—		(3,957	)		—		(3,061	)
Amount	$	5,285	$	778	$	(28,535	)	$	—	$	(22,472	)	$	9,015	$	—	$	(39,812	)	$	—	$	(30,797	)
Class B
Shares		9		—		(419	)		—		(410	)		20		—		(447	)		—		(427	)
Amount	$	83	$	—	$	(3,604	)	$	—	$	(3,521	)	$	193	$	—	$	(4,168	)	$	—	$	(3,975	)
Class C
Shares		75		—		(424	)		—		(349	)		109		—		(600	)		—		(491	)
Amount	$	640	$	1	$	(3,648	)	$	—	$	(3,007	)	$	1,017	$	—	$	(5,583	)	$	—	$	(4,566	)
Class I
Shares		296		6		(307	)		—		(5	)		343		—		(462	)		—		(119	)
Amount	$	2,805	$	48	$	(2,848	)	$	—	$	5		$	3,533	$	—	$	(4,534	)	$	—	$	(1,001	)
Class R3
Shares		22		1		(35	)		—		(12	)		36		—		(13	)		—		23
Amount	$	199	$	7	$	(325	)	$	—	$	(119	)	$	369	$	—	$	(131	)	$	—	$	238
Class R4
Shares		27		1		(97	)		—		(69	)		124		—		(24	)		—		100
Amount	$	264	$	2	$	(916	)	$	—	$	(650	)	$	1,240	$	—	$	(239	)	$	—	$	1,001
Class R5
Shares		1		—		(3	)		—		(2	)		3		—		—			—		3
Amount	$	2	$	2	$	(29	)	$	—	$	(25	)	$	35	$	—	$	—		$	—	$	35
Class Y
Shares		64		4		(125	)		—		(57	)		243		—		(258	)		—		(15	)
Amount	$	609	$	39	$	(1,168	)	$	—	$	(520	)	$	2,564	$	—	$	(2,680	)	$	—	$	(116	)
Total
Shares		1,065		103		(4,488	)		—		(3,320	)		1,774		—		(5,761	)		—		(3,987	)
Amount	$	9,887	$	877	$	(41,073	)	$	—	$	(30,309	)	$	17,966	$	—	$	(57,147	)	$	—	$	(39,181	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		68	$	629
For the Year Ended October 31, 2011		55	$	552

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

24

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

25

The Hartford International Growth Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	9.25	$	0.07		$	0.51		$	0.58		$	(0.08	)	$	–		$	–	$	(0.08	)	$	9.75
B		8.57		–			0.47			0.47			–			–			–		–			9.04
C		8.57		–			0.47			0.47			–			–			–		–			9.04
I		9.21		0.10			0.50			0.60			(0.11	)		–			–		(0.11	)		9.70
R3		9.33		0.06			0.51			0.57			(0.08	)		–			–		(0.08	)		9.82
R4		9.45		0.09			0.53			0.62			(0.04	)		–			–		(0.04	)		10.03
R5		9.58		0.12			0.52			0.64			(0.13	)		–			–		(0.13	)		10.09
Y		9.61		0.12			0.53			0.65			(0.14	)		–			–		(0.14	)		10.12
For the Year Ended October 31, 2011 (E)
A		9.61		0.06			(0.42	)		(0.36	)		–			–			–		–			9.25
B		8.96		(0.02	)		(0.37	)		(0.39	)		–			–			–		–			8.57
C		8.97		(0.02	)		(0.38	)		(0.40	)		–			–			–		–			8.57
I		9.53		0.11			(0.43	)		(0.32	)		–			–			–		–			9.21
R3		9.70		0.05			(0.42	)		(0.37	)		–			–			–		–			9.33
R4		9.79		0.09			(0.43	)		(0.34	)		–			–			–		–			9.45
R5		9.90		0.12			(0.44	)		(0.32	)		–			–			–		–			9.58
Y		9.93		0.12			(0.44	)		(0.32	)		–			–			–		–			9.61
For the Year Ended October 31, 2010 (E)
A		8.00		0.05			1.71			1.76			(0.15	)		–			–		(0.15	)		9.61
B		7.50		(0.01	)		1.59			1.58			(0.12	)		–			–		(0.12	)		8.96
C		7.48		(0.01	)		1.60			1.59			(0.10	)		–			–		(0.10	)		8.97
I		7.95		0.08			1.69			1.77			(0.19	)		–			–		(0.19	)		9.53
R3		8.08		0.03			1.73			1.76			(0.14	)		–			–		(0.14	)		9.70
R4		8.14		0.06			1.75			1.81			(0.16	)		–			–		(0.16	)		9.79
R5		8.21		0.09			1.77			1.86			(0.17	)		–			–		(0.17	)		9.90
Y		8.24		0.12			1.76			1.88			(0.19	)		–			–		(0.19	)		9.93
For the Year Ended October 31, 2009 (E)
A		7.07		0.08			0.85			0.93			–			–			–		–			8.00
B		6.65		0.05			0.80			0.85			–			–			–		–			7.50
C		6.66		0.02			0.80			0.82			–			–			–		–			7.48
I		7.04		0.13			0.82			0.95			(0.04	)		–			–		(0.04	)		7.95
R3		7.18		0.04			0.86			0.90			–			–			–		–			8.08
R4		7.23		0.07			0.86			0.93			(0.02	)		–			–		(0.02	)		8.14
R5		7.28		0.09			0.87			0.96			(0.03	)		–			–		(0.03	)		8.21
Y		7.30		0.10			0.88			0.98			(0.04	)		–			–		(0.04	)		8.24
For the Year Ended October 31, 2008 (E)
A		18.93		0.05			(9.50	)		(9.45	)		–			(2.41	)		–		(2.41	)		7.07
B		18.08		(0.05	)		(8.97	)		(9.02	)		–			(2.41	)		–		(2.41	)		6.65
C		18.10		(0.05	)		(8.98	)		(9.03	)		–			(2.41	)		–		(2.41	)		6.66
I		18.79		0.01			(9.35	)		(9.34	)		–			(2.41	)		–		(2.41	)		7.04
R3		19.24		0.01			(9.66	)		(9.65	)		–			(2.41	)		–		(2.41	)		7.18
R4		19.30		0.02			(9.68	)		(9.66	)		–			(2.41	)		–		(2.41	)		7.23
R5		19.35		0.10			(9.76	)		(9.66	)		–			(2.41	)		–		(2.41	)		7.28
Y		19.38		0.12			(9.79	)		(9.67	)		–			(2.41	)		–		(2.41	)		7.30

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	6.33	%	$	83,324		1.68	%		1.50	%		0.72	%		106	%
	5.48			8,974		2.67			2.25			(0.03	)		–
	5.50			12,465		2.39			2.25			(0.02	)		–
	6.63			5,585		1.28			1.21			1.08			–
	6.23			700		1.83			1.60			0.65			–
	6.61			718		1.46			1.30			0.98			–
	6.87			117		1.16			1.00			1.21			–
	6.93			2,834		1.02			0.95			1.29			–
	(3.75	)		101,400		1.58			1.50			0.58			88
	(4.35	)		12,013		2.54			2.25			(0.17	)		–
	(4.46	)		14,806		2.31			2.25			(0.17	)		–
	(3.36	)		5,354		1.21			1.17			1.06			–
	(3.81	)		777		1.79			1.60			0.47			–
	(3.47	)		1,335		1.39			1.30			0.88			–
	(3.23	)		139		1.09			1.00			1.14			–
	(3.22	)		3,237		0.98			0.95			1.13			–
	22.29			134,685		1.67			1.55			0.58			110
	21.30			16,390		2.63			2.30			(0.17	)		–
	21.41			19,892		2.38			2.30			(0.17	)		–
	22.65			6,674		1.21			1.21			0.88			–
	22.05			583		1.84			1.76			0.40			–
	22.52			400		1.46			1.44			0.67			–
	22.99			110		1.08			1.08			1.08			–
	23.17			3,491		1.05			1.05			1.36			–
	13.15			141,506		1.83			1.39			1.20			392
	12.78			17,558		2.89			1.82			0.74			–
	12.31			20,105		2.54			2.17			0.38			–
	13.59			13,136		1.75			0.95			1.95			–
	12.53			395		2.06			1.85			0.57			–
	12.96			305		1.51			1.40			1.00			–
	13.29			7		1.44			1.25			1.31			–
	13.52			6,357		1.05			0.96			1.35			–
	(56.94	)		181,826		1.48			1.48			0.36			359
	(57.28	)		19,208		2.39			2.25			(0.40	)		–
	(57.27	)		24,658		2.21			2.21			(0.37	)		–
	(56.75	)		86,331		1.03			1.03			0.13			–
	(57.08	)		293		1.89			1.85			0.09			–
	(56.94	)		139		1.47			1.47			0.15			–
	(56.77	)		6		1.08			1.08			0.76			–
	(56.72	)		54,257		0.99			0.99			0.92			–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford International Growth Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford International Growth Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

28

The Hartford International Growth Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford International Growth Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2)⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford International Growth Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford International Growth Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	992.87	$	7.46	$	1,000.00	$	1,017.65	$	7.56		1.49	%		184		366
Class B	$	1,000.00	$	989.06	$	11.25	$	1,000.00	$	1,013.83	$	11.39		2.25			184		366
Class C	$	1,000.00	$	989.06	$	11.20	$	1,000.00	$	1,013.88	$	11.34		2.24			184		366
Class I	$	1,000.00	$	994.87	$	5.92	$	1,000.00	$	1,019.20	$	5.99		1.18			184		366
Class R3	$	1,000.00	$	992.92	$	8.02	$	1,000.00	$	1,017.09	$	8.11		1.60			184		366
Class R4	$	1,000.00	$	994.05	$	6.47	$	1,000.00	$	1,018.65	$	6.55		1.29			184		366
Class R5	$	1,000.00	$	996.05	$	5.02	$	1,000.00	$	1,020.11	$	5.08		1.00			184		366
Class Y	$	1,000.00	$	996.06	$	4.77	$	1,000.00	$	1,020.36	$	4.82		0.95			184		366

33

The Hartford International Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford International Growth Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family���s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds.The Board noted that the Fund had underperformed relative to its peer group for the 5-year period and that its performance was in line with the peer group for the 1- and 3-year periods. The Board also noted that the Fund had underperformed relative to its benchmark for the 1- and 5-year periods and that its performance was in line with the benchmark for the 3-year period. HIFSCO noted that it would continue to monitor the Fund’s performance.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

35

The Hartford International Growth Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses. The Board also noted the decrease in the Fund’s assets.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

36

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-IG12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford International Opportunities Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford International Opportunities Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	9
Statement of Assets and Liabilities at October 31, 2012	10
Statement of Operations for the Year Ended October 31, 2012	11
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	12
Notes to Financial Statements	13
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford International Opportunities Fund inception 07/22/1996
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term growth of capital.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
International Opportunities A#		7.28	%		-3.79	%		8.74	%
International Opportunities A##		1.38	%		-4.87	%		8.12	%
International Opportunities B#		6.46	%		-4.42	%		8.18	%*
International Opportunities B##		1.46	%		-4.74	%		8.18	%*
International Opportunities C#		6.48	%		-4.50	%		7.93	%
International Opportunities C##		5.48	%		-4.50	%		7.93	%
International Opportunities I#		7.68	%		-3.47	%		8.91	%
International Opportunities R3#		7.05	%		-4.04	%		8.82	%
International Opportunities R4#		7.40	%		-3.67	%		9.06	%
International Opportunities R5#		7.67	%		-3.43	%		9.22	%
International Opportunities Y#		7.83	%		-3.31	%		9.31	%
MSCI All Country World ex USA Index		4.48	%		-4.63	%		9.79	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/30/08. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

MSCI All Country World ex USA Index is a broad-based, unmanaged, market capitalization weighted, total return index that measures the performance of both developed and emerging stock markets, excluding the U.S. The index is calculated to exclude companies and share classes which cannot be freely purchased by foreigners.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford International Opportunities Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Nicolas M. Choumenkovitch	Tara C. Stilwell, CFA
Senior Vice President and Equity Portfolio Manager	Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford International Opportunities Fund returned 7.28%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the MSCI All Country World ex USA Index, which returned 4.48% for the same period. The Fund also outperformed the 6.79% return of the average fund in the Lipper International Multi-Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Within the MSCI All Country World ex USA Index, the Heath Care (+17.1%), Consumer Staples (+13.7%), and Financials (+10.0%) sectors gained the most during the period. The Materials (-5.9%), Utilities (-3.0%), and Energy (-2.4%) sectors declined during the period.

The Fund’s outperformance versus its benchmark was primarily due to stock selection. Selection was particularly strong within the Industrials, Financials, and Utilities sectors, but was partially offset by weaker selection in the Consumer Staples, Health Care and Consumer Discretionary sectors. Allocation among sectors, a result of the bottom-up stock selection process, also contributed positively to relative returns, largely due to underweight (i.e. the Fund’s sector position was less than the benchmark position) positions in Materials and Energy and an overweight position in Health Care.

Top contributors to benchmark relative performance during the period included Swiss Re (Financials), Assa Abloy (Industrials) and Continental (Consumer Discretionary). Swiss Re, a Zurich-based global reinsurer, experienced an increase in its stock price over the period as a result of favorable operating results and better optimization of the company’s capital structure. Shares of Assa Abloy, a Sweden-based manufacturer of locks and other high security products, rose as the company reported strong results, beating consensus expectations. Shares of Continental, a German based manufacturer of products, technology, and services used in the automotive industry, outperformed as the company reported strong results during the year and investors seemed to conclude that concerns over the company's debt level and the European automobile market were overblown. The company also announced a dividend payout greater than consensus expectations. Roche Holding (Health Care) and Samsung Electronics (Information Technology) were top contributors to absolute performance.

The largest detractors from relative returns were Infineon Technology (Information Technology), BG Group (Energy), and Danone (Consumer Staples). Shares of Infineon Technology, a German based semiconductor company whose technology is used in automotive and industrial products, experienced underperformance due to lower margins as a result of the short-term cyclical downturn of the company’s end markets and increased investment spending to support longer-term structural growth in its business. Shares of BG Group, a natural gas focused oil and gas exploration company, declined due to lower production guidance. Shares of Danone, a food and beverage company based in France, moved lower as the slowdown in Europe and the increase of milk prices negatively affected fundamentals. Tesco PLC (Consumer Staples) also detracted from absolute performance.

What is the outlook?

At a macro level, we continue to see signs of economic improvement in the developed world, which we expect to remain in a low growth environment and with low interest rates. While we believe the risk of a sharp economic decline is reduced, we strive to maintain a well-balanced portfolio with investments that represent diverse economic drivers.

3

The Hartford International Opportunities Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

As is consistent with the investment approach, we continue to look for opportunities at a company-by-company level, focusing on those companies that we believe can deliver improvements in return on investment capital (ROIC) or sustain ROIC for longer than the market anticipates.

At the end of the period, relative to the benchmark we were most overweight in Industrials, Utilities, and Health Care and most underweight in Telecommunication Services, Energy, and Consumer Staples. On a regional basis, we ended the period with an overweight to select European countries, including France, Switzerland, and the U.K., and underweight positions in Australia, Canada, Germany, and Japan.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)		3.8	%
Banks (Financials)		4.1
Capital Goods (Industrials)		10.3
Commercial and Professional Services (Industrials)		1.2
Consumer Durables and Apparel (Consumer Discretionary)		0.4
Consumer Services (Consumer Discretionary)		5.3
Diversified Financials (Financials)		2.3
Energy (Energy)		7.6
Food and Staples Retailing (Consumer Staples)		1.3
Food, Beverage and Tobacco (Consumer Staples)		6.1
Health Care Equipment and Services (Health Care)		1.2
Insurance (Financials)		6.7
Materials (Materials)		9.9
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		7.6
Real Estate (Financials)		9.7
Retailing (Consumer Discretionary)		0.7
Semiconductors and Semiconductor Equipment (Information Technology)		4.5
Software and Services (Information Technology)		0.9
Technology Hardware and Equipment (Information Technology)		0.9
Telecommunication Services (Services)		2.1
Transportation (Industrials)		4.6
Utilities (Utilities)		5.5
Short-Term Investments		2.2
Other Assets and Liabilities		1.1
Total		100.0	%

4

The Hartford International Opportunities Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.7%
		Australia - 3.0%
	1,633	Transurban Group	$	10,309
	1,544	Westfield Group REIT		17,071
				27,380
		Austria - 0.6%
	213	Erste Group Bank AG		5,365
		Belgium - 1.5%
	257	Umicore S.A.		13,218
		Brazil - 3.2%
	785	BR Malls Participacoes S.A.		10,325
	104	BR Properties S.A.		1,357
	132	CCR S.A.		1,157
	480	JSL S.A. ☼		2,789
	226	Localiza Rent a Car S.A.		3,966
	183	Mills Estruturas e Servicos de Engenharia S.A. ☼		2,810
	239	Petroleo Brasileiro S.A. ADR		5,078
	164	Raia Drogasil S.A.		1,805
				29,287
		Canada - 4.8%
	237	Canadian National Railway Co.		20,422
	94	Canadian Natural Resources Ltd. ADR		2,818
	98	MEG Energy Corp. ●		3,583
	340	Tim Hortons, Inc.		16,898
				43,721
		China - 2.1%
	968	Anhui Conch Cement Co., Ltd.		3,325
	7,571	China Construction Bank		5,676
	3,307	China Pacific Insurance Co., Ltd.		10,310
				19,311
		Finland - 1.0%
	51	Kone Oyj Class B		3,643
	125	Nokian Rendaat Oyj		5,212
				8,855
		France - 14.2%
	199	Accor S.A.		6,217
	177	Air Liquide		20,909
	1,177	AXA S.A.		18,758
	102	BNP Paribas		5,137
	58	Bureau Veritas S.A.		6,151
	104	Cie Generale d'Optique Essilor International S.A.		9,337
	148	Groupe Danone		9,119
	124	Pernod-Ricard S.A.		13,365
	370	Rexel S.A.		6,702
	215	Safran S.A.		8,558
	105	Unibail-Rodamco SE REIT		23,693
				127,946
		Germany - 1.8%
	72	Continental AG		7,293
	121	GSW Immobilien AG		4,990
	519	Infineon Technologies AG		3,534
				15,817
		Greece - 0.0%
	48	Hellenic Telecommunications Organization S.A.		213
		Hong Kong - 4.2%
	3,051	AIA Group Ltd.		12,032
	1,072	ENN Energy Holdings Ltd.		4,452
	3,375	Sands China Ltd. §		12,615
	780	Shanghai Fosun Parmaceutical Co., Ltd. ●		1,121
	2,883	Shangri-La Asia Ltd.		5,565
	1,443	Zhongsheng Group Holdings Ltd.		1,852
				37,637
		India - 0.8%
	1,429	ITC Ltd.		7,488
		Ireland - 1.3%
	480	CRH plc		8,950
	251	Elan Corp. plc ADR ●		2,706
				11,656
		Israel - 1.2%
	104	Check Point Software Technologies Ltd. ADR ●		4,609
	161	Teva Pharmaceutical Industries Ltd. ADR		6,495
				11,104
		Italy - 2.6%
	5,246	Snam S.p.A.		23,245
		Japan - 11.3%
	202	Daiichi Sankyo Co., Ltd.		3,092
	193	Daito Trust Construction Co., Ltd.		19,487
	184	Eisai Co., Ltd.		8,169
	202	FamilyMart Co., Ltd.		9,770
	119	Fanuc Corp.		18,958
	11	Fast Retailing Co., Ltd.		2,538
	719	Fuji Heavy Industries Ltd.		6,931
	191	Honda Motor Co., Ltd.		5,736
	3,088	Mitsubishi UFJ Financial Group, Inc.		13,968
	536	Mitsui Fudosan Co., Ltd.		10,835
	261	Rakuten, Inc.		2,349
				101,833
		Malaysia - 0.3%
	2,596	AirAsia Berhad		2,577
		Mexico - 0.3%
	186	Grupo Financiero Santander Mexico S.A.B. de C.V. ●		2,545
		Netherlands - 1.0%
	63	ASML Holding N.V. ADR		3,474
	226	ING Groep N.V. ●		2,013
	142	Yandex N.V. ●		3,303
				8,790
		Norway - 1.0%
	132	Algeta ASA ●		3,541
	301	Telenor ASA		5,911
				9,452
		Portugal - 0.6%
	1,010	Portugal Telecom SGPS S.A.		5,081
		Russia - 0.5%
	409	Sberbank ADR		4,759
		South Korea - 3.3%
	43	Hyundai Motor Co., Ltd.		8,863

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Opportunities Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 96.7% - (continued)
		South Korea - 3.3% - (continued)
	17	Samsung Electronics Co., Ltd.			$	20,665
						29,528
		Spain - 2.1%
	577	Repsol S.A.				11,560
	573	Telefonica S.A.				7,560
						19,120
		Sweden - 3.7%
	505	Assa Abloy Ab				16,825
	450	Skf Ab Class B				10,159
	504	Volvo AB Class B				6,808
						33,792
		Switzerland - 9.5%
	83	Actelion Ltd.				4,004
	54	Cie Financiere Richemont S.A.				3,497
	9	Givaudan				8,982
	313	Julius Baer Group Ltd.				10,874
	154	Roche Holding AG				29,633
	2	SGS S.A.				4,865
	274	Swiss Re Ltd.				18,951
	353	UBS AG				5,292
						86,098
		Taiwan - 2.4%
	1,583	Quanta Computer, Inc.				3,613
	2,220	Synnex Technology International Corp.				4,692
	4,401	Taiwan Semiconductor Manufacturing Co., Ltd.				13,410
						21,715
		United Kingdom - 17.6%
	44	Antofagasta plc				887
	210	AstraZeneca plc				9,732
	1,026	BG Group plc				19,043
	277	BHP Billiton plc				8,864
	2,850	BP plc ‡				20,355
	292	British American Tobacco plc				14,504
	795	Direct Line Insurance Group plc ●				2,497
	99	Ensco plc				5,738
	288	Imperial Tobacco Group plc				10,874
	1,914	National Grid plc				21,833
	549	NMC Health plc ●				1,603
	1,104	Rexam plc				7,973
	323	Rio Tinto plc				16,126
	1,344	Rolls-Royce Holdings plc				18,574
						158,603
		United States - 0.8%
	179	Carnival Corp.				6,788
		Total common stocks
		(cost $815,657)			$	872,924
		Total long-term investments (cost $815,657)			$	872,924
SHORT-TERM INVESTMENTS - 2.2%
		Repurchase Agreements - 2.2%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $3,593, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $3,665)
$	3,593	0.30%, 10/31/2012			$	3,593
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,463, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $1,492)
	1,463	0.25%, 10/31/2012				1,463
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,516, collateralized by FNMA 2.50%, 2027, value of $2,566)
	2,516	0.35%, 10/31/2012				2,516
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $956, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $975)
	956	0.35%, 10/31/2012				956
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $4,440, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $4,523)
	4,440	0.28%, 10/31/2012				4,440
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $5,627, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $5,739)
	5,627	0.25%, 10/31/2012				5,627
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $25, collateralized by U.S. Treasury Note 8.13%, 2019, value of $25)
	25	0.25%, 10/31/2012				25
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,304, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $1,330)
	1,304	0.30%, 10/31/2012				1,304
						19,924
		Total short-term investments
		(cost $19,924)			$	19,924
		Total investments
		(cost $835,581) ▲	98.9	%	$	892,848
		Other assets and liabilities	1.1	%		9,879
		Total net assets	100.0	%	$	902,727

The accompanying notes are an integral part of these financial statements.

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $843,579 and the aggregate gross unrealized appreciation and depreciation based on that cost were:    

Unrealized Appreciation	$	70,582
Unrealized Depreciation		(21,313	)
Net Unrealized Appreciation	$	49,269

●	Non-income producing.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $12,615, which represents 1.4% of total net assets.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $663 at October 31, 2012.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
EUR	Buy	11/05/2012	GSC	$	692	$	692	$	–
EUR	Buy	11/01/2012	JPM		105		105		–
EUR	Sell	11/02/2012	DEUT		2,420		2,420		–
EUR	Sell	11/02/2012	GSC		1,712		1,711		1
GBP	Buy	11/05/2012	RBC		1,388		1,388		–
GBP	Sell	11/02/2012	MSC		892		896		(4	)
								$	(3	)

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Opportunities Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities

Currency Abbreviations:
EUR	EURO
GBP	British Pound

Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Opportunities Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Australia	$	27,380	$	–	$	27,380	$	–
Austria		5,365		–		5,365		–
Belgium		13,218		–		13,218		–
Brazil		29,287		29,287		–		–
Canada		43,721		43,721		–		–
China		19,311		–		19,311		–
Finland		8,855		–		8,855		–
France		127,946		–		127,946		–
Germany		15,817		–		15,817		–
Greece		213		–		213		–
Hong Kong		37,637		1,121		36,516		–
India		7,488		–		7,488		–
Ireland		11,656		2,706		8,950		–
Israel		11,104		11,104		–		–
Italy		23,245		–		23,245		–
Japan		101,833		–		101,833		–
Malaysia		2,577		–		2,577		–
Mexico		2,545		2,545		–		–
Netherlands		8,790		6,777		2,013		–
Norway		9,452		–		9,452		–
Portugal		5,081		5,081		–		–
Russia		4,759		4,759		–		–
South Korea		29,528		–		29,528		–
Spain		19,120		–		19,120		–
Sweden		33,792		–		33,792		–
Switzerland		86,098		–		86,098		–
Taiwan		21,715		–		21,715		–
United Kingdom		158,603		9,838		148,765		–
United States		6,788		6,788		–		–
Total		872,924		123,727		749,197		–
Short-Term Investments		19,924		–		19,924		–
Total	$	892,848	$	123,727	$	769,121	$	–
Foreign Currency Contracts*		1		–		1		–
Total	$	1	$	–	$	1	$	–
Liabilities:
Foreign Currency Contracts*		4		–		4		–
Total	$	4	$	–	$	4	$	–

♦	For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Opportunities Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $835,581)	$	892,848
Cash		2,948
Foreign currency on deposit with custodian (cost $35)		35
Unrealized appreciation on foreign currency contracts		1
Receivables:
Investment securities sold		7,905
Fund shares sold		1,435
Dividends and interest		1,813
Other assets		52
Total assets		907,037
Liabilities:
Unrealized depreciation on foreign currency contracts		4
Payables:
Investment securities purchased		3,175
Fund shares redeemed		820
Investment management fees		140
Administrative fees		3
Distribution fees		28
Accrued expenses		140
Total liabilities		4,310
Net assets	$	902,727
Summary of Net Assets:
Capital stock and paid-in-capital	$	881,597
Undistributed net investment income		7,330
Accumulated net realized loss		(43,443	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		57,243
Net assets	$	902,727
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$14.49/$15.33
Shares outstanding		18,286
Net assets	$	264,957
Class B: Net asset value per share	$	13.32
Shares outstanding		703
Net assets	$	9,358
Class C: Net asset value per share	$	13.10
Shares outstanding		2,446
Net assets	$	32,044
Class I: Net asset value per share	$	14.45
Shares outstanding		2,159
Net assets	$	31,190
Class R3: Net asset value per share	$	14.70
Shares outstanding		1,278
Net assets	$	18,786
Class R4: Net asset value per share	$	14.89
Shares outstanding		2,874
Net assets	$	42,803
Class R5: Net asset value per share	$	14.98
Shares outstanding		2,390
Net assets	$	35,803
Class Y: Net asset value per share	$	15.04
Shares outstanding		31,102
Net assets	$	467,786

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Opportunities Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	17,333
Interest		48
Less: Foreign tax withheld		(1,887	)
Total investment income		15,494
Expenses:
Investment management fees		4,656
Administrative services fees		97
Transfer agent fees		951
Distribution fees
Class A		635
Class B		104
Class C		319
Class R3		70
Class R4		66
Custodian fees		63
Accounting services fees		115
Registration and filing fees		124
Board of Directors' fees		15
Audit fees		32
Other expenses		119
Total expenses (before waivers and fees paid indirectly)		7,366
Expense waivers		(162	)
Transfer agent fee waivers		(34	)
Commission recapture		(18	)
Total waivers and fees paid indirectly		(214	)
Total expenses, net		7,152
Net Investment Income		8,342
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(2,806	)
Net realized loss on foreign currency contracts		(664	)
Net realized loss on other foreign currency transactions		(587	)
Net Realized Loss on Investments and Foreign Currency Transactions		(4,057	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		64,037
Net unrealized depreciation of foreign currency contracts		(59	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		38
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		64,016
Net Gain on Investments and Foreign Currency Transactions		59,959
Net Increase in Net Assets Resulting from Operations	$	68,301

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Opportunities Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	8,342		$	6,152
Net realized gain (loss) on investments and foreign currency transactions		(4,057	)		24,383
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		64,016			(76,393	)
Net Increase (Decrease) In Net Assets Resulting From Operations		68,301			(45,858	)
Distributions to Shareholders:
From net investment income
Class A		(2,860	)		(289	)
Class B		(41	)		—
Class C		(167	)		—
Class I		(364	)		(24	)
Class R3		(127	)		(2	)
Class R4		(207	)		(9	)
Class R5		(354	)		(5	)
Class Y		(1,880	)		(313	)
Total distributions		(6,000	)		(642	)
Capital Share Transactions:
Class A		(11,685	)		(18,492	)
Class B		(3,095	)		(3,552	)
Class C		(3,328	)		(1,157	)
Class I		10,587			9,728
Class R3		7,117			7,228
Class R4		29,538			5,265
Class R5		12,540			19,808
Class Y		314,324			(66,746	)
Net increase (decrease) from capital share transactions		355,998			(47,918	)
Net Increase (Decrease) In Net Assets		418,299			(94,418	)
Net Assets:
Beginning of period		484,428			578,846
End of period	$	902,727		$	484,428
Undistributed (distribution in excess of) net investment income (loss)	$	7,330		$	5,636

The accompanying notes are an integral part of these financial statements.

12

The Hartford International Opportunities Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford International Opportunities Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent

13

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

14

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate

15

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

16

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

17

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Total	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	4	$	—	$	—	$	—	$	—	$	4
Total	$	—	$	4	$	—	$	—	$	—	$	—	$	4

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(664	)	$	—	$	—	$	—	$	—	$	(664	)
Total	$	—	$	(664	)	$	—	$	—	$	—	$	—	$	(664	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(59	)	$	—	$	—	$	—	$	—	$	(59	)
Total	$	—	$	(59	)	$	—	$	—	$	—	$	—	$	(59	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United

18

States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	6,000	$	713

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	9,808
Accumulated Capital Losses *		(37,923	)
Unrealized Appreciation †		49,245
Total Accumulated Earnings	$	21,130

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

19

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(648	)
Accumulated Net Realized Gain (Loss)		648

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

	Amount
Short Term Capital Loss Carryforward	$	4,971
Long Term Capital Loss Carryforward		517
Total	$	5,488

Capital loss carryforwards with expiration:

Year of Expiration	Amount
2017	$	32,435
Total	$	32,435

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

20

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500%
On next $500 million		0.6500%
On next $1.5 billion		0.6400%
On next $2.5 billion		0.6350%
On next $5 billion		0.6300%
Over $10 billion		0.6250%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500%
On next $4.5 billion		0.6500%
On next $5 billion		0.6475%
Over $10 billion		0.6450%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018%
On next $5 billion		0.016%
Over $10 billion		0.014%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.30%		2.05%		2.05%		1.05%		1.50%		1.20%		0.90%		0.85%

21

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.30	%
Class B		2.05
Class C		2.05
Class I		0.97
Class R3		1.50
Class R4		1.20
Class R5		0.90
Class Y		0.78

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $923 and contingent deferred sales charges of $21 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $19.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the

22

Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	942,842
Sales Proceeds Excluding U.S. Government Obligations		604,998

9. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		3,673		221		(4,773	)		—		(879	)		8,501		19		(10,482	)		—		(1,962	)
Amount	$	50,819	$	2,814	$	(65,318	)	$	—	$	(11,685	)	$	126,294	$	289	$	(145,075	)	$	—	$	(18,492	)
Class B
Shares		55		3		(301	)		—		(243	)		135		—		(400	)		—		(265	)
Amount	$	697	$	40	$	(3,832	)	$	—	$	(3,095	)	$	1,863	$	—	$	(5,415	)	$	—	$	(3,552	)
Class C
Shares		360		13		(645	)		—		(272	)		639		—		(739	)		—		(100	)
Amount	$	4,539	$	153	$	(8,020	)	$	—	$	(3,328	)	$	8,660	$	—	$	(9,817	)	$	—	$	(1,157	)
Class I
Shares		1,418		24		(660	)		—		782			1,296		1		(668	)		—		629
Amount	$	19,351	$	305	$	(9,069	)	$	—	$	10,587		$	19,214	$	22	$	(9,508	)	$	—	$	9,728
Class R3
Shares		675		10		(179	)		—		506			599		—		(122	)		—		477
Amount	$	9,469	$	127	$	(2,479	)	$	—	$	7,117		$	9,023	$	2	$	(1,797	)	$	—	$	7,228
Class R4
Shares		2,597		16		(550	)		—		2,063			572		1		(230	)		—		343
Amount	$	37,052	$	201	$	(7,715	)	$	—	$	29,538		$	8,715	$	9	$	(3,459	)	$	—	$	5,265
Class R5
Shares		1,277		27		(418	)		—		886			1,388		—		(63	)		—		1,325
Amount	$	18,257	$	354	$	(6,071	)	$	—	$	12,540		$	20,727	$	5	$	(924	)	$	—	$	19,808
Class Y
Shares		28,236		143		(5,362	)		—		23,017			2,790		20		(7,209	)		—		(4,399	)
Amount	$	390,431	$	1,880	$	(77,987	)	$	—	$	314,324		$	41,397	$	312	$	(108,455	)	$	—	$	(66,746	)
Total
Shares		38,291		457		(12,888	)		—		25,860			15,920		41		(19,913	)		—		(3,952	)
Amount	$	530,615	$	5,874	$	(180,491	)	$	—	$	355,998		$	235,893	$	639	$	(284,450	)	$	—	$	(47,918	)

23

The Hartford International Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		73	$	1,011
For the Year Ended October 31, 2011		94	$	1,373

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

24

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

25

The Hartford International Opportunities Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	13.67	$	0.18		$	0.79		$	0.97		$	(0.15	)	$	–		$	–	$	(0.15	)	$	14.49
B		12.56		0.07			0.74			0.81			(0.05	)		–			–		(0.05	)		13.32
C		12.37		0.07			0.72			0.79			(0.06	)		–			–		(0.06	)		13.10
I		13.65		0.22			0.80			1.02			(0.22	)		–			–		(0.22	)		14.45
R3		13.90		0.15			0.81			0.96			(0.16	)		–			–		(0.16	)		14.70
R4		14.07		0.21			0.80			1.01			(0.19	)		–			–		(0.19	)		14.89
R5		14.16		0.25			0.80			1.05			(0.23	)		–			–		(0.23	)		14.98
Y		14.20		0.19			0.89			1.08			(0.24	)		–			–		(0.24	)		15.04
For the Year Ended October 31, 2011 (E)
A		14.68		0.14			(1.14	)		(1.00	)		(0.01	)		–			–		(0.01	)		13.67
B		13.58		0.02			(1.04	)		(1.02	)		–			–			–		–			12.56
C		13.37		0.03			(1.03	)		(1.00	)		–			–			–		–			12.37
I		14.62		0.20			(1.15	)		(0.95	)		(0.02	)		–			–		(0.02	)		13.65
R3		14.95		0.13			(1.17	)		(1.04	)		(0.01	)		–			–		(0.01	)		13.90
R4		15.10		0.17			(1.18	)		(1.01	)		(0.02	)		–			–		(0.02	)		14.07
R5		15.15		0.18			(1.15	)		(0.97	)		(0.02	)		–			–		(0.02	)		14.16
Y		15.19		0.21			(1.17	)		(0.96	)		(0.03	)		–			–		(0.03	)		14.20
For the Year Ended October 31, 2010 (E)
A		12.62		0.07			2.14			2.21			(0.15	)		–			–		(0.15	)		14.68
B		11.65		(0.03	)		1.97			1.94			(0.01	)		–			–		(0.01	)		13.58
C		11.46		(0.02	)		1.94			1.92			(0.01	)		–			–		(0.01	)		13.37
I		12.59		0.13			2.12			2.25			(0.22	)		–			–		(0.22	)		14.62
R3		12.88		0.05			2.17			2.22			(0.15	)		–			–		(0.15	)		14.95
R4		12.98		0.08			2.22			2.30			(0.18	)		–			–		(0.18	)		15.10
R5		13.04		0.14			2.21			2.35			(0.24	)		–			–		(0.24	)		15.15
Y		13.07		0.14			2.22			2.36			(0.24	)		–			–		(0.24	)		15.19
For the Year Ended October 31, 2009 (E)
A		10.23		0.13			2.50			2.63			(0.24	)		–			–		(0.24	)		12.62
B		9.40		0.08			2.31			2.39			(0.14	)		–			–		(0.14	)		11.65
C		9.29		0.04			2.28			2.32			(0.15	)		–			–		(0.15	)		11.46
I		10.25		0.05			2.60			2.65			(0.31	)		–			–		(0.31	)		12.59
R3		10.51		0.08			2.56			2.64			(0.27	)		–			–		(0.27	)		12.88
R4		10.58		0.14			2.56			2.70			(0.30	)		–			–		(0.30	)		12.98
R5		10.60		0.08			2.66			2.74			(0.30	)		–			–		(0.30	)		13.04
Y		10.62		0.19			2.57			2.76			(0.31	)		–			–		(0.31	)		13.07
For the Year Ended October 31, 2008 (E)
A		21.79		0.19			(8.49	)		(8.30	)		(0.06	)		(3.20	)		–		(3.26	)		10.23
B		20.34		0.07			(7.81	)		(7.74	)		–			(3.20	)		–		(3.20	)		9.40
C		20.16		0.08			(7.75	)		(7.67	)		–			(3.20	)		–		(3.20	)		9.29
I(F)		17.53		0.06			(7.34	)		(7.28	)		–			–			–		–			10.25
R3		22.33		0.18			(8.77	)		(8.59	)		(0.03	)		(3.20	)		–		(3.23	)		10.51
R4		22.39		0.05			(8.59	)		(8.54	)		(0.07	)		(3.20	)		–		(3.27	)		10.58
R5		22.45		0.25			(8.78	)		(8.53	)		(0.12	)		(3.20	)		–		(3.32	)		10.60
Y		22.48		0.29			(8.81	)		(8.52	)		(0.14	)		(3.20	)		–		(3.34	)		10.62

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Commenced operations on May 30, 2008.

(G) Not annualized.

(H) Annualized.  

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	7.28	%	$	264,957		1.36	%		1.30	%		1.30	%		98	%
	6.46			9,358		2.44			2.05			0.55			–
	6.48			32,044		2.06			2.05			0.56			–
	7.68			31,190		0.97			0.97			1.60			–
	7.05			18,786		1.52			1.50			1.10			–
	7.40			42,803		1.20			1.20			1.45			–
	7.67			35,803		0.91			0.90			1.73			–
	7.83			467,786		0.79			0.79			1.34			–
	(6.80	)		261,920		1.34			1.30			0.96			122
	(7.51	)		11,877		2.33			2.05			0.16			–
	(7.48	)		33,621		2.04			2.04			0.19			–
	(6.49	)		18,801		0.97			0.97			1.39			–
	(6.97	)		10,727		1.54			1.50			0.89			–
	(6.73	)		11,406		1.23			1.20			1.12			–
	(6.40	)		21,285		0.94			0.90			1.22			–
	(6.37	)		114,791		0.82			0.82			1.38			–
	17.56			310,049		1.47			1.42			0.54			106
	16.70			16,434		2.44			2.19			(0.24	)		–
	16.72			37,671		2.16			2.15			(0.19	)		–
	18.01			10,933		1.08			1.08			1.02			–
	17.28			4,413		1.63			1.59			0.38			–
	17.76			7,066		1.29			1.27			0.63			–
	18.12			2,704		0.99			0.97			1.04			–
	18.20			189,576		0.90			0.90			1.05			–
	26.36			207,600		1.65			1.42			1.20			168
	25.85			17,390		2.74			1.84			0.85			–
	25.38			28,852		2.34			2.23			0.45			–
	26.81			2,230		1.25			1.23			0.51			–
	25.94			466		1.85			1.82			0.72			–
	26.42			1,769		1.38			1.38			1.29			–
	26.67			210		1.09			1.09			0.62			–
	26.94			133,962		0.96			0.96			1.73			–
	(44.50	)		151,147		1.47			1.47			1.23			150
	(44.86	)		17,068		2.45			2.11			0.50			–
	(44.92	)		23,743		2.20			2.20			0.54			–
	(41.53	)(G)		143		1.00	(H)		1.00	(H)		1.19	(H)		–
	(44.70	)		74		1.99			1.79			1.13			–
	(44.39	)		1,003		1.52			1.52			0.54			–
	(44.32	)		10		1.10			1.10			1.57			–
	(44.22	)		71,555		0.94			0.94			1.74			–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford International Opportunities Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford International Opportunities Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN December 17, 2012

28

The Hartford International Opportunities Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford International Opportunities Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford International Opportunities Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford International Opportunities Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,007.65	$	6.56	$	1,000.00	$	1,018.60	$	6.60		1.30	%		184		366
Class B	$	1,000.00	$	1,003.77	$	10.32	$	1,000.00	$	1,014.84	$	10.38		2.05			184		366
Class C	$	1,000.00	$	1,003.83	$	10.32	$	1,000.00	$	1,014.83	$	10.38		2.05			184		366
Class I	$	1,000.00	$	1,009.78	$	4.80	$	1,000.00	$	1,020.36	$	4.82		0.95			184		366
Class R3	$	1,000.00	$	1,006.16	$	7.57	$	1,000.00	$	1,017.59	$	7.61		1.50			184		366
Class R4	$	1,000.00	$	1,008.12	$	6.06	$	1,000.00	$	1,019.10	$	6.10		1.20			184		366
Class R5	$	1,000.00	$	1,009.43	$	4.55	$	1,000.00	$	1,020.61	$	4.57		0.90			184		366
Class Y	$	1,000.00	$	1,010.07	$	3.89	$	1,000.00	$	1,021.27	$	3.91		0.77			184		366

33

The Hartford International Opportunities Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford International Opportunities Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

35

The Hartford International Opportunities Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with The Hartford’s preferred partnership agreement with the Sub-adviser, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

36

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-IO12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155   

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford International Small Company Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford International Small Company Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford International Small Company Fundinception 04/30/2001

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks capital appreciation.

Performance Overview  10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
International Small Company A#		9.56	%		-3.09	%		11.22	%
International Small Company A##		3.54	%		-4.18	%		10.59	%
International Small Company B#		8.72	%		-3.71	%		10.63	%*
International Small Company B##		3.72	%		-4.05	%		10.63	%*
International Small Company C#		8.69	%		-3.82	%		10.39	%
International Small Company C##		7.69	%		-3.82	%		10.39	%
International Small Company I#		10.08	%		-2.69	%		11.46	%
International Small Company R3#		9.44	%		-2.89	%		11.57	%
International Small Company R4#		9.81	%		-2.75	%		11.65	%
International Small Company R5#		10.17	%		-2.61	%		11.73	%
International Small Company Y#		10.14	%		-2.59	%		11.74	%
S&P EPAC SmallCap Index		5.92	%		-4.38	%		12.05	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/31/07. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

S&P EPAC SmallCap Index is a global equity index comprised of the smallest 15% of each country’s market capitalization in the S&P BMI (Broad Market Index) World. (The S&P BMI World Index captures all companies in developed markets with free float market capitalization of at least $100 million as of the annual index reconstitution.) All developed market countries are included in the S&P EPAC SmallCap except the U.S. and Canada.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford International Small Company Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Daniel Maguire, CFA	Simon H. Thomas
Director and Equity Research Analyst	Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford International Small Company Fund returned 9.56%, before sales charge,for the twelve-month period ended October 31, 2012, outperforming its benchmark, the S&P EPAC SmallCap Index, which returned 5.92% for the same period. The Fund underperformed the 10.50% return of the average fund in the Lipper International Small/Mid Cap Growth peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Within the benchmark, the Consumer Staples (+15%), Telecommunication Services (+15%), and Health Care (+15%) sectors gained the most during the period. Materials (-4%), Energy (-3%), and Information Technology (+3%) lagged on a relative basis.

The Fund’s stock selection, which was positive in six of the ten broad economic sectors of the market, contributed positively to benchmark-relative performance. Stock selection was strongest within in the Consumer Discretionary, Consumer Staples, and Energy sectors and was weakest within the Materials, Information Technology, and Utilities sectors. Sector allocation, a fall-out of the bottom-up stock selection process, moderately detracted from the Fund’s relative performance, in part due to an overweight allocation (i.e. the Fund’s sector position was greater than the benchmark position) to Energy and an underweight to Financials.

Top contributors to absolute and relative returns were Cosmos Pharmaceuticals (Consumer Staples), Techtronic Industries (Consumer Discretionary), and Babcock International (Industrials). Shares of Cosmos Pharmaceuticals, a Japan-based drug store chain, outperformed during the period as the company delivered results and earnings guidance that beat expectations. Techtronic Industries, a Hong Kong-based manufacturer of electrical and electronic products, also outperformed on signs of growing revenues and profits. Shares of Babcock, a U.K.-based company that offers engineering support services mainly to public/government sector institutions, performed strongly over the period based on stable results, success across diverse business segments, and an improved outlook on defense spending.

The largest detractors from absolute and relative performance during the period were Cyber Agent (Consumer Discretionary), DeNA (Information Technology), and Thomas Cook Group (Consumer Discretionary). Shares of Cyber Agent, a Japanese developer, publisher and distributor of interactive entertainment for PCs, handheld and wireless devices, underperformed due to disappointing earnings results driven by lower-than-expected social game growth. Shares of DeNA, a Japan-based social media and internet marketing service company, underperformed due to regulatory uncertainties facing the social network services game platform providers in Japan. Thomas Cook Group is a U.K.-based travel agent with a pan-European customer base. The stock dropped over the period as European consumer spending on travel declined and the company issued a profit warning and went to its banks for additional capital, generating concern over the company’s debt levels.

What is the outlook?

We continue to focus our research at the individual company level where we seek good business models at attractive valuations which we believe the market is under appreciating. Portfolio holdings are intended to represent a diversified mixture of relatively inexpensive companies with above average growth possessing what we believe to be strong market positions, skilled management teams, and solid balance sheets. Many of the stocks we own remain structural

3

The Hartford International Small Company Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

growth stories that we believe should be less correlated to short term Gross Domestic Product growth and are well-positioned to perform across a number of different economic scenarios.

At the end of the period, we were most overweight in the Consumer Discretionary, Energy, and Industrials sectors and most underweight in Financials, Materials, and Utilities relative to the benchmark. On a regional basis, our greatest underweight position relative to the benchmark at the end of the period was to Europe. This was offset by overweight positions in Emerging Markets and Japan.

Diversification by Industry

as of October 31, 2012 

Industry (Sector)	Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)		2.7	%
Capital Goods (Industrials)		17.2
Commercial and Professional Services (Industrials)		6.7
Consumer Durables and Apparel (Consumer Discretionary)		8.9
Consumer Services (Consumer Discretionary)		4.0
Diversified Financials (Financials)		7.9
Energy (Energy)		7.6
Food and Staples Retailing (Consumer Staples)		3.3
Food, Beverage and Tobacco (Consumer Staples)		0.7
Health Care Equipment and Services (Health Care)		5.4
Household and Personal Products (Consumer Staples)		0.9
Materials (Materials)		5.8
Media (Consumer Discretionary)		1.8
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		3.3
Real Estate (Financials)		2.7
Retailing (Consumer Discretionary)		9.7
Semiconductors and Semiconductor Equipment (Information Technology)		1.2
Software and Services (Information Technology)		3.9
Technology Hardware and Equipment (Information Technology)		1.9
Transportation (Industrials)		3.8
Short-Term Investments		0.9
Other Assets and Liabilities		(0.3	)
Total		100.0	%

Currency Concentration of Securities

as of October 31, 2012

	Percentage of
Description	Net Assets
Australian Dollar		8.0	%
Brazilian Real		1.0
British Pound		17.9
Danish Kroner		1.6
Euro		25.9
Hong Kong Dollar		3.6
Japanese Yen		31.5
Norwegian Krone		2.8
Republic of Korea Won		1.5
Singapore Dollar		0.7
Swedish Krona		0.9
Swiss Franc		2.0
United States Dollar		2.9
Other Assets and Liabilities		(0.3	)
Total		100.0	%

4

The Hartford International Small Company Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.4%
		Australia - 8.0%
	588	Boral Ltd.	$	2,190
	23	Cochlear Ltd.		1,673
	159	Domino's Pizza Enterprises Ltd.		1,560
	371	Karoon Gas Australia Ltd. ●		2,141
	54	Monadelphous Group Ltd.		1,172
	608	NRW Holdings Ltd.		1,290
	499	SAI Global Ltd.		2,102
	184	Seek Ltd.		1,273
	98	Sims Metal Management Ltd.		954
	459	Skilled Group Ltd.		1,266
	552	Whitehaven Coal Ltd.		1,744
	69	WorleyParsons Ltd.		1,763
				19,128
		Austria - 3.0%
	62	Andritz AG		3,765
	24	Schoeller-Bleckmann Oilfield Equipment AG		2,343
	107	Zumbotel AG		1,143
				7,251
		Belgium - 2.3%
	37	CFE		1,807
	75	D'ieteren S.A.		3,623
				5,430
		Brazil - 1.0%
	128	Arezzo Industria e Comercio S.A.		2,292
		China - 0.6%
	599	Golden Eagle Retail Group Ltd.		1,308
		Denmark - 1.6%
	113	DSV A/S		2,541
	13	Rockwool International A/S Class B		1,193
				3,734
		Finland - 1.7%
	45	Nokian Rendaat Oyj		1,862
	117	Tikkurila Oyj		2,225
				4,087
		France - 5.6%
	17	Bollore S.A.		5,128
	44	Eurazeo		2,019
	46	Imerys S.A.		2,589
	22	Vallourec S.A.		889
	30	Wendel S.A.		2,624
				13,249
		Germany - 4.6%
	10	Delticom AG		557
	96	Gildemeister		1,790
	47	MTU Aero Engines Holdings AG		3,953
	41	Rheinmetall AG		1,938
	67	STRATEC Biomedical AG		2,812
				11,050
		Hong Kong - 3.0%
	114	ASM Pacific Technology Ltd.		1,263
	1,792	Daphne International Holdings Ltd.		2,153
	3,642	Microport Scientific Corp.		1,868
	935	Techtronic Industries Co., Ltd.		1,772
				7,056
		Italy - 5.6%
	103	Brunello Cucinelli S.p.A. ●		1,821
	1,465	Immobiliare Grande Distribuzione		1,512
	181	Pirelli & Co. S.p.A.		2,105
	333	Safilo Group S.p.A.		2,814
	98	Salvatore Ferragamo Italia S.p.A.		1,989
	202	Yoox S.p.A. ●		3,057
				13,298
		Japan - 31.5%
	78	Acom Co., Ltd.		2,290
	356	Amada Co., Ltd.		1,808
	76	Benesse Holdings, Inc.		3,651
	40	Cosmos Pharmaceutical Corp.		3,935
	1	CyberAgent, Inc.		2,638
	30	Disco Corp.		1,490
	76	Don Quijote Co.		2,991
	265	Fuji Heavy Industries Ltd.		2,555
	475	Hino Motors Ltd.		3,672
	69	Hoshizaki Electric Co., Ltd.		1,868
	54	IBJ Leasing Co., Ltd.		1,373
	919	Ihi Corp.		1,935
	50	Japan Petroleum Exploration Co., Ltd.		1,875
	232	Japan Steel Works Ltd.		1,375
	98	Kakaku.com, Inc.		3,338
	9	Kenedix, Inc. ●		1,192
	117	Konami Corp.		2,688
	268	Makino Milling Machine Co.		1,260
	156	Matsui Securities Co., Ltd.		1,049
	1	Message Co., Ltd.		2,368
	259	Mitsubishi Gas Chemical Co.		1,280
	24	Mitsubishi UFJ Lease & Finance Co., Ltd.		1,035
	185	Mori Seiki Co., Ltd.		1,156
	471	Nihon Nohyaku Co., Ltd.		2,089
	354	Nikkiso Co., Ltd.		4,227
	46	Pigeon Corp.		2,120
	37	Sanrio Co., Ltd.		1,231
	129	Sega Sammy Holdings, Inc.		2,424
	362	Shionogi & Co., Ltd.		6,015
	119	Square Enix Holdings Co., Ltd.		1,673
	62	Yamato Kogyo Co.		1,742
	283	Yaskawa Electric Corp.		2,028
	214	Yokogawa Electric Corp.		2,437
				74,808
		Luxembourg - 1.6%
	136	AZ Electronic Materials S.A.		780
	172	Reinet Investments S.A. ●		3,111
				3,891
		Netherlands - 1.6%
	20	HAL Trust		2,275
	76	InterXion Holding N.V. ●		1,624
				3,899
		Norway - 2.8%
	163	Kongsberg Gruppen ASA		3,140
	210	Petroleum Geo-Services ASA		3,626
				6,766
		Panama - 0.6%
	16	Copa Holdings S.A. Class A		1,457
		Russia - 0.7%
	179	O'Key Group S.A. GDR ■		1,734

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Small Company Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.4% - (continued)
		Singapore - 0.7%
	1,603	Indofood Agri Resources Ltd.				$	1,649
		South Korea - 1.5%
	8	CJ O Shopping Co., Ltd.					1,839
	12	Green Cross Corp.					1,741
							3,580
		Spain - 0.9%
	350	Distribuidora Internacional De Alimentacion S.A.					2,122
		Sweden - 0.9%
	82	Electrolux Ab Series B					2,096
		Switzerland - 2.0%
	37	Dufry Group ●					4,658
		United Kingdom - 17.6%
	319	Babcock International Group plc					5,046
	40	Berkeley (The) Group Holdings plc ●					972
	241	Chemring Group plc					1,223
	164	De La Rue plc					2,803
	1,266	Debenhams plc					2,450
	345	Direct Line Insurance Group plc ●					1,084
	287	Domino's Pizza Group plc					2,344
	1,699	Hansteen Holdings plc					2,044
	1,325	Hays plc					1,747
	110	Hunting plc					1,327
	289	IG Group Holdings plc					2,038
	271	Informa plc					1,756
	251	James Fisher & Sons plc					3,165
	122	Kier Group plc					2,541
	344	Mears Group plc					1,634
	296	Mothercare plc					1,326
	217	Persimmon plc					2,796
	255	Savills plc					1,664
	491	Tui Travel plc					1,992
	69	Ultra Electronics Holdings plc					1,900
							41,852
		Total common stocks
		(cost $219,209)				$	236,395
		Total long-term investments
		(cost $219,209)				$	236,395
SHORT-TERM INVESTMENTS - 0.9%
		Repurchase Agreements - 0.9%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $370, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $378)
$	370	0.30%, 10/31/2012				$	370
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $151, collateralized by FHLMC  2.50% - 5.11%, 2023 - 2038, FNMA 0.76%  - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $154)
	151	0.25%, 10/31/2012					151
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $259, collateralized by FNMA 2.50%, 2027, value of $264)
	259	0.35%, 10/31/2012					259
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $99, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $100)
	99	0.35%, 10/31/2012					99
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $457, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $466)
	457	0.28%, 10/31/2012					457
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $580, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $591)
	580	0.25%, 10/31/2012					580
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $3, collateralized by U.S. Treasury Note 8.13%, 2019, value of $3)
	3	0.25%, 10/31/2012					3
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $134, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $137)
	134	0.30%, 10/31/2012					134
							2,053
		Total short-term investments
		(cost $2,053)				$	2,053
		Total investments
		(cost $221,262) ▲		100.3	%	$	238,448
		Other assets and liabilities		(0.3	)%		(639	)
		Total net assets		100.0	%	$	237,809

The accompanying notes are an integral part of these financial statements.

6

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $224,332 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	30,569
Unrealized Depreciation		(16,453	)
Net Unrealized Appreciation	$	14,116

● Non-income producing.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $1,734, which represents 0.7% of total net assets.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
EUR	Buy	11/01/2012	DEUT	$	189	$	189	$	–
EUR	Buy	11/02/2012	GSC		365		365		–
EUR	Sell	11/05/2012	GSC		1,066		1,066		–
GBP	Buy	11/01/2012	JPM		419		422		3
JPY	Buy	11/01/2012	SSG		540		539		(1	)
								$	2

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
SSG	State Street Global Markets LLC
Currency Abbreviations:
EUR	EURO
GBP	British Pound
JPY	Japanese Yen
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Small Company Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Australia	$	19,128	$	–	$	19,128	$	–
Austria		7,251		–		7,251		–
Belgium		5,430		5,430		–		–
Brazil		2,292		2,292		–		–
China		1,308		–		1,308		–
Denmark		3,734		–		3,734		–
Finland		4,087		–		4,087		–
France		13,249		5,128		8,121		–
Germany		11,050		–		11,050		–
Hong Kong		7,056		–		7,056		–
Italy		13,298		–		13,298		–
Japan		74,808		–		74,808		–
Luxembourg		3,891		3,111		780		–
Netherlands		3,899		1,624		2,275		–
Norway		6,766		3,140		3,626		–
Panama		1,457		1,457		–		–
Russia		1,734		1,734		–		–
Singapore		1,649		–		1,649		–
South Korea		3,580		–		3,580		–
Spain		2,122		–		2,122		–
Sweden		2,096		–		2,096		–
Switzerland		4,658		–		4,658		–
United Kingdom		41,852		8,873		32,979		–
Total		236,395		32,789		203,606		–
Short-Term Investments		2,053		–		2,053		–
Total	$	238,448	$	32,789	$	205,659	$	–
Foreign Currency Contracts*		3		–		3		–
Total	$	3	$	–	$	3	$	–
Liabilities:
Foreign Currency Contracts*		1		–		1		–
Total	$	1	$	–	$	1	$	–

♦ For the year ended October 31, 2012, investments valued at $6,008 were transferred from Level 1 to Level 2, and investments valued at $11,388 were transferred from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Small Company Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $221,262)	$	238,448
Cash		30
Foreign currency on deposit with custodian (cost $52)		52
Unrealized appreciation on foreign currency contracts		3
Receivables:
Investment securities sold		1,066
Fund shares sold		92
Dividends and interest		808
Other assets		41
Total assets		240,540
Liabilities:
Unrealized depreciation on foreign currency contracts		1
Payables:
Investment securities purchased		1,515
Fund shares redeemed		1,113
Investment management fees		47
Administrative fees		—
Distribution fees		6
Accrued expenses		49
Total liabilities		2,731
Net assets	$	237,809
Summary of Net Assets:
Capital stock and paid-in-capital	$	268,659
Undistributed net investment income		1,292
Accumulated net realized loss		(49,312	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		17,170
Net assets	$	237,809
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$13.14/$13.90
Shares outstanding		3,585
Net assets	$	47,109
Class B: Net asset value per share	$	12.47
Shares outstanding		399
Net assets	$	4,973
Class C: Net asset value per share	$	12.26
Shares outstanding		705
Net assets	$	8,647
Class I: Net asset value per share	$	13.09
Shares outstanding		671
Net assets	$	8,781
Class R3: Net asset value per share	$	13.24
Shares outstanding		325
Net assets	$	4,297
Class R4: Net asset value per share	$	13.29
Shares outstanding		136
Net assets	$	1,802
Class R5: Net asset value per share	$	13.34
Shares outstanding		12
Net assets	$	164
Class Y: Net asset value per share	$	13.34
Shares outstanding		12,147
Net assets	$	162,036

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Small Company Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	4,694
Interest		9
Less: Foreign tax withheld		(420	)
Total investment income		4,283
Expenses:
Investment management fees		1,812
Administrative services fees		8
Transfer agent fees		236
Distribution fees
Class A		117
Class B		54
Class C		87
Class R3		16
Class R4		3
Custodian fees		26
Accounting services fees		36
Registration and filing fees		96
Board of Directors' fees		5
Audit fees		18
Other expenses		36
Total expenses (before waivers and fees paid indirectly)		2,550
Expense waivers		(19	)
Transfer agent fee waivers		(48	)
Commission recapture		(1	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(68	)
Total expenses, net		2,482
Net Investment Income		1,801
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		2,757
Net realized loss on foreign currency contracts		(79	)
Net realized loss on other foreign currency transactions		(38	)
Net Realized Gain on Investments and Foreign Currency Transactions		2,640
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		20,504
Net unrealized appreciation of foreign currency contracts		24
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(36	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		20,492
Net Gain on Investments and Foreign Currency Transactions		23,132
Net Increase in Net Assets Resulting from Operations	$	24,933

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Small Company Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	1,801		$	1,504
Net realized gain on investments and foreign currency transactions		2,640			20,148
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		20,492			(27,480	)
Net Increase (Decrease) In Net Assets Resulting From Operations		24,933			(5,828	)
Distributions to Shareholders:
From net investment income
Class A		(135	)		(535	)
Class B		—			(22	)
Class C		—			(37	)
Class I		(68	)		(133	)
Class R3		(10	)		(2	)
Class R4		(4	)		(1	)
Class R5		(1	)		(2	)
Class Y		(977	)		(1,690	)
Total distributions		(1,195	)		(2,422	)
Capital Share Transactions:
Class A		(7,675	)		(448	)
Class B		(1,628	)		(1,437	)
Class C		(1,454	)		(1,280	)
Class I		708			57
Class R3		1,900			2,110
Class R4		1,305			251
Class R5		25			6
Class Y		39,243			(1,395	)
Net increase (decrease) from capital share transactions		32,424			(2,136	)
Net Increase (Decrease) In Net Assets		56,162			(10,386	)
Net Assets:
Beginning of period		181,647			192,033
End of period	$	237,809		$	181,647
Undistributed (distribution in excess of) net investment income (loss)	$	1,292		$	413

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Small Company Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford International Small Company Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent

12

pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant

13

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

14

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve

15

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

16

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	3	$	—	$	—	$	—	$	—	$	3
Total	$	—	$	3	$	—	$	—	$	—	$	—	$	3
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	1	$	—	$	—	$	—	$	—	$	1
Total	$	—	$	1	$	—	$	—	$	—	$	—	$	1

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(79	)	$	—	$	—	$	—	$	—	$	(79	)
Total	$	—	$	(79	)	$	—	$	—	$	—	$	—	$	(79	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of foreign currency contracts	$	—	$	24		$	—	$	—	$	—	$	—	$	24
Total	$	—	$	24		$	—	$	—	$	—	$	—	$	24

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages

17

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	1,195	$	2,422

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	2,791
Accumulated Capital Losses *		(47,740	)
Unrealized Appreciation †		14,099
Total Accumulated Deficit	$	(30,850	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

18

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	273
Accumulated Net Realized Gain (Loss)		(273	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	936
2017		46,804
Total	$	47,740

During the year ended October 31, 2012, the Fund utilized $736 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision

19

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.9000%
On next $500 million		0.8500%
On next $4 billion		0.8000%
On next $5 billion		0.7975%
Over $10 billion		0.7950%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018%
On next $5 billion		0.016%
Over $10 billion		0.014%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.60%		2.35%		2.35%		1.35%		1.65%		1.35%		1.05%		1.00%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.55	%
Class B		2.30
Class C		2.30
Class I		1.05
Class R3		1.65
Class R4		1.35
Class R5		1.05
Class Y		1.00

20

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $74 and contingent deferred sales charges of $8 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $8.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		10		3	%
Class R4		10		7
Class R5		10		83

21

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

As of October 31, 2012, 56% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	153,509
Sales Proceeds Excluding U.S. Government Obligations		120,097

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		484		12		(1,137	)		—		(641	)		1,075		40		(1,150	)		—		(35	)
Amount	$	5,821	$	131	$	(13,627	)	$	—	$	(7,675	)	$	14,062	$	515	$	(15,025	)	$	—	$	(448	)
Class B
Shares		8		—		(149	)		—		(141	)		33		2		(151	)		—		(116	)
Amount	$	93	$	—	$	(1,721	)	$	—	$	(1,628	)	$	413	$	21	$	(1,871	)	$	—	$	(1,437	)
Class C
Shares		60		—		(190	)		—		(130	)		128		3		(238	)		—		(107	)
Amount	$	688	$	—	$	(2,142	)	$	—	$	(1,454	)	$	1,570	$	34	$	(2,884	)	$	—	$	(1,280	)
Class I
Shares		123		2		(63	)		—		62			225		3		(234	)		—		(6	)
Amount	$	1,433	$	18	$	(743	)	$	—	$	708		$	2,950	$	33	$	(2,926	)	$	—	$	57
Class R3
Shares		218		1		(64	)		—		155			226		—		(66	)		—		160
Amount	$	2,671	$	10	$	(781	)	$	—	$	1,900		$	2,959	$	2	$	(851	)	$	—	$	2,110
Class R4
Shares		130		—		(23	)		—		107			24		—		(5	)		—		19
Amount	$	1,580	$	4	$	(279	)	$	—	$	1,305		$	317	$	1	$	(67	)	$	—	$	251
Class R5
Shares		2		—		—			—		2			—		—		—			—		—
Amount	$	24	$	1	$	—		$	—	$	25		$	4	$	2	$	—		$	—	$	6
Class Y
Shares		6,223		88		(2,777	)		—		3,534			1,551		130		(1,806	)		—		(125	)
Amount	$	73,002	$	977	$	(34,736	)	$	—	$	39,243		$	20,060	$	1,690	$	(23,145	)	$	—	$	(1,395	)
Total
Shares		7,248		103		(4,403	)		—		2,948			3,262		178		(3,650	)		—		(210	)
Amount	$	85,312	$	1,141	$	(54,029	)	$	—	$	32,424		$	42,335	$	2,298	$	(46,769	)	$	—	$	(2,136	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		31	$	380
For the Year Ended October 31, 2011		27	$	358

22

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

23

The Hartford International Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

24

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25

The Hartford International Small Company Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	12.03	$	0.08		$	1.06		$	1.14		$	(0.03	)	$	–		$	–	$	(0.03	)	$	13.14
B		11.47		(0.03	)		1.03			1.00			–			–			–		–			12.47
C		11.28		(0.02	)		1.00			0.98			–			–			–		–			12.26
I		12.00		0.13			1.06			1.19			(0.10	)		–			–		(0.10	)		13.09
R3		12.16		0.08			1.06			1.14			(0.06	)		–			–		(0.06	)		13.24
R4		12.20		0.12			1.06			1.18			(0.09	)		–			–		(0.09	)		13.29
R5		12.22		0.14			1.08			1.22			(0.10	)		–			–		(0.10	)		13.34
Y		12.23		0.13			1.09			1.22			(0.11	)		–			–		(0.11	)		13.34
For the Year Ended October 31, 2011 (E)
A		12.56		0.07			(0.47	)		(0.40	)		(0.13	)		–			–		(0.13	)		12.03
B		11.97		(0.04	)		(0.43	)		(0.47	)		(0.03	)		–			–		(0.03	)		11.47
C		11.78		(0.03	)		(0.43	)		(0.46	)		(0.04	)		–			–		(0.04	)		11.28
I		12.53		0.12			(0.46	)		(0.34	)		(0.19	)		–			–		(0.19	)		12.00
R3		12.72		0.09			(0.50	)		(0.41	)		(0.15	)		–			–		(0.15	)		12.16
R4		12.74		0.12			(0.50	)		(0.38	)		(0.16	)		–			–		(0.16	)		12.20
R5		12.75		0.13			(0.47	)		(0.34	)		(0.19	)		–			–		(0.19	)		12.22
Y		12.76		0.14			(0.48	)		(0.34	)		(0.19	)		–			–		(0.19	)		12.23
For the Year Ended October 31, 2010 (E)
A		10.74		0.02			1.92			1.94			(0.12	)		–			–		(0.12	)		12.56
B		10.28		(0.07	)		1.84			1.77			(0.08	)		–			–		(0.08	)		11.97
C		10.10		(0.07	)		1.80			1.73			(0.05	)		–			–		(0.05	)		11.78
I		10.70		0.07			1.91			1.98			(0.15	)		–			–		(0.15	)		12.53
R3(F)		10.20		–			2.52			2.52			–			–			–		–			12.72
R4(F)		10.20		0.02			2.52			2.54			–			–			–		–			12.74
R5(F)		10.20		0.04			2.51			2.55			–			–			–		–			12.75
Y		10.89		0.07			1.96			2.03			(0.16	)		–			–		(0.16	)		12.76
For the Year Ended October 31, 2009
A		7.45		0.08			3.21			3.29			–			–			–		–			10.74
B		7.16		0.02			3.10			3.12			–			–			–		–			10.28
C		7.06		(0.01	)		3.05			3.04			–			–			–		–			10.10
I		7.47		0.06			3.23			3.29			(0.06	)		–			–		(0.06	)		10.70
Y		7.60		0.09			3.27			3.36			(0.07	)		–			–		(0.07	)		10.89
For the Year Ended October 31, 2008 (E)
A		17.99		0.10			(8.53	)		(8.43	)		(0.16	)		(1.95	)		–		(2.11	)		7.45
B		17.35		0.02			(8.20	)		(8.18	)		(0.06	)		(1.95	)		–		(2.01	)		7.16
C		17.16		–			(8.08	)		(8.08	)		(0.07	)		(1.95	)		–		(2.02	)		7.06
I		18.02		0.11			(8.48	)		(8.37	)		(0.23	)		(1.95	)		–		(2.18	)		7.47
Y		18.26		0.18			(8.66	)		(8.48	)		(0.23	)		(1.95	)		–		(2.18	)		7.60

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on May 28, 2010.

(G) Not annualized.

(H) Annualized.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.56	%	$	47,109		1.61	%		1.55	%		0.59	%		61	%
	8.72			4,973		2.62			2.30			(0.20	)		–
	8.69			8,647		2.37			2.30			(0.17	)		–
	10.08			8,781		1.06			1.05			1.12			–
	9.44			4,297		1.71			1.65			0.62			–
	9.81			1,802		1.41			1.35			0.95			–
	10.17			164		1.15			1.05			1.15			–
	10.14			162,036		1.01			1.00			1.11			–
	(3.28	)		50,854		1.59			1.55			0.51			69
	(3.91	)		6,188		2.55			2.30			(0.29	)		–
	(3.93	)		9,420		2.34			2.30			(0.27	)		–
	(2.82	)		7,309		1.09			1.07			0.94			–
	(3.31	)		2,065		1.71			1.65			0.73			–
	(3.10	)		356		1.44			1.35			0.90			–
	(2.77	)		126		1.12			1.05			0.99			–
	(2.72	)		105,329		1.02			1.00			1.03			–
	18.22			53,514		1.63			1.57			0.14			97
	17.28			7,850		2.60			2.32			(0.63	)		–
	17.23			11,103		2.37			2.32			(0.62	)		–
	18.76			7,698		1.08			1.08			0.63			–
	24.71	(G)		125		1.73	(H)		1.65	(H)		0.08	(H)		–
	24.90	(G)		125		1.43	(H)		1.36	(H)		0.38	(H)		–
	25.00	(G)		125		1.12	(H)		1.06	(H)		0.68	(H)		–
	18.83			111,493		1.02			1.02			0.68			–
	44.16			53,517		1.81			1.39			0.64			151
	43.58			8,798		2.89			1.80			0.25			–
	43.06			11,713		2.55			2.14			(0.10	)		–
	44.32			7,255		1.09			1.09			0.59			–
	44.48			85,937		1.05			1.05			1.06			–
	(52.67	)		48,739		1.52			1.52			0.79			121
	(52.96	)		7,392		2.53			2.13			0.18			–
	(53.00	)		10,563		2.28			2.28			0.02			–
	(52.43	)		1,497		1.16			1.16			1.23			–
	(52.32	)		55,020		1.01			1.01			1.36			–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford International Small Company Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford International Small Company Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

28

The Hartford International Small Company Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford International Small Company Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford International Small Company Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford International Small Company Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account  Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,013.11	$	7.89	$	1,000.00	$	1,017.29	$	7.91		1.56	%		184		366
Class B	$	1,000.00	$	1,008.90	$	11.66	$	1,000.00	$	1,013.52	$	11.69		2.31			184		366
Class C	$	1,000.00	$	1,009.05	$	11.67	$	1,000.00	$	1,013.52	$	11.69		2.31			184		366
Class I	$	1,000.00	$	1,015.52	$	5.32	$	1,000.00	$	1,019.86	$	5.33		1.05			184		366
Class R3	$	1,000.00	$	1,012.23	$	8.35	$	1,000.00	$	1,016.83	$	8.37		1.65			184		366
Class R4	$	1,000.00	$	1,013.73	$	6.85	$	1,000.00	$	1,018.34	$	6.86		1.35			184		366
Class R5	$	1,000.00	$	1,015.99	$	5.33	$	1,000.00	$	1,019.85	$	5.34		1.05			184		366
Class Y	$	1,000.00	$	1,015.99	$	5.07	$	1,000.00	$	1,020.11	$	5.08		1.00			184		366

33

The Hartford International Small Company Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford International Small Company Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds.The Board noted that the Fund had underperformed relative to its peer group for the 3- and 5-year periods and that its performance was in line with the peer group for the 1-year period. The Board also noted that the Fund’s performance was in line with the benchmark for the 1-, 3- and 5-year periods. HIFSCO noted that it would continue to monitor the Fund’s performance.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

35

The Hartford International Small Company Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses. The Board also noted the decrease in the Fund’s assets.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

36

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-ISC12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford International Value Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford International Value Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford International Value Fund inception 05/28/2010 

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term total return.

Performance Overview 5/28/10 - 10/31/12

 

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
International Value A#		5.68	%		8.51	%
International Value A##		-0.13	%		6.01	%
International Value C#		5.00	%		7.78	%
International Value C##		4.00	%		7.78	%
International Value I#		6.14	%		8.92	%
International Value R3#		5.47	%		8.25	%
International Value R4#		5.80	%		8.57	%
International Value R5#		6.15	%		8.91	%
International Value Y#		6.32	%		9.07	%
MSCI EAFE Value Index		5.14	%		7.14	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Class C reflects a contingent deferred sales charge of 1.00%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

MSCI EAFE Value Index is a free float-adjusted market capitalization-weighted index that is designed to measure developed market equity performance (excluding the U.S. and Canada) of the value securities within the MSCI EAFE Index.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford International Value Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

Theodore B.P. Jayne, CFA

Director and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford International Value Fund returned 5.68%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming the benchmark, the MSCI EAFE Value Index, which returned 5.14% for the same period. The Fund underperformed the 5.88% return of the average fund in the Lipper International Multi-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Global equities moved higher in the period, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period. Within the benchmark, seven of ten sectors posted positive returns for the period.

Within the index, the Health Care (+16%), Financials (+13%), and Consumer Staples (+4%) sectors gained the most during the period. Information Technology (-21%), Telecommunication Services (-8%), and Utilities (-2%) lagged.

Security selection, which was strongest in the Information Technology, Energy, and Utilities sectors, contributed positively to benchmark-relative performance. This was partially offset by weaker stock selection in the Materials and Health Care sectors. Sector positioning, which is a result of bottom-up stock selection decisions, detracted from benchmark-relative returns during the period, primarily due to the Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to Information Technology and underweight to Financial Services.

Among the top contributors to benchmark-relative returns were SABESP (Utilities), Telefonica (Telecommunication Services), and Caltex Australia (Energy). Shares of SABESP, a Brazilian water utility company in the state of Sao Paolo, rose as a result of upgrades to water regulation, which we expect to result in a meaningful improvement in earnings at SABESP. Shares of Telefonica, a Spain-based company that provides public and private telecommunication, media and entertainment services, moved lower on disappointing quarterly results. Not owning Telefonica, which is a component of the benchmark, was additive to benchmark-relative returns. Shares of Caltex Australia, an Australia-based company engaged in the purchase, refining, distribution and market of petroleum products, moved higher as the company is going through the process of shedding its loss making refining assets in Australia. This will result in a leaner, higher return, retail focused model that we believe will result in a higher valuation for the company. Top absolute (i.e. total return) contributors for the period included Swiss Re (Financials) and ING Groep (Financials).

Zhongsheng Group (Consumer Discretionary), Canon (Information Technology) and Infineon Technology (Information Technology) were the largest detractors from benchmark-relative returns. Shares of Zhongsheng Group, a Chinese auto dealer with a mix of luxury and mid-high brands, moved lower due to concerns of near-term weakness in the overall Chinese car market. Shares of Canon, a Japan-based manufacturing company, fell as investors began to worry about the yen and a consumer slowdown in China, which has become an important market for Canon. Shares of Infineon Technology, a German-based semiconductor company whose technology is used in automotive and industrial products, experienced underperformance due to lower margins as a result of the short-term cyclical downturn of the company’s end markets and increased investment spending to support longer-term structural growth in its business. Our position in DeNA (Information Technology) was among the top detractors to absolute performance.

What is the outlook?

Against this backdrop we have maintained our sector positioning for the most part, favoring Consumer Discretionary and Staples and Information Technology names

3

The Hartford International Value Fund

Manager Discussion  – (continued)

October 31, 2012 (Unaudited)

at the expense of Financial, Utilities and Industrial companies. We believe that the companies in the first two sectors generally have better balance sheets, better growth prospects, higher returns and better valuations. These sectors are also more economically exposed, so we may experience some negative volatility as markets adjust to the new economic reality of low growth, capital constraints, and increased government participation in the private sector. We feel consumer and information technology companies will remain more immune from the stifling hand of government regulation and bureaucratic tinkering. We have grown cautious on materials companies, as China, formerly the big growth driver for commodities consumption, focuses on the consumer economy and moves away from fixed asset investment.

As a result of bottom-up stock selection we ended the period most overweight in the Consumer Discretionary, Information Technology, and Consumer Staples sectors and most underweight in the Financials, Utilities, and Industrials sectors.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)		8.0	%
Banks (Financials)		12.1
Capital Goods (Industrials)		1.9
Commercial and Professional Services (Industrials)		1.7
Consumer Durables and Apparel (Consumer Discretionary)		2.7
Consumer Services (Consumer Discretionary)		0.9
Diversified Financials (Financials)		5.7
Energy (Energy)		10.8
Food and Staples Retailing (Consumer Staples)		2.2
Food, Beverage and Tobacco (Consumer Staples)		4.7
Insurance (Financials)		6.6
Materials (Materials)		3.0
Media (Consumer Discretionary)		1.2
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		9.1
Real Estate (Financials)		6.1
Retailing (Consumer Discretionary)		2.4
Semiconductors and Semiconductor Equipment (Information Technology)		4.2
Software and Services (Information Technology)		4.4
Technology Hardware and Equipment (Information Technology)		2.0
Telecommunication Services (Services)		6.6
Transportation (Industrials)		0.6
Short-Term Investments		1.8
Other Assets and Liabilities		1.3
Total		100.0	%

4

The Hartford International Value Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 96.9%
		Australia - 6.8%
	48	Caltex Australia Ltd.	$	842
	147	Qantas Airways Ltd. ●		203
	224	Westfield Retail Trust REIT ‡		720
	24	Westpac Banking Corp.		632
				2,397
		Canada - 6.0%
	8	Barrick Gold Corp. ‡		304
	15	Imperial Oil Ltd.		663
	16	Pacific Rubiales Energy Corp.		371
	5	Potash Corp. of Saskatchewan, Inc.		186
	15	Thomson Reuters Corp.		411
	6	Tourmaline Oil Corp. ●		192
				2,127
		China - 1.1%
	16	Ctrip.com International Ltd. ADR ●		312
	72	Dongfeng Motor Group Co., Ltd.		89
				401
		France - 7.6%
	15	BNP Paribas		779
	4	Christian Dior		560
	5	Michelin (C.G.D.E.) Class B		407
	7	Sanofi-Aventis S.A.		625
	10	Societe Generale Class A		305
				2,676
		Germany - 8.5%
	7	Continental AG		684
	21	GEA Group AG		662
	10	GSW Immobilien AG		393
	6	Hannover Rueckversicherung AG		391
	41	Infineon Technologies AG		279
	8	SAP AG		597
				3,006
		Hong Kong - 2.9%
	535	Baoxin Automotive Group Ltd. ●		382
	12	China Mobile Ltd. ADR		659
				1,041
		Israel - 0.8%
	6	Check Point Software Technologies Ltd. ADR ●		281
		Italy - 1.2%
	18	Eni S.p.A.		406
		Japan - 19.1%
	22	Canon, Inc.		699
	6	Daito Trust Construction Co., Ltd.		636
	12	Don Quijote Co.		453
	10	Eisai Co., Ltd.		454
	75	Fuji Heavy Industries Ltd.		723
	173	Isuzu Motors Ltd.		915
	23	Japan Tobacco, Inc.		630
	17	Konami Corp.		393
	84	Mitsubishi UFJ Financial Group, Inc.		380
	281	Shinsei Bank Ltd.		412
	12	SoftBank Corp.		376
	12	Sugi Holdings Co., Ltd.		423
	1	Yahoo Japan Corp.		285
				6,779
		Netherlands - 5.1%
	15	ASML Holding N.V.		810
	113	ING Groep N.V. ●		1,003
				1,813
		Norway - 3.1%
	56	Telenor ASA		1,099
		Philippines - 1.1%
	878	Robinsons Land Corp.		405
		Spain - 2.0%
	35	Repsol S.A.		694
		Sweden - 0.6%
	12	Tele2 Ab Class B		194
		Switzerland - 11.0%
	26	Credit Suisse Group AG		595
	10	Novartis AG		600
	6	Roche Holding AG		1,152
	16	Swiss Re Ltd.		1,140
	28	UBS AG ☼		420
				3,907
		Taiwan - 1.2%
	26	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		413
		United Kingdom - 18.8%
	66	Amlin plc		398
	8	Aon plc		421
	8	AstraZeneca plc		391
	38	Babcock International Group plc		603
	15	BG Group plc		281
	54	BP plc		387
	14	Diageo Capital plc		404
	139	HSBC Holdings plc		1,370
	17	Imperial Tobacco Group plc		634
	32	Persimmon plc		416
	12	Rio Tinto plc		590
	17	Standard Chartered plc		404
	72	Tesco plc		372
				6,671
		Total common stocks
		(cost $31,587)	$	34,310
		Total long-term investments
		(cost $31,587)	$	34,310
SHORT-TERM INVESTMENTS - 1.8%
		Repurchase Agreements - 1.8%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $115, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $118)
$	115	0.30%, 10/31/2012	$	115

The accompanying notes are an integral part of these financial statements.

5

The Hartford International Value Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount						Market Value ╪
SHORT-TERM INVESTMENTS - 1.8% - (continued)
		Repurchase Agreements - 1.8% - (continued)
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $47, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $48)
$	47	0.25%, 10/31/2012			$	47
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $81, collateralized by FNMA 2.50%, 2027, value of $82)
	81	0.35%, 10/31/2012				81
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $31, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $31)
	31	0.35%, 10/31/2012				31
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $143, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $145)
	142	0.28%, 10/31/2012				142
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $181, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $184)
	181	0.25%, 10/31/2012				181
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $1, collateralized by U.S. Treasury Note 8.13%, 2019, value of $1)
	1	0.25%, 10/31/2012				1
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $42, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $43)
	42	0.30%, 10/31/2012				42
						640
		Total short-term investments
		(cost $640)			$	640
		Total investments
		(cost $32,227)	98.7	%	$	34,950
		Other assets and liabilities	1.3	%		465
		Total net assets	100.0	%	$	35,415

The accompanying notes are an integral part of these financial statements.

6

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $33,040 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	3,330
Unrealized Depreciation		(1,420	)
Net Unrealized Appreciation	$	1,910

● Non-income producing.  

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $386 at October 31, 2012.

Foreign Currency Contracts Outstanding at October 31, 2012

									Unrealized
									Appreciation/
Currency	Buy / Sell	Delivery Date	Counterparty		Contract Amount		Market Value ╪		(Depreciation)
CHF	Buy	11/02/2012		JPM	$	384	$	387	$	3
EUR	Buy	11/21/2012		CBK		373		381		8
EUR	Buy	11/21/2012		RBC		1,137		1,186		49
EUR	Sell	11/05/2012		GSC		566		566		—
EUR	Sell	11/21/2012		UBS		787		787		—
GBP	Buy	11/05/2012		RBC		270		270		—
GBP	Sell	11/01/2012		JPM		127		128		(1	)
GBP	Sell	11/02/2012		MSC		176		177		(1	)
HKD	Sell	11/02/2012		MSC		52		52		—
HKD	Sell	11/01/2012		SSG		64		64		—
									$	58

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
CBK	Citibank NA
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
SSG	State Street Global Markets LLC
UBS	UBS AG

Currency Abbreviations:
CHF	Swiss Franc
EUR	EURO
GBP	British Pound
HKD	Hong Kong Dollar

Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

7

The Hartford International Value Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks
Australia	$	2,397	$	–	$	2,397	$	–
Canada		2,127		2,127		–		–
China		401		312		89		–
France		2,676		–		2,676		–
Germany		3,006		–		3,006		–
Hong Kong		1,041		659		382		–
Israel		281		281		–		–
Italy		406		–		406		–
Japan		6,779		–		6,779		–
Netherlands		1,813		–		1,813		–
Norway		1,099		–		1,099		–
Philippines		405		–		405		–
Spain		694		–		694		–
Sweden		194		–		194		–
Switzerland		3,907		–		3,907		–
Taiwan		413		413		–		–
United Kingdom		6,671		421		6,250		–
Total		34,310		4,213		30,097		–
Short-Term Investments		640		–		640		–
Total	$	34,950	$	4,213	$	30,737	$	–
Foreign Currency Contracts*		60		–		60		–
Total	$	60	$	–	$	60	$	–
Liabilities:
Foreign Currency Contracts*		2		–		2		–
Total	$	2	$	–	$	2	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

8

The Hartford International Value Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $32,227)	$	34,950
Cash		7
Unrealized appreciation on foreign currency contracts		60
Receivables:
Investment securities sold		988
Fund shares sold		52
Dividends and interest		145
Other assets		68
Total assets		36,270
Liabilities:
Unrealized depreciation on foreign currency contracts		2
Payables:
Investment securities purchased		745
Fund shares redeemed		83
Investment management fees		7
Administrative fees		—
Distribution fees		1
Accrued expenses		17
Total liabilities		855
Net assets	$	35,415
Summary of Net Assets:
Capital stock and paid-in-capital	$	49,746
Undistributed net investment income		2,207
Accumulated net realized loss		(19,317	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		2,779
Net assets	$	35,415
Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.83/$12.52
Shares outstanding		349
Net assets	$	4,126
Class C: Net asset value per share	$	11.75
Shares outstanding		77
Net assets	$	901
Class I: Net asset value per share	$	11.89
Shares outstanding		52
Net assets	$	615
Class R3: Net asset value per share	$	11.83
Shares outstanding		54
Net assets	$	641
Class R4: Net asset value per share	$	11.86
Shares outstanding		51
Net assets	$	611
Class R5: Net asset value per share	$	11.89
Shares outstanding		52
Net assets	$	615
Class Y: Net asset value per share	$	11.91
Shares outstanding		2,342
Net assets	$	27,906

The accompanying notes are an integral part of these financial statements.

9

The Hartford International Value Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	3,676
Interest		3
Less: Foreign tax withheld		(382	)
Total investment income		3,297
Expenses:
Investment management fees		830
Administrative services fees		3
Transfer agent fees		12
Distribution fees
Class A		10
Class C		9
Class R3		3
Class R4		1
Custodian fees		24
Accounting services fees		17
Registration and filing fees		81
Board of Directors' fees		4
Audit fees		13
Other expenses		19
Total expenses (before waivers and fees paid indirectly)		1,026
Expense waivers		(94	)
Commission recapture		(6	)
Total waivers and fees paid indirectly		(100	)
Total expenses, net		926
Net Investment Income		2,371
Net Realized Loss on Investments and Foreign Currency Transactions:
Net realized loss on investments in securities		(8,903	)
Net realized gain on foreign currency contracts		498
Net realized loss on other foreign currency transactions		(51	)
Net Realized Loss on Investments and Foreign Currency Transactions		(8,456	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		3,170
Net unrealized depreciation of foreign currency contracts		(207	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		3
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		2,966
Net Loss on Investments and Foreign Currency Transactions		(5,490	)
Net Decrease in Net Assets Resulting from Operations	$	(3,119	)

The accompanying notes are an integral part of these financial statements.

10

The Hartford International Value Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	2,371		$	1,124
Net realized loss on investments and foreign currency transactions		(8,456	)		(10,563	)
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		2,966			(974	)
Net Decrease In Net Assets Resulting From Operations		(3,119	)		(10,413	)
Distributions to Shareholders:
From net investment income
Class A		(26	)		(4	)
Class I		(6	)		(2	)
Class R3		(2	)		—
Class R4		(4	)		(1	)
Class R5		(6	)		(2	)
Class Y		(1,516	)		(36	)
Total from net investment income		(1,560	)		(45	)
From net realized gain on investments
Class A		—			(37	)
Class C		—			(15	)
Class I		—			(13	)
Class R3		—			(13	)
Class R4		—			(12	)
Class R5		—			(12	)
Class Y		—			(61	)
Total from net realized gain on investments		—			(163	)
Total distributions		(1,560	)		(208	)
Capital Share Transactions:
Class A		294			2,145
Class C		(4	)		225
Class I		(35	)		52
Class R3		12			17
Class R4		4			13
Class R5		6			14
Class Y		(97,496	)		138,838
Net increase (decrease) from capital share transactions		(97,219	)		141,304
Net Increase (Decrease) In Net Assets		(101,898	)		130,683
Net Assets:
Beginning of period		137,313			6,630
End of period	$	35,415		$	137,313
Undistributed (distribution in excess of) net investment income (loss)	$	2,207		$	1,192

The accompanying notes are an integral part of these financial statements.

11

The Hartford International Value Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford International Value Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may

12

cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or

13

The Hartford International Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

14

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid

15

The Hartford International Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund had no illiquid or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	60	$	—	$	—	$	—	$	—	$	60
Total	$	—	$	60	$	—	$	—	$	—	$	—	$	60
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	2	$	—	$	—	$	—	$	—	$	2
Total	$	—	$	2	$	—	$	—	$	—	$	—	$	2

16

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	498		$	—	$	—	$	—	$	—	$	498
Total	$	—	$	498		$	—	$	—	$	—	$	—	$	498
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(207	)	$	—	$	—	$	—	$	—	$	(207	)
Total	$	—	$	(207	)	$	—	$	—	$	—	$	—	$	(207	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives

17

The Hartford International Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	1,560	$	206
Long-Term Capital Gains ‡		—		2

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	2,265
Accumulated Capital Losses *		(18,505	)
Unrealized Appreciation †		1,909
Total Accumulated Deficit	$	(14,331	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	204
Accumulated Net Realized Gain (Loss)		(204	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

18

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

	Amount
Short Term Capital Loss Carryforward	$	8,226
Long Term Capital Loss Carryforward		1,610
Total	$	9,836

Capital loss carryforwards with expiration:

Year of Expiration	Amount
2019	$	8,669
Total	$	8,669

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500%
On next $500 million		0.8000%
On next $4 billion		0.7500%
On next $5 billion		0.7475%
Over $10 billion		0.7450%

19

The Hartford International Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018%
On next $5 billion		0.016%
Over $10 billion		0.014%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.40%		2.15%		1.15%		1.60%		1.30%		1.00%		0.95%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.39	%
Class C		2.08
Class I		0.99
Class R3		1.59
Class R4		1.29
Class R5		0.99
Class Y		0.91

e) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $17 and contingent deferred sales charges of $1 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may

20

be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $1.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class A		103		30	%
Class C		51		66
Class I		52		100
Class R3		51		94
Class R4		51		100
Class R5		52		100
Class Y		1		0

9. Investment Transactions:

For the year ended October 31, 2012, the cost of purchases and proceeds from sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	131,199
Sales Proceeds Excluding U.S. Government Obligations		224,036

21

The Hartford International Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		90		2		(65	)		—		27			224		3		(54	)		—		173
Amount	$	998	$	26	$	(730	)	$	—	$	294		$	2,745	$	41	$	(641	)	$	—	$	2,145
Class C
Shares		10		—		(10	)		—		—			26		1		(9	)		—		18
Amount	$	111	$	—	$	(115	)	$	—	$	(4	)	$	313	$	15	$	(103	)	$	—	$	225
Class I
Shares		—		1		(4	)		—		(3	)		6		1		(3	)		—		4
Amount	$	—	$	6	$	(41	)	$	—	$	(35	)	$	74	$	15	$	(37	)	$	—	$	52
Class R3
Shares		1		—		—			—		1			1		1		(1	)		—		1
Amount	$	10	$	2	$	—		$	—	$	12		$	9	$	13	$	(5	)	$	—	$	17
Class R4
Shares		—		—		—			—		—			—		1		—			—		1
Amount	$	—	$	4	$	—		$	—	$	4		$	—	$	13	$	—		$	—	$	13
Class R5
Shares		—		1		—			—		1			—		1		—			—		1
Amount	$	—	$	6	$	—		$	—	$	6		$	—	$	14	$	—		$	—	$	14
Class Y
Shares		984		143		(10,285	)		—		(9,158	)		11,495		8		(153	)		—		11,350
Amount	$	10,846	$	1,516	$	(109,858	)	$	—	$	(97,496	)	$	140,551	$	97	$	(1,810	)	$	—	$	138,838
Total
Shares		1,085		147		(10,364	)		—		(9,132	)		11,752		16		(220	)		—		11,548
Amount	$	11,965	$	1,560	$	(110,744	)	$	—	$	(97,219	)	$	143,692	$	208	$	(2,596	)	$	—	$	141,304

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution

22

fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

23

The Hartford International Value Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	11.28	$	0.18		$	0.45		$	0.63		$	(0.08	)	$	–		$	–	$	(0.08	)	$	11.83
C		11.19		0.10			0.46			0.56			–			–			–		–			11.75
I		11.32		0.23			0.45			0.68			(0.11	)		–			–		(0.11	)		11.89
R3		11.26		0.16			0.45			0.61			(0.04	)		–			–		(0.04	)		11.83
R4		11.29		0.19			0.46			0.65			(0.08	)		–			–		(0.08	)		11.86
R5		11.32		0.23			0.45			0.68			(0.11	)		–			–		(0.11	)		11.89
Y		11.34		0.28			0.42			0.70			(0.13	)		–			–		(0.13	)		11.91
For the Year Ended October 31, 2011 (E)
A		11.82		0.18			(0.45	)		(0.27	)		(0.02	)		(0.25	)		–		(0.27	)		11.28
C		11.79		0.09			(0.44	)		(0.35	)		–			(0.25	)		–		(0.25	)		11.19
I		11.84		0.22			(0.45	)		(0.23	)		(0.04	)		(0.25	)		–		(0.29	)		11.32
R3		11.81		0.15			(0.45	)		(0.30	)		–			(0.25	)		–		(0.25	)		11.26
R4		11.82		0.18			(0.45	)		(0.27	)		(0.01	)		(0.25	)		–		(0.26	)		11.29
R5		11.84		0.22			(0.46	)		(0.24	)		(0.03	)		(0.25	)		–		(0.28	)		11.32
Y		11.84		0.20			(0.41	)		(0.21	)		(0.04	)		(0.25	)		–		(0.29	)		11.34
From May 28, 2010 (commencement of operations), through October 31, 2010
A(F)		10.00		0.02			1.80			1.82			–			–			–		–			11.82
C(F)		10.00		(0.01	)		1.80			1.79			–			–			–		–			11.79
I(F)		10.00		0.03			1.81			1.84			–			–			–		–			11.84
R3(F)		10.00		–			1.81			1.81			–			–			–		–			11.81
R4(F)		10.00		0.01			1.81			1.82			–			–			–		–			11.82
R5(F)		10.00		0.03			1.81			1.84			–			–			–		–			11.84
Y(F)		10.00		0.03			1.81			1.84			–			–			–		–			11.84

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on May 28, 2010.

(G) Not annualized.

(H) Annualized.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	5.68	%	$	4,126		1.57	%		1.40	%		1.64	%		137	%
	5.00			901		2.18			2.09			0.94			–
	6.14			615		1.09			1.00			2.02			–
	5.47			641		1.80			1.60			1.41			–
	5.80			611		1.49			1.30			1.72			–
	6.15			615		1.19			1.00			2.02			–
	6.32			27,906		1.01			0.92			2.50			–
	(2.37	)		3,629		1.69			1.34			1.50			112
	(3.10	)		859		2.37			2.02			0.74			–
	(2.07	)		621		1.34			1.00			1.85			–
	(2.67	)		597		2.05			1.60			1.22			–
	(2.34	)		577		1.74			1.30			1.52			–
	(2.09	)		580		1.44			1.00			1.82			–
	(1.90	)		130,450		1.10			0.76			1.70			–
	18.20	(G)		1,765		3.05	(H)		1.27	(H)		0.50	(H)		47
	17.90	(G)		695		3.76	(H)		1.98	(H)		(0.28	)(H)		–
	18.40	(G)		601		2.75	(H)		0.97	(H)		0.67	(H)		–
	18.10	(G)		609		3.45	(H)		1.62	(H)		0.02	(H)		–
	18.20	(G)		591		3.15	(H)		1.32	(H)		0.33	(H)		–
	18.40	(G)		592		2.85	(H)		1.02	(H)		0.63	(H)		–
	18.40	(G)		1,777		2.75	(H)		0.97	(H)		0.68	(H)		–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford International Value Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford International Value Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

26

The Hartford International Value Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford International Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

28

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford International Value Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

30

The Hartford International Value Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,014.58	$	7.09	$	1,000.00	$	1,018.10	$	7.10		1.40	%		184		366
Class C	$	1,000.00	$	1,011.19	$	10.87	$	1,000.00	$	1,014.33	$	10.89		2.15			184		366
Class I	$	1,000.00	$	1,016.24	$	5.32	$	1,000.00	$	1,019.86	$	5.33		1.05			184		366
Class R3	$	1,000.00	$	1,013.71	$	8.10	$	1,000.00	$	1,017.09	$	8.11		1.60			184		366
Class R4	$	1,000.00	$	1,014.54	$	6.58	$	1,000.00	$	1,018.60	$	6.60		1.30			184		366
Class R5	$	1,000.00	$	1,017.11	$	5.07	$	1,000.00	$	1,020.11	$	5.08		1.00			184		366
Class Y	$	1,000.00	$	1,017.95	$	4.26	$	1,000.00	$	1,020.91	$	4.27		0.84			184		366

31

The Hartford International Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford International Value Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

32

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the Fund has a limited performance history.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

33

The Hartford International Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

34

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

35

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-IV12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford MidCap Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford MidCap Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

1

The Hartford MidCap Fund inception 12/31/1997

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term growth of capital.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
MidCap A#		13.47	%		0.76	%		10.04	%
MidCap A##		7.23	%		-0.37	%		9.42	%
MidCap B#		12.50	%		-0.04	%		9.37	%*
MidCap B##		7.72	%		-0.33	%		9.37	%*
MidCap C#		12.63	%		0.08	%		9.30	%
MidCap C##		11.67	%		0.08	%		9.30	%
MidCap I#		13.78	%		0.99	%		10.16	%
MidCap R3#		13.16	%		0.75	%		10.30	%
MidCap R4#		13.50	%		0.96	%		10.41	%
MidCap R5#		13.85	%		1.17	%		10.53	%
MidCap Y#		13.98	%		1.24	%		10.57	%
S&P MidCap 400 Index		12.11	%		3.12	%		10.21	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 2/27/09. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 5/29/09. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

S&P MidCap 400 Index is an unmanaged index of common stocks of companies chosen by S&P designed to represent price movements in the mid-cap U.S. equity market.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford MidCap Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Philip W. Ruedi, CFA	Mark A. Whitaker, CFA
Senior Vice President and Equity Portfolio Manager	Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford MidCap Fund returned 13.47%, before sales charge, for the 12-month period ended October 31, 2012, outperforming its benchmark, the S&P MidCap 400 Index, which returned 12.11% for the same period. The Fund also outperformed the 10.78% return of the average fund in the Lipper Mid-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Mid cap stocks (+12.1%) underperformed large cap stocks (+15.2%), and performed in line with small cap stocks (+12.1%) during the period, as measured by the S&P MidCap 400, S&P 500, and Russell 2000 Indices, respectively. Value stocks (+15.6%) outpaced Growth stocks (+10.1%) during the period, as measured by the Russell 2500 Value and Russell 2500 Growth Indices. Within the S&P MidCap 400 Index, eight of the ten sectors posted positive returns. The Telecommunication Services (+30%), Consumer Discretionary (+20%), and Health Care (+19%) sectors performed best. The Energy (-10%) sector posted negative returns, while the Information Technology (0%), and Consumer Staples (+1%) sectors also lagged on a relative basis.

Overall outperformance versus the benchmark was driven by strong security selection, primarily within Health Care and Energy. This more than offset weak stock selection within Information Technology and Consumer Discretionary. Sector allocation, driven by our bottom-up stock selection process, modestly detracted from relative returns during the period, primarily due to an overweight position (i.e. the Fund’s sector position was greater than the benchmark position) in Energy and an underweight position in Financials.

Top contributors to relative performance included Amylin Pharmaceuticals (Health Care), Lincare Holdings (Health Care), and Lennox International (Industrials). U.S.-based diabetes drug developer Amylin Pharmaceuticals shares rose on news that the company rejected a $3.5 billion bid by Bristol-Myers Squibb, which later reported that it would acquire Amylin for $5.3 billion, sending Amylin's share price higher. Lincare Holdings is a respiratory illness treatment company that has been a leader in a growing niche market and generates strong free cash flow. Shares rose dramatically based on the premium acquisition price offered by medical gas company Linde. We eliminated our position after the transaction was announced. Lennox International is a manufacturer of heating, air conditioning, and refrigeration products for residential and commercial use. Pent up demand should lead to a recovery in residential HVAC, and lower efficiency standards combined with the company's strong execution should lead to significantly higher operating leverage when volumes recover. Shares moved higher after the company issued higher-than-expected earnings guidance for 2012. Additionally, not holding Green Mountain Coffee, a benchmark constituent that significantly declined in share price, also proved beneficial to the Fund’s relative performance during the period.Regeneron Pharmaceuticals (Health Care) was among the Fund’s top absolute contributors for the period.

Top relative detractors included Rovi Corporation (Information Technology), Newfield Exploration (Energy), and ADTRAN (Information Technology). Digital media technology company Rovi offers a wide range of solutions for digital content licensing, protection, and distribution. We forecast an attractive revenue growth outlook as the firm's interactive programming guide (IPG) solutions are incorporated by more service providers. Shares declined due to a slow ramp up and additional

3

The Hartford MidCap Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

capital requirements for the successful launch of the Rovi Entertainment Store (RES) platform. US-based oil & gas exploration and production company Newfield Exploration disappointed after the company missed earnings expectations based on lower production volumes and provided mixed guidance for liquids-rich growth and lower natural gas volumes year-over-year. ADTRAN is a telecom equipment provider serving network carriers as well as small and medium sized businesses. We believe the company should benefit from a recovery in carrier capital expenditures after a protracted period of constrained spending. Shares slipped after the company announced an earnings miss due to soft revenue attributed to low carrier capital expenditures.

What is the outlook?

While the U.S. elections are now behind us, much uncertainty persists as we approach the year ahead.While economic growth is likely to remain tepid, this is discounted in valuations, in our view. In addition to the possibility of going over the so-called fiscal cliff (ie. expiration of certain tax cuts and forced spending cuts), another still-substantial risk to U.S. markets remains a cataclysmic liquidity event in Europe that severely impacts global economic growth and confidence. We view this as a low probability event. Our base case is continued modest economic expansion in the U.S.

We maintain a balanced portfolio and have opportunistically entered into new positions during the period. Consistent with our process, we added to some weak positions where we maintain confidence in the fundamentals and our earnings projections, and we sold down others where the thesis has deteriorated.

At the end of the period, our largest overweights were in the Health Care, Energy, and Industrials sectors, while our largest underweights were in Financials, Materials, and Utilities, relative to the benchmark.

At the end of the period, the portfolio’s overweight in the Health Care sector reflected attractive themes that included generic drug manufacturers and biotech companies. Within our Energy overweight, we continued to favor offshore drilling companies, as well as exploration and production companies. Our underweight to Financials in part reflected our views on REITs (Real Estate Investment Trust), where we find valuations unattractive.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)		2.5	%
Banks (Financials)		4.9
Capital Goods (Industrials)		9.1
Commercial and Professional Services (Industrials)		8.0
Consumer Durables and Apparel (Consumer Discretionary)		3.5
Consumer Services (Consumer Discretionary)		0.9
Diversified Financials (Financials)		5.5
Energy (Energy)		10.3
Food and Staples Retailing (Consumer Staples)		0.7
Food, Beverage and Tobacco (Consumer Staples)		1.1
Health Care Equipment and Services (Health Care)		6.3
Insurance (Financials)		2.2
Materials (Materials)		3.0
Media (Consumer Discretionary)		2.8
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		11.5
Real Estate (Financials)		1.4
Retailing (Consumer Discretionary)		4.7
Semiconductors and Semiconductor Equipment (Information Technology)		1.0
Software and Services (Information Technology)		11.6
Technology Hardware and Equipment (Information Technology)		2.9
Transportation (Industrials)		3.1
Utilities (Utilities)		2.5
Short-Term Investments		0.1
Other Assets and Liabilities		0.4
Total		100.0	%

4

The Hartford MidCap Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.5%
		Automobiles and Components - 2.5%
	1,577	Allison Transmission Holdings, Inc.	$	31,835
	908	Harley-Davidson, Inc.		42,469
				74,304
		Banks - 4.9%
	247	Cullen/Frost Bankers, Inc.		13,637
	522	East West Bancorp, Inc.		11,118
	2,481	First Niagara Financial Group, Inc.		20,539
	838	First Republic Bank		28,783
	615	M&T Bank Corp.		64,006
	100	Signature Bank ●		7,122
				145,205
		Capital Goods - 9.1%
	536	AMETEK, Inc.		19,062
	467	Carlisle Cos., Inc.		25,964
	710	IDEX Corp.		30,216
	753	Jacobs Engineering Group, Inc. ●		29,051
	1,094	Lennox International, Inc.		54,775
	496	MSC Industrial Direct Co., Inc.		37,022
	1,090	PACCAR, Inc.		47,253
	428	Pall Corp.		26,952
				270,295
		Commercial and Professional Services - 8.0%
	613	Corrections Corp. of America		20,640
	1,054	Equifax, Inc. ●		52,753
	173	IHS, Inc. ●		14,633
	1,310	Manpower, Inc.		49,696
	2,004	Robert Half International, Inc.		53,892
	1,373	Waste Connections, Inc.		45,080
				236,694
		Consumer Durables and Apparel - 3.5%
	987	Hasbro, Inc.		35,526
	60	NVR, Inc. ●		54,125
	419	Ryland Group, Inc.		14,206
				103,857
		Consumer Services - 0.9%
	502	Weight Watchers International, Inc.		25,210
		Diversified Financials - 5.5%
	439	Greenhill & Co., Inc.		20,927
	1,867	Invesco Ltd.		45,417
	649	LPL Financial Holdings, Inc.		18,960
	2,234	SEI Investments Co.		48,889
	425	T. Rowe Price Group, Inc.		27,615
				161,808
		Energy - 10.3%
	898	Atwood Oceanics, Inc. ●		42,907
	344	Cabot Oil & Gas Corp.		16,144
	596	Chesapeake Energy Corp.		12,077
	1,479	Cobalt International Energy, Inc. ●		30,784
	984	Consol Energy, Inc.		34,588
	1,271	Denbury Resources, Inc. ●		19,488
	526	Ensco plc		30,393
	1,816	McDermott International, Inc. ●		19,446
	1,410	Newfield Exploration Co. ●		38,232
	220	Pioneer Natural Resources Co.		23,240
	221	Range Resources Corp.		14,433
	1,216	Superior Energy Services, Inc. ●		24,727
				306,459
		Food and Staples Retailing - 0.7%
	256	PriceSmart, Inc.		21,246
		Food, Beverage and Tobacco - 1.1%
	742	Molson Coors Brewing Co.		31,991
		Health Care Equipment and Services - 6.3%
	2,730	Allscripts Healthcare Solutions, Inc. ●		35,270
	943	AmerisourceBergen Corp.		37,178
	944	Cardinal Health, Inc.		38,832
	804	Catamaran Corp. ●		37,911
	1,100	Patterson Cos., Inc.		36,752
				185,943
		Insurance - 2.2%
	100	Alleghany Corp. ●		34,854
	7	Markel Corp. ●		3,280
	209	Unum Group		4,232
	605	W.R. Berkley Corp.		23,532
				65,898
		Materials - 3.0%
	263	Carpenter Technology Corp.		12,761
	394	FMC Corp.		21,105
	461	Packaging Corp. of America		16,276
	147	Sherwin-Williams Co.		20,936
	431	Silgan Holdings, Inc.		18,658
				89,736
		Media - 2.8%
	977	AMC Networks, Inc. Class A ●		45,666
	1,823	DreamWorks Animation SKG, Inc. ●		37,124
				82,790
		Pharmaceuticals, Biotechnology and Life Sciences - 11.5%
	1,451	Alkermes plc ●		26,878
	572	Cubist Pharmaceuticals, Inc. ●		24,549
	1,465	Elan Corp. plc ADR ●		15,821
	886	Incyte Corp. ●		14,137
	1,000	Ironwood Pharmaceuticals, Inc. ●		11,626
	2,197	Mylan, Inc. ●		55,668
	267	Regeneron Pharmaceuticals, Inc. ●		38,011
	259	Salix Pharmaceuticals Ltd. ●		10,119
	343	Seattle Genetics, Inc. ●		8,619
	673	Vertex Pharmaceuticals, Inc. ●		32,477
	451	Waters Corp. ●		36,894
	787	Watson Pharmaceuticals, Inc. ●		67,644
				342,443
		Real Estate - 1.4%
	566	American Tower Corp. REIT		42,625
		Retailing - 4.7%
	733	Advance Automotive Parts, Inc.		51,983
	1,301	CarMax, Inc. ●		43,895
	323	Joseph A. Bank Clothiers, Inc. ●		15,109
	940	TripAdvisor, Inc. ●		28,468
				139,455
		Semiconductors and Semiconductor Equipment - 1.0%
	1,077	Maxim Integrated Products, Inc.		29,639
		Software and Services - 11.6%
	419	ANSYS, Inc. ●		29,664
	334	Autodesk, Inc. ●		10,635
	469	Citrix Systems, Inc. ●		28,970

The accompanying notes are an integral part of these financial statements.

5

The Hartford MidCap Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 99.5% - (continued)
		Software and Services - 11.6% - (continued)
	301	Factset Research Systems, Inc.			$	27,227
	402	FleetCor Technologies, Inc. ●				19,045
	261	Gartner, Inc. Class A ●				12,113
	4,144	Genpact Ltd.				72,977
	713	Micros Systems ●				32,371
	843	Vantiv, Inc. ●				17,010
	1,212	VeriSign, Inc. ●				44,936
	2,073	Western Union Co.				26,326
	302	WEX Inc.				22,251
						343,525
		Technology Hardware and Equipment - 2.9%
	489	Amphenol Corp. Class A				29,383
	143	FEI Co.				7,885
	1,118	National Instruments Corp.				26,334
	478	Trimble Navigation Ltd. ●				22,534
						86,136
		Transportation - 3.1%
	772	C.H. Robinson Worldwide, Inc.				46,574
	836	Expeditors International of Washington, Inc.				30,598
	271	J.B. Hunt Transport Services, Inc.				15,891
						93,063
		Utilities - 2.5%
	366	Northeast Utilities				14,376
	1,277	UGI Corp.				41,245
	454	Wisconsin Energy Corp.				17,479
						73,100
		Total common stocks
		(cost $2,676,866)			$	2,951,422
		Total long-term investments
		(cost $2,676,866)			$	2,951,422
SHORT-TERM INVESTMENTS - 0.1%
Repurchase Agreements - 0.1%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $510, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $521)
$	510	0.30%, 10/31/2012			$	510
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $208, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $212)
	208	0.25%, 10/31/2012				208
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $357, collateralized by FNMA 2.50%, 2027, value of $364)
	357	0.35%, 10/31/2012				357
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $136, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $138)
	136	0.35%, 10/31/2012				136
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $631, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $642)
	631	0.28%, 10/31/2012				631
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $799, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $815)
	799	0.25%, 10/31/2012				799
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $4, collateralized by U.S. Treasury Note 8.13%, 2019, value of $4)
	4	0.25%, 10/31/2012				4
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $185, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $189)
	185	0.30%, 10/31/2012				185
						2,830
		Total short-term investments
		(cost $2,830)			$	2,830
		Total investments
		(cost $2,679,696) ▲	99.6	%	$	2,954,252
		Other assets and liabilities	0.4	%		10,740
		Total net assets	100.0	%	$	2,964,992

The accompanying notes are an integral part of these financial statements.

6

  Note:   Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $2,692,665 and the aggregate gross unrealized appreciation and depreciation based on that cost were:  

Unrealized Appreciation	$	390,697
Unrealized Depreciation		(129,110	)
Net Unrealized Appreciation	$	261,587

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

7

The Hartford MidCap Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	2,951,422	$	2,951,422	$	–	$	–
Short-Term Investments		2,830		–		2,830		–
Total	$	2,954,252	$	2,951,422	$	2,830	$	–

♦	For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

8

The Hartford MidCap Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,679,696)	$	2,954,252
Cash		—
Receivables:
Investment securities sold		22,554
Fund shares sold		2,054
Dividends and interest		846
Other assets		81
Total assets		2,979,787
Liabilities:
Payables:
Investment securities purchased		7,172
Fund shares redeemed		6,374
Investment management fees		478
Administrative fees		5
Distribution fees		182
Accrued expenses		584
Total liabilities		14,795
Net assets	$	2,964,992
Summary of Net Assets:
Capital stock and paid-in-capital	$	2,513,271
Undistributed net investment income		4,366
Accumulated net realized gain		172,799
Unrealized appreciation of investments		274,556
Net assets	$	2,964,992

Shares authorized		760,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$20.44/$21.63
Shares outstanding		75,154
Net assets	$	1,536,203
Class B: Net asset value per share	$	17.00
Shares outstanding		1,812
Net assets	$	30,803
Class C: Net asset value per share	$	17.29
Shares outstanding		21,998
Net assets	$	380,413
Class I: Net asset value per share	$	20.65
Shares outstanding		10,359
Net assets	$	213,875
Class R3: Net asset value per share	$	22.25
Shares outstanding		1,698
Net assets	$	37,776
Class R4: Net asset value per share	$	22.51
Shares outstanding		2,567
Net assets	$	57,799
Class R5: Net asset value per share	$	22.69
Shares outstanding		2,911
Net assets	$	66,039
Class Y: Net asset value per share	$	22.75
Shares outstanding		28,221
Net assets	$	642,084

The accompanying notes are an integral part of these financial statements.

9

The Hartford MidCap Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	46,214
Interest		19
Less: Foreign tax withheld		(12	)
Total investment income		46,221
Expenses:
Investment management fees		23,011
Administrative services fees		238
Transfer agent fees		4,584
Distribution fees
Class A		4,059
Class B		367
Class C		3,978
Class R3		190
Class R4		155
Custodian fees		18
Accounting services fees		377
Registration and filing fees		284
Board of Directors' fees		86
Audit fees		43
Other expenses		559
Total expenses (before waivers and fees paid indirectly)		37,949
Transfer agent fee waivers		(30	)
Commission recapture		(169	)
Total waivers and fees paid indirectly		(199	)
Total expenses, net		37,750
Net Investment Income		8,471
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		197,431
Net realized loss on foreign currency contracts		(53	)
Net realized gain on other foreign currency transactions		100
Net Realized Gain on Investments and Foreign Currency Transactions		197,478
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		190,705
Net Changes in Unrealized Appreciation of Investments		190,705
Net Gain on Investments and Foreign Currency Transactions		388,183
Net Increase in Net Assets Resulting from Operations	$	396,654

The accompanying notes are an integral part of these financial statements.

10

The Hartford MidCap Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	8,471		$	4,114
Net realized gain on investments and foreign currency transactions		197,478			660,269
Net unrealized appreciation (depreciation) of investments		190,705			(493,926	)
Net Increase In Net Assets Resulting From Operations		396,654			170,457
Distributions to Shareholders:
From net investment income
Class I		(689	)		—
Class R5		(251	)		—
Class Y		(3,044	)		—
Total from net investment income		(3,984	)		—
From net realized gain on investments
Class A		(206,662	)		—
Class B		(5,982	)		—
Class C		(57,289	)		—
Class I		(36,775	)		—
Class R3		(4,405	)		—
Class R4		(7,343	)		—
Class R5		(8,057	)		—
Class Y		(73,685	)		—
Total from net realized gain on investments		(400,198	)		—
Total distributions		(404,182	)		—
Capital Share Transactions:
Class A		(217,181	)		(629,735	)
Class B		(11,908	)		(71,645	)
Class C		(31,941	)		(33,579	)
Class I		(105,004	)		(264,801	)
Class R3		(2,613	)		19,032
Class R4		(8,387	)		25,782
Class R5		(8,335	)		23,616
Class Y		(44,541	)		121,920
Net decrease from capital share transactions		(429,910	)		(809,410	)
Net Decrease In Net Assets		(437,438	)		(638,953	)
Net Assets:
Beginning of period		3,402,430			4,041,383
End of period	$	2,964,992		$	3,402,430
Undistributed (distribution in excess of) net investment income (loss)	$	4,366		$	3,983

The accompanying notes are an integral part of these financial statements.

11

The Hartford MidCap Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford MidCap Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent

12

pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant

13

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

14

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve

15

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of October 31, 2012.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on foreign currency contracts	$	—	$	(53	)	$	—	$	—	$	—	$	—	$	(53	)
Total	$	—	$	(53	)	$	—	$	—	$	—	$	—	$	(53	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention

16

(or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	3,982	$	—
Long-Term Capital Gains ‡		400,200		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis are as follows:

	Amount
Undistributed Ordinary Income	$	4,366
Undistributed Long-Term Capital Gain		185,768
Unrealized Appreciation *		261,587
Total Accumulated Earnings	$	451,721

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

17

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(4,104	)
Accumulated Net Realized Gain (Loss)		4,972
Capital Stock and Paid-in-Capital		(868	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

18

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.8500%
On next $500 million		0.7500%
On next $4 billion		0.7000%
On next $5 billion		0.6975%
Over $10 billion		0.6950%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A

Class B

Class C

Class I

Class R3

Class R4

Class R5

Class Y

1.37%

NA

NA

1.12%

1.50%

1.20%

0.90%

NA

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.22	%
Class B		2.07
Class C		1.93
Class I		0.98
Class R3		1.48
Class R4		1.18
Class R5		0.87
Class Y		0.77

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through

19

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $1,421 and contingent deferred sales charges of $85 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $43.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $4. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,423,235
Sales Proceeds Excluding U.S. Government Obligations		2,260,537

20

9. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		6,151		11,934		(27,775	)		—		(9,690	)		18,761		—		(46,820	)		—		(28,059	)
Amount	$	118,891	$	202,047	$	(538,119	)	$	—	$	(217,181	)	$	416,848	$	—	$	(1,046,583	)	$	—	$	(629,735	)
Class B
Shares		87		407		(1,173	)		—		(679	)		246		—		(3,953	)		—		(3,707	)
Amount	$	1,408	$	5,770	$	(19,086	)	$	—	$	(11,908	)	$	4,660	$	—	$	(76,305	)	$	—	$	(71,645	)
Class C
Shares		1,782		3,679		(6,926	)		—		(1,465	)		4,179		—		(6,088	)		—		(1,909	)
Amount	$	29,021	$	53,050	$	(114,012	)	$	—	$	(31,941	)	$	81,258	$	—	$	(114,837	)	$	—	$	(33,579	)
Class I
Shares		2,391		1,921		(9,489	)		—		(5,177	)		13,651		—		(24,810	)		—		(11,159	)
Amount	$	46,791	$	32,888	$	(184,683	)	$	—	$	(105,004	)	$	306,413	$	—	$	(571,214	)	$	—	$	(264,801	)
Class R3
Shares		514		235		(857	)		—		(108	)		1,237		—		(441	)		—		796
Amount	$	10,918	$	4,346	$	(17,877	)	$	—	$	(2,613	)	$	29,458	$	—	$	(10,426	)	$	—	$	19,032
Class R4
Shares		890		389		(1,627	)		—		(348	)		2,064		—		(1,039	)		—		1,025
Amount	$	19,030	$	7,259	$	(34,676	)	$	—	$	(8,387	)	$	50,420	$	—	$	(24,638	)	$	—	$	25,782
Class R5
Shares		762		425		(1,507	)		—		(320	)		2,109		—		(1,054	)		—		1,055
Amount	$	16,556	$	7,997	$	(32,888	)	$	—	$	(8,335	)	$	49,409	$	—	$	(25,793	)	$	—	$	23,616
Class Y
Shares		4,909		3,476		(10,038	)		—		(1,653	)		11,865		—		(7,210	)		—		4,655
Amount	$	105,591	$	65,645	$	(215,777	)	$	—	$	(44,541	)	$	287,821	$	—	$	(165,901	)	$	—	$	121,920
Total
Shares		17,486		22,466		(59,392	)		—		(19,440	)		54,112		—		(91,415	)		—		(37,303	)
Amount	$	348,206	$	379,002	$	(1,157,118	)	$	—	$	(429,910	)	$	1,226,287	$	—	$	(2,035,697	)	$	—	$	(809,410	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		242	$	4,733
For the Year Ended October 31, 2011		1,031	$	23,101

10. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

11. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

21

The Hartford MidCap Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

22

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23

The Hartford MidCap Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	20.67	$	0.05		$	2.22		$	2.27		$	–		$	(2.50	)	$	–	$	(2.50	)	$	20.44
B		17.77		(0.10	)		1.83			1.73			–			(2.50	)		–		(2.50	)		17.00
C		18.01		(0.08	)		1.86			1.78			–			(2.50	)		–		(2.50	)		17.29
I		20.85		0.09			2.25			2.34			(0.04	)		(2.50	)		–		(2.54	)		20.65
R3		22.32		–			2.43			2.43			–			(2.50	)		–		(2.50	)		22.25
R4		22.49		0.06			2.46			2.52			–			(2.50	)		–		(2.50	)		22.51
R5		22.66		0.13			2.47			2.60			(0.07	)		(2.50	)		–		(2.57	)		22.69
Y		22.71		0.15			2.48			2.63			(0.09	)		(2.50	)		–		(2.59	)		22.75
For the Year Ended October 31, 2011 (E)
A		20.16		0.02			0.49			0.51			–			–			–		–			20.67
B		17.48		(0.14	)		0.43			0.29			–			–			–		–			17.77
C		17.68		(0.12	)		0.45			0.33			–			–			–		–			18.01
I		20.28		0.09			0.48			0.57			–			–			–		–			20.85
R3		21.82		(0.05	)		0.55			0.50			–			–			–		–			22.32
R4		21.92		0.02			0.55			0.57			–			–			–		–			22.49
R5		22.02		0.09			0.55			0.64			–			–			–		–			22.66
Y		22.05		0.12			0.54			0.66			–			–			–		–			22.71
For the Year Ended October 31, 2010 (E)
A		16.20		(0.04	)		4.00			3.96			–			–			–		–			20.16
B		14.16		(0.17	)		3.49			3.32			–			–			–		–			17.48
C		14.30		(0.15	)		3.53			3.38			–			–			–		–			17.68
I		16.25		–			4.03			4.03			–			–			–		–			20.28
R3		17.58		(0.11	)		4.35			4.24			–			–			–		–			21.82
R4		17.60		(0.04	)		4.36			4.32			–			–			–		–			21.92
R5		17.62		0.01			4.39			4.40			–			–			–		–			22.02
Y		17.63		0.05			4.37			4.42			–			–			–		–			22.05
For the Year Ended October 31, 2009 (E)
A		14.55		(0.02	)		1.67			1.65			–			–			���		–			16.20
B		12.81		(0.11	)		1.46			1.35			–			–			–		–			14.16
C		12.93		(0.10	)		1.47			1.37			–			–			–		–			14.30
I(F)		12.12		(0.01	)		4.14			4.13			–			–			–		–			16.25
R3(I)		15.90		(0.05	)		1.73			1.68			–			–			–		–			17.58
R4(I)		15.90		(0.02	)		1.72			1.70			–			–			–		–			17.60
R5(I)		15.90		–			1.72			1.72			–			–			–		–			17.62
Y		15.75		0.06			1.82			1.88			–			–			–		–			17.63
For the Year Ended October 31, 2008 (E)
A		26.89		(0.02	)		(8.25	)		(8.27	)		(0.11	)		(3.96	)		–		(4.07	)		14.55
B		24.23		(0.16	)		(7.30	)		(7.46	)		–			(3.96	)		–		(3.96	)		12.81
C		24.40		(0.14	)		(7.37	)		(7.51	)		–			(3.96	)		–		(3.96	)		12.93
Y		28.74		0.08			(8.91	)		(8.83	)		(0.20	)		(3.96	)		–		(4.16	)		15.75

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Commenced operations on February 27, 2009.
(G)	Not annualized.
(H)	Annualized.
(I)	Commenced operations on May 29, 2009.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period  (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and  Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	13.47	%	$	1,536,203		1.23	%		1.23	%		0.25	%		45	%
	12.50			30,803		2.16			2.08			(0.62	)		–
	12.63			380,413		1.93			1.93			(0.45	)		–
	13.78			213,875		0.99			0.99			0.48			–
	13.16			37,776		1.49			1.49			(0.01	)		–
	13.50			57,799		1.18			1.18			0.29			–
	13.85			66,039		0.88			0.88			0.59			–
	13.98			642,084		0.78			0.78			0.70			–
	2.53			1,754,028		1.21			1.21			0.09			70
	1.66			44,266		2.06			2.06			(0.72	)		–
	1.87			422,515		1.91			1.91			(0.63	)		–
	2.81			324,002		0.92			0.92			0.40			–
	2.29			40,311		1.48			1.48			(0.23	)		–
	2.60			65,550		1.18			1.18			0.07			–
	2.91			73,192		0.87			0.87			0.38			–
	2.99			678,566		0.77			0.77			0.50			–
	24.44			2,275,785		1.25			1.25			(0.24	)		56
	23.45			108,330		2.05			2.05			(1.03	)		–
	23.64			448,592		1.93			1.93			(0.92	)		–
	24.80			541,255		0.96			0.96			0.01			–
	24.12			22,038		1.49			1.49			(0.57	)		–
	24.55			41,422		1.18			1.18			(0.23	)		–
	24.97			47,915		0.88			0.88			0.05			–
	25.07			556,046		0.78			0.78			0.23			–
	11.34			1,718,214		1.36			1.36			(0.14	)		91
	10.54			137,032		2.17			2.11			(0.85	)		–
	10.60			353,413		2.01			2.01			(0.80	)		–
	34.08	(G)		111,661		1.03	(H)		1.03	(H)		(0.07	)(H)		–
	10.57	(G)		638		1.50	(H)		1.50	(H)		(0.70	)(H)		–
	10.69	(G)		3,354		1.18	(H)		1.18	(H)		(0.28	)(H)		–
	10.82	(G)		693		0.88	(H)		0.88	(H)		(0.01	)(H)		–
	11.94			242,996		0.81			0.81			0.39			–
	(35.56	)		1,310,085		1.23			1.23			(0.09	)		94
	(36.07	)		195,738		2.01			2.01			(0.86	)		–
	(36.01	)		274,583		1.92			1.92			(0.77	)		–
	(35.28	)		163,339		0.79			0.79			0.36			–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford MidCap Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford MidCap Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

26

The Hartford MidCap Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford MidCap Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

28

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford MidCap Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

30

The Hartford MidCap Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,003.44	$	6.18	$	1,000.00	$	1,018.96	$	6.23		1.23%		184		366
Class B	$	1,000.00	$	998.82	$	10.40	$	1,000.00	$	1,014.73	$	10.48		2.07		184		366
Class C	$	1,000.00	$	999.42	$	9.71	$	1,000.00	$	1,015.42	$	9.79		1.93		184		366
Class I	$	1,000.00	$	1,004.87	$	4.94	$	1,000.00	$	1,020.21	$	4.98		0.98		184		366
Class R3	$	1,000.00	$	1,001.80	$	7.50	$	1,000.00	$	1,017.65	$	7.56		1.49		184		366
Class R4	$	1,000.00	$	1,003.57	$	5.95	$	1,000.00	$	1,019.20	$	5.99		1.18		184		366
Class R5	$	1,000.00	$	1,005.32	$	4.42	$	1,000.00	$	1,020.73	$	4.46		0.88		184		366
Class Y	$	1,000.00	$	1,005.30	$	3.92	$	1,000.00	$	1,021.23	$	3.95		0.78		184		366

31

The Hartford MidCap Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford MidCap Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

32

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted recent changes to the Fund’s portfolio management team.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds.The Board noted that the Fund had underperformed relative to its peer group and benchmark for the 1- and 3-year periods and that its performance was in line with the peer group and benchmark for the 5-year period. HIFSCO noted that it would continue to monitor the Fund’s performance.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

33

The Hartford MidCap Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time,including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

34

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

35

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-MC12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford MidCap Value Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford MidCap Value Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford MidCap Value Fund inception 04/30/2001

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
MidCap Value A#		17.55	%		0.88	%		9.79	%
MidCap Value A##		11.09	%		-0.26	%		9.17	%
MidCap Value B#		16.68	%		0.18	%		9.18	%*
MidCap Value B##		11.68	%		-0.15	%		9.18	%*
MidCap Value C#		16.84	%		0.12	%		8.99	%
MidCap Value C##		15.84	%		0.12	%		8.99	%
MidCap Value I#		18.02	%		1.06	%		9.89	%
MidCap Value R3#		17.41	%		0.98	%		10.12	%
MidCap Value R4#		17.70	%		1.12	%		10.20	%
MidCap Value R5#		18.07	%		1.27	%		10.28	%
MidCap Value Y#		18.22	%		1.31	%		10.30	%
Russell 2500 Value Index		15.55	%		1.99	%		10.14	%
Russell Midcap Value Index		14.99	%		1.68	%		10.63	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 5/28/10. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Russell 2500 Value Index is an unmanaged index measuring the performance of those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values. (The Russell 2500 Index is an unmanaged index that measures the performance of the 2,500 smallest U.S. companies based on total market capitalization.)

Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford MidCap Value Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

James N. Mordy

Senior Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford MidCap Value Fund returned 17.55%, before sales charge, for the twelve month period ended October 31, 2012, outperforming its benchmark, the Russell 2500 Value Index, which returned 15.55% for the same period. The Fund also outperformed the 12.45% return of the average fund in the Lipper Mid-Cap Value Fund peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

During the period, mid cap equities (+12.1%) underperformed large caps (+15.2%) and performed in line with small caps (+12.1%) as represented by the S&P 400 MidCap, S&P 500, and Russell 2000 indices respectively. Eight of the ten sectors in the Russell 2500 Value Index gained during the period, with the Consumer Discretionary (+27%), Financials (+20%), and Consumer Staples (+19%) sectors performing the best.Energy (-5%) and Information Technology (-4%) sectors lagged on a relative basis during the period.

The Fund’s benchmark relative outperformance versus the index was primarily driven by strong stock selection within Consumer Discretionary, Information Technology, and Materials, which more than offset weak stock selection within Consumer Staples and Financials.Overall sector allocation, a fallout of the investment decision process, detracted from relative returns, in part due to our overweight position (i.e. the Fund’s sector position was greater than the benchmark position) in the Energy sector and our underweight position in the Financials sector.

The largest contributors to benchmark-relative performance included Louisiana Pacific (Materials), Toll Brothers (Consumer Discretionary), and Lennar (Consumer Discretionary). Shares of Louisiana Pacific, a building product manufacturer focused on oriented strand board (OSB) siding and panel products, moved higher due to an increase in OSB prices compared to last year and improving home construction data. Home builder Toll Brothers saw its shares rise as increasing evidence of the housing recovery was apparent in the company’s results. New home prices rose during the period, and as a result, the company’s ownership of buildable land is being seen as a valued asset by the market. Shares of Lennar, another U.S. homebuilder, also rose during the period as housing fundamentals across the United States began to improve.

The largest detractors from benchmark-relative returns included Lone Pine Resources (Energy), Unum Group (Financials), and Newfield Exploration (Energy). Shares of Lone Pine Resources, an exploration and production company focused on the Western Canadian Sedimentary Basin, fell after the company reported weaker-than-expected cash flows and reduced capital expenditure and production guidance. We eliminated the position during the period. Unum Group, a U.S.-based benefits insurer, saw its shares decline during the period as investors worried about the effect of low interest rates on the company’s reserve adequacy. Shares of Newfield Exploration, an independent oil and natural gas exploration and production company, declined after the company reported that international oil production may drop by as much as 25% next year. Sealed Air (materials) also detracted from the Fund’s absolute performance (i.e. total return).

What is the outlook?

Important fundamental risks and uncertainties lie ahead in terms of the U.S. fiscal cliff, European unity, and the pace of slowdown in China. While some recent U.S. economic data is encouraging, including stronger housing and auto sales, improvements in the Purchasing Managers Index, and increased consumer net worth, U.S. jobs growth remains tepid

3

The Hartford MidCap Value Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

and the political and macro uncertainty is causing many companies to hold off on key investment and hiring decisions. We continue to look for investment opportunities that do not solely rely in our view on strong Gross Domestic Product growth to be successful.

As of the end of the period, we were most overweight in the Health Care, Materials, and Information Technology sectors and most underweight in the Financials, Utilities, and Telecom & Media sectors.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Banks (Financials)		7.5	%
Capital Goods (Industrials)		11.1
Commercial and Professional Services (Industrials)		1.7
Consumer Durables and Apparel (Consumer Discretionary)		7.4
Diversified Financials (Financials)		3.5
Energy (Energy)		7.0
Food, Beverage and Tobacco (Consumer Staples)		3.2
Health Care Equipment and Services (Health Care)		5.8
Insurance (Financials)		8.6
Materials (Materials)		8.8
Media (Consumer Discretionary)		0.9
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		3.9
Real Estate (Financials)		9.0
Retailing (Consumer Discretionary)		1.8
Semiconductors and Semiconductor Equipment (Information Technology)		4.7
Software and Services (Information Technology)		1.4
Technology Hardware and Equipment (Information Technology)		4.4
Transportation (Industrials)		0.8
Utilities (Utilities)		7.0
Short-Term Investments		1.8
Other Assets and Liabilities		(0.3	)
Total		100.0	%

4

The Hartford MidCap Value Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.5%
		Banks - 7.5%
	139	BankUnited, Inc.	$	3,289
	191	Beneficial Mutual Bancorp, Inc. ●		1,809
	122	Comerica, Inc.		3,640
	61	EverBank Financial Corp.		934
	153	First Midwest Bancorp, Inc.		1,887
	16	Iberiabank Corp.		777
	2	M&T Bank Corp.		190
	165	Popular, Inc. ●		3,191
	700	Regions Financial Corp.		4,566
	232	Zions Bancorporation		4,979
				25,262
		Capital Goods - 11.1%
	90	AGCO Corp. ●		4,078
	194	Barnes Group, Inc.		4,443
	49	Dover Corp.		2,841
	77	Esterline Technologies Corp. ●		4,440
	81	Hubbell, Inc. Class B		6,790
	76	Teledyne Technologies, Inc. ●		4,840
	126	URS Corp.		4,231
	90	WESCO International, Inc. ●		5,833
				37,496
		Commercial and Professional Services - 1.7%
	135	Pentair Ltd.		5,690
		Consumer Durables and Apparel - 7.4%
	138	Lennar Corp.		5,171
	156	Mattel, Inc.		5,745
	227	Newell Rubbermaid, Inc.		4,685
	2,189	Samsonite International S.A.		4,532
	151	Toll Brothers, Inc. ●		4,981
				25,114
		Diversified Financials - 3.5%
	151	Invesco Ltd.		3,675
	83	NYSE Euronext		2,057
	286	PHH Corp. ●		5,952
	182	Solar Cayman Ltd. ⌂■●†		16
				11,700
		Energy - 7.0%
	289	Cobalt International Energy, Inc. ●		6,005
	92	Consol Energy, Inc.		3,228
	44	Japan Petroleum Exploration Co., Ltd.		1,648
	84	Newfield Exploration Co. ●		2,286
	250	Ocean Rig UDW, Inc. ●		3,966
	118	QEP Resources, Inc.		3,410
	255	Trican Well Service Ltd.		3,040
				23,583
		Food, Beverage and Tobacco - 3.2%
	66	Bunge Ltd. Finance Corp.		4,709
	51	Dr. Pepper Snapple Group		2,177
	65	Ingredion, Inc.		4,007
				10,893
		Health Care Equipment and Services - 5.8%
	75	AmerisourceBergen Corp.		2,966
	482	Boston Scientific Corp. ●		2,475
	219	Brookdale Senior Living, Inc. ●		5,131
	110	CIGNA Corp.		5,615
	38	Universal Health Services, Inc. Class B		1,556
	215	Vanguard Health Systems, Inc. ●		2,079
				19,822
		Insurance - 8.6%
	42	Everest Re Group Ltd.		4,686
	92	Platinum Underwriters Holdings Ltd.		4,092
	148	Principal Financial Group, Inc.		4,065
	130	Reinsurance Group of America, Inc.		6,882
	285	Unum Group		5,778
	151	XL Group plc		3,726
				29,229
		Materials - 8.8%
	73	FMC Corp.		3,928
	720	Incitec Pivot Ltd.		2,359
	346	Louisiana-Pacific Corp. ●		5,470
	200	Methanex Corp. ADR		5,991
	117	Owens-Illinois, Inc. ●		2,288
	168	Packaging Corp. of America		5,933
	275	Rexam plc		1,984
	53	Sino Forest Corp. ⌂■●†		—
	145	Sino Forest Corp. Class A ⌂●†		—
	2,046	Yingde Gases		1,937
				29,890
		Media - 0.9%
	90	Virgin Media, Inc.		2,960
		Pharmaceuticals, Biotechnology and Life Sciences - 3.9%
	535	Almirall S.A.		4,792
	206	Impax Laboratories, Inc. ●		4,373
	70	UCB S.A.		4,063
				13,228
		Real Estate - 9.0%
	137	American Assets Trust, Inc. REIT		3,717
	532	BR Properties S.A.		6,970
	61	Equity Lifestyle Properties, Inc. REIT		4,073
	208	Forest City Enterprises, Inc. Class A ●		3,334
	129	Hatteras Financial Corp. REIT		3,504
	144	Iguatemi Empresa de Shopping Centers S.A.		1,832
	252	Weyerhaeuser Co. REIT		6,978
				30,408
		Retailing - 1.8%
	29	ANN, Inc. ●		1,009
	2,375	Buck Holdings L.P. ⌂●†		3,608
	25	Ross Stores, Inc.		1,499
				6,116
		Semiconductors and Semiconductor Equipment - 4.7%
	178	Avago Technologies Ltd.		5,869
	272	Microsemi Corp. ●		5,217
	331	Teradyne, Inc. ●		4,832
				15,918
		Software and Services - 1.4%
	166	Booz Allen Hamilton Holding Corp.		2,221
	58	Check Point Software Technologies Ltd. ADR ●		2,574
				4,795
		Technology Hardware and Equipment - 4.4%
	238	Arrow Electronics, Inc. ●		8,388
	56	Harris Corp.		2,573
	98	SanDisk Corp. ●		4,084
				15,045
		Transportation - 0.8%
	282	Delta Air Lines, Inc. ●		2,716

The accompanying notes are an integral part of these financial statements.

5

The Hartford MidCap Value Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 98.5% - (continued)
		Utilities - 7.0%
	81	Alliant Energy Corp.			$	3,612
	82	Great Plains Energy, Inc.				1,831
	274	N.V. Energy, Inc.				5,216
	130	Northeast Utilities				5,097
	148	UGI Corp.				4,766
	80	Wisconsin Energy Corp.				3,058
						23,580
		Total common stocks
		(cost $297,119)			$	333,445
		Total long-term investments
		(cost $297,119)			$	333,445
SHORT-TERM INVESTMENTS - 1.8%
Repurchase Agreements - 1.8%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,100, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $1,122)
$	1,100	0.30%, 10/31/2012			$	1,100
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $448, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $457)
	448	0.25%, 10/31/2012				448
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $770, collateralized by FNMA 2.50%, 2027, value of $785)
	770	0.35%, 10/31/2012				770
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $292, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $298)
	292	0.35%, 10/31/2012				292
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,359, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $1,384)
	1,358	0.28%, 10/31/2012				1,358
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,722, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $1,756)
	1,722	0.25%, 10/31/2012				1,722
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $8, collateralized by U.S. Treasury Note 8.13%, 2019, value of $8)
	8	0.25%, 10/31/2012				8
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $399, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $407)
	399	0.30%, 10/31/2012				399
						6,097
		Total short-term investments
		(cost $6,097)			$	6,097
		Total investments
		(cost $303,216) ▲	100.3	%	$	339,542
		Other assets and liabilities	(0.3	)%		(859	)
		Total net assets	100.0	%	$	338,683

The accompanying notes are an integral part of these financial statements.

6

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $306,187 and the aggregate gross unrealized appreciation and depreciation based on that cost were:    

Unrealized Appreciation	$	51,450
Unrealized Depreciation		(18,095	)
Net Unrealized Appreciation	$	33,355

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $3,624, which represents 1.1% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these issues are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $16, which rounds to zero percent of total net assets.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
06/2007		2,375	Buck Holdings L.P.	$	820
12/2009		53	Sino Forest Corp.  - 144A		840
12/2009 - 06/2011		145	Sino Forest Corp. Class A		2,582
03/2007		182	Solar Cayman Ltd.  - 144A		53

At October 31, 2012, the aggregate value of these securities was $3,624, which represents 1.1% of total net assets.  

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
EUR	Sell	11/01/2012	JPM	$	26	$	26	$	–
HKD	Sell	11/02/2012	MSC		89		89		–
								$	–

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
Currency Abbreviations:
EUR	EURO
HKD	Hong Kong Dollar

Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

7

The Hartford MidCap Value Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	333,445	$	308,506	$	21,315	$	3,624
Short-Term Investments		6,097		–		6,097		–
Total	$	339,542	$	308,506	$	27,412	$	3,624
Foreign Currency Contracts *		–		–		–		–
Total	$	–	$	–	$	–	$	–
Liabilities:
Foreign Currency Contracts *		–		–		–		–
Total	$	–	$	–	$	–	$	–

♦ For the year ended October 31, 2012, investments valued at $1,418 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized  Gain  (Loss)		Change in Unrealized Appreciation (Depreciation)			Net  Amortization		Purchases		Sales			Transfers Into Level 3		Transfers  Out of Level 3		Balance as of October 31, 2012
Assets:
Common Stocks	$	6,265	$	2,769	$	(1,844	)*	$	—	$	—	$	(3,566	)	$	—	$	—	$	3,624
Total	$	6,265	$	2,769	$	(1,844	)	$	—	$	—	$	(3,566	)	$	—	$	—	$	3,624

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $2,597.

The accompanying notes are an integral part of these financial statements.

8

The Hartford MidCap Value Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $303,216)	$	339,542
Unrealized appreciation on foreign currency contracts		—
Receivables:
Investment securities sold		631
Fund shares sold		334
Dividends and interest		124
Other assets		38
Total assets		340,669
Liabilities:
Unrealized depreciation on foreign currency contracts		—
Bank overdraft		95
Payables:
Investment securities purchased		1,003
Fund shares redeemed		738
Investment management fees		56
Administrative fees		—
Distribution fees		16
Accrued expenses		78
Total liabilities		1,986
Net assets	$	338,683
Summary of Net Assets:
Capital stock and paid-in-capital	$	313,575
Undistributed net investment income		1,408
Accumulated net realized loss		(12,626	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		36,326
Net assets	$	338,683
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.58/$13.31
Shares outstanding		12,643
Net assets	$	159,104
Class B: Net asset value per share	$	11.40
Shares outstanding		247
Net assets	$	2,813
Class C: Net asset value per share	$	11.38
Shares outstanding		2,506
Net assets	$	28,522
Class I: Net asset value per share	$	12.62
Shares outstanding		420
Net assets	$	5,296
Class R3: Net asset value per share	$	13.12
Shares outstanding		268
Net assets	$	3,514
Class R4: Net asset value per share	$	13.17
Shares outstanding		208
Net assets	$	2,735
Class R5: Net asset value per share	$	13.23
Shares outstanding		24
Net assets	$	311
Class Y: Net asset value per share	$	13.24
Shares outstanding		10,304
Net assets	$	136,388

The accompanying notes are an integral part of these financial statements.

9

The Hartford MidCap Value Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	6,623
Interest		10
Less: Foreign tax withheld		(66	)
Total investment income		6,567
Expenses:
Investment management fees		2,461
Administrative services fees		8
Transfer agent fees		537
Distribution fees
Class A		387
Class B		50
Class C		288
Class R3		12
Class R4		5
Custodian fees		19
Accounting services fees		45
Registration and filing fees		97
Board of Directors' fees		9
Audit fees		13
Other expenses		62
Total expenses (before waivers and fees paid indirectly)		3,993
Expense waivers		(42	)
Transfer agent fee waivers		(11	)
Commission recapture		(11	)
Total waivers and fees paid indirectly		(64	)
Total expenses, net		3,929
Net Investment Income		2,638
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		19,276
Net realized gain on foreign currency contracts		9
Net realized loss on other foreign currency transactions		(16	)
Net Realized Gain on Investments and Foreign Currency Transactions		19,269
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		31,674
Net unrealized depreciation of foreign currency contracts		(1	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		10
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		31,683
Net Gain on Investments and Foreign Currency Transactions		50,952
Net Increase in Net Assets Resulting from Operations	$	53,590

The accompanying notes are an integral part of these financial statements.

10

The Hartford MidCap Value Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	2,638		$	380
Net realized gain on investments and foreign currency transactions		19,269			41,799
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		31,683			(45,955	)
Net Increase (Decrease) In Net Assets Resulting From Operations		53,590			(3,776	)
Distributions to Shareholders:
From net investment income
Class A		(645	)		—
Class I		(33	)		(1	)
Class R3		(8	)		—
Class R4		(14	)		—
Class R5		(2	)		—
Class Y		(1,048	)		(215	)
Total distributions		(1,750	)		(216	)
Capital Share Transactions:
Class A		(12,511	)		(28,622	)
Class B		(6,114	)		(6,482	)
Class C		(4,861	)		(1,325	)
Class I		1,161			3,648
Class R3		1,585			1,668
Class R4		869			1,630
Class R5		146			25
Class Y		5,661			16,020
Net decrease from capital share transactions		(14,064	)		(13,438	)
Net Increase (Decrease) In Net Assets		37,776			(17,430	)
Net Assets:
Beginning of period		300,907			318,337
End of period	$	338,683		$	300,907
Undistributed (distribution in excess of) net investment income (loss)	$	1,408		$	347

The accompanying notes are an integral part of these financial statements.

11

The Hartford MidCap Value Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford MidCap Value Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (See note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

12

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant

13

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

14

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve

15

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

16

b) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

Risk Exposure Category

Interest Rate Contracts

Foreign Exchange Contracts

Credit Contracts

Equity Contracts

Commodity Contracts

Other Contracts

Total

Assets:

Unrealized appreciation on foreign currency contracts

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Total

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Liabilities:

Unrealized depreciation on foreign currency contracts

$

—

$

—

$

—

$

—

$

—

$

—

$

—

Total

$

—

$

—

$

—

$

—

$

—

$

—

$

—

The volume of derivative activity was minimal during the year ended October 31, 2012

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts			Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	9		$	—	$	—	$	—	$	—	$	9
Total	$	—	$	9		$	—	$	—	$	—	$	—	$	9
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of foreign currency contracts	$	—	$	(1	)	$	—	$	—	$	—	$	—	$	(1	)
Total	$	—	$	(1	)	$	—	$	—	$	—	$	—	$	(1	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

17

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	1,750	$	216

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	3,544
Accumulated Capital Losses *		(11,791	)
Unrealized Appreciation †		33,355
Total Accumulated Earnings	$	25,108

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	173
Accumulated Net Realized Gain (Loss)		(173	)

18

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2015	$	2,757
2016		919
2017		8,115
Total	$	11,791

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2012, the Fund utilized $15,813 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7.   Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7500%
On next $500 million		0.6500%
On next $1.5 billion		0.6000%
On next $2.5 billion.		0.5950%
On next $5 billion		0.5900%
Over $10 billion		0.5850%

19

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.8000%
On next $500 million		0.7250%
On next $4 billion		0.6750%
On next $5 billion		0.6725%
Over $10 billion		0.6700%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014%
On next $5 billion		0.012%
Over $10 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
1.35%	2.10%	2.10%	1.10%	1.55%	1.25%	0.95%	0.90%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.35	%
Class B		2.10
Class C		2.06
Class I		1.00
Class R3		1.55
Class R4		1.24
Class R5		0.95
Class Y		0.84

20

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $175 and contingent deferred sales charges of $5 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $9.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8.   Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		10		5	%
Class R5		10		42
Class Y		9		0

As of October 31, 2012, 21% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

21

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

9.   Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	185,786
Sales Proceeds Excluding U.S. Government Obligations		200,681

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		2,054		59		(3,170	)		—		(1,057	)		2,176		—		(4,970	)		—		(2,794	)
Amount	$	24,003	$	625	$	(37,139	)	$	—	$	(12,511	)	$	25,253	$	—	$	(53,875	)	$	—	$	(28,622	)
Class B
Shares		22		—		(604	)		—		(582	)		64		—		(696	)		—		(632	)
Amount	$	227	$	—	$	(6,341	)	$	—	$	(6,114	)	$	660	$	—	$	(7,142	)	$	—	$	(6,482	)
Class C
Shares		259		—		(723	)		—		(464	)		622		—		(771	)		—		(149	)
Amount	$	2,754	$	—	$	(7,615	)	$	—	$	(4,861	)	$	6,587	$	—	$	(7,912	)	$	—	$	(1,325	)
Class I
Shares		210		2		(113	)		—		99			402		—		(105	)		—		297
Amount	$	2,448	$	22	$	(1,309	)	$	—	$	1,161		$	4,771	$	1	$	(1,124	)	$	—	$	3,648
Class R3
Shares		146		1		(20	)		—		127			157		—		(26	)		—		131
Amount	$	1,820	$	8	$	(243	)	$	—	$	1,585		$	1,948	$	—	$	(280	)	$	—	$	1,668
Class R4
Shares		108		1		(36	)		—		73			139		—		(14	)		—		125
Amount	$	1,315	$	14	$	(460	)	$	—	$	869		$	1,789	$	—	$	(159	)	$	—	$	1,630
Class R5
Shares		12		—		—			—		12			2		—		—			—		2
Amount	$	145	$	2	$	(1	)	$	—	$	146		$	25	$	—	$	—		$	—	$	25
Class Y
Shares		4,449		95		(3,964	)		—		580			4,420		18		(3,325	)		—		1,113
Amount	$	53,215	$	1,048	$	(48,602	)	$	—	$	5,661		$	52,884	$	215	$	(37,079	)	$	—	$	16,020
Total
Shares		7,260		158		(8,630	)		—		(1,212	)		7,982		18		(9,907	)		—		(1,907	)
Amount	$	85,927	$	1,719	$	(101,710	)	$	—	$	(14,064	)	$	93,917	$	216	$	(107,571	)	$	—	$	(13,438	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		214	$	2,460
For the Year Ended October 31, 2011		213	$	2,392

22

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No.

23

The Hartford MidCap Value Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

24

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25

The Hartford MidCap Value Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	10.75	$	0.08		$	1.80		$	1.88		$	(0.05	)	$	–		$	–	$	(0.05	)	$	12.58
B		9.77		(0.02	)		1.65			1.63			–			–			–		–			11.40
C		9.74		–			1.64			1.64			–			–			–		–			11.38
I		10.79		0.12			1.81			1.93			(0.10	)		–			–		(0.10	)		12.62
R3		11.23		0.06			1.88			1.94			(0.05	)		–			–		(0.05	)		13.12
R4		11.28		0.10			1.88			1.98			(0.09	)		–			–		(0.09	)		13.17
R5		11.31		0.14			1.88			2.02			(0.10	)		–			–		(0.10	)		13.23
Y		11.31		0.15			1.89			2.04			(0.11	)		–			–		(0.11	)		13.24
For the Year Ended October 31, 2011 (E)
A		10.69		0.01			0.05			0.06			–			–			–		–			10.75
B		9.79		(0.07	)		0.05			(0.02	)		–			–			–		–			9.77
C		9.77		(0.07	)		0.04			(0.03	)		–			–			–		–			9.74
I		10.72		0.04			0.05			0.09			(0.02	)		–			–		(0.02	)		10.79
R3		11.20		(0.03	)		0.06			0.03			–			–			–		–			11.23
R4		11.21		(0.01	)		0.08			0.07			–			–			–		–			11.28
R5		11.22		0.05			0.06			0.11			(0.02	)		–			–		(0.02	)		11.31
Y		11.22		0.06			0.06			0.12			(0.03	)		–			–		(0.03	)		11.31
For the Year Ended October 31, 2010 (E)
A		8.37		–			2.33			2.33			(0.01	)		–			–		(0.01	)		10.69
B		7.72		(0.06	)		2.13			2.07			–			–			–		–			9.79
C		7.70		(0.07	)		2.14			2.07			–			–			–		–			9.77
I(G)		9.71		–			1.01			1.01			–			–			–		–			10.72
R3(G)		10.17		(0.02	)		1.05			1.03			–			–			–		–			11.20
R4(G)		10.17		–			1.04			1.04			–			–			–		–			11.21
R5(G)		10.17		0.01			1.04			1.05			–			–			–		–			11.22
Y		8.77		0.04			2.44			2.48			(0.03	)		–			–		(0.03	)		11.22
For the Year Ended October 31, 2009
A		6.53		0.04			1.82			1.86			(0.02	)		–			–		(0.02	)		8.37
B		6.03		0.01			1.68			1.69			–			–			–		–			7.72
C		6.03		(0.01	)		1.68			1.67			–			–			–		–			7.70
Y		6.88		0.05			1.91			1.96			(0.07	)		–			–		(0.07	)		8.77
For the Year Ended October 31, 2008
A		14.80		0.02			(5.81	)		(5.79	)		–			(2.48	)		–		(2.48	)		6.53
B		13.95		(0.05	)		(5.39	)		(5.44	)		–			(2.48	)		–		(2.48	)		6.03
C		13.96		(0.06	)		(5.39	)		(5.45	)		–			(2.48	)		–		(2.48	)	��	6.03
Y		15.39		0.05			(6.08	)		(6.03	)		–			(2.48	)		–		(2.48	)		6.88

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) During the year ended October 31, 2010, the Fund incurred $22.1 million in sales associated with the transition of assets from The Hartford Select SmallCap Value Fund, which merged into the Fund on July 31, 2010.  These sales are excluded from the portfolio turnover calculation.

(G) Commenced operations on May 28, 2010.

(H) Not annualized.

(I) Annualized.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses toAverage Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	17.55	%	$	159,104		1.38	%		1.35	%		0.67	%		59	%
	16.68			2,813		2.38			2.10			(0.21	)		–
	16.84			28,522		2.06			2.06			(0.05	)		–
	18.02			5,296		1.00			1.00			1.06			–
	17.41			3,514		1.55			1.55			0.50			–
	17.70			2,735		1.25			1.25			0.79			–
	18.07			311		0.96			0.95			1.14			–
	18.22			136,388		0.84			0.84			1.24			–
	0.56			147,222		1.38			1.35			0.05			54
	(0.20	)		8,100		2.32			2.10			(0.69	)		–
	(0.31	)		28,939		2.09			2.09			(0.70	)		–
	0.81			3,459		1.04			1.04			0.34			–
	0.27			1,584		1.60			1.55			(0.23	)		–
	0.62			1,523		1.29			1.25			(0.05	)		–
	0.96			136		0.99			0.95			0.43			–
	1.01			109,944		0.88			0.88			0.51			–
	27.83			176,359		1.44			1.35			0.01			48	(F)
	26.81			14,305		2.32			2.10			(0.70	)		–
	26.88			30,467		2.13			2.10			(0.74	)		–
	10.40	(H)		254		0.95	(I)		0.95	(I)		0.06	(I)		–
	10.13	(H)		110		1.60	(I)		1.55	(I)		(0.40	)(I)		–
	10.23	(H)		110		1.30	(I)		1.25	(I)		(0.10	)(I)		–
	10.32	(H)		111		1.00	(I)		0.96	(I)		0.20	(I)		–
	28.39			96,621		0.90			0.90			0.39			–
	28.63			127,459		1.60			1.21			0.65			52
	28.03			21,782		2.53			1.78			0.09			–
	27.69			23,058		2.28			2.02			(0.16	)		–
	28.89			8,798		0.90			0.90			0.93			–
	(46.26	)		127,999		1.44			1.40			0.15			52
	(46.64	)		24,329		2.31			2.06			(0.50	)		–
	(46.68	)		24,418		2.15			2.15			(0.59	)		–
	(46.00	)		7,983		0.92			0.92			0.64			–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford MidCap Value Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford MidCap Value Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

28

The Hartford MidCap Value Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford MidCap Value Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾  Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford MidCap Value Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford MidCap Value Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account  Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,019.45	$	6.85	$	1,000.00	$	1,018.35	$	6.85		1.35	%		184		366
Class B	$	1,000.00	$	1,016.04	$	10.59	$	1,000.00	$	1,014.63	$	10.58		2.09			184		366
Class C	$	1,000.00	$	1,016.07	$	10.34	$	1,000.00	$	1,014.88	$	10.33		2.04			184		366
Class I	$	1,000.00	$	1,021.04	$	4.98	$	1,000.00	$	1,020.21	$	4.98		0.98			184		366
Class R3	$	1,000.00	$	1,018.63	$	7.87	$	1,000.00	$	1,017.34	$	7.86		1.55			184		366
Class R4	$	1,000.00	$	1,020.14	$	6.35	$	1,000.00	$	1,018.85	$	6.34		1.25			184		366
Class R5	$	1,000.00	$	1,021.62	$	4.83	$	1,000.00	$	1,020.36	$	4.82		0.95			184		366
Class Y	$	1,000.00	$	1,022.39	$	4.17	$	1,000.00	$	1,021.01	$	4.17		0.82			184		366

33

The Hartford MidCap Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford MidCap Value Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

35

The Hartford MidCap Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with The Hartford’s preferred partnership agreement with the Sub-adviser, the Fund’s contractual management fees had been reduced at all asset levels and an additional breakpoint had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that the Fund’s contractual management fees had recently been reduced at all asset levels and an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

36

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-MCV12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Money Market Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Money Market Fund

Table of Contents

Financial Statements
Schedule of Investments at October 31, 2012	2
Investment Valuation Hierarchy Level Summary at October 31, 2012	5
Statement of Assets and Liabilities at October 31, 2012	6
Statement of Operations for the Year Ended October 31, 2012	7
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	8
Notes to Financial Statements	9
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The Hartford Money Market Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CERTIFICATES OF DEPOSIT - 7.3%
Finance and Insurance - 7.3%
		Commercial Banking - 2.5%
		Sumitomo Mitsui Banking Corp.
$	7,000	0.28%, 02/07/2013	$	7,000
	7,000	0.33%, 03/07/2013		7,000
				14,000
		Depository Credit Banking - 3.0%
		Toronto-Dominion Bank New York
	5,500	0.19%, 01/28/2013		5,500
	5,500	0.31%, 07/26/2013 Δ		5,500
	5,500	0.40%, 09/13/2013 Δ		5,500
				16,500
		International Trade Financing (Foreign Banks) - 1.8%
		Royal Bank of Canada
	5,500	0.36%, 07/30/2013 Δ		5,500
	4,500	0.40%, 10/04/2013 Δ		4,500
				10,000
		Total certificates of deposit
		(cost $40,500)	$	40,500
COMMERCIAL PAPER - 21.9%
Beverage and Tobacco Product Manufacturing - 2.4%
		Beverage Manufacturing - 2.4%
		Coca-Cola Co.
$	3,000	0.19%, 11/05/2012	$	3,000
	6,500	0.24%, 12/04/2012 - 03/01/2013		6,497
	3,500	0.27%, 02/04/2013		3,497
				12,994
Finance and Insurance - 19.5%
		Commercial Banking - 10.6%
		Bank of Tokyo-Mitsubishi UFJ Ltd.
	5,600	0.31%, 12/04/2012		5,599
	5,600	0.38%, 01/23/2013		5,595
	5,500	0.39%, 02/27/2013		5,493
		Old Line Funding LLC
	4,250	0.20%, 11/27/2012		4,249
	6,250	0.23%, 11/26/2012 - 01/22/2013		6,248
		State Street Corp.
	5,500	0.19%, 01/04/2013		5,498
	10,500	0.20%, 11/07/2012 - 12/04/2012		10,499
		U.S. Bank
	6,000	0.22%, 11/16/2012		6,000
	3,000	0.27%, 12/06/2012		2,999
	6,000	0.30%, 01/16/2013		5,996
				58,176
		Consumer Lending - 2.1%
		Straight-A Funding LLC
	6,000	0.17%, 11/19/2012 ■		5,999
	5,612	0.18%, 01/17/2013 ■		5,610
				11,609
		Depository Credit Banking - 0.5%
		Bank of Nova Scotia
	3,000	0.15%, 11/02/2012		3,000
		International Trade Financing (Foreign Banks) - 2.3%
		Export Development Canada
	5,600	0.15%, 11/26/2012		5,599
	3,750	0.17%, 02/26/2013		3,748

		Kreditanstalt fuer Wiederaufbau
	3,500	0.21%, 11/14/2012 ■		3,500
				12,847
		Nondepository Credit Banking - 2.4%
		General Electric Capital Corp.
	3,000	0.29%, 11/30/2012		2,999
	4,500	0.32%, 02/11/2013		4,496
		Toyota Motor Credit Corp.
	5,500	0.21%, 02/26/2013		5,496
				12,991
		Securities and Commodity Contracts and Brokerage - 1.6%
		JP Morgan Chase & Co.
	9,000	0.24%, 11/16/2012		8,999
				107,622
		Total commercial paper
		(cost $120,616)	$	120,616
CORPORATE NOTES - 5.8%
Finance and Insurance - 5.8%
		Depository Credit Banking - 1.1%
		Wells Fargo Bank NA
$	3,000	0.44%, 10/22/2013 Δ	$	3,000
	3,000	0.45%, 10/18/2013 Δ		3,000
				6,000
		Insurance Carriers - 1.0%
		MetLife Global Funding I
	5,500	0.52%, 03/08/2013 ■ Δ		5,500
		International Trade Financing (Foreign Banks) - 2.1%
		Export Development Canada
	5,600	0.20%, 02/15/2013 ■		5,612
	6,000	0.21%, 01/29/2013 ■		6,003
				11,615
		Nondepository Credit Banking - 0.8%
		General Electric Capital Corp.
	4,500	0.32%, 05/01/2013		4,601
		Securities and Commodity Contracts and Brokerage - 0.8%
		JP Morgan Chase Bank
	4,250	0.39%, 06/18/2013 Δ		4,250
				31,966
		Total corporate notes
		(cost $31,966)	$	31,966
FOREIGN GOVERNMENT OBLIGATIONS - 3.4%
		Canada - 3.4%
		Ontario (Province of)
$	3,250	0.22%, 11/30/2012	$	3,249
	8,000	0.30%, 11/19/2012		8,007
	3,770	0.58%, 11/19/2012 Δ		3,771

The accompanying notes are an integral part of these financial statements.

2

Shares or Principal Amount			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 3.4%
		Canada - 3.4% - (continued)
		Quebec (Province of)
$	3,500	0.18%, 12/03/2012	$	3,499
				18,526
		Total foreign government obligations
		(cost $18,526)	$	18,526
OTHER POOLS AND FUNDS - 4.0%
	21,972	JP Morgan U.S. Government Money Market Fund	$	21,972
		Total other pools and funds
		(cost $21,972)	$	21,972
REPURCHASE AGREEMENTS - 19.5%
		Deutsche Bank Securities (maturing on 11/01/2012 in the amount of $28,000, collateralized by U.S. Treasury Note 0.75%, 2017, value of $20,506▼)
$	28,000	0.28% dated 11/01/2012	$	28,000
		Royal Bank of Canada (maturing on 11/01/2012 in the amount of $40,000, collateralized by U.S. Treasury Bill 0.10%, 2013, value of $40,816)
	40,000	0.22% dated 11/01/2012		40,000
		UBS Warburg Securities, Inc. (maturing on 11/01/2012 in the amount of $39,419, collateralized by U.S. Treasury Note 1.50%, 2016, value of $40,207)
	39,419	0.30% dated 11/01/2012		39,419
		Total repurchase agreements
		(cost $107,419)	$	107,419
U.S. GOVERNMENT AGENCIES - 4.8%
		Federal Home Loan Mortgage Corp. - 3.7%
$	20,500	0.15%, 12/17/2012 - 02/28/2013	$	20,494
		Federal National Mortgage Association - 1.1%
	3,100	0.14%, 01/16/2013		3,099
	3,000	0.15%, 12/19/2012		3,000
				6,099
		Total U.S. government agencies
		(cost $26,593)	$	26,593
U.S. GOVERNMENT SECURITIES - 24.6%
		Other Direct Federal Obligations - 1.9%
		Federal Home Loan Bank
$	5,130	0.13%, 12/05/2012 - 12/17/2012	$	5,129
	5,500	0.14%, 01/18/2013		5,498
				10,627

	U.S. Treasury Notes - 22.7%
25,000	0.14%, 02/28/2013				25,040
75,000	0.15%, 11/30/2012 - 01/15/2013				75,078
25,000	0.17%, 04/15/2013				25,180
					125,298
	Total U.S. government securities
	(cost $135,925)			$	135,925
	Total investments
	(cost $503,517) ▲	91.3	%	$	503,517
	Other assets and liabilities	8.7	%		48,149
	Total net assets	100.0	%	$	551,666

The accompanying notes are an integral part of these financial statements.

3

The Hartford Money Market Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.  The rates presented in this Schedule of Investments are yields, unless otherwise noted.  Market value of investments in U.S. dollar denominated securities of foreign issuers represents 15.2% of total net assets at October 31, 2012.

▲	Also represents cost for tax purposes.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $32,224, which represents 5.8% of total net assets.
▼	The purchase of Deutsche Bank Securities repurchase agreement in the amount of $12,026, failed on trade date. Value of collateral shown reflects the amount needed to collateralize the prior day repurchase agreement.
╪	See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

4

The Hartford Money Market Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Certificates of Deposit	$	40,500	$	–	$	40,500	$	–
Commercial Paper		120,616		–		120,616		–
Corporate Notes		31,966		–		31,966		–
Foreign Government Obligations		18,526		–		18,526		–
Other Pools and Funds		21,972		21,972		–		–
Repurchase Agreements		107,419		–		107,419		–
U.S. Government Agencies		26,593		–		26,593		–
U.S. Government Securities		135,925		–		135,925		–
Total	$	503,517	$	21,972	$	481,545	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

5

The Hartford Money Market Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $396,098)	$	396,098
Investments in repurchase agreements, at market value (cost $107,419)		107,419
Cash		57,060
Receivables:
Fund shares sold		5,247
Dividends and interest		467
Other assets		191
Total assets		566,482
Liabilities:
Payables:
Investment securities purchased		12,026
Fund shares redeemed		2,575
Investment management fees		54
Administrative fees		5
Distribution fees		43
Accrued expenses		113
Total liabilities		14,816
Net assets	$	551,666
Summary of Net Assets:
Capital stock and paid-in-capital	$	551,666
Undistributed net investment income		—
Accumulated net realized gain		—
Unrealized appreciation of investments		—
Net assets	$	551,666
Shares authorized		5,100,000
Par value	$	0.001
Class A: Net asset value per share	$	1.00
Shares outstanding		306,946
Net assets	$	306,946
Class B: Net asset value per share	$	1.00
Shares outstanding		19,048
Net assets	$	19,048
Class C: Net asset value per share	$	1.00
Shares outstanding		56,199
Net assets	$	56,199
Class R3: Net asset value per share	$	1.00
Shares outstanding		22,587
Net assets	$	22,587
Class R4: Net asset value per share	$	1.00
Shares outstanding		134,923
Net assets	$	134,923
Class R5: Net asset value per share	$	1.00
Shares outstanding		4,728
Net assets	$	4,728
Class Y: Net asset value per share	$	1.00
Shares outstanding		7,235
Net assets	$	7,235

The accompanying notes are an integral part of these financial statements.

6

The Hartford Money Market Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	—
Interest		1,017
Total investment income		1,017
Expenses:
Investment management fees		2,799
Administrative services fees		301
Transfer agent fees		913
Custodian fees		4
Accounting services fees		87
Registration and filing fees		215
Board of Directors' fees		19
Audit fees		18
Other expenses		84
Total expenses (before waivers and fees paid indirectly)		4,440
Expense waivers		(3,084	)
Transfer agent fee waivers		(339	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(3,423	)
Total expenses, net		1,017
Net Investment Income		—
Net Increase in Net Assets Resulting from Operations	$	—

The accompanying notes are an integral part of these financial statements.

7

The Hartford Money Market Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the  Year Ended October 31, 2012			For the  Year Ended October 31, 2011
Operations:
Net Increase In Net Assets Resulting From Operations		—			—
Capital Share Transactions:
Class A		(51,379	)		16,086
Class B		(9,364	)		(5,136	)
Class C		(20,716	)		15,051
Class R3		(1,646	)		3,822
Class R4		(59,831	)		(26,457	)
Class R5		31			(4,504	)
Class Y		(943	)		5,182
Net increase (decrease) from capital share transactions		(143,848	)		4,044
Net Increase (Decrease) In Net Assets		(143,848	)		4,044
Net Assets:
Beginning of period		695,514			691,470
End of period	$	551,666		$	695,514
Undistributed (distribution in excess of) net investment income (loss)	$	—		$	—

The accompanying notes are an integral part of these financial statements.

8

The Hartford Money Market Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Money Market Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold without a front-end sales charge. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 Years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – The Fund’s investments are valued at amortized cost, which approximates market value. Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund as determined on the Valuation Date.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

9

The Hartford Money Market Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

10

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Realized gains and losses are determined on the basis of identified cost.

Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 5% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and

11

The Hartford Money Market Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate risk. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by the Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate.

5. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization

12

of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund had no reclassifications.

d) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation. The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

e) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Hartford Investment Management Company (“Hartford Investment Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Hartford Investment Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first  $1 billion		0.45%
On next $4 billion		0.40%
On next $5 billion		0.38%
Over $10 billion		0.37%

13

The Hartford Money Market Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014%
On next $5 billion		0.012%
Over $10 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class R3		Class R4		Class R5		Class Y
	0.85%		1.60%		1.60%		1.15%		0.85%		0.60%		0.55%

The Investment Manager has agreed to reimburse expenses or waive fees to the extent necessary to prevent earnings from falling below the level of expenses. Any such expense reimbursement or waiver is voluntary and can be changed or terminated at any time without notice. There is no guarantee that the Fund will maintain a $1.00 net asset value per share or any particular level of yield.

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received contingent deferred sales charges of $142 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $11.  These commissions are in turn paid to sales representatives of the broker/dealers.

14

At a meeting held on February 4, 2009, the Board of Directors approved the temporary reduction of payment of distribution and service fees under the Fund’s 12b-1 Plan of Distribution to zero for Classes A, B, C, R3 and R4 for a period of six months, effective March 1, 2009. The Board of Directors has extended the reduction of payment of distribution and service fees through February 28, 2013. The Fund’s action results in a corresponding temporary reduction of 12b-1 payments of amounts paid to financial intermediaries by the Fund’s distributor to zero for Classes A, B, C, R3 and R4 during this time period. The Board of Directors’ action can be changed at any time.

The Hartford may be required to pay, out of its own resources, the equivalent of 12b-1 fees to financial intermediaries notwithstanding the reduction of 12b-1 fees. Since October 2008, the Fund’s distributor has made payments out of its own resources to financial intermediaries equal to the amount of 12b-1 fees that would have been paid notwithstanding waivers of 12b-1 fees.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

7. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		100		2	%
Class Y		102		1

8. Investment Transactions:

For the year ended October 31, 2012, the costs of purchases and sales of securities (including U.S. Government Obligations) for the Fund were $44,538,208 and $44,728,993, respectively.

15

The Hartford Money Market Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

9. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		271,848		—		(323,227	)		—		(51,379	)		391,973		—		(375,887	)		—		16,086
Amount	$	271,848	$	—	$	(323,227	)	$	—	$	(51,379	)	$	391,973	$	—	$	(375,887	)	$	—	$	16,086
Class B
Shares		7,012		—		(16,376	)		—		(9,364	)		19,100		—		(24,236	)		—		(5,136	)
Amount	$	7,012	$	—	$	(16,376	)	$	—	$	(9,364	)	$	19,100	$	—	$	(24,236	)	$	—	$	(5,136	)
Class C
Shares		92,645		—		(113,361	)		—		(20,716	)		131,054		—		(116,003	)		—		15,051
Amount	$	92,645	$	—	$	(113,361	)	$	—	$	(20,716	)	$	131,054	$	—	$	(116,003	)	$	—	$	15,051
Class R3
Shares		8,601		—		(10,247	)		—		(1,646	)		12,830		—		(9,008	)		—		3,822
Amount	$	8,601	$	—	$	(10,247	)	$	—	$	(1,646	)	$	12,830	$	—	$	(9,008	)	$	—	$	3,822
Class R4
Shares		22,474		—		(82,305	)		—		(59,831	)		46,191		—		(72,648	)		—		(26,457	)
Amount	$	22,474	$	—	$	(82,305	)	$	—	$	(59,831	)	$	46,191	$	—	$	(72,648	)	$	—	$	(26,457	)
Class R5
Shares		1,911		—		(1,880	)		—		31			2,878		—		(7,382	)		—		(4,504	)
Amount	$	1,911	$	—	$	(1,880	)	$	—	$	31		$	2,878	$	—	$	(7,382	)	$	—	$	(4,504	)
Class Y
Shares		5,907		—		(6,850	)		—		(943	)		9,650		—		(4,468	)		—		5,182
Amount	$	5,907	$	—	$	(6,850	)	$	—	$	(943	)	$	9,650	$	—	$	(4,468	)	$	—	$	5,182
Total
Shares		410,398		—		(554,246	)		—		(143,848	)		613,676		—		(609,632	)		—		4,044
Amount	$	410,398	$	—	$	(554,246	)	$	—	$	(143,848	)	$	613,676	$	—	$	(609,632	)	$	—	$	4,044

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		1,710	$	1,710
For the Year Ended October 31, 2011		1,962	$	1,962

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

16

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Hartford Investment Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Money Market Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class

Net Asset Value at Beginning of Period

Net Investment Income (Loss)

Net Realized and Unrealized Gain (Loss) on Investments

Total from Investment Operations

Dividends from Net Investment Income

Distributions from Realized Capital Gains

Distributions from Capital

Total Distributions

Net Asset Value at End of Period

For the Year Ended October 31, 2012

A

$

1.00

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

1.00

B

1.00

–

–

–

–

–

–

–

1.00

C

1.00

–

–

–

–

–

–

–

1.00

R3

1.00

–

–

–

–

–

–

–

1.00

R4

1.00

–

–

–

–

–

–

–

1.00

R5

1.00

–

–

–

–

–

–

–

1.00

Y

1.00

–

–

–

–

–

–

–

1.00

For the Year Ended October 31, 2011

A

1.00

–

–

–

–

–

–

–

1.00

B

1.00

–

–

–

–

–

–

–

1.00

C

1.00

–

–

–

–

–

–

–

1.00

R3

1.00

–

–

–

–

–

–

–

1.00

R4

1.00

–

–

–

–

–

–

–

1.00

R5

1.00

–

–

–

–

–

–

–

1.00

Y

1.00

–

–

–

–

–

–

–

1.00

For the Year Ended October 31, 2010

A

1.00

–

–

–

–

–

–

–

1.00

B

1.00

–

–

–

–

–

–

–

1.00

C

1.00

–

–

–

–

–

–

–

1.00

R3

1.00

–

–

–

–

–

–

–

1.00

R4

1.00

–

–

–

–

–

–

–

1.00

R5

1.00

–

–

–

–

–

–

–

1.00

Y

1.00

–

–

–

–

–

–

–

1.00

For the Year Ended October 31, 2009

A

1.00

–

–

–

–

–

–

–

1.00

B

1.00

–

–

–

–

–

–

–

1.00

C

1.00

–

–

–

–

–

–

–

1.00

R3

1.00

–

–

–

–

–

–

–

1.00

R4

1.00

–

–

–

–

–

–

–

1.00

R5

1.00

–

–

–

–

–

–

–

1.00

Y

1.00

–

–

–

–

–

–

–

1.00

For the Year Ended October 31, 2008

A

1.00

0.02

–

0.02

(0.02

)

–

–

(0.02

)

1.00

B

1.00

0.02

–

0.02

(0.02

)

–

–

(0.02

)

1.00

C

1.00

0.02

–

0.02

(0.02

)

–

–

(0.02

)

1.00

R3

1.00

0.02

–

0.02

(0.02

)

–

–

(0.02

)

1.00

R4

1.00

0.02

–

0.02

(0.02

)

–

–

(0.02

)

1.00

R5

1.00

0.03

–

0.03

(0.03

)

–

–

(0.03

)

1.00

Y

1.00

0.03

–

0.03

(0.03

)

–

–

(0.03

)

1.00

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Excluding the expenses not subject to cap, the ratio would have been 0.41%, 0.44%, 0.46%, 0.24%, 0.36%, 0.25% and 0.34% for Class A, Class B, Class C, Class R3, Class R4, Class R5 and Class Y, respectively.

(E) Excluding the expenses not subject to cap, the ratio would have been 0.90%, 1.65%, 1.60%, 1.15%, 0.85%, 0.63% and 0.52% for Class A, Class B, Class C, Class R3, Class R4, Class R5 and Class Y, respectively.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
	–	%	$	306,946		0.76	%		0.16	%		–	%		N/A
	–			19,048		0.71			0.16			–			–
	–			56,199		0.62			0.16			–			–
	–			22,587		0.72			0.16			–			–
	–			134,923		0.67			0.16			–			–
	–			4,728		0.62			0.16			–			–
	–			7,235		0.52			0.16			–			–
	–			358,325		0.73			0.18			–			N/A
	–			28,412		0.70			0.18			–			–
	–			76,915		0.61			0.18			–			–
	–			24,233		0.70			0.18			–			–
	–			194,754		0.65			0.18			–			–
	–			4,697		0.60			0.18			–			–
	–			8,178		0.50			0.18			–			–
	–			342,239		0.72			0.21			–			N/A
	–			33,548		0.70			0.21			–			–
	–			61,864		0.62			0.21			–			–
	–			20,411		0.71			0.21			–			–
	–			221,211		0.66			0.21			–			–
	–			9,201		0.61			0.21			–			–
	–			2,996		0.51			0.21			–			–
	0.05			386,036		0.88			0.45	(D)		0.03			N/A
	0.03			51,225		1.11			0.48	(D)		–			–
	0.03			76,846		1.06			0.50	(D)		–			–
	0.04			11,621		0.79			0.28	(D)		–			–
	0.06			250,995		0.78			0.40	(D)		0.02			–
	0.09			69,464		0.66			0.29	(D)		0.02			–
	0.11			1,596		0.58			0.38	(D)		0.09			–
	2.31			486,596		0.99			0.90	(E)		2.23			N/A
	1.54			66,581		1.71			1.65	(E)		1.40			–
	1.60			140,174		1.60			1.60	(E)		1.49			–
	2.07			529		1.35			1.15	(E)		1.33			–
	2.37			148,465		0.94			0.85	(E)		1.91			–
	2.60			8,826		0.63			0.63	(E)		2.09			–
	2.69			1,595		0.52			0.52	(E)		2.77			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Money Market Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Money Market Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN December 17, 2012

20

The Hartford Money Market Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Money Market Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Money Market Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

24

The Hartford Money Market Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,000.00	$	0.96	$	1,000.00	$	1,024.18	$	0.97		0.19	%		184		366
Class B	$	1,000.00	$	1,000.00	$	0.96	$	1,000.00	$	1,024.18	$	0.97		0.19			184		366
Class C	$	1,000.00	$	1,000.00	$	0.96	$	1,000.00	$	1,024.18	$	0.97		0.19			184		366
Class R3	$	1,000.00	$	1,000.00	$	0.96	$	1,000.00	$	1,024.18	$	0.97		0.19			184		366
Class R4	$	1,000.00	$	1,000.00	$	0.96	$	1,000.00	$	1,024.18	$	0.97		0.19			184		366
Class R5	$	1,000.00	$	1,000.00	$	0.96	$	1,000.00	$	1,024.18	$	0.97		0.19			184		366
Class Y	$	1,000.00	$	1,000.00	$	0.96	$	1,000.00	$	1,024.18	$	0.97		0.19			184		366

25

The Hartford Money Market Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Money Market Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Hartford Investment Management Company (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations given the Fund’s focus on liquidity and preservation of capital.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board noted that the fees payable to the Sub-adviser are equal to its estimated costs in providing sub-advisory services. Accordingly, the costs and profitability for the Sub-adviser and HIFSCO were considered in the aggregate.

27

The Hartford Money Market Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees and total operating expenses for the Fund. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board also considered that it had approved a temporary reduction of the distribution and service fees for the Fund’s Class A, Class B, Class C, Class R3 and Class R4 shares through February 28, 2013.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

28

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-MM12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155   

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Municipal Opportunities Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Municipal Opportunities Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	11
Statement of Assets and Liabilities at October 31, 2012	12
Statement of Operations for the Year Ended October 31, 2012	13
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	14
Notes to Financial Statements	15
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Municipal Opportunities Fund inception 05/31/2007

(sub-advised by Wellington Management Company LLP)

Investment objective – Seeks to provide current income that is generally exempt from federal income taxes and long-term total return.

Performance Overview 5/31/07 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Municipal Opportunities A#		12.58	%		3.64	%		2.69	%
Municipal Opportunities A##		7.52	%		2.69	%		1.82	%
Municipal Opportunities B#		11.75	%		2.83	%		1.90	%
Municipal Opportunities B##		6.75	%		2.50	%		1.75	%
Municipal Opportunities C#		11.73	%		2.87	%		1.94	%
Municipal Opportunities C##		10.73	%		2.87	%		1.94	%
Municipal Opportunities I#		12.83	%		3.90	%		2.97	%
Barclays Municipal Bond Index		9.03	%		6.02	%		5.88	%
Barclays Municipal Bond Non-Investment Grade Index		16.93	%		5.03	%		4.41	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 4.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company, which used a modified investment strategy. As of March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays Municipal Bond Index (formerly known as Barclays Capital Municipal Bond Index) is an unmanaged index of municipal bonds with maturities greater than two years.

Barclays Municipal Bond Non-Investment Grade Index (formerly known as Barclays Capital Municipal Bond Non-Investment Grade Index) is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year.

The Fund changed its benchmark from the Barclays Municipal Bond Non-Investment Grade Index to the Barclays Municipal Bond Index because the Fund’s investment manager believes that the Barclays Municipal Bond Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Municipal Opportunities Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Timothy D. Haney, CFA	Brad W. Libby
Vice President and Fixed Income Portfolio Manager	Vice President and Fixed Income Credit Analyst
As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Municipal Opportunities Fund returned 12.58%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the Barclays Municipal Bond Index, which returned 9.03% for the same period. The Fund also outperformed the 11.03% return of the average fund in the Lipper General & Insured Municipal Debt Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

During the annual period, fixed income markets were extremely volatile due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and Federal Open Market Committee (FOMC) - responded with bold policy moves in order to prop up the markets. ECB President Mario Draghi’s comments in late July that he would do “whatever it takes” to save the euro zone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

In the municipal market, the investor search for yield was a persistent theme throughout the period, causing longer-duration and lower-rated municipals to end the most recent quarter posting modestly higher returns. Supply in the municipal market has been met with steady demand, as evidenced by positive net inflows into municipal bond mutual funds, particularly high-yield and long-duration funds. Although overall municipal defaults have not risen since last year, at the local level municipal bankruptcies have persisted as a concern for bondholders. California in particular has continued to make headlines. We believe that widespread defaults are unlikely; however, many municipalities remain under stress and research has been and we believe will continue to be the key to differentiating between winners and losers.

The portfolio’s overweight allocation to High Yield Revenue Bonds, in particular the Health Care sector, was a key driver of outperformance. An overweight allocation to the Industrial Development sector of Investment Grade Revenue Bonds was also additive. Security selection within the Education, Health Care and Transportation sectors of Investment Grade Revenue Bonds was also a positive contributor to relative returns. Finally, yield curve positioning over the period was a positive contributor to relative results, as the portfolio transitioned from a longer duration to a shorter duration posture.

What is the outlook?

The U.S. economy is expanding at a moderate pace. Europe and the U.S. fiscal cliff (i.e. expiration of certain tax rates cut combined with forced spending cuts) still pose risks. We ended the period with a modest procyclical risk posture. The municipal yield curve has flattened in line with the U.S. Treasury curve. New issue supply is expected to remain muted versus historic levels. Fund flows have continued to be strong. At the end of the period, we had a neutral duration position with a flattening bias and have been looking for opportunities to move into longer duration municipals.

Municipalities are under stress but we do not expect to see widespread defaults. State revenues continue to improve, but we believe that they will be offset by increasing pension and Medicaid expenses. We believe that Local General Obligations (GOs) will likely remain stressed until real estate prices improve. Municipal credit spreads have continued to tighten but are still attractive to us. We believe that security selection remains key in this sector. We ended the period underweight in GOs, especially at the local municipality level. We ended the period overweight in Health Care, Toll Roads, and Airports. We favor essential service revenue bonds such as such as water, sewer, and electric utilities.

The accompanying notes are an integral part of these financial statements.

3

The Hartford Municipal Opportunities Fund

Manager Discussion  – (continued)

October 31, 2012 (Unaudited)

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		2.9	%
Aa / AA		19.9
A		26.4
Baa / BBB		20.0
Ba / BB		5.4
B		5.5
Caa / CCC or Lower		0.2
Unrated		16.9
Non Debt Securities and Other Short-Term Instruments		1.9
Other Assets & Liabilities		0.9
Total		100.0	%

*       Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of October 31, 2012

Industry	Percentage of Net Assets
Airport Revenues		6.9	%
General Obligations		13.4
Health Care/Services		22.4
Higher Education (Univ., Dorms, etc.)		10.0
Housing (HFA'S, etc.)		1.8
Industrial		5.7
Miscellaneous		13.9
Pollution Control		1.4
Prerefunded		1.3
Special Tax Assessment		3.5
Tax Allocation		5.7
Transportation		3.1
Utilities - Combined		0.9
Utilities - Electric		4.8
Utilities - Gas		1.1
Utilities - Water and Sewer		0.7
Waste Disposal		0.6
Short-Term Investments		1.9
Other Assets and Liabilities		0.9
Total		100.0	%

4

The Hartford Municipal Opportunities Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
MUNICIPAL BONDS - 97.2%
		Alabama - 0.6%
		Mobile, AL, Industrial Development Board Pollution Obligor: Alabama Power Co
$	2,540	1.65%, 06/01/2034		$	2,579
		Alaska - 0.1%
		Alaska State Municipal Bond Bank Auth
	375	5.75%, 09/01/2033			436
		Arizona - 2.6%
		Arizona State Health Fac Auth Hospital System Rev
	1,000	5.00%, 02/01/2027			1,106
		Estrella Mountain Ranch, AZ, Community Fac Dist GO
	265	6.20%, 07/15/2032	��		271
		Mohave County, AZ, IDA
	3,000	8.00%, 05/01/2025			3,724
		Pima County, AZ, Industrial DA Education Rev Obligor: Legacy Traditional Charter School
	1,485	8.50%, 07/01/2039			1,704
		Salt River, AZ, Agricultural Improvement
	3,000	5.00%, 12/01/2027			3,643
					10,448
		California - 12.1%
		California State Communities DA Rev
	585	1.02%, 04/01/2036 Δ			440
	1,000	5.63%, 10/01/2032			1,031
	2,250	6.00%, 08/15/2042			2,681
		California State GO
	4,985	6.50%, 04/01/2033			6,249
		California State Pollution Control FA
	2,805	4.75%, 12/01/2023			3,051
		California State Public Works Board Lease Rev
	1,000	5.00%, 04/01/2034			1,096
	2,000	5.25%, 10/01/2023			2,400
		California State Public Works Board, Correctional Facilities Improvement
	1,000	6.00%, 03/01/2035			1,187
		California State Public Works Board, State University Trustees
	2,000	6.25%, 04/01/2034			2,386
		California Statewide Communities DA Rev
	2,000	5.00%, 12/01/2041			2,238
		Imperial, CA, Irrigation Dist Elec Rev
	2,000	5.25%, 11/01/2031			2,298
		Irvine, CA, Improvement Bond Act
	310	3.00%, 09/02/2014			321
		Los Angeles Cty, CA, Public Wks FA Lease Rev
	1,000	5.00%, 08/01/2037			1,104
		Los Angeles, CA, Airport Rev
	1,500	5.00%, 01/01/2032			1,650
		M-S-R Energy Auth Gas Rev
	2,000	6.50%, 11/01/2039			2,804
		Port of Oakland, CA, GO
	1,500	5.00%, 05/01/2023 - 05/01/2026			1,713
		San Buenaventura, CA, Obligor: Community Memorial Health System
	1,000	7.50%, 12/01/2041			1,240
		San Diego, CA, Redev Agency Tax Allocation
	3,000	7.00%, 11/01/2039			3,506
		San Francisco City & County, CA, Redev Agency, Community Fac Dist No. 6
	530	6.13%, 08/01/2031			531
		San Francisco City & County, CA, Redev Agency, No. 6 Mission Bay South Pub
	590	6.25%, 08/01/2033			591
		San Jose, CA, Redev Agency
	2,575	5.00%, 08/01/2022			2,615
	500	6.50%, 08/01/2023			539
		Santa Cruz County, CA, Redev Agency
	1,335	6.63%, 09/01/2029			1,557
		Southern California State Public Power Auth
	2,000	5.25%, 07/01/2031			2,386
		Turlock, CA, Irrigation Dist
	3,000	5.50%, 01/01/2041			3,404
					49,018
		Colorado - 1.0%
		Baptist Road Rural Transportation Auth, Sales & Use Tax Rev
	630	5.00%, 12/01/2026			481
		Colorado State Health Fac Auth Rev
	1,500	5.25%, 11/15/2035			1,618
		Denver, CO, City & County Special Fac Airport Rev
	2,000	5.25%, 10/01/2032			2,035
					4,134
		Connecticut - 2.1%
		Bridgeport, CT, GO
	860	4.00%, 08/15/2014			905
		Connecticut State DA Pollution Control Rev
	2,315	1.55%, 05/01/2031			2,326
		Connecticut State Special Obligation Parking Rev
	1,290	6.60%, 07/01/2024			1,290
		Hamden, CT, Facilities Rev, Whitney Center Proj Ser A
	1,250	7.63%, 01/01/2030			1,386
	2,250	7.75%, 01/01/2043			2,430
					8,337
		District of Columbia - 0.4%
		Metropolitan Washington, DC, Airport Auth System Rev
	1,450	5.00%, 10/01/2022			1,739
		Florida - 6.5%
		Colonial Country Club Community Development Dist, Capital Improvement Rev
	1,955	6.40%, 05/01/2033			2,022
		Florida Village Community Development Dist No 8
	2,480	6.38%, 05/01/2038			2,993
		Greater Orlando, FL, Aviation Auth
	3,340	5.00%, 10/01/2021 - 10/01/2024			3,913

The accompanying notes are an integral part of these financial statements.

5

The Hartford Municipal Opportunities Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 97.2% - (continued)
		Florida - 6.5% - (continued)
		Highlands County, FL, Adventist Health (Prerefunded with US Gov't Securities)
$	125	5.25%, 11/15/2036	$	147
		Highlands County, FL, Health Fac Auth
	1,905	5.25%, 11/15/2036		2,054
		Hillsborough County, FL, IDA (Prerefunded with US Gov't Securities)
	1,150	8.00%, 08/15/2032		1,638
		Hillsborough County, FL, School Board
	630	5.00%, 07/01/2031		691
		Jacksonville, FL, Econ Development Commission Obligor: Florida Proton Therapy Institute, Inc
	2,000	6.25%, 09/01/2027		2,206
		Jacksonville, FL, Sales Tax Rev
	2,700	5.00%, 10/01/2021		3,245
		Lakeland, FL, Retirement Community Rev
	1,750	6.38%, 01/01/2043		1,823
		Magnolia Creek, FL, Community Development Dist Capital Improvement
	500	0.00%, 05/01/2039 ●		175
		Miami Beach, FL, Health Fac Auth
	500	5.00%, 11/15/2029		550
		Miami-Dade County, FL, Health Fac Auth
	1,000	6.00%, 08/01/2030		1,191
		Orange County, FL, School Board
	2,130	5.00%, 08/01/2026		2,485
		River Bend Community Development Dist, Capital Improvement Rev
	1,755	0.00%, 11/01/2015 ●		404
		Village, FL, Community Development Dist #5
	805	6.50%, 05/01/2033		821
				26,358
		Georgia - 2.1%
		Burke County, GA, DA
	3,000	1.25%, 01/01/2052		3,029
		Clayton County, GA, DA
	2,000	9.00%, 06/01/2035		2,237
		Dekalb Newton & Gwinnett Counties, GA, Joint DA
	1,500	6.00%, 07/01/2034		1,745
		Marietta, GA, DA Life University Inc Proj
	1,500	7.00%, 06/15/2030		1,601
				8,612
		Illinois - 6.5%
		Aurora, IL, Tax Increment Rev
	940	6.75%, 12/30/2027		985
		Chicago, IL, O'Hare International Airport Rev
	835	5.00%, 01/01/2014 - 01/01/2015		890
	1,000	5.25%, 01/01/2027		1,033
	2,210	6.00%, 01/01/2017		2,326
		Hampshire, IL, Special Service Area #13, Tuscany Woods Proj
	192	0.00%, 03/01/2037 ●		86
		Illinois FA Rev, Art Institute of Chicago Ser A
	1,400	6.00%, 03/01/2038		1,591
		Illinois FA Rev, Silver Cross Hospital & Medicine
	3,000	5.50%, 08/15/2030		3,264
		Illinois State FA Rev Obligor: The Admiral at the Lake
	3,000	6.00%, 05/15/2017		3,007
		Illinois State GO
	1,085	4.00%, 08/01/2014		1,142
	1,500	5.00%, 01/01/2022		1,680
	1,500	5.25%, 01/01/2021		1,765
		Illinois State Unemployment Insurance Fund Rev
	2,500	5.00%, 06/15/2019 - 12/15/2019		2,775
		Metropolitan Pier & Exposition Auth, IL
	5,000	5.90%, 12/15/2032 ○		1,995
		Railsplitter, IL, Tobacco Settlement Auth
	3,000	6.00%, 06/01/2028		3,581
				26,120
		Indiana - 0.5%
		Vigo County, IN, Hospital Auth
	2,000	5.75%, 09/01/2042 ■		2,044
		Kentucky - 1.2%
		Louisville & Jefferson County, KY, Metropolitan Government Rev
	1,710	1.65%, 10/01/2033 Δ		1,720
	1,515	5.00%, 12/01/2023		1,804
		Warren County, KY, Hospital Rev
	1,000	5.00%, 10/01/2037		1,083
				4,607
		Louisiana - 3.0%
		Louisiana State Local Government Environmental Fac Obligor: Westlake Chemical Corp
	4,000	6.75%, 11/01/2032		4,497
		Louisiana State Office Fac Corp Lease Rev
	3,925	5.00%, 11/01/2021		4,760
		New Orleans, LA, Aviation Board
	2,500	6.00%, 01/01/2023		2,955
				12,212
		Maryland - 0.1%
		Maryland State Health & Higher Education
	280	3.75%, 07/01/2034 ☼		279
		Massachusetts - 4.8%
		Massachusetts State Development Fin Agency Rev
	300	5.00%, 07/01/2014		317
	1,200	8.00%, 04/15/2031		1,483
		Massachusetts State GO
	8,000	0.25%, 03/01/2026 Δ		8,000
	3,335	12.59%, 04/01/2019 ■λ		5,227
		Massachusetts State Health & Education FA Rev, Simmons College Ser I
	2,355	8.00%, 10/01/2039		2,758
		Massachusetts State PA
	455	4.00%, 07/01/2022		499
	1,035	5.00%, 07/01/2021 - 07/01/2023		1,226
				19,510
		Michigan - 3.6%
		Detroit, MI, Water & Sewage Dept
	1,500	5.00%, 07/01/2018		1,721

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 97.2% - (continued)
		Michigan - 3.6% - (continued)
		Kent, MI, Hospital FA
$	5,175	6.00%, 07/01/2035	$	5,418
		Michigan State Public Educational FA Rev, Limited Obligation Chandler Park Academy
	2,025	6.35%, 11/01/2028		2,086
		Michigan State Strategic Fund Exempt Fac Rev
	1,300	3.20%, 08/01/2027		1,325
		Royal Oak, MI, Hospital FA
	2,000	8.25%, 09/01/2039		2,569
		Wayne County, MI, Airport Auth Rev
	1,275	5.00%, 12/01/2015		1,417
				14,536
		Minnesota - 1.5%
		Tobacco Securitization Auth, MN Settlement Rev
	5,400	5.25%, 03/01/2026 - 03/01/2031		6,128
		Missouri - 1.1%
		Branson Hills, MO, Infrastructure Fac
	100	5.50%, 04/01/2027		76
		Kirkwood, MO, Industrial DA Retirement Community
	3,500	8.25%, 05/15/2045		4,214
				4,290
		Nebraska - 0.3%
		Washington County, NE, Wastewater Solid Waste Disposal Facilities Rev
	1,245	1.38%, 09/01/2030		1,244
		Nevada - 1.6%
		Clark County, NV, School Dist GO
	1,625	5.00%, 06/15/2020		1,803
		Mesquite, NV, Special Improvement Dist 07-01
	455	6.00%, 08/01/2027		419
		Nevada State GO
	3,500	5.00%, 08/01/2019		4,267
				6,489
		New Jersey - 2.9%
		New Jersey Health Care Facilities FA, Hospital Asset Transformation
	2,855	5.75%, 10/01/2031		3,341
		New Jersey State Econ DA
	2,000	4.88%, 09/15/2019		2,039
	1,530	5.00%, 06/15/2018		1,773
		New Jersey State Educational FA Rev, University of Medicine & Dentistry
	2,000	7.50%, 12/01/2032		2,531
		New Jersey State Housing & Mortgage FA
	1,970	4.50%, 10/01/2030		2,129
				11,813
		New Mexico - 1.1%
		Los Alamos County, NM, Tax Improvement Rev
	3,000	5.88%, 06/01/2027		3,599
		Montecito Estates, NM, Public Improvement Dist
	950	7.00%, 10/01/2037		978
				4,577
		New York - 7.9%
		Erie County, NY, IDA Global Concepts Charter School Proj
	1,485	6.25%, 10/01/2037		1,506
		New York & New Jersey PA
	2,000	5.00%, 12/01/2023		2,155
		New York City, NY, Industrial Development Agency
	275	5.00%, 07/01/2013		281
		New York City, NY, Transitional FA Rev
	5,000	0.22%, 08/01/2031 ‡Δ		5,000
		New York State Dormitory Auth Non State Supported Debt, Orange Regional Med Center
	1,500	6.13%, 12/01/2029		1,674
		New York State Dormitory Auth Rev
	5,570	5.00%, 03/15/2022 - 12/15/2029		6,799
		New York State Thruway Auth
	1,000	5.00%, 01/01/2019		1,200
		New York, NY, GO
	4,000	6.25%, 10/15/2028		4,981
		Newburth, NY, GO
	1,145	5.00%, 06/15/2019		1,233
		TSASC, Inc NY
	2,500	5.00%, 06/01/2034		2,060
		Ulster County, NY, IDA
	1,750	6.00%, 09/15/2037		1,294
		Ulster County, NY, IDA Kingston Regional Senior Living Proj
	3,000	6.00%, 09/15/2027		2,260
		Ulster County, NY, Industrial Development Agency Obligor: Kingston Regional Senior Living Corp
	2,000	6.00%, 09/15/2042		1,481
				31,924
		North Carolina - 0.7%
		North Carolina Medical Care Commission Retirement FA Rev, First Mortgage Galloway Ridge
	1,555	5.88%, 01/01/2031		1,713
		North Carolina State Medical Care Commission Obligor: Galloway Ridge, Inc
	1,000	6.00%, 01/01/2039		1,087
				2,800
		Ohio - 4.1%
		Allen County, OH, Hospital Fac Rev
	2,000	5.00%, 05/01/2023		2,343
		Buckeye, OH, Tobacco Settlement FA
	4,580	6.00%, 06/01/2042		4,047
	5,795	6.50%, 06/01/2047		5,433
		Hamilton County, OH, Health Care Fac Rev
	1,750	5.00%, 06/01/2019 - 06/01/2020		2,015
		Ohio State Solid Waste Rev
	1,500	2.25%, 11/01/2022		1,500

The accompanying notes are an integral part of these financial statements.

7

The Hartford Municipal Opportunities Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
MUNICIPAL BONDS - 97.2% - (continued)
		Ohio - 4.1% - (continued)
		Ohio State Hospital Fac Rev
$	880	5.50%, 01/01/2039	$	993
				16,331
		Oklahoma - 0.6%
		Norman, OK, Regional Hospital Auth Rev
	2,310	5.25%, 09/01/2019		2,500
		Oregon - 0.8%
		Oregon State Health & Science University Rev
	2,500	5.00%, 07/01/2020 - 07/01/2022		3,030
		Other U.S. Territories - 1.6%
		Guam Government GO
	2,000	6.75%, 11/15/2029		2,233
		Guam Government Power Auth Rev
	1,000	5.00%, 10/01/2030		1,121
		Guam Government, Dept of Education John F Kennedy High School Ser A
	2,000	6.63%, 12/01/2030		2,187
		Guam Government, Limited Obligation Rev Section 30 Ser A
	935	5.75%, 12/01/2034		1,050
				6,591
		Pennsylvania - 4.8%
		Allegheny County, PA, Industrial DA Charter School
	1,190	6.75%, 08/15/2035		1,258
		Allegheny County, PA, Public Imps GO
	2,500	5.00%, 12/01/2034		2,811
		Beaver County, PA, Development Auth Rev
	1,500	2.70%, 04/01/2035 Δ		1,508
		Pennsylvania Econ Development FA Rev, Allegheny Energy Supply
	3,000	7.00%, 07/15/2039		3,594
		Pennsylvania State GO
	1,000	7.00%, 07/15/2028		1,170
		Pennsylvania State IDA
	2,250	5.00%, 07/01/2021		2,701
		Pennsylvania State Turnpike Commission Rev
	1,335	6.00%, 06/01/2028		1,633
		Philadelphia, PA, Municipal Auth
	750	6.38%, 04/01/2029		871
	800	6.50%, 04/01/2034		927
		Pittsburgh, PA, School Dist GO
	2,325	5.00%, 09/01/2021 - 09/01/2023		2,819
				19,292
		Rhode Island - 0.5%
		Cranston, RI, GO
	1,415	5.00%, 07/01/2019		1,626
		Rhode Island Tobacco Settlement Financing Corp
	375	6.00%, 06/01/2023		376
				2,002
		South Carolina - 0.2%
		Lancaster County, SC, Sun City Assessment
	1,987	0.00%, 11/01/2017 ●		934
		South Dakota - 1.1%
		South Dakota State Education Enhancement
	4,030	6.50%, 06/01/2032		4,172
		South Dakota State Housing DA
	185	6.13%, 05/01/2033		186
				4,358
		Tennessee - 0.2%
		Johnson City, TN, Health & Educational Fac Board Hospital Rev
	500	6.50%, 07/01/2038		602
		Texas - 10.9%
		Brazos Harbor, TX, Industrial Development Corp
	1,500	5.90%, 05/01/2038		1,701
		Brazos River Harbor, TX, Navigation Dist
	1,000	5.95%, 05/15/2033		1,146
		Clifton, TX, Higher Education Fin Corp
	2,000	8.75%, 02/15/2028		2,291
		Dallas-Fort Worth, TX, International Airport Fac Improvement Corp
	2,000	6.15%, 01/01/2016		2,002
		Dallas-Fort Worth, TX, International Airport Rev
	2,000	5.00%, 11/01/2038		2,189
		Houston, TX, Higher Education Fin Corp
	465	5.88%, 05/15/2021		543
	1,000	6.88%, 05/15/2041		1,221
		Kimble County, TX, Hospital Dist GO
	2,500	6.25%, 08/15/2033		2,855
		Lewisville, TX, Combination Contract Rev
	3,940	6.13%, 09/01/2029		4,092
		Lewisville, TX, Combination Contract Rev (Prerefunded with US Gov't Securities)
	60	6.13%, 09/01/2029		66
		Lower Colorado River, TX, Auth Rev
	55	7.25%, 05/15/2037		62
		Lower Colorado River, TX, Auth Rev (Prerefunded with US Gov't Securities)
	2,945	7.25%, 05/15/2037		3,449
		Maverick County, TX, Public Fac Corp Proj Rev
	1,325	6.25%, 02/01/2024		1,242
		North, TX, Tollway Auth Rev
	2,995	5.00%, 01/01/2022		3,591
		San Antonio, TX, Airport System Rev
	1,985	5.00%, 07/01/2023		2,348
		Texas Private Activity Surface Transportation, LBJ Infrastructure Group
	1,000	7.00%, 06/30/2040		1,234
		Texas State Midwest Public Fac Corp Rev
	3,000	0.00%, 10/01/2030 ●		900
		Texas State Municipal Gas Acquisition & Supply
	1,500	5.63%, 12/15/2017		1,684
		Texas State Private Activity Surface Transportation
	3,000	6.88%, 12/31/2039		3,638

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount					Market Value ╪
MUNICIPAL BONDS - 97.2% - (continued)
		Texas - 10.9% - (continued)
		Texas State Public FA Charter School
$	3,555	5.38%, 02/15/2037			$	3,734
	1,000	6.20%, 02/15/2040				1,154
		Travis County, TX, Health Fac Development
	2,000	7.13%, 11/01/2040				2,343
		Travis County, TX, Health Fac, Querencia Barton Creek Project
	600	5.65%, 11/15/2035				614
						44,099
		Virginia - 1.3%
		Norfolk, VA, Redev & Housing Auth Rev Obligor: Fort Norfolk Retirement Community, Inc
	1,005	6.13%, 01/01/2035				1,012
		Virginia State Small Business FA Rev Obligor: Hamptons Road Pronton Beam Therapy
	2,000	9.00%, 07/01/2039				2,155
		Washington County, VA, Industrial DA Hospital
	1,750	7.75%, 07/01/2038				2,188
						5,355
		Washington - 3.3%
		Grant County, WA, Utility Dist #2
	3,730	5.00%, 01/01/2022 - 01/01/2023				4,400
		King County, WA, Public Hospital GO
	3,000	7.25%, 12/01/2038				3,163
		Washington State Health Care Facilities Auth, VA Mason Medical
	3,600	6.13%, 08/15/2037				3,971
		Washington State, Health Care Fac Auth
	1,650	5.00%, 10/01/2042				1,957
						13,491
		West Virginia - 0.8%
		West Virginia State Econ DA Solid Waste Disposal Fac
	915	2.25%, 01/01/2041				923
		West Virginia State Hospital FA
	2,000	9.13%, 10/01/2041				2,435
						3,358
		Wisconsin - 2.7%
		Wisconsin State GO
	185	5.75%, 05/01/2033				222
	1,295	6.00%, 05/01/2036				1,584
		Wisconsin State Health & Educational Fac Auth Rev
	6,000	5.00%, 02/15/2040 - 04/01/2042				6,558
	2,465	5.25%, 08/15/2024				2,637
						11,001
		Total municipal bonds
		(cost $361,543)			$	393,178
		Total long-term investments
		(cost $361,543)			$	393,178
SHORT-TERM INVESTMENTS - 1.9%
	7,482	Investment Pools and Funds - 1.9%
		JP Morgan Tax Free Money Market Fund			$	7,482
		Total short-term investments
		(cost $7,482)			$	7,482
		Total investments
		(cost $369,025) ▲	99.1	%	$	400,660
		Other assets and liabilities	0.9	%		3,750
		Total net assets	100.0	%	$	404,410

The accompanying notes are an integral part of these financial statements.

9

The Hartford Municipal Opportunities Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ Also represents cost for tax purposes.

● Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $7,271, which represents 1.8% of total net assets.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

λ Inverse floating rate certificate issued by a third party securitization trust and purchased directly through a cash transaction; rate varies inversely to short-term interest rates and the rate presented is the effective rate at October 31, 2012.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $275 at October 31, 2012.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Municipal Bond Abbreviations:
DA	Development Authority
FA	Finance Authority
GO	General Obligation
IDA	Industrial Development Authority
PA	Port Authority
Rev	Revenue

The accompanying notes are an integral part of these financial statements.

10

The Hartford Municipal Opportunities Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Municipal Bonds		393,178		–		393,178		–
Short-Term Investments		7,482		7,482		–		–
Total	$	400,660	$	7,482	$	393,178	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

11

The Hartford Municipal Opportunities Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $369,025)	$	400,660
Receivables:
Investment securities sold		1,218
Fund shares sold		475
Dividends and interest		5,955
Other assets		29
Total assets		408,337
Liabilities:
Bank overdraft		5
Payables:
Investment securities purchased		2,988
Fund shares redeemed		598
Investment management fees		49
Dividends		208
Distribution fees		38
Accrued expenses		41
Total liabilities		3,927
Net assets	$	404,410
Summary of Net Assets:
Capital stock and paid-in-capital	$	408,847
Undistributed net investment income		102
Accumulated net realized loss		(36,174	)
Unrealized appreciation of investments		31,635
Net assets	$	404,410
Shares authorized		650,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$8.66/$9.07
Shares outstanding		23,420
Net assets	$	202,931
Class B: Net asset value per share	$	8.66
Shares outstanding		646
Net assets	$	5,597
Class C: Net asset value per share	$	8.67
Shares outstanding		13,574
Net assets	$	117,699
Class I: Net asset value per share	$	8.68
Shares outstanding		9,006
Net assets	$	78,183

The accompanying notes are an integral part of these financial statements.

12

The Hartford Municipal Opportunities Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Interest	$	19,261
Total investment income		19,261
Expenses:
Investment management fees		2,133
Transfer agent fees		166
Distribution fees
Class A		483
Class B		58
Class C		1,121
Custodian fees		4
Accounting services fees		70
Registration and filing fees		86
Board of Directors' fees		11
Audit fees		13
Other expenses		93
Total expenses (before waivers)		4,238
Expense waivers		(15	)
Total waivers		(15	)
Total expenses, net		4,223
Net Investment Income		15,038
Net Realized Gain on Investments:
Net realized gain on investments in securities		9,342
Net Realized Gain on Investments		9,342
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments		20,398
Net Changes in Unrealized Appreciation of Investments		20,398
Net Gain on Investments		29,740
Net Increase in Net Assets Resulting from Operations	$	44,778

The accompanying notes are an integral part of these financial statements.

13

The Hartford Municipal Opportunities Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	15,038		$	19,269
Net realized gain (loss) on investments		9,342			(10,546	)
Net unrealized appreciation (depreciation) of investments		20,398			(14,992	)
Net Increase (Decrease) In Net Assets Resulting From Operations		44,778			(6,269	)
Distributions to Shareholders:
From net investment income
Class A		(7,812	)		(10,093	)
Class B		(192	)		(295	)
Class C		(3,698	)		(5,051	)
Class I		(3,292	)		(3,932	)
Total distributions		(14,994	)		(19,371	)
Capital Share Transactions:
Class A		10,611			(47,063	)
Class B		(591	)		(1,298	)
Class C		5,629			(17,782	)
Class I		2,655			(8,220	)
Net increase (decrease) from capital share transactions		18,304			(74,363	)
Net Increase (Decrease) In Net Assets		48,088			(100,003	)
Net Assets:
Beginning of period		356,322			456,325
End of period	$	404,410		$	356,322
Undistributed (distribution in excess of) net investment income (loss)	$	102		$	58

The accompanying notes are an integral part of these financial statements.

14

The Hartford Municipal Opportunities Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Municipal Opportunities Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company's Board of Directors. Market quotes are considered not readily available where there is an absence of current

15

The Hartford Municipal Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund's portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

16

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued as of the ex-dividend date. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the

17

The Hartford Municipal Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

b) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

c) Inverse Floating Rate Securities – The Fund may invest in inverse floating rate certificates (“inverse floater”). The inverse floaters purchased by the Fund are created by the deposit of municipal bonds into a special purpose trust created by an unaffiliated broker-dealer. The trust issues floating rate certificates with par equal to some fraction of the deposited bonds’ par amount or market value. The floating rate certificates pay short-term tax-exempt interest to the holder(s) of the floating rate certificate(s). The trust also issues an inverse floater that receives all remaining or residual interest in the trust after payment of amounts due to the floating rate bondholder and trust-related fees. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders. The inverse floater holder bears substantially all of the underlying municipal bonds’ investment risk and also benefits disproportionately from any potential appreciation of the underlying bond. The price of an inverse floater will be more volatile than that of the underlying municipal bond(s) because the interest rate is dependent on both the fixed coupon rate of the underlying municipal bond(s) and also the short-term interest paid on the floating rate certificates and because the inverse floater bears the risk of loss of the underlying bond(s).

18

The Fund may purchase an inverse floater in a secondary market transaction or enter into a tender option bond program by negotiating the terms of the program and subsequently purchasing the resulting inverse floater without first owning the underlying municipal bond(s) (“externally deposited inverse floater”). The Fund may also sell a fixed rate municipal bond to a broker-dealer for deposit into a special purpose trust and receive the residual interest in the trust (“self deposited inverse floater”). The inverse floaters held by the Fund can only be sold to qualified institutional buyers and entitle the Fund to collapse the trust causing the holders of the floating rate certificates to tender their notes at par and, at the Fund’s discretion, to have the broker transfer the underlying municipal bond(s) held by the trust to the Fund. The sale of inverse floaters may involve delay or additional costs. The Fund, as shown on the Schedule of Investments, had outstanding externally deposited inverse floaters as of October 31, 2012.

4. Principal Risks:

a)

Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b)

Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment and extension risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e. yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes.

5. Federal Income Taxes:

a)

Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b)

Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

19

The Hartford Municipal Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Tax Exempt Income †	$	14,989	$	19,507
Ordinary Income		122		181

†	The Fund designates these distributions as exempt interest pursuant to IRC Sec. 852(b)(5).
As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	310
Accumulated Capital Losses *		(36,174	)
Unrealized Appreciation †		31,635
Total Accumulated Deficit	$	(4,229	)

*	The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.
†	Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d)

Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund had no reclassifications.

e)

Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

20

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	3,863
2017		15,644
2018		6,121
2019		10,546
Total	$	36,174

During the year ended October 31, 2012, the Fund utilized $9,343 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective March 5, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to March 5, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.5500%
On next $500 million		0.5000%
On next $1.5 billion		0.4750%
On next $2.5 billion		0.4650%
On next $5 billion		0.4550%
Over $10 billion		0.4450%

21

The Hartford Municipal Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.5500%
On next $500 million		0.5000%
On next $4 billion		0.4750%
On next $5 billion		0.4550%
Over $10 billion		0.4450%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.018%
On next $5 billion		0.016%
Over $10 billion		0.014%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I
	0.90%		1.65%		1.65%		0.65%

d) Distribution and Service Plan for Class A, B and C Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $638 and contingent deferred sales charges of $30 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B and C shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

22

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $22.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	213,035
Sales Proceeds Excluding U.S. Government Obligations		186,322

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares
Class A
Shares		7,638		773		(7,151	)		—		1,260			7,656		986		(14,613	)		—		(5,971	)
Amount	$	64,324	$	6,520	$	(60,233	)	$	—	$	10,611		$	60,276	$	7,768	$	(115,107	)	$	—	$	(47,063	)
Class B
Shares		36		17		(123	)		—		(70	)		27		28		(222	)		—		(167	)
Amount	$	304	$	145	$	(1,040	)	$	—	$	(591	)	$	221	$	217	$	(1,736	)	$	—	$	(1,298	)
Class C
Shares		2,569		333		(2,228	)		—		674			2,512		456		(5,252	)		—		(2,284	)
Amount	$	21,567	$	2,801	$	(18,739	)	$	—	$	5,629		$	19,897	$	3,596	$	(41,275	)	$	—	$	(17,782	)
Class I
Shares		3,308		275		(3,245	)		—		338			4,927		320		(6,217	)		—		(970	)
Amount	$	27,598	$	2,321	$	(27,264	)	$	—	$	2,655		$	38,889	$	2,527	$	(49,636	)	$	—	$	(8,220	)
Total
Shares		13,551		1,398		(12,747	)		—		2,202			15,122		1,790		(26,304	)		—		(9,392	)
Amount	$	113,793	$	11,787	$	(107,276	)	$	—	$	18,304		$	119,283	$	14,108	$	(207,754	)	$	—	$	(74,363	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		2	$	20
For the Year Ended October 31, 2011		13	$	102

23

The Hartford Municipal Opportunities Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

24

13. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

25

The Hartford Municipal Opportunities Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	8.01	$	0.34	$	0.65		$	0.99		$	(0.34	)	$	–	$	–	$	(0.34	)	$	8.66
B		8.01		0.28		0.65			0.93			(0.28	)		–		–		(0.28	)		8.66
C		8.02		0.28		0.65			0.93			(0.28	)		–		–		(0.28	)		8.67
I		8.03		0.36		0.65			1.01			(0.36	)		–		–		(0.36	)		8.68
For the Year Ended October 31, 2011
A		8.47		0.44		(0.46	)		(0.02	)		(0.44	)		–		–		(0.44	)		8.01
B		8.47		0.38		(0.46	)		(0.08	)		(0.38	)		–		–		(0.38	)		8.01
C		8.48		0.38		(0.46	)		(0.08	)		(0.38	)		–		–		(0.38	)		8.02
I		8.49		0.46		(0.46	)		–			(0.46	)		–		–		(0.46	)		8.03
For the Year Ended October 31, 2010
A		8.02		0.45		0.45			0.90			(0.45	)		–		–		(0.45	)		8.47
B		8.01		0.38		0.47			0.85			(0.39	)		–		–		(0.39	)		8.47
C		8.02		0.39		0.46			0.85			(0.39	)		–		–		(0.39	)		8.48
I		8.03		0.47		0.46			0.93			(0.47	)		–		–		(0.47	)		8.49
For the Year Ended October 31, 2009
A		7.27		0.42		0.76			1.18			(0.43	)		–		–		(0.43	)		8.02
B		7.26		0.36		0.76			1.12			(0.37	)		–		–		(0.37	)		8.01
C		7.27		0.37		0.75			1.12			(0.37	)		–		–		(0.37	)		8.02
I		7.27		0.44		0.76			1.20			(0.44	)		–		–		(0.44	)		8.03
For the Year Ended October 31, 2008
A		9.46		0.49		(2.19	)		(1.70	)		(0.49	)		–		–		(0.49	)		7.27
B		9.46		0.42		(2.19	)		(1.77	)		(0.43	)		–		–		(0.43	)		7.26
C		9.46		0.42		(2.18	)		(1.76	)		(0.43	)		–		–		(0.43	)		7.27
I		9.47		0.51		(2.19	)		(1.68	)		(0.52	)		–		–		(0.52	)		7.27

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(D) Excluding the expenses not subject to cap, the ratio would have been 0.90%, 1.65%, 1.65% and 0.65% for Class A, Class B, Class C and Class I, respectively.

(E) Excluding the expenses not subject to cap, the ratio would have been 0.90%, 1.70%, 1.66% and 0.66% for Class A, Class B, Class C and Class I, respectively.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	12.58	%	$	202,931		0.91	%		0.91	%(D)		4.05	%		51	%
	11.75			5,597		1.72			1.66	(D)		3.32			–
	11.73			117,699		1.67			1.66	(D)		3.31			–
	12.83			78,183		0.67			0.66	(D)		4.31			–
	0.03			177,569		0.94			0.93	(D)		5.58			41
	(0.72	)		5,739		1.75			1.68	(D)		4.84			–
	(0.72	)		103,439		1.70			1.68	(D)		4.83			–
	0.28			69,575		0.70			0.68	(D)		5.82			–
	11.56			238,332		0.92			0.92	(E)		5.49			15
	10.82			7,475		1.72			1.72	(E)		4.68			–
	10.85			128,723		1.68			1.68	(E)		4.72			–
	11.93			81,795		0.68			0.68	(E)		5.72			–
	16.93			222,328		0.92			0.85			5.81			26
	16.00			7,523		1.75			1.68			4.97			–
	16.04			111,097		1.69			1.62			5.04			–
	17.30			70,162		0.69			0.62			6.04			–
	(18.60	)		171,281		0.92			0.40			5.61			65
	(19.36	)		4,664		1.73			1.19			4.81			–
	(19.24	)		76,650		1.70			1.17			4.86			–
	(18.50	)		54,029		0.69			0.17			5.84			–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Municipal Opportunities Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Municipal Opportunities Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

28

The Hartford Municipal Opportunities Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford Municipal Opportunities Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford Municipal Opportunities Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford Municipal Opportunities Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios, including expenses not subject to cap, multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current ½ year		Days in the full year
Class A	$	1,000.00	$	1,043.74	$	4.57	$	1,000.00	$	1,020.66	$	4.52		0.89	%		184		366
Class B	$	1,000.00	$	1,039.83	$	8.46	$	1,000.00	$	1,016.84	$	8.37		1.65			184		366
Class C	$	1,000.00	$	1,039.78	$	8.46	$	1,000.00	$	1,016.84	$	8.37		1.65			184		366
Class I	$	1,000.00	$	1,044.94	$	3.34	$	1,000.00	$	1,021.87	$	3.30		0.65			184		366

33

The Hartford Municipal Opportunities Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Municipal Opportunities Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

35

The Hartford Municipal Opportunities Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, an additional breakpoint had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

36

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-M012 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Short Duration Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Short Duration Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	17
Statement of Assets and Liabilities at October 31, 2012	18
Statement of Operations for the Year Ended October 31, 2012	19
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	20
Notes to Financial Statements	21
Financial Highlights	36
Report of Independent Registered Public Accounting Firm	38
Directors and Officers (Unaudited)	39
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	41
Quarterly Portfolio Holdings Information (Unaudited)	41
Federal Tax Information (Unaudited)	42
Expense Example (Unaudited)	43
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	44

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Short Duration Fund inception 10/31/2002

(sub-advised by Wellington Management Company LLP)

Investment objective – Seeks to provide current income and long-term total return.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Short Duration A#		4.37	%		3.35	%		3.23	%
Short Duration A##		2.28	%		2.72	%		2.92	%
Short Duration B#		4.48	%		2.85	%		2.61	%*
Short Duration B##		-0.52	%		2.49	%		2.61	%*
Short Duration C#		3.60	%		2.59	%		2.47	%
Short Duration C##		2.60	%		2.59	%		2.47	%
Short Duration I#		4.75	%		3.55	%		3.33	%
Short Duration R3#		4.07	%		3.54	%		3.34	%‡
Short Duration R4#		4.48	%		3.63	%		3.39	%‡
Short Duration R5#		4.69	%		3.68	%		3.42	%‡
Short Duration Y#		4.84	%		3.69	%		3.42	%‡
Barclays 1-3 Year U.S. Government/Credit Index		1.15	%		3.20	%		3.23	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.
‡	Rates shown are since inception date of Class Y shares.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 2.00% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 2/26/10.  Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses.   Class R3, R4 and R5 shares commenced operations on 9/30/11.  Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.  Class Y shares commenced operations on 11/28/03.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays 1-3 Year U.S. Government/Credit Index (formerly known as Barclays Capital 1-3 Year U.S. Government/Credit Index) is an unmanaged index comprised of the U.S. Government/Credit component of the U.S. Aggregate Index. The 1-3 Year U.S. Government/Credit Index includes securities in the 1-3 year maturity range in the U.S. Government/Credit Index.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Short Duration Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

Timothy E. Smith

Senior Vice President and Fixed Income Portfolio Manager

As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Short Duration Fund returned 4.37%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the Barclays 1-3 Year U.S. Government/Credit Index, which returned 1.15% for the same period. The Fund also outperformed the 3.25% return of the average fund in the Lipper Short Investment Grade Debt Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and the U.S. Federal Reserve Board (Fed) - responded with bold policy moves. ECB President Mario Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

The Fed remained extremely accommodative throughout the period, which further supported fixed income assets. In September, the Fed announced a third round of quantitative easing involving the purchase of $40 billion of additional mortgage-backed securities per month. Additionally, the central bank extended its rates guidance to the middle of 2015 and further stated that it expected to maintain a highly accommodative stance for a considerable period after the economic recovery strengthens.

Economic data released throughout the period painted a mixed picture of the U.S. economy. Consumer confidence weakened and the labor market remained sluggish. However, there was growing enthusiasm over a recovery in housing as home prices showed their first year-over-year gain in years.

The Treasury yield curve flattened over the period as longer-term rates declined more than short-term yields. All of the major fixed income sectors posted strong absolute returns driven by the decline in Treasury yields, and all sectors outperformed Treasuries on a duration-adjusted basis.

Fixed income credit sectors significantly outperformed during the period, sparked by aggressive monetary policy actions from both the Fed and ECB. Our overweight (i.e. the Fund’s sector position was greater than the benchmark position) to investment grade corporates, especially Financials, was the top contributor to outperformance as this subsector benefitted following the reduction of tail risk from Europe. Allocations to high yield and bank loans were also strong positives for relative performance. Our allocation to the Agency MBS sector was additive as the announcement of the Fed’s Quantitative Easing 3 policy boosted performance of this sector. Exposures to both CMBS (commercial mortgage backed securities) and ABS (asset backed securities) were also favorable for relative results.

What is the outlook?

The U.S. is still faced with many challenges surrounding its fiscal situation, including uncertainty on tax and entitlement reform, potential spending cuts, political gridlock, and the impending fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts). In Europe, fiscal austerity, soft employment numbers, and decelerating economic activity continue to take their toll on the region. Overall, we expect U.S. economic momentum to be slow but positive with short-term growth prospects vulnerable to shocks. Therefore, at the end of the period we maintained a modest pro-cyclical risk posture. The Fed appears willing to tolerate higher inflation in exchange for market stability and we believe it will continue to provide accommodation until employment improves. We had a neutral duration and yield curve posture believing that rates will stay low for an extended period.

As of the end of the period, we continued to be positioned with an underweight to the U.S. Government sector, as we

3

The Hartford Short Duration Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

believe that there are more compelling opportunities in other sectors. As of October 31, 2012, we were overweight the Investment Grade Credit sector due to strong credit fundamentals. Within Investment Grade Corporates, we continued to favor U.S. financial companies which have de-levered significantly. We continued to maintain our allocation to agency MBS based on its strong liquidity and income advantage over U.S. Treasuries. At the end of the period, we held a modest position in prime, non-agency MBS. We believe that the recovery in housing and improvement in home prices bode well for the non-agency MBS sector while valuations remain attractive. In the CMBS market, we continued to believe that there is strong collateralization in senior CMBS tranches and long-term valuations are attractive. We held senior tranches of CMBS deals. We expect steady collateral performance in the consumer ABS sectors. Within ABS, we favored short, high quality auto, credit card, and equipment securities. Lastly, we held a modest position in high yield corporate bonds and a significant allocation to bank loans based on strong fundamentals and attractive valuations.

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		16.1	%
Aa / AA		8.4
A		20.7
Baa / BBB		25.1
Ba / BB		14.8
B		4.5
Caa / CCC or Lower		0.3
Unrated		0.2
U.S. Government Agencies and Securities		16.1
Non Debt Securities and Other Short-Term Instruments		1.7
Other Assets & Liabilities		(7.9	)
Total		100.0	%

*       Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of October 31, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		0.5	%
Administrative Waste Management and Remediation		0.6
Air Transportation		0.7
Arts, Entertainment and Recreation		2.4
Beverage and Tobacco Product Manufacturing		1.9
Chemical Manufacturing		1.2
Computer and Electronic Product Manufacturing		1.9
Construction		0.2
Finance and Insurance		51.5
Food Manufacturing		0.7
Food Services		0.3
Furniture and Related Product Manufacturing		0.4
General Obligations		0.5
Health Care and Social Assistance		3.9
Information		5.9
Machinery Manufacturing		1.2
Mining		1.8
Miscellaneous Manufacturing		0.7
Motor Vehicle and Parts Manufacturing		0.9
Other Services		0.2
Petroleum and Coal Products Manufacturing		3.9
Pipeline Transportation		0.9
Plastics and Rubber Products Manufacturing		0.2
Primary Metal Manufacturing		1.1
Professional, Scientific and Technical Services		0.9
Real Estate, Rental and Leasing		1.6
Retail Trade		1.2
Soap, Cleaning Compound and Toilet Manufacturing		0.1
Transportation Equipment Manufacturing		0.5
Truck Transportation		0.4
Utilities		1.3
Wholesale Trade		0.6
Total		90.1	%
U.S. Government Agencies		16.1
Short-Term Investments		1.7
Other Assets and Liabilities		(7.9	)
Total		100.0	%

The above table represents sub-industry investments by industry, which combines multiple sub-industries into one industry category.  Detailed information on sub-industry breakdowns is available in the Schedule of Investments.

4

The Hartford Short Duration Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 19.1%
Finance and Insurance - 17.8%
		Captive Auto Finance - 4.8%
		Ally Automotive Receivables Trust
$	1,700	0.70%, 12/21/2015	$	1,701
	262	1.38%, 07/15/2014		263
	1,000	2.29%, 11/16/2015 ■		1,023
	1,500	3.29%, 03/15/2015 ■		1,548
		Ally Master Owner Trust
	1,975	1.21%, 06/15/2017		1,991
	2,695	1.54%, 09/16/2019		2,694
		AmeriCredit Automobile Receivables Trust
	193	0.90%, 09/08/2014		193
		Credit Acceptance Automotive Loan Trust
	1,115	2.20%, 09/16/2019 ■		1,122
		Ford Credit Automotive Owner Trust
	57	0.68%, 01/15/2014		58
	2,500	2.62%, 10/15/2016		2,572
		Ford Credit Floorplan Master Owner Trust
	2,300	0.74%, 09/15/2016		2,301
		Harley-Davidson Motorcycle Trust
	2,571	0.96%, 05/16/2016		2,580
	500	1.99%, 01/15/2016		503
		Hyundai Automotive Receivables Trust
	650	1.65%, 02/15/2017		664
	2,100	2.27%, 02/15/2017		2,168
		Motor plc
	345	1.29%, 02/25/2020 ■		346
		Prestige Automotive Receivables Trust
	1,371	1.23%, 12/15/2015 ■		1,373
		Volvo Financial Equipment LLC
	1,836	0.91%, 08/17/2015 ■		1,843
		World Omni Automotive Receivables Trust
	1,500	2.33%, 09/15/2016		1,536
				26,479
		Credit Card Issuing - 1.7%
		Bank One Issuance Trust
	2,260	4.77%, 02/16/2016		2,314
		Citibank Omni Master Trust
	2,525	2.96%, 08/15/2018 ■Δ		2,636
		Golden Credit Card Trust
	2,750	0.79%, 09/15/2017 ■		2,750
		Master Credit Card Trust
	1,365	0.78%, 04/21/2017 ■		1,365
				9,065
		Real Estate Credit (Mortgage Banking) - 11.3%
		Avis Budget Rental Car Funding AESOP LLC
	1,800	1.85%, 11/20/2013 ■		1,821
		Bayview Commercial Asset Trust
	6,710	7.67%, 01/25/2037 ■►		251
	7,010	14.86%, 09/25/2037 ■►		661
		Bear Stearns Commercial Mortgage Securities, Inc.
	30,888	4.41%, 02/11/2041 ►		22
	12,625	15.01%, 11/11/2041 ►		7
		CBA Commercial Small Balance Commercial Mortgage
	6,060	8.52%, 01/25/2039 ■►		545
		CFCRE Commercial Mortgage Trust
	1,500	3.76%, 04/15/2044 ■		1,621
		Chesapeake Funding LLC
	1,185	0.98%, 11/07/2023 ■Δ		1,188
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	2,321	0.69%, 09/10/2045		2,321
		Commercial Mortgage Pass-Through Certificates
	1,221	0.67%, 11/15/2045		1,221
	1,267	0.82%, 08/15/2045		1,271
	2,485	3.16%, 11/01/2015 ■		2,628
		DBUBS Mortgage Trust
	3,081	3.57%, 01/01/2021 ■►		156
	1,345	3.64%, 08/10/2044		1,468
	2,533	3.74%, 11/10/2046 ■		2,749
		Equity One ABS, Inc.
	20	2.71%, 07/25/2034 Δ		—
		Ford Credit Floorplan Master Owner Trust
	1,725	1.50%, 09/15/2015		1,741
		GMAC Commercial Mortgage Securities, Inc.
	1,055	6.50%, 05/15/2035 ■		1,083
		Goldman Sachs Mortgage Securities Corp. II
	1,063	5.28%, 08/10/2038		1,075
	199	5.48%, 11/10/2039		203
	1,500	5.55%, 04/10/2038		1,697
		Hasco HIM Trust
	44	0.00%, 12/26/2035 ■●		—
		John Deere Owner Trust
	1,870	1.96%, 04/16/2018		1,917
		JP Morgan Chase Commercial Mortgage Securities Corp.
	980	0.71%, 10/15/2045 Δ		981
	950	3.36%, 11/13/2044 ■		1,026
	2,853	3.85%, 06/15/2043 ■		3,050
	63	4.30%, 01/15/2038		64
	663	4.93%, 09/12/2037		681
	232	4.96%, 08/15/2042		235
	1,450	5.77%, 06/12/2041 Δ		1,556
		LB-UBS Commercial Mortgage Trust
	115	5.30%, 02/15/2040		115
		Long Beach Asset Holdings Corp.
	180	0.00%, 04/25/2046 ■●		—
		Merrill Lynch Mortgage Trust
	12,693	0.43%, 09/12/2042 Δ		10
	1,000	4.86%, 08/12/2039		1,068
	1,000	6.04%, 06/12/2050 Δ		1,072
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	247	5.11%, 12/12/2049		249
		Morgan Stanley BAML Trust
	786	0.66%, 11/15/2045		786
		Morgan Stanley Capital I
	1,400	3.22%, 07/15/2049		1,512
	1,500	3.88%, 09/15/2047 ■		1,629
	2,500	4.97%, 04/14/2040		2,646
	2,391	5.11%, 06/15/2040		2,518
		National Credit Union Administration
	801	1.60%, 10/29/2020		813

The accompanying notes are an integral part of these financial statements.

5

The Hartford Short Duration Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 19.1% - (continued)
Finance and Insurance - 17.8% - (continued)
		Real Estate Credit (Mortgage Banking) - 11.3% - (continued)
		Renaissance Home Equity Loan Trust
$	108	0.00%, 04/25/2037 ■●	$	—
		SBA Tower Trust
	1,310	2.93%, 12/15/2017 ■		1,344
		Silverstone Master Issuer plc
	415	1.87%, 01/21/2055 ■Δ		427
		Sovereign Commercial Mortgage Securities
	456	6.03%, 07/22/2030 ■Δ		465
		UBS Commercial Mortgage Trust
	2,082	1.03%, 05/10/2045		2,103
		UBS-Barclays Commercial Mortgage Trust
	2,710	0.73%, 08/10/2049		2,712
		Voyager Countrywide Delaware Trust
	476	7.72%, 11/26/2035 ■○Δ		369
		Wachovia Bank Commercial Mortgage Trust
	334	4.50%, 10/15/2041		339
	2,000	4.80%, 10/15/2041		2,143
	371	5.25%, 12/15/2043		379
	1,500	5.48%, 04/15/2047		1,577
	1,581	5.62%, 05/15/2046		1,671
		WF-RBS Commercial Mortgage Trust
	2,750	0.67%, 11/15/2045		2,750
				61,936
				97,480
Real Estate, Rental and Leasing - 0.8%
		Automotive Equipment Rental and Leasing - 0.8%
		ARI Fleet Lease Trust
	1,425	0.51%, 01/15/2021 ■†Δ		1,425
		Enterprise Fleet Financing LLC
	725	0.72%, 04/20/2018 ■		725
	1,894	1.90%, 10/20/2016 ■		1,919
				4,069
Transportation Equipment Manufacturing - 0.5%
		Railroad Rolling Stock Manufacturing - 0.5%
		GE Equipment Transportation LLC
	2,051	0.62%, 07/25/2016		2,052
	730	0.99%, 11/23/2015		735
				2,787
		Total asset & commercial mortgage backed securities
		(cost $103,459)	$	104,336
CERTIFICATES OF DEPOSIT - 0.2%
Finance and Insurance - 0.2%
		Monetary Authorities - Central Banks - 0.2%
		Deutsche Bank AG New York,
$	1,000	0.97%, 1/18/2013 Δ	$	1,002
		Total certificates of deposit
		(cost $1,000)	$	1,002
CORPORATE BONDS - 54.6%
Accommodation and Food Services - 0.2%
		Traveler Accommodation - 0.2%
		MGM Mirage, Inc.
$	1,145	11.13%, 11/15/2017	$	1,262
Arts, Entertainment and Recreation - 1.3%
		Cable and Other Subscription Programming - 1.0%
		DirecTV Holdings LLC
	1,681	2.40%, 03/15/2017		1,732
	1,100	3.50%, 03/01/2016		1,177
		Echostar DBS Corp.
	725	7.13%, 02/01/2016		810
		Viacom, Inc.
	1,650	1.25%, 02/27/2015		1,666
				5,385
		Radio and Television Broadcasting - 0.3%
		NBC Universal Media LLC
	2,000	2.10%, 04/01/2014		2,039
				7,424
Beverage and Tobacco Product Manufacturing - 1.9%
		Beverage Manufacturing - 1.6%
		Anheuser-Busch InBev Worldwide, Inc.
	1,730	1.38%, 07/15/2017		1,756
	540	1.50%, 07/14/2014		550
		Constellation Brands, Inc.
	1,210	7.25%, 09/01/2016		1,397
		Diageo Capital plc
	2,275	1.50%, 05/11/2017		2,319
		Molson Coors Brewing Co.
	311	2.00%, 05/01/2017		321
		PepsiCo, Inc.
	1,209	0.80%, 08/25/2014		1,215
		Pernod-Ricard S.A
	1,000	2.95%, 01/15/2017 ■		1,055
				8,613
		Tobacco Manufacturing - 0.3%
		Altria Group, Inc.
	500	7.75%, 02/06/2014		543
		Lorillard Tobacco Co.
	180	2.30%, 08/21/2017		182
		Reynolds American, Inc.
	1,300	1.05%, 10/30/2015		1,304
				2,029
				10,642
Chemical Manufacturing - 0.7%
		Basic Chemical Manufacturing - 0.7%
		Airgas, Inc.
	1,000	2.85%, 10/01/2013		1,017
		Dow Chemical Co.
	1,000	7.60%, 05/15/2014		1,103
		PPG Industries, Inc.
	1,500	1.90%, 01/15/2016		1,552
				3,672
Computer and Electronic Product Manufacturing - 1.6%
		Communications Equipment Manufacturing - 0.1%
		Nextel Communications, Inc.
	691	7.38%, 08/01/2015		692

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 54.6% - (continued)
Computer and Electronic Product Manufacturing - 1.6% - (continued)
		Computer and Peripheral Equipment Manufacturing - 1.0%
		Hewlett-Packard Co.
$	4,000	2.60%, 09/15/2017	$	3,895
		Seagate Technology plc
	1,140	10.00%, 05/01/2014 ■		1,237
				5,132
		Navigational, Measuring, and Control Instruments - 0.5%
		Lockheed Martin Corp.
	1,805	2.13%, 09/15/2016		1,877
		Thermo Fisher Scientific, Inc.
	1,000	2.15%, 12/28/2012		1,002
				2,879
				8,703
Construction - 0.2%
		Residential Building Construction - 0.2%
		CRH America, Inc.
	1,340	5.30%, 10/15/2013		1,390
Finance and Insurance - 32.5%
		Captive Auto Finance - 2.3%
		American Honda Finance Corp.
	2,000	3.50%, 03/16/2015 ■		2,114
		Ford Motor Credit Co. LLC
	2,700	2.75%, 05/15/2015		2,752
		Harley-Davidson Financial Services, Inc.
	1,385	1.15%, 09/15/2015 ■		1,392
	810	3.88%, 03/15/2016 ■		875
		Hyundai Capital America
	2,500	2.13%, 10/02/2017 ■		2,513
		Nissan Motor Co., Ltd.
	2,695	1.95%, 09/12/2017 ■		2,736
				12,382
		Commercial Banking - 5.3%
		Banco Santander Brasil S.A
	980	4.25%, 01/14/2016 ■		1,014
		Barclays Bank plc
	1,000	2.50%, 01/23/2013		1,005
		Commonwealth Bank of Australia
	1,500	2.13%, 03/17/2014 ■		1,527
		Credit Suisse New York
	1,000	1.30%, 01/14/2014 Δ		1,008
	1,000	5.00%, 05/15/2013		1,024
		DNB ASA
	2,000	3.20%, 04/03/2017 ■		2,109
		HSBC Bank plc
	1,000	1.13%, 01/17/2014 ■Δ		1,005
	2,000	1.63%, 08/12/2013 ■		2,017
		HSBC Bank USA
	1,000	4.63%, 04/01/2014		1,050
		ING Bank N.V
	1,500	2.00%, 09/25/2015 ■		1,512
		Key Bank NA
	2,000	4.95%, 09/15/2015		2,191
	1,000	5.80%, 07/01/2014		1,075
		Manufacturers & Traders Trust Co.
	1,045	5.59%, 12/28/2020		1,039
		National Australia Bank Ltd.
	1,000	1.07%, 04/11/2014 ■Δ		1,006
		Nordea Bank AB
	833	1.24%, 01/14/2014 ■Δ		837
	1,420	2.25%, 03/20/2015 ■		1,455
		Santander Holdings USA
	738	4.63%, 04/19/2016		771
		State Street Bank & Trust Co.
	800	0.61%, 12/08/2015 Δ		784
		Svenska Handelsbanken AB
	1,000	3.13%, 07/12/2016		1,061
	1,000	4.88%, 06/10/2014 ■		1,055
		Union Bank NA
	2,000	5.95%, 05/11/2016		2,283
		Westpac Banking Corp.
	1,000	1.09%, 03/31/2014 ■Δ		1,006
	1,000	2.10%, 08/02/2013		1,013
				28,847
		Credit Card Issuing - 0.1%
		Capital One Financial Corp.
	750	6.25%, 11/15/2013		791
		Depository Credit Banking - 7.2%
		Bank of America Corp.
	5,000	1.50%, 10/09/2015		5,006
		Bank of New York Mellon Corp.
	1,500	1.97%, 06/20/2017 Δ		1,557
		Bank of Nova Scotia
	3,000	2.15%, 08/03/2016 ■‡		3,154
		BB&T Corp.
	815	1.60%, 08/15/2017		830
	1,000	5.70%, 04/30/2014		1,074
		Citigroup, Inc.
	2,479	3.95%, 06/15/2016 ‡		2,679
	2,000	4.45%, 01/10/2017 ‡		2,209
	2,000	4.59%, 12/15/2015 ‡		2,182
		Comerica, Inc.
	1,000	3.00%, 09/16/2015		1,058
		Fifth Third Bancorp
	2,000	0.54%, 05/17/2013 Δ		1,999
	636	3.63%, 01/25/2016		685
	1,000	4.75%, 02/01/2015		1,078
		HSBC Bank plc
	950	1.09%, 08/12/2013 ■Δ		953
		PNC Funding Corp.
	907	2.70%, 09/19/2016		963
	3,000	3.63%, 02/08/2015		3,201
		Santander Holdings USA, Inc.
	715	3.00%, 09/24/2015		729
		SunTrust Banks, Inc.
	2,500	0.66%, 04/01/2015 Δ		2,435
	1,337	5.25%, 11/05/2012		1,338
		Toronto-Dominion Bank
	2,000	2.50%, 07/14/2016		2,111
		U.S. Bancorp
	2,250	1.65%, 05/15/2017		2,300
		Wells Fargo & Co.
	1,000	2.10%, 05/08/2017		1,030

The accompanying notes are an integral part of these financial statements.

7

The Hartford Short Duration Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
CORPORATE BONDS - 54.6% - (continued)
Finance and Insurance - 32.5% - (continued)
			Depository Credit Banking - 7.2% - (continued)
			Wells Fargo Bank NA
$	1,000		0.65%, 05/16/2016 Δ	$	975
					39,546
			Insurance Carriers - 3.9%
			American International Group, Inc.
	1,500		3.65%, 01/15/2014		1,545
			ASIF Global Financing XIX
	1,500		4.90%, 01/17/2013 ■		1,511
			Cigna Corp.
	503		2.75%, 11/15/2016		530
			CNA Financial Corp.
	2,000		6.50%, 08/15/2016		2,309
			Jackson National Life Global Funding
	2,500		5.38%, 05/08/2013 ■		2,563
			MetLife Global Funding I
	2,100		1.70%, 06/29/2015 ■		2,145
	2,000		2.00%, 01/09/2015 ■		2,057
			MetLife Institutional Funding II
	3,500		1.63%, 04/02/2015 ■		3,567
			New York Life Global Funding
	2,000		2.45%, 07/14/2016 ■		2,079
			Prudential Financial, Inc.
	2,000		6.20%, 01/15/2015		2,203
			Wellpoint, Inc.
	1,000		2.38%, 02/15/2017		1,036
					21,545
			International Trade Financing (Foreign Banks) - 2.0%
			Canadian Imperial Bank of Commerce
	2,000		0.90%, 10/01/2015		2,014
			Corpoacion Andina De Fomento
	1,500		3.75%, 01/15/2016		1,575
	1,000		5.20%, 05/21/2013		1,023
			Royal Bank of Canada
	1,500		1.15%, 03/13/2015		1,524
			Royal Bank of Scotland plc
	1,260		2.55%, 09/18/2015		1,291
			Standard Chartered plc
	3,570		3.20%, 05/12/2016 ■		3,748
					11,175
			Monetary Authorities - Central Bank - 1.0%
			ABN Amro Bank N.V
	1,429		4.25%, 02/02/2017 ■		1,549
			Bank of Montreal
	1,600		0.88%, 09/11/2015 Δ		1,607
			Lloyds Banking Group plc
	1,500		4.38%, 01/12/2015 ■		1,597
			Lloyds TSB Bank plc
	820		4.20%, 03/28/2017		907
					5,660
			Nondepository Credit Banking - 4.5%
			American Express Co.
	1,500		1.75%, 06/12/2015		1,538
			American Express Credit Corp.
	2,000		2.80%, 09/19/2016		2,130
			Capital One Bank
	2,441		6.50%, 06/13/2013		2,524
			Capital One Financial Corp.
	1,455		2.15%, 03/23/2015		1,496
			CIT Group, Inc.
	1,000		4.75%, 02/15/2015 ■		1,035
			General Electric Capital Corp.
	1,250		0.98%, 04/07/2014 Δ		1,258
	3,000		1.63%, 07/02/2015		3,051
	2,000		2.15%, 01/09/2015		2,055
	3,000		2.30%, 04/27/2017		3,099
			General Motors Financial Co., Inc.
	1,500		4.75%, 08/15/2017 ■		1,536
			John Deere Capital Corp.
	1,500		0.88%, 04/17/2015		1,513
			SLM Corp.
	610		6.00%, 01/25/2017		662
			Toyota Motor Credit Corp.
	900		1.25%, 10/05/2017		899
	1,750		1.75%, 05/22/2017		1,795
					24,591
			Other Financial Investment Activities - 1.6%
			BP Capital Markets plc
	2,250		1.85%, 05/05/2017 ‡		2,317
			TIAA Global Markets, Inc.
	2,150		4.95%, 07/15/2013 ■		2,220
			Xstrata Canada Finance Corp.
	2,000		2.85%, 11/10/2014 ■		2,052
			Xstrata Finance Canada Ltd.
	2,000		1.80%, 10/23/2015 ■		2,004
					8,593
			Real Estate Investment Trust (REIT) - 0.3%
			Health Care, Inc.
	688		3.63%, 03/15/2016		730
			Host Marriott L.P.
	593		6.75%, 06/01/2016		609
					1,339
			Securities and Commodity Contracts and Brokerage - 4.3%
			Goldman Sachs Group, Inc.
	2,000		1.44%, 02/07/2014 Δ		2,007
	3,000		3.30%, 05/03/2015		3,133
	1,279		3.63%, 02/07/2016		1,354
	243		6.00%, 05/01/2014		261
			JP Morgan Chase & Co.
	3,000		0.73%, 06/13/2016 Δ		2,904
	1,000		1.12%, 01/24/2014 Δ		1,006
	1,500		2.00%, 08/15/2017		1,516
	2,000		3.45%, 03/01/2016		2,128
			Merrill Lynch & Co., Inc.
	2,000		6.05%, 05/16/2016		2,207
			Morgan Stanley
	1,500		1.92%, 01/24/2014 Δ		1,510
	2,000		3.80%, 04/29/2016		2,081
	1,000		4.20%, 11/20/2014		1,043
			UBS AG Stamford CT
	2,500	��	2.25%, 01/28/2014		2,538
					23,688
					178,157

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 54.6% - (continued)
Food Manufacturing - 0.3%
		Animal Slaughtering and Processing - 0.1%
		ConAgra Foods, Inc.
$	300	1.35%, 09/10/2015	$	302
		JBS USA LLC
	483	11.63%, 05/01/2014		541
				843
		Sugar and Confectionery Product Manufacturing - 0.2%
		Wrigley Jr., William Co.
	1,000	3.05%, 06/28/2013 ■		1,016
				1,859
Furniture and Related Product Manufacturing - 0.4%
		Household, Institution Furniture, Kitchen Cabinet - 0.4%
		Masco Corp.
	1,450	4.80%, 06/15/2015		1,522
		Newell Rubbermaid, Inc.
	725	2.00%, 06/15/2015		733
				2,255
Health Care and Social Assistance - 1.7%
		General Medical and Surgical Hospitals - 0.0%
		Catholic Health Initiatives
	195	1.60%, 11/01/2017		196
		Medical Equipment and Supplies Manufacturing - 0.3%
		Covidien International Finance S.A
	1,500	1.88%, 06/15/2013		1,514
		Pharmaceutical and Medicine Manufacturing - 1.1%
		Express Scripts Holding Co.
	4,000	2.10%, 02/12/2015 ■		4,091
		GlaxoSmithKline Capital, Inc.
	1,000	1.50%, 05/08/2017		1,023
		Valeant Pharmaceuticals International, Inc.
	790	6.50%, 07/15/2016 ■		831
				5,945
		Scientific Research and Development Services - 0.3%
		Laboratory Corp. of America Holdings
	1,411	2.20%, 08/23/2017		1,454
				9,109
Information - 2.4%
		Data Processing Services - 0.2%
		Affiliated Computer Services, Inc.
	1,000	5.20%, 06/01/2015		1,079
		Satellite Telecommunications - 0.0%
		Inmarsat Finance plc
	210	7.38%, 12/01/2017 ■		226
		Telecommunications - Other - 0.6%
		Telefonica Emisiones SAU
	1,000	0.77%, 02/04/2013 Δ		997
		Vivendi S.A
	2,005	2.40%, 04/10/2015 ■		2,030
				3,027
		Telecommunications - Wired Carriers - 1.0%
		AT&T, Inc.
	1,500	2.40%, 08/15/2016		1,586
		British Telecommunications plc
	505	2.00%, 06/22/2015		518
		Deutsche Telekom International Finance B.V
	2,000	3.13%, 04/11/2016 ■		2,114
		Videotron Ltee
	1,195	9.13%, 04/15/2018		1,289
				5,507
		Telecommunications - Wireless Carriers - 0.2%
		America Movil S.A.B. de C.V
	1,200	2.38%, 09/08/2016		1,254
		Wireless Communications Services - 0.4%
		Verizon Communications, Inc.
	1,500	0.97%, 03/28/2014 Δ		1,512
	450	4.35%, 02/15/2013		455
				1,967
				13,060
Machinery Manufacturing - 1.2%
		Agriculture, Construction, Mining and Machinery - 0.9%
		Case New Holland, Inc.
	1,240	7.75%, 09/01/2013		1,302
		Caterpillar, Inc.
	2,000	0.95%, 06/26/2015		2,017
		Ingersoll-Rand Global Holding Co.
	1,385	6.00%, 08/15/2013		1,443
				4,762
		Commercial and Service Industry Machinery Manufacturing - 0.3%
		Xerox Corp.
	1,960	1.80%, 09/13/2013 Δ		1,976
				6,738
Mining - 1.4%
		Metal Ore Mining - 1.0%
		Codelco, Inc.
	2,000	6.38%, 11/30/2012 ■		2,008
		Rio Tinto Finance USA Ltd.
	2,050	2.00%, 03/22/2017		2,096
		Teck Resources Ltd.
	1,500	2.50%, 02/01/2018		1,517
				5,621
		Nonmetallic Mineral Mining and Quarrying - 0.4%
		Vale Overseas Ltd.
	1,720	6.25%, 01/23/2017		1,996
				7,617
Miscellaneous Manufacturing - 0.5%
		Aerospace Product and Parts Manufacturing - 0.5%
		Textron, Inc.
	1,500	4.63%, 09/21/2016		1,639
		United Technologies Corp.
	1,215	1.20%, 06/01/2015		1,239
				2,878
Motor Vehicle and Parts Manufacturing - 0.7%
		Motor Vehicle Manufacturing - 0.7%
		Daimler Finance NA LLC
	3,800	1.88%, 09/15/2014 ■		3,860

The accompanying notes are an integral part of these financial statements.

9

The Hartford Short Duration Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 54.6% - (continued)
Petroleum and Coal Products Manufacturing - 3.7%
		Oil and Gas Extraction - 2.0%
		BP Capital Markets plc
$	1,000	3.75%, 06/17/2013	$	1,019
		Canadian Natural Resources Ltd.
	2,300	1.45%, 11/14/2014		2,337
		Chesapeake Energy Corp.
	660	9.50%, 02/15/2015		739
		Devon Energy Corp.
	3,100	2.40%, 07/15/2016		3,229
		Petrobras International Finance Co.
	1,100	3.88%, 01/27/2016		1,169
	1,000	6.13%, 10/06/2016		1,134
		Statoilhydro ASA
	391	3.88%, 04/15/2014		410
		Total Capital International S.A
	1,155	1.55%, 06/28/2017		1,180
				11,217
		Petroleum and Coal Products Manufacturing - 1.0%
		ConocoPhillips
	1,000	4.60%, 01/15/2015		1,087
		Hess Corp.
	500	7.00%, 02/15/2014		540
		Schlumberger Norge AS
	925	1.25%, 08/01/2017 ■		927
	1,400	1.95%, 09/14/2016 ■		1,439
		Valero Energy Corp.
	1,500	4.75%, 06/15/2013		1,538
				5,531
		Support Activities For Mining - 0.7%
		Transocean, Inc.
	3,000	1.50%, 12/15/2037 ۞		2,991
	565	2.50%, 10/15/2017		572
				3,563
				20,311
Pipeline Transportation - 0.6%
		Pipeline Transportation of Natural Gas - 0.6%
		Enterprise Products Operating LLC
	235	1.25%, 08/13/2015		237
	2,000	5.65%, 04/01/2013		2,039
		Kinder Morgan Energy Partners L.P.
	790	3.50%, 03/01/2016		846
				3,122
Primary Metal Manufacturing - 0.7%
		Iron, Steel Mills and Ferroalloy Manufacturing - 0.7%
		ArcelorMittal
	1,380	4.00%, 02/25/2015 - 03/01/2016		1,378
	1,228	5.38%, 06/01/2013		1,254
	1,000	9.25%, 02/15/2015		1,110
				3,742
Professional, Scientific and Technical Services - 0.2%
		Computer Systems Design and Related Services - 0.2%
		IBM Corp.
	970	1.95%, 07/22/2016		1,014
Real Estate, Rental and Leasing - 0.5%
		Automotive Equipment Rental and Leasing - 0.4%
		Enterprise Rent-a-Car Finance Corp.
	1,050	1.40%, 04/15/2016 ■		1,059
		Ryder System, Inc.
	1,070	3.15%, 03/02/2015		1,107
				2,166
		General Rental Centers - 0.1%
		ERAC USA Finance Co.
	564	2.75%, 07/01/2013 ■		572
				2,738
Retail Trade - 0.3%
		Building Material and Supplies Dealers - 0.3%
		Lowe's Cos., Inc.
	1,500	1.63%, 04/15/2017		1,540
Truck Transportation - 0.4%
		Specialized Freight Trucking - 0.4%
		Penske Truck Leasing Co.
	2,000	2.50%, 03/15/2016 ■		1,993
Utilities - 0.6%
		Electric Generation, Transmission and Distribution - 0.6%
		Duke Energy Corp.
	790	1.63%, 08/15/2017		796
		Pacific Gas and Electric
	2,295	6.25%, 12/01/2013		2,430
				3,226
Wholesale Trade - 0.6%
		Beer, Wine, Distilled Alcoholic Beverage Wholesalers - 0.6%
		Heineken N.V
	1,555	0.80%, 10/01/2015 ■		1,558
		SABMiller Holdings, Inc.
	1,500	1.85%, 01/15/2015 ■		1,538
				3,096
		Total corporate bonds
		(cost $290,846)	$	299,408
MUNICIPAL BONDS - 0.5%
		General Obligations - 0.5%
		Illinois State GO
$	2,200	4.96%, 03/01/2016	$	2,402
		Total municipal bonds
		(cost $2,400)	$	2,402
SENIOR FLOATING RATE INTERESTS♦ - 15.7%
Accommodation and Food Services - 0.3%
		Traveler Accommodation - 0.3%
		Las Vegas Sands LLC, Extended Delayed Draw Term Loan
$	210	2.72%, 11/23/2016	$	210
		Las Vegas Sands LLC, Extended Term Loan
	1,046	2.72%, 11/23/2016		1,043
		Pilot Travel Centers LLC
	155	4.25%, 08/07/2019		156
				1,409

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS♦ - 15.7% - (continued)
Administrative Waste Management and Remediation - 0.6%
		Business Support Services - 0.5%
		InVentiv Health, Inc., 1st Lien Consolidated Term Loan
$	492	6.50%, 08/04/2016	$	481
		InVentiv Health, Inc., Term Loan B2
	1,185	6.75%, 05/15/2018		1,157
		TransUnion LLC
	1,241	5.50%, 02/10/2018		1,255
				2,893
		Waste Treatment and Disposal - 0.1%
		ADS Waste Holdings, Inc.
	480	5.25%, 10/09/2019		484
				3,377
Air Transportation - 0.7%
		Scheduled Air Transportation - 0.7%
		AWAS Finance Luxembourg S.A
	333	5.25%, 06/10/2016		336
		Delta Air Lines, Inc.
	290	5.25%, 10/18/2018		288
		Delta Air Lines, Inc., Term Loan
	1,546	5.50%, 04/20/2017		1,544
		United Air Lines, Inc.
	1,650	2.25%, 02/01/2014		1,628
				3,796
Arts, Entertainment and Recreation - 1.1%
		Newspaper, Periodical, Book and Database Publisher - 0.2%
		Cenveo Corp.
	1,364	6.63%, 12/21/2016		1,371
		Other Amusement and Recreation Industries - 0.4%
		ClubCorp Club Operations, Inc.
	1,953	6.00%, 11/30/2016		1,959
		Radio and Television Broadcasting - 0.4%
		Cumulus Media Holdings, Inc.
	2,067	5.75%, 09/17/2018		2,081
		Spectator Sports - 0.1%
		Penn National Gaming, Inc.
	385	3.75%, 07/16/2018 ☼		387
				5,798
Chemical Manufacturing - 0.5%
		Basic Chemical Manufacturing - 0.3%
		Huntsman International LLC, Term Loan C
	1,769	2.50%, 06/30/2016		1,764
		Other Chemical and Preparations Manufacturing - 0.2%
		Ineos US Finance LLC
	1,099	6.50%, 05/04/2018		1,114
				2,878
Computer and Electronic Product Manufacturing - 0.3%
		Semiconductor, Electronic Components - 0.3%
		Freescale Semiconductor, Inc.
	1,750	4.46%, 12/01/2016		1,693
Finance and Insurance - 1.0%
		Captive Auto Finance - 0.4%
		Chrysler Group LLC
	2,219	6.00%, 05/24/2017		2,265
		Insurance Carriers - 0.2%
		Asurion Corp., Term Loan
	1,325	5.50%, 05/24/2018		1,333
		Other Financial Investment Activities - 0.1%
		Nuveen Investments, Inc.
	500	5.84%, 05/13/2017 ☼		498
		Securities, Commodities and Brokerage - 0.3%
		RPI Finance Trust
	1,593	4.00%, 11/09/2018		1,601
				5,697
Food Manufacturing - 0.4%
		Fruit and Vegetable Preserving and Specialty Foods - 0.3%
		Dole Food Co., Inc., Term Loan B2
	615	5.03%, 07/08/2018		617
		Dole Food Co., Inc., Term Loan C2
	1,107	5.03%, 07/08/2018		1,109
				1,726
		Other Food Manufacturing - 0.1%
		Pinnacle Foods Finance LLC
	483	4.75%, 10/17/2018		484
				2,210
Food Services - 0.3%
		Full-Service Restaurants - 0.2%
		ARAMARK Corp.
	1,000	3.46%, 07/26/2016		1,002
		Limited-Service Eating Places - 0.1%
		Wendy's International, Inc.
	875	4.51%, 05/15/2019		882
				1,884
Health Care and Social Assistance - 2.2%
		General Medical and Surgical Hospitals - 0.2%
		HCA, Inc., Tranche B-2 Term Loan
	1,006	3.61%, 03/31/2017		1,007
		HCA, Inc., Tranche B-3 Term Loan
	294	3.46%, 05/01/2018		294
				1,301
		Medical Equipment and Supplies Manufacturing - 0.6%
		Bausch & Lomb, Inc.
	993	5.25%, 05/17/2019		1,003
		DJO Finance LLC
	579	5.21%, 11/01/2016		579
		Hologic, Inc.
	613	4.50%, 08/01/2019		620
		MedAssets, Inc.
	808	5.25%, 11/16/2016		813
				3,015

The accompanying notes are an integral part of these financial statements.

11

The Hartford Short Duration Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS♦ - 15.7% - (continued)
Health Care and Social Assistance - 2.2% - (continued)
		Other Residential Care Facilities - 0.2%
		Vanguard Health Holdings Co. II LLC
$	978	5.00%, 01/29/2016	$	982
		Outpatient Care Centers - 0.1%
		DaVita, Inc.
	305	4.00%, 11/29/2019 ☼		305
		Pharmaceutical and Medicine Manufacturing - 0.9%
		Alere, Inc.
	1,737	4.75%, 06/30/2017		1,749
		Immucor, Inc.
	1,631	5.75%, 08/19/2018		1,643
		NBTY, Inc.
	974	4.25%, 10/01/2017		979
		Warner Chilcott Corp., Term Loan B-1
	251	4.25%, 03/14/2018		251
		Warner Chilcott Corp., Term Loan B-2
	125	4.25%, 03/14/2018		126
		Warner Chilcott Corp., Term Loan B-3
	172	4.25%, 03/14/2018		173
		Warner Chilcott plc
	95	4.25%, 03/15/2018		95
				5,016
		Scientific Research and Development Services - 0.2%
		IMS Health, Inc.
	245	4.50%, 08/26/2017 ☼		246
		Jazz Pharmaceuticals, Inc.
	198	5.25%, 06/12/2018		199
		Valeant Pharmaceuticals International, Inc.
	505	3.84%, 02/13/2019 ☼		507
	275	3.85%, 09/27/2019 ☼		275
				1,227
				11,846
Information - 3.5%
		Cable and Other Program Distribution - 0.7%
		Charter Communications Operating LLC
	1,423	4.00%, 05/15/2019		1,432
		Gray Television, Inc.
	380	4.40%, 10/12/2019 ☼		380
		Mediacom Broadband LLC, Tranche F Term Loan
	1,311	4.50%, 10/23/2017		1,303
		TWCC Holding Corp.
	1,056	4.25%, 02/13/2017		1,063
				4,178
		Other Information Services - 0.2%
		Rovi Solutions Corp.
	1,015	4.00%, 03/29/2019		993
		Satellite Telecommunications - 0.3%
		Telesat Canada
	1,637	4.25%, 03/28/2019		1,650
		Software Publishers - 1.0%
		Emdeon, Inc.
	1,595	5.00%, 11/02/2018		1,612
		Kronos, Inc.
	1,050	4.53%, 10/31/2019 ☼		1,056
		Lawson Software, Inc.
	903	5.25%, 04/05/2018		912
		MISYS plc
	1,755	7.25%, 12/12/2018		1,762
				5,342
		Telecommunications - Other - 0.6%
		Intelsat Jackson Holdings S.A
	2,219	4.50%, 04/02/2018		2,233
		Level 3 Financing, Inc.
	402	4.75%, 08/01/2019		404
	510	5.25%, 08/01/2019		515
				3,152
		Telecommunications - Wireless Carriers - 0.7%
		Metro PCS Wireless, Inc., Tranche B-2 Term Loan
	2,191	4.07%, 11/03/2016		2,195
		Syniverse Holdings, Inc.
	1,527	5.00%, 04/23/2019		1,535
				3,730
				19,045
	Mining - 0.4%
		Metal Ore Mining - 0.2%
		Fortescue Metals Group Ltd.
	1,030	5.54%, 10/18/2017 ☼		1,024
		Mining and Quarrying Nonmetallic Mineral - 0.2%
		Arch Coal, Inc.
	1,107	5.75%, 05/16/2018		1,116
				2,140
Miscellaneous Manufacturing - 0.2%
		Aerospace Product and Parts Manufacturing - 0.0%
		TransDigm Group, Inc.
	150	4.00%, 02/14/2017		150
		Miscellaneous Manufacturing - 0.2%
		Reynolds Group Holdings, Inc.
	915	4.75%, 09/28/2018		918
				1,068
Motor Vehicle and Parts Manufacturing - 0.2%
		Motor Vehicle Parts Manufacturing - 0.2%
		Allison Transmission, Inc.
	290	4.25%, 08/23/2019		291
		Tomkins LLC / Tomkins, Inc.
	1,000	4.25%, 09/29/2016		1,004
				1,295
Other Services - 0.2%
		Commercial/Industrial Machine and Equipment - 0.2%
		Rexnord LLC
	1,057	4.50%, 04/01/2018		1,063
Petroleum and Coal Products Manufacturing - 0.2%
		Oil and Gas Extraction - 0.2%
		Chesapeake Energy Corp.
	483	8.50%, 12/02/2017		484
		Plains Exploration & Production Co.
	481	3.91%, 10/15/2019 ☼		483

The accompanying notes are an integral part of these financial statements.

12

Shares or Principal Amount					Market Value ╪
SENIOR FLOATING RATE INTERESTS♦ - 15.7% - (continued)
Petroleum and Coal Products Manufacturing - 0.2% - (continued)
		Oil and Gas Extraction - 0.2% - (continued)
		Samson Investment Co.
$	410	6.00%, 09/25/2018		$	413
					1,380
Pipeline Transportation - 0.3%
		Electric Generation, Transmission and Distribution - 0.2%	��
		Energy Transfer Equity L.P.
	1,280	3.75%, 03/23/2017			1,275
		Pipeline Transportation of Natural Gas - 0.1%
		EP Energy LLC
	625	5.00%, 05/24/2018			628
					1,903
Plastics and Rubber Products Manufacturing - 0.2%
		Rubber Manufacturing - 0.2%
		Goodyear (The) Tire & Rubber Co.
	1,000	4.75%, 04/30/2019			1,006
Primary Metal Manufacturing - 0.4%
		Alumina and Aluminum Production and Processing - 0.4%
		Novelis, Inc.
	2,067	4.00%, 03/10/2017			2,065
Professional, Scientific and Technical Services - 0.7%
		Professional Services - Computer Sys Design and Related - 0.5%
		MoneyGram Payment Systems Worldwide, Inc.
	1,308	4.25%, 11/17/2017			1,308
		SunGard Data Systems, Inc., Extended Term Loan
	1,397	3.90%, 02/28/2016			1,396
					2,704
		Professional, Scientific and Technical Service Other - 0.2%
		Getty Images, Inc.
	940	4.47%, 10/18/2019 ☼			942
					3,646
Real Estate, Rental and Leasing - 0.3%
		Activities Related To Real Estate - 0.2%
		LNR Property LLC
	1,115	4.75%, 04/29/2016			1,113
		Industrial Machinery, Equipment Rental and Leasing - 0.1%
		Delos Aircraft, Inc.
	400	4.75%, 04/12/2016			405
					1,518
Retail Trade - 0.9%
		Department Stores - 0.4%
		Neiman (The) Marcus Group, Inc.
	2,140	4.75%, 05/16/2018			2,143
		Home Furnishing Stores - 0.2%
		Armstrong World Industries, Inc.
	849	4.00%, 03/10/2018			853
		Specialty Food Stores - 0.2%
		Weight Watchers International, Inc.
	1,298	4.00%, 03/15/2019			1,300
		Sporting Goods, Hobby and Musical Instrument Store - 0.1%
		FGI Operating Co. LLC
	466	5.50%, 04/19/2019			470
					4,766
Soap, Cleaning Compound and Toilet Manufacturing - 0.1%
		Soap, Cleaning Compound and Toilet Manufacturing - 0.1%
		Yankee (The) Candle Co., Inc.
	627	5.25%, 04/02/2019			631
Utilities - 0.7%
		Electric Generation, Transmission and Distribution - 0.7%
		AES (The) Corp.
	1,463	4.25%, 06/01/2018			1,470
		Calpine Corp.
	1,225	4.50%, 10/09/2019			1,226
		NRG Energy, Inc.
	962	4.00%, 07/01/2018			967
		TPF Generation Holdings LLC, Letter of Credit
	174	2.36%, 12/15/2013			173
					3,836
		Total senior floating rate interests
		(cost $85,251)		$	85,950
U.S. GOVERNMENT AGENCIES - 16.1%
		FHLMC - 5.9%
$	26,000	0.50%, 08/28/2015 ‡		$	26,043
	14,286	3.28%, 08/25/2018 ►			1,411
	3,206	3.50%, 04/01/2027			3,414
	12,798	3.84%, 07/25/2021 ►			1,468
					32,336
		FNMA - 9.8%
	12,600	2.50%, 11/12/2027 ☼			13,187
	16,000	3.00%, 11/15/2026 ☼			16,877
	22,069	3.50%, 12/01/2026 - 11/15/2040 ‡☼			23,469
					53,533
		GNMA - 0.4%
	1,474	5.00%, 08/20/2039			1,640
	765	6.50%, 05/16/2031			879
					2,519
		Total U.S. government agencies
		(cost $87,800)		$	88,388
		Total long-term investments
		(cost $570,756)		$	581,486

The accompanying notes are an integral part of these financial statements.

13

The Hartford Short Duration Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
SHORT-TERM INVESTMENTS - 1.7%
Repurchase Agreements - 1.7%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,725, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $1,760)
$	1,725	0.30%, 10/31/2012			$	1,725
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $703, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $716)
	703	0.25%, 10/31/2012				703
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,208, collateralized by FNMA 2.50%, 2027, value of $1,232)
	1,208	0.35%, 10/31/2012				1,208
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $459, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $468)
	459	0.35%, 10/31/2012				459
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,131, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $2,171)
	2,131	0.28%, 10/31/2012				2,131
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,701, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $2,755)
	2,701	0.25%, 10/31/2012				2,701
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $12, collateralized by U.S. Treasury Note 8.13%, 2019, value of $13)
	12	0.25%, 10/31/2012				12
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $626, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $639)
	626	0.30%, 10/31/2012				626
						9,565
		Total short-term investments
		(cost $9,565)			$	9,565
		Total investments
		(cost $580,321) ▲	107.9	%	$	591,051
		Other assets and liabilities	(7.9	)%		(43,062	)
		Total net assets	100.0	%	$	547,989

The accompanying notes are an integral part of these financial statements.

14

The Hartford Short Duration Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $580,395 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	12,067
Unrealized Depreciation		(1,411	)
Net Unrealized Appreciation	$	10,656

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company’s Board of Directors.  At October 31, 2012, the aggregate value of these securities was $1,425, which represents 0.3% of total net assets.

● Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $124,585, which represents 22.7% of total net assets.

۞ Convertible security.

► Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at October 31, 2012.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $47,956 at October 31, 2012.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.

Futures Contracts Outstanding at October 31, 2012

Description	Number of Contracts*		Expiration Date	Notional Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury 10-Year Note Future		50	12/19/2012	$	6,626	$	6,652	$	(26	)
U.S. Treasury 5-Year Note Future		158	12/31/2012		19,625		19,631		(6	)
								$	(32	)

* The number of contracts does not omit 000's.

Cash of $142 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

15

The Hartford Short Duration Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Municipal Bond Abbreviations:
GO	General Obligation
Other Abbreviations:
DJ	Dow Jones
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate

The accompanying notes are an integral part of these financial statements.

16

The Hartford Short Duration Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	104,336	$	–	$	93,407	$	10,929
Certificates of Deposit		1,002		–		1,002		–
Corporate Bonds		299,408		–		299,408		–
Municipal Bonds		2,402		–		2,402		–
Senior Floating Rate Interests		85,950		–		85,950		–
U.S. Government Agencies		88,388		–		88,388		–
Short-Term Investments		9,565		–		9,565		–
Total	$	591,051	$	–	$	580,122	$	10,929
Liabilities:
Futures *		32		32		–		–
Total	$	32	$	32	$	��	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of October 31, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	13,071	$	1,696	$	(1,399	)†	$	(362	)	$	8,292	$	(11,294	)	$	925	$	—		$	10,929
Corporate Bonds		3,001		—		—			—			—		—			—		(3,001	)		—
U.S. Government Agencies		1,452		—		—			—			—		—			—		(1,452	)		—
Total	$	17,524	$	1,696	$	(1,399	)	$	(362	)	$	8,292	$	(11,294	)	$	925	$	(4,453	)	$	10,929

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $99.

The accompanying notes are an integral part of these financial statements.

17

The Hartford Short Duration Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $580,321)	$	591,051
Cash		1,053	*
Receivables:
Investment securities sold		9,436
Fund shares sold		3,563
Dividends and interest		3,074
Other assets		73
Total assets		608,250
Liabilities:
Payables:
Investment securities purchased		57,421
Fund shares redeemed		2,511
Investment management fees		53
Dividends		93
Administrative fees		—
Distribution fees		47
Variation margin		57
Accrued expenses		79
Total liabilities		60,261
Net assets	$	547,989
Summary of Net Assets:
Capital stock and paid-in-capital	$	536,253
Undistributed net investment income		58
Accumulated net realized gain		980
Unrealized appreciation of investments		10,698
Net assets	$	547,989
Shares authorized		650,000
Par value	$	0 .001
Class A: Net asset value per share/Maximum offering price per share		$10.05/$10.26
Shares outstanding		27,849
Net assets	$	279,952
Class B: Net asset value per share	$	10.05
Shares outstanding		792
Net assets	$	7,959
Class C: Net asset value per share	$	10.05
Shares outstanding		13,582
Net assets	$	136,515
Class I: Net asset value per share	$	10.07
Shares outstanding		11,663
Net assets	$	117,449
Class R3: Net asset value per share	$	10.03
Shares outstanding		26
Net assets	$	258
Class R4: Net asset value per share	$	10.04
Shares outstanding		78
Net assets	$	783
Class R5: Net asset value per share	$	10.03
Shares outstanding		11
Net assets	$	106
Class Y: Net asset value per share	$	10.03
Shares outstanding		495
Net assets	$	4,967

* Cash of $142 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

The accompanying notes are an integral part of these financial statements.

18

The Hartford Short Duration Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Interest	$	19,086
Total investment income		19,086
Expenses:
Investment management fees		2,910
Administrative services fees		1
Transfer agent fees		468
Distribution fees
Class A		668
Class B		21
Class C		1,385
Class R3		1
Class R4		—
Custodian fees		10
Accounting services fees		133
Registration and filing fees		209
Board of Directors' fees		19
Audit fees		18
Other expenses		104
Total expenses (before waivers and fees paid indirectly)		5,947
Expense waivers		(44	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(44	)
Total expenses, net		5,903
Net Investment Income		13,183
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		6,919
Net realized loss on futures		(40	)
Net realized gain on foreign currency contracts		2
Net realized gain on other foreign currency transactions		2
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		6,883
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		6,990
Net unrealized depreciation of futures		(32	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		6,958
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		13,841
Net Increase in Net Assets Resulting from Operations	$	27,024

The accompanying notes are an integral part of these financial statements.

19

The Hartford Short Duration Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	13,183		$	12,900
Net realized gain (loss) on investments, other financial instruments and foreign currency transactions		6,883			(376	)
Net unrealized appreciation (depreciation) of investments and other financial instruments		6,958			(3,072	)
Net Increase In Net Assets Resulting From Operations		27,024			9,452
Distributions to Shareholders:
From net investment income
Class A		(5,525	)		(4,866	)
Class B		(177	)		(201	)
Class C		(1,834	)		(1,624	)
Class I		(2,486	)		(1,299	)
Class R3		(2	)		—
Class R4		(4	)		—
Class R5		(3	)		—
Class Y		(3,408	)		(4,982	)
Total distributions		(13,439	)		(12,972	)
Capital Share Transactions:
Class A		(5,384	)		72,380
Class B		(1,788	)		(1,191	)
Class C		(7,563	)		36,505
Class I		26,577			61,883
Class R3		154			100
Class R4		679			100
Class R5		2			100
Class Y		(226,795	)		91,834
Net increase (decrease) from capital share transactions		(214,118	)		261,711
Net Increase (Decrease) In Net Assets		(200,533	)		258,191
Net Assets:
Beginning of period		748,522			490,331
End of period	$	547,989		$	748,522
Undistributed (distribution in excess of) net investment income (loss)	$	58		$	122

The accompanying notes are an integral part of these financial statements.

20

The Hartford Short Duration Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Short Duration Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 2.00%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

21

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company's Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund's portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

22

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

23

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

24

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various

25

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of October 31, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the

26

investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of October 31, 2012.

c) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Liabilities:
Variation margin payable *	$	57	$	—	$	—	$	—	$	—	$	—	$	57
Total	$	57	$	—	$	—	$	—	$	—	$	—	$	57

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(32) as reported in the Schedule of Investments

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity  Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on futures	$	(40	)	$	—	$	—	$	—	$	—	$	—	$	(40	)
Net realized gain on foreign currency contracts		—			2		—		—		—		—		2
Total	$	(40	)	$	2	$	—	$	—	$	—	$	—	$	(38	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	(32	)	$	—	$	—	$	—	$	—	$	—	$	(32	)
Total	$	(32	)	$	—	$	—	$	—	$	—	$	—	$	(32	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

27

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

28

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	13,461	$	12,927

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	160
Undistributed Long-Term Capital Gain		1,022
Unrealized Appreciation *		10,655
Total Accumulated Earnings	$	11,837

* Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	192
Accumulated Net Realized Gain (Loss)		(192	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

During the year ended October 31, 2012, the Fund utilized $5,666 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized

29

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.450%
On next $500 million		0.400%
On next $1.5 billion		0.395%
On next $2.5 billion		0.390%
On next $5 billion		0.380%
Over $10 billion		0.370%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.450%
On next $4.5 billion		0.400%
On next $5 billion		0.380%
Over $10 billion		0.370%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

30

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B*		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	0.85%		1.60%		1.60%		0.60%		1.15%		0.85%		0.55%		0.55%

* Due to the reduced Class B Distribution and Service Plan (12b-1) fees effective January 1, 2011, the limit on net operating expenses attributable to Class B shares are 0.85%.

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.85	%
Class B		0.85
Class C		1.60
Class I		0.58
Class R3		1.15
Class R4		0.85
Class R5		0.55
Class Y		0.50

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $360 and contingent deferred sales charges of $151 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. Effective January 1, 2011, Class B shares’ Rule 12b-1 fee was reduced from 1.00% to 0.25% in accordance with FINRA rules, although it is possible that such fees may be charged in the future. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used

31

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $23.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		10		38	%
Class R4		11		14
Class R5		11		100
Class Y		20		4

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	609,971
Sales Proceeds Excluding U.S. Government Obligations		753,998
Cost of Purchases for U.S. Government Obligations		29,878
Sales Proceeds for U.S. Government Obligations		57,044

32

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		14,140		515		(15,224	)		—		(569	)		26,246		450		(19,377	)		—		7,319
Amount	$	140,249	$	5,107	$	(150,740	)	$	—	$	(5,384	)	$	258,610	$	4,433	$	(190,663	)	$	—	$	72,380
Class B
Shares		195		16		(392	)		—		(181	)		311		17		(449	)		—		(121	)
Amount	$	1,929	$	155	$	(3,872	)	$	—	$	(1,788	)	$	3,061	$	173	$	(4,425	)	$	—	$	(1,191	)
Class C
Shares		6,124		159		(7,045	)		—		(762	)		10,111		138		(6,545	)		—		3,704
Amount	$	60,664	$	1,580	$	(69,807	)	$	—	$	(7,563	)	$	99,535	$	1,361	$	(64,391	)	$	—	$	36,505
Class I
Shares		14,240		195		(11,745	)		—		2,690			13,744		84		(7,561	)		—		6,267
Amount	$	141,118	$	1,942	$	(116,483	)	$	—	$	26,577		$	135,590	$	829	$	(74,536	)	$	—	$	61,883
Class R3
Shares		15		1		—			—		16			10		—		—			—		10
Amount	$	152	$	2	$	—		$	—	$	154		$	100	$	—	$	—		$	—	$	100
Class R4
Shares		68		—		—			—		68			10		—		—			—		10
Amount	$	675	$	4	$	—		$	—	$	679		$	100	$	—	$	—		$	—	$	100
Class R5
Shares		—		1		—			—		1			10		—		—			—		10
Amount	$	—	$	2	$	—		$	—	$	2		$	100	$	—	$	—		$	—	$	100
Class Y
Shares		2,573		333		(25,889	)		—		(22,983	)		10,429		506		(1,603	)		—		9,332
Amount	$	25,376	$	3,277	$	(255,448	)	$	—	$	(226,795	)	$	102,539	$	4,982	$	(15,687	)	$	—	$	91,834
Total
Shares		37,355		1,220		(60,295	)		—		(21,720	)		60,871		1,195		(35,535	)		—		26,531
Amount	$	370,163	$	12,069	$	(596,350	)	$	—	$	(214,118	)	$	599,635	$	11,778	$	(349,702	)	$	—	$	261,711

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		47	$	463
For the Year Ended October 31, 2011		61	$	602

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

33

The Hartford Short Duration Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

34

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35

The Hartford Short Duration Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	9.83	$	0.20	$	0.23		$	0.43		$	(0.21	)	$	–	$	–	$	(0.21	)	$	10.05
B		9.82		0.20		0.24			0.44			(0.21	)		–		–		(0.21	)		10.05
C		9.83		0.13		0.22			0.35			(0.13	)		–		–		(0.13	)		10.05
I		9.84		0.23		0.23			0.46			(0.23	)		–		–		(0.23	)		10.07
R3		9.81		0.17		0.23			0.40			(0.18	)		–		–		(0.18	)		10.03
R4		9.81		0.20		0.24			0.44			(0.21	)		–		–		(0.21	)		10.04
R5		9.81		0.23		0.23			0.46			(0.24	)		–		–		(0.24	)		10.03
Y		9.80		0.23		0.24			0.47			(0.24	)		–		–		(0.24	)		10.03
For the Year Ended October 31, 2011
A		9.87		0.21		(0.04	)		0.17			(0.21	)		–		–		(0.21	)		9.83
B		9.87		0.20		(0.05	)		0.15			(0.20	)		–		–		(0.20	)		9.82
C		9.87		0.14		(0.04	)		0.10			(0.14	)		–		–		(0.14	)		9.83
I		9.89		0.24		(0.05	)		0.19			(0.24	)		–		–		(0.24	)		9.84
R3(F)		9.73		0.01		0.08			0.09			(0.01	)		–		–		(0.01	)		9.81
R4(F)		9.73		0.02		0.08			0.10			(0.02	)		–		–		(0.02	)		9.81
R5(F)		9.73		0.02		0.08			0.10			(0.02	)		–		–		(0.02	)		9.81
Y		9.85		0.24		(0.04	)		0.20			(0.25	)		–		–		(0.25	)		9.80
For the Year Ended October 31, 2010
A		9.62		0.25		0.26			0.51			(0.26	)		–		–		(0.26	)		9.87
B		9.62		0.18		0.25			0.43			(0.18	)		–		–		(0.18	)		9.87
C		9.62		0.18		0.26			0.44			(0.19	)		–		–		(0.19	)		9.87
I(I)		9.74		0.18		0.15			0.33			(0.18	)		–		–		(0.18	)		9.89
Y		9.60		0.29		0.25			0.54			(0.29	)		–		–		(0.29	)		9.85
For the Year Ended October 31, 2009
A		9.21		0.33		0.41			0.74			(0.33	)		–		–		(0.33	)		9.62
B		9.21		0.26		0.41			0.67			(0.26	)		–		–		(0.26	)		9.62
C		9.21		0.26		0.41			0.67			(0.26	)		–		–		(0.26	)		9.62
Y		9.19		0.36		0.41			0.77			(0.36	)		–		–		(0.36	)		9.60
For the Year Ended October 31, 2008
A		9.82		0.37		(0.62	)		(0.25	)		(0.36	)		–		–		(0.36	)		9.21
B		9.82		0.29		(0.61	)		(0.32	)		(0.29	)		–		–		(0.29	)		9.21
C		9.82		0.29		(0.61	)		(0.32	)		(0.29	)		–		–		(0.29	)		9.21
Y		9.81		0.40		(0.63	)		(0.23	)		(0.39	)		–		–		(0.39	)		9.19

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on September 30, 2011.

(G) Not annualized.

(H) Annualized.

(I) Commenced operations on February 26, 2010.    

36

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	4.37	%	$	279,952		0.86	%		0.85	%		2.03	%		61	%
	4.48			7,959		0.97			0.85			2.03			–
	3.60			136,515		1.60			1.60			1.28			–
	4.75			117,449		0.58			0.58			2.30			–
	4.07			258		1.23			1.15			1.72			–
	4.48			783		0.93			0.85			2.02			–
	4.69			106		0.62			0.55			2.33			–
	4.84			4,967		0.50			0.50			2.34			–
	1.77			279,232		0.86			0.85			2.13			55
	1.54			9,558		1.09			0.98			2.01			–
	1.02			140,933		1.59			1.59			1.39			–
	1.97			88,321		0.56			0.56			2.41			–
	0.96	(G)		101		1.27	(H)		1.15	(H)		1.70	(H)		–
	0.98	(G)		101		0.97	(H)		0.85	(H)		1.99	(H)		–
	1.01	(G)		101		0.67	(H)		0.55	(H)		2.28	(H)		–
	2.02			230,175		0.51			0.51			2.48			–
	5.33			208,313		0.87			0.87			2.55			66
	4.51			10,799		1.73			1.65			1.80			–
	4.56			105,060		1.60			1.60			1.79			–
	3.42	(G)		26,765		0.58	(H)		0.58	(H)		2.49	(H)		–
	5.71			139,394		0.52			0.52			2.90			–
	8.23			125,549		0.91			0.90			3.50			56
	7.42			9,322		1.80			1.65			2.78			–
	7.42			52,909		1.65			1.65			2.78			–
	8.62			93,804		0.53			0.53			3.92			–
	(2.60	)		46,620		0.95			0.90			3.78			73
	(3.33	)		5,846		1.84			1.65			3.06			–
	(3.33	)		26,738		1.69			1.65			3.03			–
	(2.40	)		107,669		0.58			0.58			4.11			–

37

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Short Duration Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Short Duration Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

38

The Hartford Short Duration Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

39

The Hartford Short Duration Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

40

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

41

The Hartford Short Duration Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

42

The Hartford Short Duration Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,022.57	$	4.32	$	1,000.00	$	1,020.86	$	4.32		0.85	%		184		366
Class B	$	1,000.00	$	1,023.60	$	4.32	$	1,000.00	$	1,020.86	$	4.32		0.85			184		366
Class C	$	1,000.00	$	1,018.76	$	8.17	$	1,000.00	$	1,017.04	$	8.16		1.61			184		366
Class I	$	1,000.00	$	1,024.93	$	3.00	$	1,000.00	$	1,022.17	$	3.00		0.59			184		366
Class R3	$	1,000.00	$	1,021.08	$	5.84	$	1,000.00	$	1,019.35	$	5.84		1.15			184		366
Class R4	$	1,000.00	$	1,024.67	$	4.33	$	1,000.00	$	1,020.86	$	4.32		0.85			184		366
Class R5	$	1,000.00	$	1,025.19	$	2.80	$	1,000.00	$	1,022.37	$	2.80		0.55			184		366
Class Y	$	1,000.00	$	1,025.35	$	2.60	$	1,000.00	$	1,022.57	$	2.59		0.51			184		366

43

The Hartford Short Duration Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Short Duration Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

44

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

45

The Hartford Short Duration Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

46

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

47

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-SD12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Small Company Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Small Company Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	10
Statement of Assets and Liabilities at October 31, 2012	11
Statement of Operations for Year Ended October 31, 2012	12
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	13
Notes to Financial Statements	14
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Small Company Fund inception 07/22/1996

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks growth of capital.

Performance Overview   10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Small Company A#		7.44	%		-0.94	%		9.88	%
Small Company A##		1.53	%		-2.05	%		9.26	%
Small Company B#		6.65	%		-1.58	%		9.29	%*
Small Company B##		1.65	%		-1.91	%		9.29	%*
Small Company C#		6.67	%		-1.66	%		9.08	%
Small Company C##		5.67	%		-1.66	%		9.08	%
Small Company I#		7.70	%		-0.69	%		10.06	%
Small Company R3#		7.30	%		-1.14	%		9.95	%
Small Company R4#		7.63	%		-0.82	%		10.16	%
Small Company R5#		7.93	%		-0.55	%		10.33	%
Small Company Y#		8.02	%		-0.43	%		10.41	%
Russell 2000 Growth Index		9.70	%		1.41	%		9.66	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/02/06. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Russell 2000 Growth Index is an unmanaged index of those Russell 2000 Index growth companies with higher price-to-book ratios and higher forecasted growth values. (The Russell 2000 Index is a broad-based unmanaged index comprised of 2,000 of the smallest U.S.-domiciled company common stocks (on the basis of capitalization) that are traded in the United States on the New York Stock Exchange, American Stock Exchange and Nasdaq.)

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Small Company Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Steven C. Angeli, CFA	Stephen C. Mortimer	Jamie A. Rome, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager
Mario E. Abularach, CFA	Mammen Chally, CFA
Vice President and Equity Research Analyst	Vice President and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Small Company Fund returned 7.44%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the Russell 2000 Growth Indexwhich returned 9.70% for the same period. The Fund underperformed the 8.96% return of the average fund in the Lipper Small Cap Growth Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Small cap stocks (+12.1%) underperformed large cap stocks (+15.2%) and performed in line with mid cap stocks (+12.1%) during the period, as measured by the Russell 2000, S&P 500, and S&P MidCap 400 indices, respectively. Growth (+9.7%) stocks underperformed Value (+14.5%) stocks during the period, as measured by the Russell 2000 Growth and Russell 2000 Value indices. Eight out of ten sectors in the Russell 2000 Growth Index had positive returns during the period. The Health Care (+17%), Financials (+14%), and Consumer Discretionary (+14%) sectors performed best, while Energy (-13%) and Utilities (-2%) lagged on a relative basis.

Stock selection was the main driver of relative underperformance versus the benchmark, primarily in the Information Technology, Consumer Staples, and Telecommunication Services sectors; this was somewhat offset by strong selection in the Health Care, Energy, and Industrials sectors. Sector allocation, which is the residual result of bottom-up stock selection, also detracted from relative returns, primarily due to an underweight (i.e. the Fund’s sector position was less than the benchmark position) to Health Care and an overweight to Information Technology.

Stocks that detracted the most from relative returns during the period were Deckers Outdoor (Consumer Discretionary), Diamond Foods (Consumer Staples), and Cypress Semiconductor (Information Technology). Shares of Deckers Outdoor, a designer and marketer of fashion-oriented footwear, fell as elevated inventory levels of UGG boots and waning customer demand led to price reductions of this important contributor to the company’s profits. Additionally, margin pressure from higher product costs led to a reduction in consensus earnings expectations. Snack food company Diamond Food’s shares declined steeply based on an investigation into the company’s accounting practices over crop payments to walnut growers. Also, late in the period, the company was ordered to pay $2.6 million to settle claims over the health benefits it attributes to walnuts. Shares of Cypress Semiconductor, a semiconductor company, performed well during the quarter as the company won key contracts with, among others, Amazon and Nokia. Not owning this benchmark component for the duration of the period detracted from relative returns. Express Inc. (Consumer Discretionary), an apparel retailer, also detracted from absolute (i.e. total return) returns during the period.

Top contributors to relative and absolute performance during the period included SXC Health Solutions (Health Care), Zoll Medical (Health Care), and Pulte Group (Consumer Discretionary). Shares of SXC Health Solutions, a pharmacy benefit management (PBM) company, moved higher following the announcement in April 2012 that the company

3

The Hartford Small Company Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

planned to merge with competitor Catalyst Health Solutions. Shares of Pulte Group, a large U.S. homebuilder, performed well as signs of stabilization in housing began to turn sentiment toward the housing sector and investors began contemplating future home price appreciation. The combination of record home affordability, an improving jobs picture, and low levels of new home construction have provided a powerful backdrop for U.S. homebuilders following their seven year recession. Shares of medical device and technology provider Zoll Medical (Health Care) climbed during the period following an announcement that the company would be acquired by Asahi Kasei.

What is the outlook?

We continue to challenge ourselves to discover emerging growth companies and to be opportunistic to uncover re-emerging growth companies. We believe that market volatility over the past year has validated our long-standing price target discipline, which we continue to apply with rigor.

As a residual of our bottom-up, stock-by-stock investment decisions, the Fund ended the period overweight in the Consumer Discretionary and Financials sectors relative to the Russell 2000 Growth Index. The Fund ended the period most underweight in Health Care, Consumer Staples, and Industrials.

Diversification by Industry

as of October 31, 2012

Industry (Sector)		Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)			1.7	%
Banks (Financials)	��		2.7
Capital Goods (Industrials)			11.0
Commercial and Professional Services (Industrials)			1.5
Consumer Durables and Apparel (Consumer Discretionary)			4.8
Consumer Services (Consumer Discretionary)			2.7
Diversified Financials (Financials)			0.8
Energy (Energy)			6.4
Food and Staples Retailing (Consumer Staples)			0.8
Food, Beverage and Tobacco (Consumer Staples)			0.2
Health Care Equipment and Services (Health Care)			8.6
Household and Personal Products (Consumer Staples)			1.7
Insurance (Financials)			0.2
Materials (Materials)			5.2
Media (Consumer Discretionary)			0.8
Other Investment Pools and Funds (Financials)			1.0
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)			10.0
Real Estate (Financials)			4.2
Retailing (Consumer Discretionary)			9.3
Semiconductors and Semiconductor Equipment (Information Technology)			2.3
Software and Services (Information Technology)			15.0
Technology Hardware and Equipment (Information Technology)			2.5
Telecommunication Services (Services)			0.0
Transportation (Industrials)			3.1
Utilities (Utilities)			0.3
Short-Term Investments			2.3
Other Assets and Liabilities			0.9
Total			100.0	%

4

The Hartford Small Company Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.7%
		Automobiles and Components - 1.7%
	197	Allison Transmission Holdings, Inc.	$	3,975
	234	Tenneco Automotive, Inc. ●		7,147
	18	Tesla Motors, Inc. ●		492
				11,614
		Banks - 2.7%
	92	Boston Private Financial Holdings, Inc.		848
	239	East West Bancorp, Inc.		5,091
	34	EverBank Financial Corp.		512
	34	First Merchants Corp.		500
	58	Flushing Financial Corp.		896
	25	Home Loan Servicing Solutions Ltd.		477
	28	Hudson Valley Holding Corp.		457
	110	Ocwen Financial Corp. ●		4,230
	60	Privatebancorp, Inc.		968
	66	Umpqua Holdings Corp.		792
	320	Western Alliance Bancorp ●		3,287
	11	Wintrust Financial Corp.		415
				18,473
		Capital Goods - 11.0%
	17	A.O. Smith Corp.		1,031
	19	AAON, Inc.		399
	76	Acuity Brands, Inc.		4,923
	9	AGCO Corp. ●		401
	72	Altra Holdings, Inc.		1,296
	20	Applied Industrial Technologies, Inc.		800
	47	Astronics Corp. ●		1,090
	7	Astronics Corp. Class B ●		161
	30	AZZ, Inc.		1,193
	24	Belden, Inc.		847
	8	Carlisle Cos., Inc.		442
	18	Chart Industries, Inc. ●		1,268
	79	Colfax Corp. ●		2,726
	10	Crane Co.		430
	313	DigitalGlobe, Inc. ●		8,117
	60	DXP Enterprises, Inc. ●		2,958
	15	EMCOR Group, Inc.		474
	14	Esterline Technologies Corp. ●		794
	16	Franklin Electric Co., Inc.		932
	13	GeoEye, Inc. ●		414
	48	GrafTech International Ltd. ●		508
	26	H & E Equipment Services, Inc.		396
	68	IDEX Corp.		2,887
	24	John Bean Technologies Corp.		373
	88	Kennametal, Inc.		3,128
	21	Lennox International, Inc.		1,037
	11	Lindsay Corp.		841
	26	Luxfer Holdings plc ●		283
	18	Michael Baker Corp. ●		405
	15	Middleby Corp. ●		1,893
	104	Moog, Inc. Class A ●		3,856
	18	Nordson Corp.		1,057
	173	Owens Corning, Inc. ●		5,826
	167	Polypore International, Inc. ●		5,889
	24	Sun Hydraulics Corp.		628
	14	TAL International Group, Inc.		485
	89	Teledyne Technologies, Inc. ●		5,693
	15	Textainer Group Holdings Ltd.		453
	22	Titan International, Inc.		468
	55	Trex Co., Inc. ●		1,934
	41	Trimas Corp. ●		1,019
	85	WESCO International, Inc. ●		5,513
				75,268
		Commercial and Professional Services - 1.5%
	30	Deluxe Corp.		945
	23	Exponent, Inc. ●		1,265
	27	GP Strategies Corp. ●		510
	202	On Assignment, Inc. ●		3,849
	12	Portfolio Recovery Associate ●		1,218
	130	Wageworks, Inc. ●		2,526
				10,313
		Consumer Durables and Apparel - 4.7%
	26	Arctic Cat, Inc. ●		943
	131	Brunswick Corp.		3,083
	66	Fifth & Pacific Cos., Inc. ●		729
	16	G-III Apparel Group Ltd. ●		602
	207	Hanesbrands, Inc. ●		6,943
	2	Helen of Troy Ltd. ●		57
	77	Leapfrog Enterprises, Inc. ●		678
	166	Pulte Group, Inc. ●		2,884
	2,607	Samsonite International S.A.		5,396
	23	Skechers USA, Inc. Class A ●		379
	371	Standard-Pacific Corp. ●		2,563
	130	Steven Madden Ltd. ●		5,562
	37	True Religion Apparel, Inc.		955
	20	Warnaco Group, Inc. ●		1,441
				32,215
		Consumer Services - 2.7%
	76	Bloomin' Brands, Inc. ●		1,043
	33	Brinker International, Inc.		1,018
	72	Buffalo Wild Wings, Inc. ●		5,463
	243	Burger King Worldwide, Inc. ●		3,612
	157	Cheesecake Factory, Inc.		5,200
	38	Ignite Restaurant Group, Inc. ●		439
	26	Sotheby's Holdings		804
	9	Steiner Leisure Ltd. ●		382
	37	Whistler Blackcomb Holdings, Inc.		435
				18,396
		Diversified Financials - 0.8%
	101	BGC Partners, Inc.		474
	32	Compass Diversified Holdings		455
	87	DFC Global Corp. ●		1,462
	44	Fifth Street Finance Corp.		481
	71	Gain Capital Holdings, Inc.		326
	200	Netspend Holdings, Inc. ●		2,138
				5,336
		Energy - 6.4%
	1,164	Alberta Oilsands, Inc. ●		93
	1,164	Alberta Oilsands, Inc. Rights		6
	123	Atwood Oceanics, Inc. ●		5,875
	35	Berry Petroleum Co.		1,343
	156	BPZ Resources, Inc. ●		448
	36	C&J Energy Services, Inc. ⌂●		700
	34	Cloud Peak Energy, Inc. ●		707
	31	CVR Energy, Inc. ●		1,143
	16	Diamondback Eneregy, Inc. ●		274
	27	Energy XXI (Bermuda) Ltd.		887
	18	EPL Oil & Gas, Inc. ●		385
	27	Gulfmark Offshore, Inc. ●		860

The accompanying notes are an integral part of these financial statements.

5

The Hartford Small Company Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.7% - (continued)
		Energy - 6.4% - (continued)
	19	Hornbeck Offshore Services, Inc. ●	$	650
	144	ION Geophysical Corp. ●		933
	65	Karoon Gas Australia Ltd. ●		377
	48	Midstates Petroleum Co., Inc. ●		298
	325	Patterson-UTI Energy, Inc.		5,252
	28	PDC Energy, Inc. ●		845
	299	Rex Energy Corp. ●		3,963
	135	Rosetta Resources, Inc. ●		6,237
	158	SemGroup Corp. ●		6,123
	33	Stone Energy Corp. ●		767
	1,050	Sunshine Oilsands Ltd. ●		355
	23	Swift Energy Co. ●		379
	369	Trican Well Service Ltd.		4,402
	72	Vaalco Energy, Inc. ●		587
				43,889
		Food and Staples Retailing - 0.8%
	98	Casey's General Stores, Inc.		5,046
	35	Natural Grocers by Vitamin Cottage, Inc. ●		706
				5,752
		Food, Beverage and Tobacco - 0.2%
	6	Boston Beer Co., Inc. Class A ●		626
	59	Darling International, Inc. ●		983
				1,609
		Health Care Equipment and Services - 8.6%
	208	ABIOMED, Inc. ●		4,117
	39	Air Methods Corp. ●		4,329
	13	AmSurg Corp. ●		368
	3	Atrion Corp.		648
	163	Catamaran Corp. ●		7,673
	19	Corvel Corp. ●		807
	19	Cyberonics, Inc. ●		883
	73	Dexcom, Inc. ●		950
	16	Ensign Group, Inc.		461
	46	Globus Medical, Inc. ●		797
	19	Greatbatch, Inc. ●		407
	196	HealthSouth Corp. ●		4,342
	81	Heartware International, Inc. ●		6,809
	26	ICU Medical, Inc. ●		1,516
	259	Insulet Corp. ●		5,498
	26	LHC Group, Inc. ●		452
	34	Masimo Corp. ●		744
	6	MEDNAX, Inc. ●		435
	142	Merge Healthcare, Inc. ●		483
	30	Merit Medical Systems, Inc. ●		428
	71	Owens & Minor, Inc.		2,032
	173	Team Health Holdings ●		4,615
	32	U.S. Physical Therapy, Inc.		856
	181	Volcano Corp. ●		5,173
	87	Wellcare Health Plans, Inc. ●		4,154
				58,977
		Household and Personal Products - 1.7%
	188	Elizabeth Arden, Inc. ●		8,881
	22	Nu Skin Enterprises, Inc. Class A		1,060
	33	Spectrum Brands Holdings, Inc. ●		1,508
				11,449
		Insurance - 0.2%
	29	Amerisafe, Inc. ●		758
	25	Protective Life Corp.		687
				1,445
		Materials - 5.2%
	11	Allied Nevada Gold Corp. ●		414
	292	Aurcana Corp. ●		316
	40	Headwaters, Inc. ●		289
	242	KapStone Paper & Packaging Corp. ●		5,313
	16	Kraton Performance Polymers ●		353
	336	Louisiana-Pacific Corp. ●		5,301
	217	Methanex Corp. ADR		6,512
	35	New Gold, Inc. ●		405
	39	Olin Corp.		804
	142	Packaging Corp. of America		4,997
	61	PolyOne Corp.		1,159
	361	Romarco Minerals, Inc. ●		344
	200	Silgan Holdings, Inc.		8,672
	10	Universal Stainless & Alloy Products, Inc. ●		354
	26	Winpak Ltd.		410
				35,643
		Media - 0.8%
	368	Pandora Media, Inc. ●		3,085
	91	Shutterstock, Inc. ●		2,168
				5,253
		Pharmaceuticals, Biotechnology and Life Sciences - 10.0%
	33	3SBio, Inc. ADR ●		443
	36	Acorda Therapeutics, Inc. ●		851
	80	Algeta ASA ●		2,139
	78	Alkermes plc ●		1,451
	342	Arena Pharmaceuticals, Inc. ●		2,702
	107	Auxilium Pharmaceuticals, Inc. ●		2,193
	276	Aveo Pharmaceuticals, Inc. ●		2,106
	66	Bruker Corp. ●		800
	109	Cadence Pharmaceuticals, Inc. ●		384
	141	Cubist Pharmaceuticals, Inc. ●		6,055
	587	Exelixis, Inc. ●		2,787
	248	Immunogen, Inc. ●		2,744
	205	Incyte Corp. ●		3,273
	356	Ironwood Pharmaceuticals, Inc. ●		4,144
	240	Medicines Co. ●		5,257
	28	Momenta Pharmaceuticals, Inc. ●		357
	63	Neurocrine Biosciences, Inc. ●		459
	460	NPS Pharmaceuticals, Inc. ●		4,253
	42	Onyx Pharmaceuticals, Inc. ●		3,274
	58	Optimer Pharmaceuticals, Inc. ●		554
	256	PAREXEL International Corp. ●		7,852
	363	Rigel Pharmaceuticals, Inc. ●		3,230
	134	Salix Pharmaceuticals Ltd. ●		5,248
	218	Seattle Genetics, Inc. ●		5,480
	38	Tesaro, Inc. ●		611
	73	Trius Therapeutics, Inc. ●		402
				69,049
		Real Estate - 4.2%
	73	American Campus Communities, Inc.		3,319
	55	Anworth Mortgage Asset Corp.		338
	28	Capstead Mortgage Corp.		340
	35	Colonial Properties Trust REIT		756
	74	Coresite Realty Corp.		1,677
	48	Glimcher Realty Trust REIT		510
	13	Hatteras Financial Corp.		357
	44	Medical Properties Trust, Inc.		500
	50	MFA Mortgage Investments, Inc.		407
	235	Pebblebrook Hotel Trust		4,989

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.7% - (continued)
		Real Estate - 4.2% - (continued)
	109	Potlatch Corp.	$	4,187
	33	PS Business Parks, Inc.		2,094
	57	Summit Hotel Properties, Inc.		471
	349	Sunstone Hotel Investors, Inc. REIT ●		3,450
	236	Two Harbors Investment Corp.		2,812
	27	Whitestone REIT		365
	65	Zillow, Inc. ●		2,417
				28,989
		Retailing - 9.3%
	3,137	Allstar Co. ⌂†		5,491
	58	Ascena Retail Group, Inc. ●		1,142
	16	Cato Corp.		440
	86	Children's Place Retail Stores, Inc. ●		5,047
	21	Core-Mark Holding Co., Inc.		1,001
	201	Debenhams plc		390
	107	DSW, Inc.		6,702
	37	Express, Inc. ●		407
	113	Francescas Holding Corp. ●		3,345
	87	GNC Holdings, Inc.		3,345
	16	Group 1 Automotive, Inc.		979
	16	Guess?, Inc.		404
	58	Hibbett Sports, Inc. ●		3,127
	229	HomeAway, Inc. ●		5,879
	95	HSN, Inc.		4,944
	18	Lumber Liquidators Holdings, Inc. ●		988
	43	Mattress Firm Holding Corp. ●		1,383
	131	Pier 1 Imports, Inc.		2,666
	154	rue21, Inc. ●		4,638
	195	Shutterfly, Inc. ●		5,904
	26	Teavana Holdings, Inc. ●		278
	22	The Finish Line, Inc.		456
	136	Urban Outfitters, Inc. ●		4,876
				63,832
		Semiconductors and Semiconductor Equipment - 2.3%
	180	GT Advanced Technologies, Inc. ●		782
	921	Lattice Semiconductor Corp. ●		3,572
	21	Microsemi Corp. ●		407
	166	Mindspeed Technologies, Inc. ●		566
	51	Nanometrics, Inc. ●		701
	73	PMC-Sierra, Inc. ●		343
	163	Skyworks Solutions, Inc. ●		3,822
	187	Ultratech Stepper, Inc. ●		5,782
				15,975
		Software and Services - 15.0%
	21	Ancestry.com, Inc. ●		654
	201	Bazaarvoice, Inc. ●		2,566
	175	Broadsoft, Inc. ●		6,686
	615	Cadence Design Systems, Inc. ●		7,783
	4	Commvault Systems, Inc. ●		249
	66	Concur Technologies, Inc. ●		4,381
	25	Constant Contact, Inc. ●		304
	30	CoStar Group, Inc. ●		2,511
	160	DealerTrack Holdings, Inc. ●		4,375
	68	Earthlink, Inc.		430
	33	Ebix, Inc.		716
	15	Fair Isaac, Inc.		680
	105	Fleetmatics Group Ltd. ●		2,285
	71	Higher One Holdings, Inc. ●		894
	162	IAC/InterActiveCorp.		7,816
	137	Imperva, Inc. ●		4,315
	52	j2 Global, Inc.		1,563
	50	JDA Software Group, Inc. ●		1,888
	7	Jive Software, Inc. ●		79
	39	Keynote Systems, Inc.		560
	380	LivePerson, Inc. ●		5,955
	7	MicroStrategy, Inc. ●		708
	125	Mitek Systems, Inc. ●		399
	24	Netscout Systems, Inc. ●		604
	17	Nuance Communications, Inc. ●		381
	27	Opnet Technologies, Inc.		1,129
	173	Parametric Technology Corp. ●		3,492
	61	Pegasystems, Inc.		1,439
	38	QLIK Technologies, Inc. ●		692
	533	Sapient Corp. ●		5,484
	42	ServiceNow, Inc. ●		1,293
	8	Solarwinds, Inc. ●		417
	182	Solera Holdings, Inc.		8,507
	16	Sourcefire, Inc. ●		668
	66	Splunk, Inc. ●		1,855
	77	Syntel, Inc.		4,586
	29	Tyler Corp. ●		1,408
	22	VeriFone Systems, Inc. ●		663
	311	Web.com Group, Inc. ●		4,910
	104	WEX Inc.		7,667
	42	XO Group, Inc. ●		337
				103,329
		Technology Hardware and Equipment - 2.5%
	20	ADTRAN, Inc.		341
	27	Arris Group, Inc. ●		368
	48	Aruba Networks, Inc. ●		863
	91	Coherent, Inc. ●		4,139
	67	Emulex Corp. ●		468
	135	Extreme Networks, Inc. ●		440
	219	Fabrinet ●		2,111
	148	Finisar Corp. ●		1,705
	19	Ixia ●		271
	111	Mitel Networks Corp. ●		285
	14	Netgear, Inc. ●		483
	51	Oplink Communications, Inc. ●		755
	18	Park Electrochemical Corp.		449
	27	Plantronics, Inc.		870
	47	TTM Technologies, Inc. ●		426
	44	Ubiquiti Networks, Inc. ●		516
	89	Universal Display Corp. ●		2,921
				17,411
		Telecommunication Services - 0.0%
	37	Neutral Tandem, Inc.		172
		Transportation - 3.1%
	75	Avis Budget Group, Inc. ●		1,240
	119	Landstar System, Inc.		6,039
	22	Marten Transport Ltd.		413
	174	Old Dominion Freight Line, Inc. ●		5,836
	391	Spirit Airlines, Inc. ●		6,853
	46	Werner Enterprises, Inc.		1,060
				21,441
		Utilities - 0.3%
	15	Portland General Electric Co.		398

The accompanying notes are an integral part of these financial statements.

7

The Hartford Small Company Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 95.7% - (continued)
		Utilities - 0.3% - (continued)
	30	UNS Energy Corp.	$	1,296
	13	Westar Energy, Inc.		389
				2,083
		Total common stocks
		(cost $615,900)	$	657,913
PREFERRED STOCKS - 0.1%
		Consumer Durables and Apparel - 0.1%
	5	Callaway Golf Co., 7.50%  ۞	$	485
		Total preferred stocks
		(cost $608)	$	485
EXCHANGE TRADED FUNDS - 1.0%
		Other Investment Pools and Funds - 1.0%
	75	iShares Russell 2000 Growth Index Fund	$	6,956
		Total exchange traded funds
		(cost $7,192)	$	6,956
		Total long-term investments (cost $623,700)	$	665,354
SHORT-TERM INVESTMENTS - 2.3%
Repurchase Agreements - 2.3%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,912, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $2,970)
$	2,912	0.30%, 10/31/2012	$	2,912
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,186, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $1,209)
	1,186	0.25%, 10/31/2012		1,186
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,038, collateralized by FNMA 2.50%, 2027, value of $2,079)
	2,038	0.35%, 10/31/2012		2,038
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $774, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $790)
	774	0.35%, 10/31/2012		774
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $3,597, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $3,665)
	3,597	0.28%, 10/31/2012		3,597
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $4,559, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $4,650)
	4,559	0.25%, 10/31/2012		4,559
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $21, collateralized by U.S. Treasury Note 8.13%, 2019, value of $21)
	21	0.25%, 10/31/2012		21
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,057, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $1,078)
	1,057	0.30%, 10/31/2012		1,057
				16,144
		Total short-term investments
		(cost $16,144)	$	16,144

Total investments
(cost $639,844) ▲	99.1	%	$	681,498
Other assets and liabilities	0.9	%		5,966
Total net assets	100.0	%	$	687,464

The accompanying notes are an integral part of these financial statements.

8

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $647,835 and the aggregate gross unrealized appreciation and depreciation based on that cost were:    

Unrealized Appreciation	$	69,297
Unrealized Depreciation		(35,634	)
Net Unrealized Appreciation	$	33,663

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $5,491, which represents 0.8% of total net assets. This amount excludes securities that are principally traded in certain foreign markets and whose prices are adjusted pursuant to a third party pricing service methodology approved by the Board of Directors.

● Non-income producing.

۞ Convertible security.

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired		Shares/ Par		Security	Cost Basis
	08/2011		3,137	Allstar Co.	$	3,193
	12/2010		36	C&J Energy Services, Inc.		361

  At October 31, 2012, the aggregate value of these securities was $6,191, which represents 0.9% of total net assets.  

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

9

The Hartford Small Company Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	657,913	$	644,120	$	8,302	$	5,491
Exchange Traded Funds		6,956		6,956		–		–
Preferred Stocks		485		–		485		–
Short-Term Investments		16,144		–		16,144		–
Total	$	681,498	$	651,076	$	24,931	$	5,491

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.  

‡ The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized  Gain  (Loss)		Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales		Transfers Into Level 3		Transfers  Out of  Level 3		Balance as of October 31, 2012
Assets:
Common Stocks	$	2,823	$	—	$	2,668	*	$	—	$	—	$	—	$	—	$	—	$	5,491
Total	$	2,823	$	—	$	2,668		$	—	$	—	$	—	$	—	$	—	$	5,491

* Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $2,668.

The accompanying notes are an integral part of these financial statements.

10

The Hartford Small Company Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $639,844)	$	681,498
Receivables:
Investment securities sold		9,429
Fund shares sold		745
Dividends and interest		38
Other assets		54
Total assets		691,764
Liabilities:
Bank overdraft		257
Payables:
Investment securities purchased		2,488
Fund shares redeemed		1,249
Investment management fees		121
Administrative fees		4
Distribution fees		31
Accrued expenses		150
Total liabilities		4,300
Net assets	$	687,464
Summary of Net Assets:
Capital stock and paid-in-capital	$	613,154
Distributions in excess of net investment loss		(4,535	)
Accumulated net realized gain		37,191
Unrealized appreciation of investments		41,654
Net assets	$	687,464
Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$19.52/$20.66
Shares outstanding		13,753
Net assets	$	268,501
Class B: Net asset value per share	$	16.87
Shares outstanding		354
Net assets	$	5,972
Class C: Net asset value per share	$	16.82
Shares outstanding		1,914
Net assets	$	32,182
Class I: Net asset value per share	$	19.87
Shares outstanding		1,226
Net assets	$	24,366
Class R3: Net asset value per share	$	20.61
Shares outstanding		2,337
Net assets	$	48,148
Class R4: Net asset value per share	$	21.03
Shares outstanding		2,674
Net assets	$	56,217
Class R5: Net asset value per share	$	21.39
Shares outstanding		414
Net assets	$	8,859
Class Y: Net asset value per share	$	21.56
Shares outstanding		11,283
Net assets	$	243,219

The accompanying notes are an integral part of these financial statements.

11

The Hartford Small Company Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	3,821
Interest		21
Less: Foreign tax withheld		(35	)
Total investment income		3,807
Expenses:
Investment management fees		5,565
Administrative services fees		183
Transfer agent fees		1,023
Distribution fees
Class A		715
Class B		74
Class C		349
Class R3		239
Class R4		128
Custodian fees		32
Accounting services fees		97
Registration and filing fees		124
Board of Directors' fees		19
Audit fees		19
Other expenses		157
Total expenses (before waivers and fees paid indirectly)		8,724
Expense waivers		(52	)
Transfer agent fee waivers		(15	)
Commission recapture		(71	)
Total waivers and fees paid indirectly		(138	)
Total expenses, net		8,586
Net Investment Loss		(4,779	)
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		44,300
Net realized gain on foreign currency contracts		46
Net realized loss on other foreign currency transactions		(74	)
Net Realized Gain on Investments and Foreign Currency Transactions		44,272
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions:
Net unrealized appreciation of investments		12,624
Net unrealized depreciation on translation of other assets and liabilities in foreign currencies		(1	)
Net Changes in Unrealized Appreciation of Investments and Foreign Currency Transactions		12,623
Net Gain on Investments and Foreign Currency Transactions		56,895
Net Increase in Net Assets Resulting from Operations	$	52,116

The accompanying notes are an integral part of these financial statements.

12

The Hartford Small Company Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment loss	$	(4,779	)	$	(4,938	)
Net realized gain on investments and foreign currency transactions		44,272			146,528
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		12,623			(66,913	)
Net Increase In Net Assets Resulting From Operations		52,116			74,677
Distributions to Shareholders:
From net realized gain on investments
Class A		(15,141	)		—
Class B		(517	)		—
Class C		(2,128	)		—
Class I		(1,042	)		—
Class R3		(2,279	)		—
Class R4		(2,444	)		—
Class R5		(470	)		—
Class Y		(11,102	)		—
Total distributions		(35,123	)		—
Capital Share Transactions:
Class A		(33,861	)		(22,465	)
Class B		(3,229	)		(4,470	)
Class C		(4,412	)		(7,410	)
Class I		4,794			4,835
Class R3		576			7,162
Class R4		3,574			1,862
Class R5		(1,449	)		(2,650	)
Class Y		1,021			(69,560	)
Net decrease from capital share transactions		(32,986	)		(92,696	)
Net Decrease In Net Assets		(15,993	)		(18,019	)
Net Assets:
Beginning of period		703,457			721,476
End of period	$	687,464		$	703,457
Undistributed (distribution in excess of) net investment income (loss)	$	(4,535	)	$	(312	)

The accompanying notes are an integral part of these financial statements.

13

The Hartford Small Company Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Small Company Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of

14

the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to

15

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

·

Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate

16

per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the

17

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. As of October 31, 2012, the Fund had no outstanding when-issued or delayed-delivery investments.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of October 31, 2012.

18

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	46	$	—	$	—	$	—	$	—	$	46
Total	$	—	$	46	$	—	$	—	$	—	$	—	$	46

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend

19

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Long-Term Capital Gains ‡	$	35,123	$	—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis are as follows:

	Amount
Undistributed Long-Term Capital Gain	$	44,873
Accumulated Capital Losses		(4,226	)
Unrealized Appreciation *		33,663
Total Accumulated Earnings	$	74,310

* Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	556
Accumulated Net Realized Gain (Loss)		392
Capital Stock and Paid-in-Capital		(948	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

20

As of October 31, 2012, the Fund elected to defer the following Late-Year Ordinary Losses:

	Amount
Ordinary Income	$	4,226

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.8500%
On next $250 million		0.8000%
On next $500 million		0.7500%
On next $500 million		0.7000%
On next $3.5 billion		0.6500%
On next $5 billion		0.6300%
Over $10 billion		0.6200%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014%
On next $5 billion		0.012%
Over $10 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012,

21

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.40%		2.15%		2.15%		1.15%		1.55%		1.25%		0.95%		0.90%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.39	%
Class B		2.14
Class C		2.11
Class I		1.13
Class R3		1.54
Class R4		1.24
Class R5		0.94
Class Y		0.86

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $381 and contingent deferred sales charges of $13 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

22

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $7.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, 10% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	841,897
Sales Proceeds Excluding U.S. Government Obligations		921,428

23

The Hartford Small Company Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		2,659		859		(5,158	)		—		(1,640	)		3,332		—		(4,504	)		—		(1,172	)
Amount	$	50,939	$	14,597	$	(99,397	)	$	—	$	(33,861	)	$	67,527	$	—	$	(89,992	)	$	—	$	(22,465	)
Class B
Shares		23		32		(246	)		—		(191	)		40		—		(296	)		—		(256	)
Amount	$	392	$	471	$	(4,092	)	$	—	$	(3,229	)	$	701	$	—	$	(5,171	)	$	—	$	(4,470	)
Class C
Shares		130		134		(517	)		—		(253	)		224		—		(655	)		—		(431	)
Amount	$	2,165	$	1,972	$	(8,549	)	$	—	$	(4,412	)	$	3,974	$	—	$	(11,384	)	$	—	$	(7,410	)
Class I
Shares		689		54		(494	)		—		249			568		—		(342	)		—		226
Amount	$	13,496	$	939	$	(9,641	)	$	—	$	4,794		$	11,686	$	—	$	(6,851	)	$	—	$	4,835
Class R3
Shares		462		127		(541	)		—		48			871		—		(526	)		—		345
Amount	$	9,321	$	2,279	$	(11,024	)	$	—	$	576		$	18,282	$	—	$	(11,120	)	$	—	$	7,162
Class R4
Shares		1,216		134		(1,170	)		—		180			869		—		(786	)		—		83
Amount	$	25,287	$	2,440	$	(24,153	)	$	—	$	3,574		$	18,548	$	—	$	(16,686	)	$	—	$	1,862
Class R5
Shares		193		25		(277	)		—		(59	)		240		—		(386	)		—		(146	)
Amount	$	3,954	$	470	$	(5,873	)	$	—	$	(1,449	)	$	5,346	$	—	$	(7,996	)	$	—	$	(2,650	)
Class Y
Shares		3,422		595		(3,916	)		—		101			2,740		—		(5,952	)		—		(3,212	)
Amount	$	70,300	$	11,101	$	(80,380	)	$	—	$	1,021		$	61,376	$	—	$	(130,936	)	$	—	$	(69,560	)
Total
Shares		8,794		1,960		(12,319	)		—		(1,565	)		8,884		—		(13,447	)		—		(4,563	)
Amount	$	175,854	$	34,269	$	(243,109	)	$	—	$	(32,986	)	$	187,440	$	—	$	(280,136	)	$	—	$	(92,696	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		69	$	1,313
For the Year Ended October 31, 2011		90	$	1,795

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

24

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

25

The Hartford Small Company Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income		Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	19.23	$	(0.18	)	$	1.46		$	1.28		$	–	$	(0.99	)	$	–	$	(0.99	)	$	19.52
B		16.88		(0.35	)		1.33			0.98			–		(0.99	)		–		(0.99	)		16.87
C		16.83		(0.29	)		1.27			0.98			–		(0.99	)		–		(0.99	)		16.82
I		19.51		(0.11	)		1.46			1.35			–		(0.99	)		–		(0.99	)		19.87
R3		20.27		(0.20	)		1.53			1.33			–		(0.99	)		–		(0.99	)		20.61
R4		20.60		(0.13	)		1.55			1.42			–		(0.99	)		–		(0.99	)		21.03
R5		20.88		(0.11	)		1.61			1.50			–		(0.99	)		–		(0.99	)		21.39
Y		21.02		(0.06	)		1.59			1.53			–		(0.99	)		–		(0.99	)		21.56
For the Year Ended October 31, 2011 (E)
A		17.48		(0.15	)		1.90			1.75			–		–			–		–			19.23
B		15.46		(0.27	)		1.69			1.42			–		–			–		–			16.88
C		15.41		(0.26	)		1.68			1.42			–		–			–		–			16.83
I		17.68		(0.10	)		1.93			1.83			–		–			–		–			19.51
R3		18.45		(0.20	)		2.02			1.82			–		–			–		–			20.27
R4		18.70		(0.14	)		2.04			1.90			–		–			–		–			20.60
R5		18.90		(0.08	)		2.06			1.98			–		–			–		–			20.88
Y		19.01		(0.06	)		2.07			2.01			–		–			–		–			21.02
For the Year Ended October 31, 2010 (E)
A		13.90		(0.13	)		3.71			3.58			–		–			–		–			17.48
B		12.39		(0.22	)		3.29			3.07			–		–			–		–			15.46
C		12.34		(0.22	)		3.29			3.07			–		–			–		–			15.41
I		14.03		(0.09	)		3.74			3.65			–		–			–		–			17.68
R3		14.70		(0.16	)		3.91			3.75			–		–			–		–			18.45
R4		14.85		(0.11	)		3.96			3.85			–		–			–		–			18.70
R5		14.97		(0.07	)		4.00			3.93			–		–			–		–			18.90
Y		15.03		(0.05	)		4.03			3.98			–		–			–		–			19.01
For the Year Ended October 31, 2009 (E)
A		13.09		(0.08	)		0.89			0.81			–		–			–		–			13.90
B		11.71		(0.12	)		0.80			0.68			–		–			–		–			12.39
C		11.71		(0.15	)		0.78			0.63			–		–			–		–			12.34
I		13.18		(0.06	)		0.91			0.85			–		–			–		–			14.03
R3		13.89		(0.13	)		0.94			0.81			–		–			–		–			14.70
R4		13.98		(0.09	)		0.96			0.87			–		–			–		–			14.85
R5		14.06		(0.06	)		0.97			0.91			–		–			–		–			14.97
Y		14.10		(0.04	)		0.97			0.93			–		–			–		–			15.03
For the Year Ended October 31, 2008
A		24.46		(0.06	)		(8.68	)		(8.74	)		–		(2.63	)		–		(2.63	)		13.09
B		22.30		(0.20	)		(7.76	)		(7.96	)		–		(2.63	)		–		(2.63	)		11.71
C		22.32		(0.18	)		(7.80	)		(7.98	)		–		(2.63	)		–		(2.63	)		11.71
I		24.55		(0.02	)		(8.72	)		(8.74	)		–		(2.63	)		–		(2.63	)		13.18
R3		25.83		(0.07	)		(9.24	)		(9.31	)		–		(2.63	)		–		(2.63	)		13.89
R4		25.91		(0.03	)		(9.27	)		(9.30	)		–		(2.63	)		–		(2.63	)		13.98
R5		25.97		–			(9.28	)		(9.28	)		–		(2.63	)		–		(2.63	)		14.06
Y		26.00		0.02			(9.29	)		(9.27	)		–		(2.63	)		–		(2.63	)		14.10

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	7.44	%	$	268,501		1.41	%		1.40	%		(0.85	)%		124	%
	6.65			5,972		2.37			2.15			(1.60	)		–
	6.67			32,182		2.12			2.12			(1.57	)		–
	7.70			24,366		1.14			1.14			(0.58	)		–
	7.30			48,148		1.58			1.55			(0.99	)		–
	7.63			56,217		1.27			1.25			(0.68	)		–
	7.93			8,859		1.00			0.95			(0.41	)		–
	8.02			243,219		0.87			0.87			(0.30	)		–
	10.01			296,062		1.37			1.37			(0.77	)		111
	9.18			9,192		2.30			2.15			(1.55	)		–
	9.21			36,465		2.10			2.10			(1.50	)		–
	10.35			19,056		1.08			1.08			(0.49	)		–
	9.86			46,392		1.57			1.55			(0.96	)		–
	10.16			51,387		1.26			1.25			(0.66	)		–
	10.48			9,867		0.99			0.95			(0.35	)		–
	10.57			235,036		0.86			0.86			(0.26	)		–
	25.76			289,558		1.41			1.40			(0.80	)		181
	24.78			12,384		2.36			2.15			(1.54	)		–
	24.88			40,018		2.16			2.15			(1.55	)		–
	26.02			13,283		1.17			1.15			(0.54	)		–
	25.51			35,873		1.59			1.57			(1.00	)		–
	25.93			45,096		1.28			1.26			(0.67	)		–
	26.25			11,706		1.02			1.02			(0.41	)		–
	26.48			273,558		0.87			0.87			(0.28	)		–
	6.19			275,834		1.53			1.32			(0.67	)		180
	5.81			16,169		2.59			1.76			(1.10	)		–
	5.38			38,082		2.31			2.04			(1.39	)		–
	6.45			16,312		1.24			1.11			(0.48	)		–
	5.83			12,822		1.66			1.65			(1.04	)		–
	6.22			31,532		1.31			1.31			(0.67	)		–
	6.47			12,384		1.11			1.05			(0.42	)		–
	6.59			245,727		0.91			0.91			(0.27	)		–
	(39.57	)		274,412		1.39			1.39			(0.39	)		183
	(39.95	)		21,008		2.31			2.02			(1.01	)		–
	(40.01	)		41,294		2.15			2.15			(1.14	)		–
	(39.41	)		11,912		1.19			1.15			(0.15	)		–
	(39.69	)		2,990		1.66			1.65			(0.68	)		–
	(39.51	)		18,332		1.29			1.29			(0.29	)		–
	(39.32	)		7,510		1.00			1.00			(0.01	)		–
	(39.23	)		166,183		0.89			0.89			0.12			–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of
The Hartford Mutual Funds, Inc

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Small Company Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Small Company Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

28

The Hartford Small Company Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford Small Company Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford Small Company Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford Small Company Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	964.52	$	6.91	$	1,000.00	$	1,018.10	$	7.10		1.40	%		184		366
Class B	$	1,000.00	$	961.37	$	10.59	$	1,000.00	$	1,014.33	$	10.88		2.15			184		366
Class C	$	1,000.00	$	961.26	$	10.45	$	1,000.00	$	1,014.48	$	10.74		2.12			184		366
Class I	$	1,000.00	$	965.60	$	5.73	$	1,000.00	$	1,019.30	$	5.89		1.16			184		366
Class R3	$	1,000.00	$	964.08	$	7.65	$	1,000.00	$	1,017.34	$	7.86		1.55			184		366
Class R4	$	1,000.00	$	965.66	$	6.17	$	1,000.00	$	1,018.85	$	6.34		1.25			184		366
Class R5	$	1,000.00	$	966.65	$	4.70	$	1,000.00	$	1,020.36	$	4.83		0.95			184		366
Class Y	$	1,000.00	$	967.34	$	4.32	$	1,000.00	$	1,020.75	$	4.44		0.87			184		366

33

The Hartford Small Company Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Small Company Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the Fund had underperformed relative to its peer group for the 1-, 3- and 5-year periods. The Board also noted that the Fund had underperformed relative to its benchmark for the 3- and 5-year periods and that its performance was in line with the benchmark for the 1-year period. HIFSCO noted that it would continue to monitor the Fund’s performance.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

35

The Hartford Small Company Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

36

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-SC12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Small/Mid Cap Equity Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Small/Mid Cap Equity Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	10
Statement of Assets and Liabilities at October 31, 2012	11
Statement of Operations for the Year Ended October 31, 2012	12
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	13
Notes to Financial Statements	14
Financial Highlights	26
Report of Independent Registered Public Accounting Firm	28
Directors and Officers (Unaudited)	29
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	31
Quarterly Portfolio Holdings Information (Unaudited)	31
Federal Tax Information (Unaudited)	32
Expense Example (Unaudited)	33
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	34

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Small/Mid Cap Equity Fund inception 01/01/2005

 (sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term capital appreciation.

Performance Overview 1/01/05 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Small/Mid Cap Equity A#		10.99	%		0.33	%		3.96	%
Small/Mid Cap Equity A##		4.89	%		-0.80	%		3.21	%
Small/Mid Cap Equity B#		10.22	%		-0.27	%		3.33	%
Small/Mid Cap Equity B##		5.22	%		-0.62	%		3.33	%
Small/Mid Cap Equity C#		10.19	%		-0.35	%		3.23	%
Small/Mid Cap Equity C##		9.19	%		-0.35	%		3.23	%
Small/Mid Cap Equity R3#		10.82	%		0.59	%		4.28	%
Small/Mid Cap Equity R4#		11.11	%		0.66	%		4.33	%
Small/Mid Cap Equity R5#		11.48	%		0.73	%		4.37	%
Small/Mid Cap Equity Y#		11.49	%		0.73	%		4.37	%
Russell 2500 Index		13.00	%		2.06	%		5.41	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class R3, R4 and R5 shares commenced operations on 9/30/11. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Includes the Fund’s performance when it invested, prior to 2/1/10, at least 80% of its assets in common stocks of mid-capitalization companies.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000 Index and includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Small/Mid Cap Equity Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Manager

David J. Elliott, CFA

Vice President, Co-Director of Quantitative Investments and Director of Quantitative Portfolio Management

Effective June 4, 2012, Wellington Management Company, LLP became the sub-adviser to the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Small/Mid Cap Equity Fund returned 10.99%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the Russell 2500 Index, which returned 13.00%. For the same period, the Fund outperformed the 10.78% return of the average fund in the Lipper Mid-Cap Core Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

The Fund’s stock selection in the Industrials, Financials, and Energy sectors contributed to relative performance. This was partially offset by unfavorable stock selection in the Consumer Discretionary, Materials, and Telecommunication Services sectors. Overall sector positioning detracted modestly from relative returns during the period. The Fund’s modest cash position also detracted from relative performance in an upward-trending market.

The largest detractors from both absolute and benchmark relative performance were Monster Beverage (Consumer Staples), Tempur-Pedic International (Consumer Discretionary), and PLX Technology (Information Technology). Shares of Monster Beverage, a holding company that develops, markets, sells and distributes alternative energy beverages, fell as the company reported results slightly below consensus and the NY State Attorney General issued a subpoena relating to the company’s advertising and sales. Tempur-Pedic International, a leading global manufacturer and distributor of premium mattresses and pillows, fell sharply after the company lowered its full-year guidance due to competitive pressures and demand for their new Simplicity product was weaker than anticipated. Shares of PLX Technology, a technology company that designs, develops, manufactures and sells semiconductor-based system connectivity solutions, fell during the period amid investor concern that a proposed acquisition of the company would be held back by regulators, pressuring PLX’s business and stock price.

The largest contributors to relative performance were Cambrex Corporation (Health Care), Taser International (Information Technology), and Overstock.com (Consumer Discretionary). Shares of Cambrex Corporation, a life sciences company that provides products and services to improve the development and commercialization of new and generic therapeutics, rose as the company reported better than expected earnings and raised guidance for the full year. Taser International, a company engaged in the development, manufacture and sale of electronic control devices designed for use in the defense markets, rose during the period as sales increased versus the prior year and the company bought back shares during the period. Shares of Overstock.com, an online retailer offering discount brand name, non-brand name and closeout merchandise, rose during the period as the company reported earnings that increased over the prior year and beat expectations. Our position in Delek U.S. Holdings (Energy) contributed to absolute performance (i.e. total return).

What is the outlook?

The Fund seeks to add value by utilizing Wellington Management’s proprietary quantitative research and investment tools in a highly disciplined framework. The Fund focuses on stock selection as the key driver of returns and

3

The Hartford Small/Mid Cap Equity Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

uses quantitative portfolio optimization techniques to minimize unintended and uncompensated risks.

Based on individual stock decisions, the Fund ended the period most overweight (i.e. the Fund’s sector position was greater than the benchmark position) in the Information Technology, Energy, and Consumer Discretionary sectors and most underweight in the Utilities, Industrials, and Materials sectors relative to the Russell 2500 Index.

Diversification by Industry
as of October 31, 2012
Industry (Sector)	Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)		0.9	%
Banks (Financials)		3.9
Capital Goods (Industrials)		8.4
Commercial and Professional Services (Industrials)		3.9
Consumer Durables and Apparel (Consumer Discretionary)		3.7
Consumer Services (Consumer Discretionary)		3.4
Diversified Financials (Financials)		3.4
Energy (Energy)		8.5
Food and Staples Retailing (Consumer Staples)		0.5
Food, Beverage and Tobacco (Consumer Staples)		1.5
Health Care Equipment and Services (Health Care)		3.2
Household and Personal Products (Consumer Staples)		0.7
Insurance (Financials)		5.6
Materials (Materials)		5.7
Media (Consumer Discretionary)		1.7
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		6.4
Real Estate (Financials)		7.3
Retailing (Consumer Discretionary)		6.5
Semiconductors and Semiconductor Equipment (Information Technology)		2.6
Software and Services (Information Technology)		9.9
Technology Hardware and Equipment (Information Technology)		3.7
Telecommunication Services (Services)		1.6
Transportation (Industrials)		1.3
Utilities (Utilities)		4.7
Short-Term Investments		0.9
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Small/Mid Cap Equity Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 99.0%
		Automobiles and Components - 0.9%
	8	Cooper Tire & Rubber Co.	$	167
	9	Lear Corp.		405
	2	Thor Industries, Inc.		87
				659
		Banks - 3.9%
	11	Banco Latinoamericano de Exportaciones S.A. Class E ADR		254
	23	CapitalSource, Inc.		183
	10	East West Bancorp, Inc.		209
	5	Enterprise Financial Services Corp. ●		73
	37	Fifth Third Bancorp		537
	16	Glacier Bancorp		226
	10	MainSource Financial Group, Inc.		125
	8	Nationstar Mortgage Holdings, Inc. ●		285
	7	Ocwen Financial Corp. ●		270
	4	Provident Financial Services, Inc.		67
	44	Regions Financial Corp.		284
	24	Susquehanna Bancshares, Inc.		244
	40	Trustco Bank Corp.		224
				2,981
		Capital Goods - 8.4%
	3	Alliant Techsystems, Inc.		183
	4	American Rail Car Industries, Inc. ●		115
	3	American Science & Engineering, Inc.		172
	16	Ampco-Pittsburgh Corp.		275
	6	Chicago Bridge & Iron Co. N.V.		222
	5	EnerSys, Inc. ●		159
	23	Exelis, Inc.		256
	6	Fluor Corp.		315
	17	Gencorp, Inc. ●		150
	6	Generac Holdings, Inc.		211
	12	ITT Corp.		254
	8	L.B. Foster Co. Class A		256
	3	Lincoln Electric Holdings, Inc.		143
	2	Lindsay Corp.		176
	21	LSI Industries, Inc.		144
	3	National Presto Industries, Inc.		230
	10	NCI Building Systems, Inc. ●		112
	7	Nordson Corp.		407
	3	Nortek, Inc. ●		184
	17	Orbital Sciences Corp. ●		221
	3	Parker-Hannifin Corp.		236
	4	Sauer-Danfoss, Inc.		172
	77	Taser International, Inc. ●		600
	5	Teledyne Technologies, Inc. ●		307
	4	Timken Co.		150
	5	Trex Co., Inc. ●		182
	7	URS Corp.		218
	6	Wabco Holdings, Inc. ●		351
				6,401
		Commercial and Professional Services - 3.9%
	7	Avery Dennison Corp.		223
	14	Barrett Business Services, Inc.		420
	53	Cenveo, Inc. ●		106
	7	Cintas Corp.		305
	9	Copart, Inc. ●		256
	8	Deluxe Corp.		255
	4	Dun & Bradstreet Corp.		284
	13	Enernoc, Inc. ●		155
	3	Equifax, Inc. ●		145
	2	Portfolio Recovery Associate ●		157
	12	Quad Graphics, Inc.		211
	12	Robert Half International, Inc.		328
	11	RPX Corp. ●		119
				2,964
		Consumer Durables and Apparel - 3.7%
	12	Brunswick Corp.		281
	3	Carter's, Inc. ●		162
	6	CSS Industries, Inc.		121
	5	Garmin Ltd.		175
	10	Hooker Furniture Corp.		132
	3	Hyster-Yale Materials Handling, Inc. Class A		114
	3	Hyster-Yale Materials Handling, Inc. Class B †		114
	11	iRobot Corp. ●		203
	13	Jones (The) Group, Inc.		148
	14	Leapfrog Enterprises, Inc. ●		126
	3	Nacco Industries, Inc. Class A		140
	6	Polaris Industries, Inc.		506
	9	Skechers USA, Inc. Class A ●		154
	6	Sturm Ruger & Co., Inc.		271
	7	Tempur-Pedic International, Inc. ●		196
				2,843
		Consumer Services - 3.4%
	5	American Public Education, Inc. ●		199
	10	Brinker International, Inc.		299
	6	Capella Education Co. ●		175
	5	Domino's Pizza, Inc.		203
	7	Grand Canyon Education, Inc. ●		152
	23	Lincoln Educational Services Corp.		85
	8	Marriott International, Inc. Class A		274
	5	Marriott Vacations Worldwide Corp. ●		197
	20	Multimedia Games Holding Co., Inc. ●		315
	—	Panera Bread Co. Class A ●		67
	2	Strayer Education, Inc.		138
	4	Weight Watchers International, Inc.		186
	5	Wyndham Worldwide Corp.		262
				2,552
		Diversified Financials - 3.4%
	23	American Capital Ltd. ●		270
	70	Apollo Investment Corp.		554
	20	Calamos Asset Management, Inc.		220
	15	Compass Diversified Holdings		212
	2	Credit Acceptance Corp. ●		147
	7	Discover Financial Services, Inc.		291
	32	Netspend Holdings, Inc. ●		342
	29	Prospect Capital Corp.		344
	9	Solar Capital Ltd.		196
				2,576
		Energy - 8.5%
	12	Alon USA Energy, Inc.		152
	14	Basic Energy Services, Inc. ●		144
	5	Berry Petroleum Co.		185
	4	Contango ORE, Inc. ●		211
	5	Core Laboratories N.V.		487
	15	Delek U.S. Holdings, Inc.		389
	8	Diamond Offshore Drilling, Inc.		586
	7	Energy XXI (Bermuda) Ltd.		228
	23	Exco Resources, Inc.		189
	25	Frontline Ltd.		81
	35	Green Plains Renewable Energy, Inc. ●		273
	15	Helix Energy Solutions Group, Inc. ●		251

The accompanying notes are an integral part of these financial statements.

5

The Hartford Small/Mid Cap Equity Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
COMMON STOCKS - 99.0% - (continued)
		Energy - 8.5% - (continued)
	39	Hercules Offshore, Inc. ●		$	188
	11	HollyFrontier Corp.			406
	8	Oceaneering International, Inc.			401
	36	Parker Drilling Co. ●			157
	13	Plains Exploration & Production Co. ●			446
	64	Rentech, Inc. ●			166
	7	REX American Resources Corp. ●			117
	13	RPC, Inc.			149
	8	Tesoro Corp.			317
	31	Vaalco Energy, Inc. ●			256
	13	Valero Energy Corp.			373
	12	Western Refining, Inc.			310
					6,462
		Food and Staples Retailing - 0.5%
	157	Rite Aid Corp. ●			182
��	71	Supervalu, Inc.			221
					403
		Food, Beverage and Tobacco - 1.5%
	8	Campbell Soup Co.			296
	6	ConAgra Foods, Inc.			178
	3	Constellation Brands, Inc. Class A ●			92
	16	Dean Foods Co. ●			270
	7	Monster Beverage Corp. ●			299
	1	Vector Group Ltd.			12
					1,147
		Health Care Equipment and Services - 3.2%
	18	Allscripts Healthcare Solutions, Inc. ●			229
	2	Analogic Corp.			169
	6	Bio-Reference Laboratories, Inc. ●			169
	7	Community Health Systems, Inc. ●			192
	3	Computer Programs & Systems, Inc.			136
	3	Cyberonics, Inc. ●			120
	27	Gentiva Health Services, Inc. ●			252
	6	Magellan Health Services, Inc. ●			291
	9	Masimo Corp. ●			205
	14	Natus Medical, Inc. ●			163
	10	Omnicare, Inc.			349
	16	Select Medical Holdings Corp. ●			165
					2,440
		Household and Personal Products - 0.7%
	7	Herbalife Ltd.			359
	4	Nu Skin Enterprises, Inc. Class A			193
					552
		Insurance - 5.6%
	2	Alleghany Corp. ●			800
	12	AmTrust Financial Services, Inc.			278
	5	Argo Group International Holdings Ltd.			179
	10	Aspen Insurance Holdings Ltd.			310
	7	Assurant, Inc.			261
	3	Brown & Brown, Inc.			79
	7	FBL Financial Group Class A			232
	9	Horace Mann Educators Corp.			171
	27	Maiden Holdings Ltd.			226
	6	Phoenix Cos., Inc. ●			169
	10	Primerica, Inc.			269
	6	ProAssurance Corp.			501
	6	Protective Life Corp.			169
	19	Symetra Financial Corp.			229
	5	United Fire Group, Inc.			128
	8	Validus Holdings Ltd.			283
					4,284
		Materials - 5.7%
	5	Cabot Corp.			189
	10	Chemtura Corp. ●			158
	1	Cytec Industries, Inc.			83
	49	Ferro Corp. ●			129
	8	Flotek Industries, Inc. ●			92
	4	Georgia Gulf Corp.			149
	17	Gold Resource Corp.			279
	23	Headwaters, Inc. ●			167
	18	Huntsman Corp.			268
	8	Kraton Performance Polymers ●			179
	4	Minerals Technologies, Inc.			287
	11	Myers Industries, Inc.			156
	1	Newmarket Corp.			190
	16	P.H. Glatfelter Co.			283
	18	Resolute Forest Products ●			213
	10	Schweitzer-Mauduit International, Inc.			350
	6	Valspar Corp.			353
	4	W.R. Grace & Co. ●			224
	3	Westlake Chemical Corp.			228
	17	Worthington Industries, Inc.			374
					4,351
		Media - 1.7%
	28	Belo Corp. Class A	��		209
	24	Gannett Co., Inc.			403
	31	Global Sources Ltd. ●			179
	19	Lin TV Corp. ●			107
	5	Scholastic Corp.			162
	18	Sinclair Broadcast Group, Inc. Class A			232
					1,292
		Pharmaceuticals, Biotechnology and Life Sciences - 6.4%
	7	Acorda Therapeutics, Inc. ●			163
	9	Affymax, Inc. ●			198
	23	Agenus, Inc. ●			103
	1	Alexion Pharmaceuticals, Inc. ●			49
	7	Auxilium Pharmaceuticals, Inc. ●			137
	47	Cambrex Corp. ●			564
	8	Cubist Pharmaceuticals, Inc. ●			322
	32	Dendreon Corp. ●			120
	5	Genomic Health, Inc. ●			150
	44	Immunomedics, Inc. ●			147
	7	Impax Laboratories, Inc. ●			140
	2	Life Technologies Corp. ●			80
	9	Ligand Pharmaceuticals, Inc. Class B ●			143
	14	Momenta Pharmaceuticals, Inc. ●			176
	12	Myriad Genetics, Inc. ●			323
	2	Onyx Pharmaceuticals, Inc. ●			141
	61	PDL Biopharma, Inc.			454
	5	Pharmacyclics, Inc. ●			281
	4	Questcor Pharmaceuticals, Inc.			92
	27	Repligen Corp. ●			136
	5	Salix Pharmaceuticals Ltd. ●			207
	24	Sciclone Pharmaceuticals, Inc. ●			131
	5	United Therapeutics Corp. ●			228
	8	ViroPharma, Inc. ●			195
	14	Warner Chilcott plc			156
					4,836

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount				Market Value ╪
COMMON STOCKS - 99.0% - (continued)
			Real Estate - 7.3%
	3		AG Mortgage Investment Trust, Inc. REIT	$	67
	13		Brandywine Realty Trust REIT		154
	12		Capstead Mortgage Corp. REIT		149
	19		CBL & Associates Properties REIT		432
	101		Chimera Investment Corp. REIT		269
	11		CommonWealth REIT		150
	11		DuPont Fabros Technology, Inc. REIT		225
	34		Felcor Lodging Trust, Inc. REIT ●		150
	15		Franklin Street Properties Corp. REIT		172
	22		Government Properties Income Trust REIT		491
	24		Hatteras Financial Corp. REIT		646
	32		Inland Real Estate Corp. REIT		259
	9		Invesco Mortgage Capital REIT		184
	10		LaSalle Hotel Properties REIT		240
	8		Mack-Cali Realty Corp. REIT		208
	36		MFA Mortgage Investments, Inc. REIT		290
	12		Omega Healthcare Investors, Inc. REIT		268
	9		One Liberty Properties, Inc. REIT		167
	18		Penn Real Estate Investment Trust REIT		294
	7		PennyMac Mortgage Investment Trust REIT		186
	9		RLJ Lodging Trust REIT		153
	10		Sabra Healthcare REIT, Inc.		222
	8		Select Income REIT		205
					5,581
			Retailing - 6.5%
	6		Aaron's, Inc.		179
	7		American Eagle Outfitters, Inc.		150
	6		ANN, Inc. ●		200
	9		Chico's FAS, Inc.		164
	6		Dick's Sporting Goods, Inc.		300
	3		Dillard's, Inc.		239
	10		Foot Locker, Inc.		332
	10		Francescas Holding Corp. ●		295
	4		GNC Holdings, Inc.		159
	4		Lumber Liquidators Holdings, Inc. ●		201
	4		O'Reilly Automotive, Inc. ●		334
	17		Overstock.com, Inc. ●		253
	16		PetMed Express, Inc.		171
	9		PetSmart, Inc.		596
	15		RadioShack Corp.		34
	5		rue21, Inc. ●		157
	6		Sally Beauty Co., Inc. ●		144
	6		Select Comfort Corp. ●		161
	3		Ulta Salon, Cosmetics & Fragrances, Inc.		267
	8		Williams-Sonoma, Inc.		365
	4		Winmark Corp.		200
	2		Zumiez, Inc. ●		61
					4,962
			Semiconductors and Semiconductor Equipment - 2.6%
	4		Cirrus Logic, Inc. ●		167
	38		Entropic Communications, Inc. ●		183
	21		Kulicke & Soffa Industries, Inc. ●		220
	65		LSI Corp. ●		448
	17		Photronics, Inc. ●		84
	61		PLX Technology, Inc. ●		266
	30		PMC-Sierra, Inc. ●		139
	11		Rambus, Inc. ●		55
	9		Rudolph Technologies, Inc. ●		84
	20		Teradyne, Inc. ●		288
					1,934
			Software and Services - 9.9%
	6		Amdocs Ltd.		205
	7		Ancestry.com, Inc. ●		209
	5		AOL, Inc. ●		165
	17		AVG Technologies N.V. ●		176
	20		CA, Inc.		441
	28		Cadence Design Systems, Inc. ●		353
	3		Commvault Systems, Inc. ●		169
	10		Convergys Corp.		173
	10		Digital River, Inc. ●		143
	25		Earthlink, Inc.		157
	6		FleetCor Technologies, Inc. ●		270
	7		Gartner, Inc. Class A ●		343
	8		j2 Global, Inc.		240
	6		Lender Processing Services, Inc.		152
	12		LivePerson, Inc. ●		183
	4		Manhattan Associates, Inc. ●		239
	64		Marchex, Inc.		263
	10		Mentor Graphics Corp. ●		158
	15		North American Equity		213
	5		Red Hat, Inc. ●		268
	32		Rosetta Stone, Inc. ●		370
	8		Solarwinds, Inc. ●		419
	8		Synopsys, Inc. ●		271
	3		Teradata Corp. ●		212
	2		Tibco Software, Inc. ●		61
	11		TNS, Inc. ●		160
	19		Total System Services, Inc.		434
	7		Travelzoo, Inc. ●		123
	10		Unisys Corp. ●		172
	30		United Online, Inc.		161
	5		Vistaprint N.V. ●		140
	9		WebMD Health Corp. ●		139
	11		Websense, Inc. ●		145
	12		Western Union Co.		157
					7,484
			Technology Hardware and Equipment - 3.7%
	13		Arris Group, Inc. ●		175
	95	��	Brocade Communications Systems, Inc. ●		502
	9		Comtech Telecommunications Corp.		219
	63		Extreme Networks, Inc. ●		207
	3		IPG Photonics Corp. ●		154
	4		Itron, Inc. ●		168
	25		Kemet Corp. ●		115
	6		Lexmark International, Inc.		125
	4		Loral Space & Communications, Inc.		283
	32		Power-One, Inc. ●		129
	32		STEC, Inc. ●		190
	3		Stratasys, Inc. ●		173
	7		Synaptics, Inc. ●		164
	6		Western Digital Corp.		216
					2,820
			Telecommunication Services - 1.6%
	18		Boingo Wireless, Inc. ●		133
	29		Leap Wireless International, Inc. ●		155
	7		magicJack VocalTec Ltd. ●		134
	18		Neutral Tandem, Inc.		84
	6		Telephone & Data Systems, Inc.		152
	11		US Cellular Corp. ●		407
	13		USA Mobility, Inc.		139
					1,204

The accompanying notes are an integral part of these financial statements.

7

The Hartford Small/Mid Cap Equity Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 99.0% - (continued)
		Transportation - 1.3%
	14	Alaska Air Group, Inc. ●			$	528
	4	Allegiant Travel Co. ●				283
	10	Avis Budget Group, Inc. ●				172
						983
		Utilities - 4.7%
	15	Alliant Energy Corp.				687
	9	Avista Corp.				229
	3	Chesapeake Utilities Corp.				160
	14	El Paso Electric Co.				469
	9	IDACORP, Inc.				402
	11	MGE Energy, Inc.				558
	20	N.V. Energy, Inc.				375
	8	Pinnacle West Capital Corp.				397
	12	PNM Resources, Inc.				275
						3,552
		Total common stocks
		(cost $69,575)			$	75,263
		Total long-term investments
		(cost $69,575)			$	75,263
SHORT-TERM INVESTMENTS - 0.9%
Repurchase Agreements - 0.9%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $130, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $133)
$	130	0.30%, 10/31/2012			$	130
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $53, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $54)
	53	0.25%, 10/31/2012				53
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $91, collateralized by FNMA 2.50%, 2027, value of $93)
	91	0.35%, 10/31/2012				91
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $35, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $35)
	34	0.35%, 10/31/2012				34
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $161, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $164)
	161	0.28%, 10/31/2012				161
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $204, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $208)
	204	0.25%, 10/31/2012				204
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $1, collateralized by U.S. Treasury Note 8.13%, 2019, value of $1)
	1	0.25%, 10/31/2012				1
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $47, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $48)
	47	0.30%, 10/31/2012				47
						721
		Total short-term investments
		(cost $721)			$	721
		Total investments
		(cost $70,296) ▲	99.9	%	$	75,984
		Other assets and liabilities	0.1	%		73
		Total net assets	100.0	%	$	76,057

The accompanying notes are an integral part of these financial statements.

8

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $70,396 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	8,724
Unrealized Depreciation		(3,136	)
Net Unrealized Appreciation	$	5,588

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of theCompany's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $114, which represents 0.1% of total net assets.

● Non-income producing.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
REIT	Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

9

The Hartford Small/Mid Cap Equity Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	75,263	$	75,149	$	114	$	–
Short-Term Investments		721		–		721		–
Total	$	75,984	$	75,149	$	835	$	–

♦	For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

10

The Hartford Small/Mid Cap Equity Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $70,296)	$	75,984
Cash		52
Receivables:
Fund shares sold		63
Dividends and interest		73
Other assets		46
Total assets		76,218
Liabilities:
Payables:
Fund shares redeemed		112
Investment management fees		13
Administrative fees		—
Distribution fees		5
Accrued expenses		31
Total liabilities		161
Net assets	$	76,057
Summary of Net Assets:
Capital stock and paid-in-capital	$	81,720
Undistributed net investment income		597
Accumulated net realized loss		(11,948	)
Unrealized appreciation of investments		5,688
Net assets	$	76,057
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.21/$11.86
Shares outstanding		3,680
Net assets	$	41,266
Class B: Net asset value per share	$	10.68
Shares outstanding		411
Net assets	$	4,391
Class C: Net asset value per share	$	10.60
Shares outstanding		908
Net assets	$	9,624
Class R3: Net asset value per share	$	11.47
Shares outstanding		13
Net assets	$	144
Class R4: Net asset value per share	$	11.48
Shares outstanding		23
Net assets	$	262
Class R5: Net asset value per share	$	11.51
Shares outstanding		11
Net assets	$	127
Class Y: Net asset value per share	$	11.51
Shares outstanding		1,759
Net assets	$	20,243

The accompanying notes are an integral part of these financial statements.

11

The Hartford Small/Mid Cap Equity Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	2,267
Interest		2
Less: Foreign tax withheld		(1	)
Total investment income		2,268
Expenses:
Investment management fees		885
Administrative services fees		1
Transfer agent fees		165
Distribution fees
Class A		109
Class B		46
Class C		98
Class R3		1
Class R4		—
Custodian fees		26
Accounting services fees		17
Registration and filing fees		102
Board of Directors' fees		4
Audit fees		12
Other expenses		30
Total expenses (before waivers)		1,496
Expense waivers		(116	)
Transfer agent fee waivers		(7	)
Total waivers		(123	)
Total expenses, net		1,373
Net Investment Income		895
Net Realized Gain on Investments and Other Financial Instruments:
Net realized gain on investments in securities		6,763
Net realized gain on futures		634
Net Realized Gain on Investments and Other Financial Instruments		7,397
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments:
Net unrealized appreciation of investments		1,331
Net unrealized depreciation of futures		(135	)
Net Changes in Unrealized Appreciation of Investments and Other Financial Instruments		1,196
Net Gain on Investments and Other Financial Instruments		8,593
Net Increase in Net Assets Resulting from Operations	$	9,488

The accompanying notes are an integral part of these financial statements.

12

The Hartford Small/Mid Cap Equity Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	895		$	460
Net realized gain on investments and other financial instruments		7,397			15,160
Net unrealized appreciation (depreciation) of investments and other financial instruments		1,196			(4,675	)
Net Increase In Net Assets Resulting From Operations		9,488			10,945
Distributions to Shareholders:
From net investment income
Class A		—			(137	)
Class R4		—			—
Class R5		(1	)		—
Class Y		(287	)		(318	)
Total distributions		(288	)		(455	)
Capital Share Transactions:
Class A		(8,020	)		(4,900	)
Class B		(880	)		(1,020	)
Class C		(1,045	)		(1,038	)
Class R3		18			100
Class R4		128			100
Class R5		—			100
Class Y		(70,992	)		39,763
Net increase (decrease) from capital share transactions		(80,791	)		33,105
Net Increase (Decrease) In Net Assets		(71,591	)		43,595
Net Assets:
Beginning of period		147,648			104,053
End of period	$	76,057		$	147,648
Undistributed (distribution in excess of) net investment income (loss)	$	597		$	40

The accompanying notes are an integral part of these financial statements.

13

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Small/Mid Cap Equity Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

14

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure,

15

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

16

e) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

17

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

a) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. As of October 31, 2012, the Fund had no outstanding futures contracts.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts			Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on futures	$	—	$	—	$	—	$	634		$	—	$	—	$	634
Total	$	—	$	—	$	—	$	634		$	—	$	—	$	634
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of futures	$	—	$	—	$	—	$	(135	)	$	—	$	—	$	(135	)
Total	$	—	$	—	$	—	$	(135	)	$	—	$	—	$	(135	)

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages

18

or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	288	$	455

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	597
Accumulated Capital Losses *		(11,848	)
Unrealized Appreciation †		5,588
Total Accumulated Deficit	$	(5,663	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

19

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(50	)
Accumulated Net Realized Gain (Loss)		248
Capital Stock and Paid-in-Capital		(198	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2016	$	2,542
2017		9,306
Total	$	11,848

As a result of mergers in the Fund, certain provisions in the IRC may limit the future utilization of capital losses.  During the year ended October 31, 2012, the Fund utilized $6,635 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment

20

management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.75%
On next $500 million		0.70%
On next $2 billion		0.65%
On next $2 billion		0.64%
On next $5 billion		0.63%
Over $10 billion		0.62%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.75%
On next $500 million		0.70%
On next $4 billion		0.65%
On next $5 billion		0.63%
Over $10 billion		0.62%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014%
On next $5 billion		0.012%
Over $10 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A	Class B	Class C	Class R3	Class R4	Class R5	Class Y
1.30%	2.05%	2.05%	1.50%	1.20%	0.90%	0.85%

d) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $56 and contingent deferred sales charges of $5 from the Fund.

21

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $4.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

8. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	141,559
Sales Proceeds Excluding U.S. Government Obligations		219,743

9. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		11		85	%
Class R4		11		48
Class R5		11		100

22

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		486		—		(1,226	)		—		(740	)		995		13		(1,503	)		—		(495	)
Amount	$	5,198	$	—	$	(13,218	)	$	—	$	(8,020	)	$	10,339	$	132	$	(15,371	)	$	—	$	(4,900	)
Class B
Shares		15		—		(101	)		—		(86	)		25		—		(128	)		—		(103	)
Amount	$	152	$	—	$	(1,032	)	$	—	$	(880	)	$	264	$	—	$	(1,284	)	$	—	$	(1,020	)
Class C
Shares		128		—		(229	)		—		(101	)		193		—		(302	)		—		(109	)
Amount	$	1,299	$	—	$	(2,344	)	$	—	$	(1,045	)	$	1,951	$	—	$	(2,989	)	$	—	$	(1,038	)
Class R3
Shares		2		—		—			—		2			11		—		—			—		11
Amount	$	18	$	—	$	—		$	—	$	18		$	100	$	—	$	—		$	—	$	100
Class R4
Shares		12		—		—			—		12			11		—		—			—		11
Amount	$	128	$	—	$	—		$	—	$	128		$	100	$	—	$	—		$	—	$	100
Class R5
Shares		—		—		—			—		—			11		—		—			—		11
Amount	$	—	$	—	$	—		$	—	$	—		$	100	$	—	$	—		$	—	$	100
Class Y
Shares		626		28		(7,402	)		—		(6,748	)		4,452		30		(405	)		—		4,077
Amount	$	6,735	$	287	$	(78,014	)	$	—	$	(70,992	)	$	43,952	$	318	$	(4,507	)	$	—	$	39,763
Total
Shares		1,269		28		(8,958	)		—		(7,661	)		5,698		43		(2,338	)		—		3,403
Amount	$	13,530	$	287	$	(94,608	)	$	—	$	(80,791	)	$	56,806	$	450	$	(24,151	)	$	—	$	33,105

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		15	$	163
For the Year Ended October 31, 2011		16	$	168

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

23

The Hartford Small/Mid Cap Equity Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities - In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAP and International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the master netting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

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25

The Hartford Small/Mid Cap Equity Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of  Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	10.10	$	0.08		$	1.03		$	1.11		$	–		$	–		$	–	$	–		$	11.21
B		9.69		(0.01	)		1.00			0.99			–			–			–		–			10.68
C		9.62		(0.01	)		0.99			0.98			–			–			–		–			10.60
R3		10.35		0.05			1.07			1.12			–			–			–		–			11.47
R4		10.36		0.09			1.06			1.15			(0.03	)		–			–		(0.03	)		11.48
R5		10.36		0.12			1.07			1.19			(0.04	)		–			–		(0.04	)		11.51
Y		10.36		0.23			0.96			1.19			(0.04	)		–			–		(0.04	)		11.51
For the Year Ended October 31, 2011 (D)
A		9.37		0.03			0.73			0.76			(0.03	)		–			–		(0.03	)		10.10
B		9.04		(0.05	)		0.70			0.65			–			–			–		–			9.69
C		8.97		(0.05	)		0.70			0.65			–			–			–		–			9.62
R3(E)		9.13		–			1.22			1.22			–			–			–		–			10.35
R4(E)		9.13		–			1.23			1.23			–			–			–		–			10.36
R5(E)		9.13		–			1.23			1.23			–			–			–		–			10.36
Y		9.60		0.07			0.76			0.83			(0.07	)		–			–		(0.07	)		10.36
For the Year Ended October 31, 2010 (D)
A		7.49		0.02			1.86			1.88			–			–			–		–			9.37
B		7.27		(0.05	)		1.82			1.77			–			–			–		–			9.04
C		7.21		(0.04	)		1.80			1.76			–			–			–		–			8.97
Y		7.64		0.05			1.91			1.96			–			–			–		–			9.60
For the Year Ended October 31, 2009 (D)
A		6.04		–			1.45			1.45			–			–			–		–			7.49
B		5.89		(0.02	)		1.40			1.38			–			–			–		–			7.27
C		5.86		(0.04	)		1.39			1.35			–			–			–		–			7.21
Y		6.15		0.01			1.48			1.49			–			–			–		–			7.64
For the Year Ended October 31, 2008
A		12.73		–			(5.11	)		(5.11	)		–			(1.58	)		–		(1.58	)		6.04
B		12.50		(0.06	)		(4.97	)		(5.03	)		–			(1.58	)		–		(1.58	)		5.89
C		12.46		(0.08	)		(4.94	)		(5.02	)		–			(1.58	)		–		(1.58	)		5.86
Y		12.88		0.05			(5.20	)		(5.15	)		–			(1.58	)		–		(1.58	)		6.15

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(D)	Per share amounts have been calculated using average shares outstanding method.
(E)	Commenced operations on September 30, 2011.
(F)	Not annualized.
(G)	Annualized.
(H)	During the year ended October 31, 2010, the Fund incurred $45.6 million in purchases associated with the transition of assets from The Hartford Select MidCap Value Fund, which merged into the Fund on February 19, 2010.  These purchases are excluded from the portfolio turnover calculation.

26

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	10.99	%	$	41,266		1.44	%		1.30	%		0.69	%		121	%
	10.22			4,391		2.38			2.05			(0.06	)		–
	10.19			9,624		2.21			2.05			(0.06	)		–
	10.82			144		1.65			1.50			0.52			–
	11.11			262		1.35			1.20			0.90			–
	11.48			127		1.03			0.90			1.11			–
	11.49			20,243		0.90			0.85			1.01			–
	8.09			44,655		1.36			1.30			0.27			202
	7.19			4,821		2.31			2.05			(0.47	)		–
	7.25			9,702		2.13			2.05			(0.48	)		–
	13.36	(F)		113		1.61	(G)		1.50	(G)		(0.40	)(G)		–
	13.47	(F)		113		1.31	(G)		1.20	(G)		(0.12	)(G)		–
	13.47	(F)		114		1.01	(G)		0.90	(G)		0.17	(G)		–
	8.61			88,130		0.87			0.85			0.68			–
	25.10			46,068		1.45			1.31			0.19			399	(H)
	24.35			5,420		2.39			2.06			(0.55	)		–
	24.41			10,025		2.22			2.06			(0.56	)		–
	25.65			42,540		0.89			0.87			0.65			–
	24.01			25,208		1.76			1.21			0.03			172
	23.43			3,396		2.89			1.59			(0.37	)		–
	23.04			5,778		2.59			1.88			(0.67	)		–
	24.23			2,061		1.01			0.95			0.18			–
	(45.38	)		21,304		1.50			1.35			0.05			292
	(45.59	)		2,584		2.56			1.82			(0.63	)		–
	(45.67	)		3,002		2.39			1.99			(0.89	)		–
	(45.12	)		136		0.98			0.95			0.67			–

27

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Harford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Small/Mid Cap Equity Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Small/Mid Cap Equity Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

28

The Hartford Small/Mid Cap Equity Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

29

The Hartford Small/Mid Cap Equity Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

30

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

31

The Hartford Small/Mid Cap Equity Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

32

The Hartford Small/Mid Cap Equity Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,009.91	$	6.57	$	1,000.00	$	1,018.60	$	6.59	1.30	%		184		366
Class B	$	1,000.00	$	1,006.60	$	10.34	$	1,000.00	$	1,014.83	$	10.38	2.05			184		366
Class C	$	1,000.00	$	1,006.65	$	10.34	$	1,000.00	$	1,014.83	$	10.38	2.05			184		366
Class R3	$	1,000.00	$	1,008.80	$	7.58	$	1,000.00	$	1,017.59	$	7.61	1.50			184		366
Class R4	$	1,000.00	$	1,010.56	$	6.06	$	1,000.00	$	1,019.10	$	6.09	1.20			184		366
Class R5	$	1,000.00	$	1,012.31	$	4.55	$	1,000.00	$	1,020.61	$	4.57	0.90			184		366
Class Y	$	1,000.00	$	1,012.31	$	4.30	$	1,000.00	$	1,020.86	$	4.32	0.85			184		366

33

The Hartford Small/Mid Cap Equity Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Small/Mid Cap Equity Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

34

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio manager, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio manager, the number of accounts managed by the portfolio manager, and the Sub-adviser’s method for compensating the portfolio manager. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

35

The Hartford Small/Mid Cap Equity Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, an additional breakpoint had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

36

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

37

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-SMC12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Strategic Income Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Strategic Income Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	24
Statement of Assets and Liabilities at October 31, 2012	26
Statement of Operations for the Year Ended October 31, 2012	28
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	29
Notes to Financial Statements	30
Financial Highlights	50
Report of Independent Registered Public Accounting Firm	52
Directors and Officers (Unaudited)	53
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	55
Quarterly Portfolio Holdings Information (Unaudited)	55
Federal Tax Information (Unaudited)	56
Expense Example (Unaudited)	57
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	58

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Strategic Income Fund inception 05/31/2007

(sub-advised by Wellington Management Company LLP)

Investment objective – Seeks to provide current incomeand long-term total return.

Performance Overview 5/31/07 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12) (1) (2) (3)

	1 Year			5 Year			Since Inception
Strategic Income A#		10.25	%		5.97	%		5.79	%
Strategic Income A##		5.29	%		5.00	%		4.90	%
Strategic Income B#		9.30	%		5.11	%		4.94	%
Strategic Income B##		4.30	%		4.78	%		4.79	%
Strategic Income C#		9.45	%		5.19	%		5.03	%
Strategic Income C##		8.45	%		5.19	%		5.03	%
Strategic Income I#		10.52	%		6.23	%		6.09	%
Strategic Income R3#		9.92	%		6.16	%		6.62	%
Strategic Income R4#		10.13	%		6.20	%		6.66	%
Strategic Income R5#		10.46	%		6.27	%		6.73	%
Strategic Income Y#		10.53	%		6.29	%		6.74	%
Barclays U.S. Aggregate Bond Index		5.25	%		6.38	%		6.53	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 4.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions and certain other activity as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class Y shares commenced operations on 8/31/07. Accordingly, the “Since inception” performance shown for Class Y is since that date. Class R3, R4 and R5 shares commenced operations on 9/30/11. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of April 2, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Strategic Income Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Campe Goodman, CFA	Lucius T. Hill III	Joseph F. Marvan, CFA
Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager
As of April 2, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Strategic Income Fund returned 10.25%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the Barclays U.S. Aggregate Bond Index, which returned 5.25% for the same period. The Fund also outperformed the 9.98% return of the average fund in the Lipper Multi-Sector Income Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and the U.S. Federal Reserve Board (Fed) - responded with bold policy moves. ECB President Mario Draghi’s comments in late July that he would do “whatever it takes” to save the euro zone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

The Fed remained extremely accommodative throughout the period, which further supported fixed income assets. In September, the Fed announced a third round of quantitative easing involving the purchase of $40 billion of additional mortgage backed securities per month. Additionally, the U.S. central bank extended its rates guidance to the middle of 2015 and further stated that it expected to maintain a highly accommodative stance for a considerable period after the economic recovery strengthens.

Economic data released throughout the period painted a mixed picture of the U.S. economy. Consumer confidence weakened and the labor market remained sluggish. However, there was growing enthusiasm over a recovery in housing as home prices showed their first year-over-year gain in years.

The Treasury yield curve flattened over the period as longer-term rates declined more than short-term yields. All of the major fixed income sectors posted strong absolute returns driven by the decline in Treasury yields, and all sectors outperformed Treasuries on a duration-adjusted basis.

During the period, we positioned the Fund with an underweight (i.e. the Fund’s sector position was less than the benchmark position) to investment grade credit, in favor of an allocation to lower tier credit sectors. In particular, the Fund held an allocation to bank loans, emphasizing the high and middle quality portions of the market, based on compelling valuations and attractive yields. The bank loan sector generated strong performance for the period and was the top contributor to benchmark-relative results. Additionally, the Fund held bank loan exposure via credit default swap indexes which boosted relative results. An allocation to non-agency mortgage backed securities was also a significant contributor to relative outperformance as non-agencies performed strongly amid improved sentiment around U.S. housing, low long-term interest rates and strong investor demand. Emerging market debt exposure was also additive to the Fund’s relative performance, particularly in the third quarter when market sentiment brightened following additional central bank stimulus. Allocations to BB-rated high yield issuers and non-U.S. dollar developed market government bonds, via forwards and futures, were also positive for relative results; however, these results were partially offset by allocations to high yield credit default swap indexes which were used as a source of liquidity and to manage overall portfolio risk.

The Fund was positioned with an underweight to agency MBS (mortgage backed securities) pass-throughs during the period, in favor of higher yielding sectors. Agency MBS experienced strong performance from continued Fed purchases, increased investor demand and the announcement of the Fed’s Quantitative Easing 3 policy. As a result, our underweight allocation to this sector had a negative impact on relative results.

What is the outlook?

We expect U.S. economic momentum to be slow but still be positive. However, we believe short-term growth prospects are vulnerable to shocks potentially emanating from Europe and domestically, given the impending fiscal cliff in the U.S. The Fed appears willing to tolerate higher inflation in exchange for market stability and has stated that it will continue to provide accommodation until employment improves. We believe that rates will stay low for an extended period.

As of the end of the period, we continued to be positioned with an underweight to the U.S. Government sector, as we believe that there are more compelling opportunities in other sectors. We also had exposure to developed non-U.S. governments and emerging markets sovereign debt. Our duration exposure was diversified across sovereign governments; some of our largest exposures were in the U.S, Mexico, Brazil, and Turkey.

3

The Hartford Strategic Income Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

Despite the recent rally, at the end of the period we still believed that high yield bonds remained attractive, given strong credit fundamentals, low default rate expectations, and a supportive technical backdrop. We favored an allocation to BB high yield due to attractive valuations. We held a position in bank loans as of October 31, 2012. Default rates within bank loans by principal amount and issuer count remained at historical lows. Additionally, with bank-loan mutual funds reporting strong net inflows, the technical picture remained resilient. Despite recent improvement, at the end of the period bank loans valuations still reflected investor skittishness about holding risk assets and therefore continued to offer an attractive entry point.

We reduced our allocation to agency MBS during the period based on its recent strong performance, while additional Fed purchases made MBS more expensive. We also had an opportunistic allocation to the non-agency MBS sector based on our view that the US housing market has bottomed and that supply and demand technicals are improving. While the non-agency market has experienced strong price performance year-to-date, we believe there is still value remaining in these securities. Finally, we held an exposure to the CMBS market as we continue to believe that there is strong collateralization in senior CMBS tranches.

At the end of the period, we had active exposure in several currencies including the Japanese yen and Euro.

Distribution by Credit Quality
as of October 31, 2012
Credit Rating *	Percentage of Net Assets
Aaa / AAA		4.3	%
Aa / AA		4.3
A		1.8
Baa / BBB		16.2
Ba / BB		20.1
B		18.1
Caa / CCC or Lower		7.0
Unrated		3.0
U.S. Government Agencies and Securities		32.1
Non Debt Securities and Other Short-Term Instruments		4.8
Other Assets & Liabilities		(11.7	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry
as of October 31, 2012
Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		1.0	%
Administrative Waste Management and Remediation		0.4
Agriculture, Construction, Mining and Machinery		0.2
Air Transportation		0.3
Apparel Manufacturing		0.2
Arts, Entertainment and Recreation		2.2
Beverage and Tobacco Product Manufacturing		0.2
Chemical Manufacturing		0.5
Computer and Electronic Product Manufacturing		0.9
Construction		0.6
Fabricated Metal Product Manufacturing		0.3
Finance and Insurance		12.2
Food Manufacturing		0.1
Food Services		0.9
Furniture and Related Product Manufacturing		0.2
Health Care and Social Assistance		3.3
Information		6.3
Machinery Manufacturing		0.3
Media		0.3
Mining		1.3
Miscellaneous Manufacturing		0.9
Motor Vehicle and Parts Manufacturing		1.1
Nonmetallic Mineral Product Manufacturing		0.2
Paper Manufacturing		0.2
Petroleum and Coal Products Manufacturing		1.1
Pipeline Transportation		1.1
Plastics and Rubber Products Manufacturing		0.6
Primary Metal Manufacturing		0.3
Printing and Related Support Activities		0.1
Professional, Scientific and Technical Services		0.9
Real Estate, Rental and Leasing		1.4
Retail Trade		2.0
Transportation Equipment Manufacturing		0.1
Truck Transportation		0.3
Utilities		1.2
Water Transportation		0.1
Wholesale Trade		0.2
Total		43.5	%
Equity Securities
Diversified Financials		0.0
Energy		0.1
Total		0.1	%
Call Options Purchased		0.0
Foreign Government Obligations		31.3
Put Options Purchased		0.0
U.S. Government Agencies		14.6
U.S. Government Securities		17.5
Short-Term Investments		4.7
Other Assets and Liabilities		(11.7	)
Total		100.0	%

4

The Hartford Strategic Income Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 9.2%
		Finance and Insurance - 9.2%
		Argent Securities, Inc.
$	2,534	0.36%, 06/25/2036 Δ	$	832
		Banc of America Commercial Mortgage, Inc.
	1,885	5.34%, 11/10/2042 Δ		2,069
	1,775	5.36%, 10/10/2045 ‡		2,042
		Banc of America Mortgage Securities
	621	3.12%, 09/25/2035 Δ		542
		BCAP LLC Trust
	1,005	0.39%, 03/25/2037 Δ		710
		Bear Stearns Adjustable Rate Mortgage Trust
	1,749	2.47%, 10/25/2035 ‡Δ		1,637
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,040	4.83%, 11/11/2041		1,120
	286	5.54%, 10/12/2041		331
		CFCRE Commercial Mortgage Trust
	700	5.75%, 12/15/2047 ■Δ		644
		Citigroup Commercial Mortgage Trust, Inc.
	1,496	0.56%, 03/25/2037 Δ		605
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	2,025	5.32%, 12/11/2049 ‡		2,327
	1,741	5.39%, 07/15/2044 ‡Δ		1,944
	865	5.40%, 12/11/2049		489
		Commercial Mortgage Pass-Through Certificates
	1,560	4.93%, 11/15/2045 ■		1,393
		CW Capital Cobalt Ltd.
	865	5.22%, 08/15/2048		970
		First Franklin Mortgage Loan Trust
	1,805	0.45%, 04/25/2036 Δ		776
		First Horizon Alternative Mortgage Securities
	2,741	2.55%, 04/25/2036 Δ		1,909
	2,670	2.60%, 09/25/2035 Δ		2,182
		First Horizon Mortgage Pass-through Trust
	215	2.53%, 08/25/2037 Δ		167
		Goldman Sachs Mortgage Securities Corp. II
	195	4.75%, 07/10/2039		212
		Goldman Sachs Mortgage Securities Trust
	1,100	3.55%, 04/10/2034 ■		1,188
		GSAA Home Equity Trust
	1,083	0.28%, 12/25/2046 Δ		491
		GSAMP Trust
	4,990	0.30%, 01/25/2037 Δ		2,153
	1,792	0.33%, 12/25/2036 Δ		752
	3,143	0.44%, 02/25/2037 Δ		1,402
	1,757	0.46%, 12/25/2036 Δ		766
		GSR Mortgage Loan Trust
	1,725	2.71%, 01/25/2036 Δ		1,270
	1,739	2.92%, 04/25/2035 Δ		1,505
	217	3.06%, 10/25/2035 Δ		195
	1,382	3.38%, 11/25/2035 Δ		1,184
		Home Equity Loan Trust
	836	2.65%, 11/25/2035 Δ		739
		IMPAC Commercial Mortgage Backed Trust
	156	2.46%, 02/25/2036 Δ		118
		Indymac Index Mortgage Loan Trust
	1,129	2.81%, 03/25/2036 Δ		689
		JP Morgan Chase Commercial Mortgage Securities Corp.
	471	2.75%, 10/15/2045 ■		264
	650	3.91%, 05/05/2022 ■Δ		711
	1,810	4.83%, 10/15/2045 ■Δ		1,564
	737	5.47%, 01/12/2043 Δ		816
	300	5.49%, 08/15/2046 ■Δ		285
		JP Morgan Mortgage Trust
	718	3.05%, 08/25/2036 Δ		530
	530	3.09%, 09/25/2035 Δ		501
		LB-UBS Commercial Mortgage Trust
	2,185	5.43%, 02/15/2040		2,516
		Merrill Lynch Mortgage Trust
	100	5.29%, 01/12/2044 Δ		111
	725	5.39%, 11/12/2037 Δ		810
		Morgan Stanley ABS Capital I
	2,257	0.27%, 12/25/2036 ‡Δ		996
		Morgan Stanley Capital I
	1,700	5.69%, 04/15/2049 ‡Δ		1,958
		Option One Mortgage Loan Trust
	216	0.46%, 03/25/2037 Δ		84
		Residential Accredit Loans, Inc.
	2,365	3.95%, 04/25/2035 Δ		1,762
		Residential Funding Mortgage Securities, Inc.
	1,540	6.00%, 07/25/2037		1,433
		Saxon Asset Securities Trust
	1,450	0.38%, 11/25/2036 Δ		874
		Securitized Asset Backed Receivables LLC
	1,945	0.30%, 07/25/2036 Δ		787
		Sequoia Mortgage Trust
	335	0.48%, 01/20/2035 Δ		296
		Soundview Home Equity Loan Trust, Inc.
	3,766	0.45%, 07/25/2036 Δ		1,749
	1,045	0.46%, 06/25/2036 Δ		574
	2,480	1.31%, 09/25/2037 Δ		1,184
		Structured Adjustable Rate Mortgage Loan Trust
	2,867	2.64%, 02/25/2036 Δ		2,019
		UBS-Barclays Commercial Mortgage Trust
	1,015	3.53%, 05/10/2063		1,107
	1,655	4.96%, 08/10/2049 ■		1,275
		Wachovia Bank Commercial Mortgage Trust
	500	5.94%, 06/15/2049 Δ		575
		Wells Fargo Alternative Loan Trust
	378	6.25%, 11/25/2037		356
		Wells Fargo Commercial Mortgage Trust
	270	4.78%, 10/15/2045 ■		239
		Wells Fargo Mortgage Backed Securities Trust
	2,019	2.68%, 04/25/2036 Δ		1,792
	262	5.17%, 10/25/2035 Δ		261
		WF-RBS Commercial Mortgage Trust
	8,637	4.15%, 11/15/2044 ■►		1,051
	1,815	4.96%, 11/15/2045 ■		1,592

The accompanying notes are an integral part of these financial statements.

5

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 9.2% - (continued)
		Finance and Insurance - 9.2% - (continued)
		WF-RBS Commercial Mortgage Trust - (continued)
$	635	5.00%, 06/15/2044 ■	$	491
				65,916
		Total asset & commercial mortgage backed securities
		(cost $62,166)	$	65,916
CORPORATE BONDS - 18.1%
		Accommodation and Food Services - 0.5%
		Caesars Operating Escrow
$	1,000	9.00%, 02/15/2020 ■	$	995
		Choice Hotels International, Inc.
	476	5.75%, 07/01/2022		521
		MGM Mirage, Inc.
	65	10.38%, 05/15/2014		73
	551	11.13%, 11/15/2017 ‡		608
		Wynn Las Vegas LLC
	1,135	7.75%, 08/15/2020		1,274
				3,471
		Administrative Waste Management and Remediation - 0.1%
		Clean Harbors, Inc.
	287	5.25%, 08/01/2020 ■		294
		Iron Mountain, Inc.
	310	5.75%, 08/15/2024		309
	240	7.75%, 10/01/2019		271
				874
		Apparel Manufacturing - 0.1%
		Hanesbrands, Inc.
	280	6.38%, 12/15/2020		306
		Phillips Van-Heusen Corp.
	270	7.38%, 05/15/2020		302
				608
		Arts, Entertainment and Recreation - 1.4%
		AMC Entertainment, Inc.
	131	8.75%, 06/01/2019		145
	195	9.75%, 12/01/2020		219
		Carlson Wagonlit B.V.
	200	6.88%, 06/15/2019 ■		209
		CCO Holdings LLC
	3,055	5.25%, 09/30/2022		3,070
	45	7.25%, 10/30/2017 ‡		49
	1,545	7.88%, 04/30/2018 ‡		1,668
		Clear Channel Worldwide Holdings, Inc.
	315	9.25%, 12/15/2017		338
		Emdeon, Inc.
	355	11.00%, 12/31/2019		403
		Fidelity National Information Services, Inc.
	750	5.00%, 03/15/2022		765
		Gray Television, Inc.
	305	7.50%, 10/01/2020 ■		301
		Great Canadian Gaming Co.
CAD	120	6.63%, 07/25/2022 ■		124
		Greektown Superholdings, Inc.
	380	13.00%, 07/01/2015		408
		Isle of Capri Casinos, Inc.
	361	8.88%, 06/15/2020 ■		380
		NAI Entertainment Holdings LLC
	267	8.25%, 12/15/2017 ■‡		297
		National CineMedia LLC
	75	6.00%, 04/15/2022 ■		79
		NCR Corp.
	60	5.00%, 07/15/2022 ■		61
		Sirius XM Radio, Inc.
	115	5.25%, 08/15/2022 ■		115
		Starz Financial Corp.
	120	5.00%, 09/15/2019 ■		123
		Unitymedia Hessen GmbH & Co.
	496	8.13%, 12/01/2017 ■		536
		Univision Communications, Inc.
	310	6.75%, 09/15/2022 ■		310
		Videotron Ltee
	707	5.00%, 07/15/2022		732
				10,332
		Beverage and Tobacco Product Manufacturing - 0.2%
		Constellation Brands, Inc.
	130	4.63%, 03/01/2023		132
	740	6.00%, 05/01/2022		840
	415	7.25%, 05/15/2017		489
				1,461
		Chemical Manufacturing - 0.3%
		Ashland, Inc.
	55	4.75%, 08/15/2022 ■		56
		Ferro Corp.
	180	7.88%, 08/15/2018		166
		Hexion Specialty Chemicals
	265	8.88%, 02/01/2018		268
		Hexion U.S. Finance Corp.
	125	6.63%, 04/15/2020		125
		Ineos Group Holdings plc
	505	8.50%, 02/15/2016 ■		487
		LyondellBasell Industries N.V.
	300	6.00%, 11/15/2021		347
		Nufarm Australia Ltd.
	496	6.38%, 10/15/2019 ■		508
				1,957
		Computer and Electronic Product Manufacturing - 0.5%
		CDW Escrow Corp.
	800	8.50%, 04/01/2019		854
		CDW LLC/CDW Finance
	245	8.00%, 12/15/2018		268
		Esterline Technologies Corp.
	530	7.00%, 08/01/2020		586
		Freescale Semiconductor, Inc.
	355	8.05%, 02/01/2020		332
		Jabil Circuit, Inc.
	180	4.70%, 09/15/2022		180
		Seagate HDD Cayman
	725	6.88%, 05/01/2020		756
	490	7.00%, 11/01/2021		512
		Sorenson Communications, Inc.
	480	10.50%, 02/01/2015 ■		393
				3,881

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 18.1% - (continued)
		Construction - 0.4%
		Centex Corp.
$	765	6.50%, 05/01/2016	$	868
		K Hovnanian Enterprises, Inc.
	486	9.13%, 11/15/2020 ■		506
		KB Home
	491	7.50%, 09/15/2022		533
		Lennar Corp.
	675	4.75%, 12/15/2017 - 11/15/2022 ■		693
		Ryland Group, Inc.
	255	5.38%, 10/01/2022		259
				2,859
		Fabricated Metal Product Manufacturing - 0.3%
		Anixter International, Inc.
	205	5.63%, 05/01/2019		216
		Ball Corp.
	230	5.00%, 03/15/2022		243
	640	6.75%, 09/15/2020		702
		Masco Corp.
	520	5.95%, 03/15/2022		582
		Ply Gem Industries, Inc.
	130	9.38%, 04/15/2017 ■		136
				1,879
		Finance and Insurance - 2.0%
		Ally Financial, Inc.
	495	5.50%, 02/15/2017		524
		CIT Group, Inc.
	95	5.38%, 05/15/2020		101
	1,872	5.50%, 02/15/2019 ■‡		1,996
		CNH Capital LLC
	55	3.88%, 11/01/2015 ■		56
		Community Choice Financial, Inc.
	300	10.75%, 05/01/2019		292
		Credit Acceptance Corp.
	221	9.13%, 02/01/2017		243
		DuPont Fabros Technology L.P.
	260	8.50%, 12/15/2017		286
		Fibria Overseas Finance Ltd.
	830	6.75%, 03/03/2021 ■		917
		Ford Motor Credit Co. LLC
	130	6.63%, 08/15/2017		152
		Host Hotels & Resorts L.P.
	700	6.00%, 11/01/2020		779
		Ineos Finance plc
	481	8.38%, 02/15/2019 ■		505
	300	9.00%, 05/15/2015 ■╦		318
		ING US, Inc.
	716	5.50%, 07/15/2022 ■		778
		Ladder Capital Finance Holdings LLC
	836	7.38%, 10/01/2017 ■		846
		Lloyds Banking Group plc
	380	6.50%, 09/14/2020 ■		414
	550	7.88%, 11/01/2020 ■		565
		National Money Mart Co.
	155	10.38%, 12/15/2016		173
		Nationstar Mortgage LLC
	435	7.88%, 10/01/2020 ■		448
		Nuveen Investments, Inc.
	150	9.13%, 10/15/2017 ■		150
	351	9.50%, 10/15/2020 ■		354
		Provident Funding Associates L.P.
	776	10.25%, 04/15/2017 ■‡		849
		Santander Holdings USA
	518	4.63%, 04/19/2016		542
		SLM Corp.
	100	6.00%, 01/25/2017		108
	545	6.25%, 01/25/2016 ‡		589
	165	7.25%, 01/25/2022		182
	840	8.45%, 06/15/2018		998
		TitleMax, Inc.
	460	13.25%, 07/15/2015		511
		UBS AG Stamford CT
	515	7.63%, 08/17/2022		555
				14,231
		Food Services - 0.4%
		Landry's Restaurants, Inc.
	2,797	11.63%, 12/01/2015 ‡		2,993
		Health Care and Social Assistance - 1.5%
		Alere, Inc.
	485	9.00%, 05/15/2016		512
		Biomet, Inc.
	275	6.50%, 08/01/2020 - 10/01/2020 ■		276
		BioScrip, Inc.
	305	10.25%, 10/01/2015		326
		Community Health Systems, Inc.
	762	5.13%, 08/15/2018		791
	265	7.13%, 07/15/2020		280
		Elan Finance plc
	320	6.25%, 10/15/2019 ■		323
		Fresenius Medical Care U.S. Finance II, Inc.
	340	5.63%, 07/31/2019 ■		358
		HCA, Inc.
	360	4.75%, 05/01/2023		360
	260	5.88%, 05/01/2023		263
	800	6.50%, 02/15/2020		884
	1,305	7.50%, 11/15/2095 ‡		1,116
	1,225	8.50%, 04/15/2019		1,377
		HealthSouth Corp.
	495	7.25%, 10/01/2018		535
		Hologic, Inc.
	65	6.25%, 08/01/2020 ■		69
		Radiation Therapy Services, Inc.
	311	8.88%, 01/15/2017		299
		Savient Pharmaceuticals, Inc.
	350	4.75%, 02/01/2018 ۞		91
		Tenet Healthcare Corp.
	205	4.75%, 06/01/2020 ■		203
	635	6.25%, 11/01/2018		687
	820	8.88%, 07/01/2019		916
		Valeant Pharmaceuticals International, Inc.
	770	6.75%, 08/15/2021 ■		818
		Warner Chilcott plc
	200	7.75%, 09/15/2018		211
				10,695
		Information - 3.0%
		Audatex North America, Inc.
	605	6.75%, 06/15/2018 ■		649

The accompanying notes are an integral part of these financial statements.

7

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 18.1% - (continued)
		Information - 3.0% - (continued)
		Cricket Communications, Inc.
$	1,400	7.75%, 05/15/2016	$	1,480
		CSC Holdings, Inc.
	1,225	7.63%, 07/15/2018		1,418
		DISH DBS Corp.
	2,250	5.88%, 07/15/2022		2,362
	835	6.75%, 06/01/2021		930
	425	7.88%, 09/01/2019		498
		First Data Corp.
	410	6.75%, 11/01/2020 ■		410
	535	8.25%, 01/15/2021 ■		535
		Harron Communications L.P.
	185	9.13%, 04/01/2020 ■		200
		Hughes Satelite Systems
	630	6.50%, 06/15/2019		674
		Intelsat Bermuda Ltd.
	880	11.50%, 02/04/2017 Þ		926
		Intelsat Jackson Holdings S.A.
	280	6.63%, 12/15/2022 ■		278
	250	7.50%, 04/01/2021		268
	530	8.50%, 11/01/2019 ‡		595
		Lawson Software, Inc.
	147	9.38%, 04/01/2019		162
		Leap Wireless International, Inc.
	250	4.50%, 07/15/2014 ۞		241
		Level 3 Communications, Inc.
	105	8.88%, 06/01/2019 ■		110
		Level 3 Escrow, Inc.
	75	8.13%, 07/01/2019		80
		Level 3 Financing, Inc.
	150	7.00%, 06/01/2020 ■		153
	527	10.00%, 02/01/2018 ‡		588
		Mediacom LLC
	620	9.13%, 08/15/2019		687
		MetroPCS Wireless, Inc.
	640	7.88%, 09/01/2018		701
		SBA Communications Corp.
	265	5.63%, 10/01/2019 ■		269
		SBA Telecommunications, Inc.
	180	5.75%, 07/15/2020 ■		187
		Softbrands, Inc.
	103	11.50%, 07/15/2018		119
		Sprint Nextel Corp.
	974	7.00%, 03/01/2020 ■		1,130
	451	9.00%, 11/15/2018 ■		557
		Syniverse Holdings, Inc.
	480	9.13%, 01/15/2019		511
		TW Telecom Holdings, Inc.
	200	5.38%, 10/01/2022 ■		206
		UnityMedia GmbH
	490	7.50%, 03/15/2019 ■		539
		UPCB Finance III Ltd.
	1,125	6.63%, 07/01/2020 ■		1,204
		Wind Acquisition Finance S.A.
	720	7.25%, 02/15/2018 ■		700
		Windstream Corp.
	1,515	7.75%, 10/15/2020 ‡		1,632
	225	7.88%, 11/01/2017		251
		Zayo Group LLC
	10	8.13%, 01/01/2020		11
	5	10.13%, 07/01/2020		6
				21,267
		Machinery Manufacturing - 0.3%
		Case New Holland, Inc.
	1,700	7.88%, 12/01/2017 ‡		1,998
		Mining - 0.8%
		American Rock Salt Co. LLC
	81	8.25%, 05/01/2018 ■		75
		Consol Energy, Inc.
	130	8.00%, 04/01/2017		137
		FMG Resources Pty Ltd.
	2,990	6.00%, 04/01/2017 ■		2,870
		Peabody Energy Corp.
	985	6.25%, 11/15/2021		1,017
	855	6.50%, 09/15/2020		906
	900	7.38%, 11/01/2016		1,031
		Vulcan Materials Co.
	50	7.15%, 11/30/2037		49
				6,085
		Miscellaneous Manufacturing - 0.6%
		BE Aerospace, Inc.
	1,800	5.25%, 04/01/2022 ‡		1,877
		Bombardier, Inc.
	300	7.75%, 03/15/2020 ■		351
		Owens-Brockway Glass Container, Inc.
	35	7.38%, 05/15/2016		40
		Reynolds Group Issuer, Inc.
	360	6.87%, 02/15/2021 Δ		382
	315	7.13%, 04/15/2019 ‡Δ		335
	505	7.88%, 08/15/2019		548
		TransDigm Group, Inc.
	490	7.75%, 12/15/2018		540
				4,073
		Motor Vehicle and Parts Manufacturing - 0.5%
		American Axle & Manufacturing Holdings, Inc.
	185	6.63%, 10/15/2022		183
		Ford Motor Co.
	690	7.50%, 08/01/2026		808
	640	9.22%, 09/15/2021		819
		Meritor, Inc.
	350	10.63%, 03/15/2018		353
		Tenneco, Inc.
	645	6.88%, 12/15/2020		702
		TRW Automotive, Inc.
	950	7.25%, 03/15/2017 ■		1,082
				3,947
		Nonmetallic Mineral Product Manufacturing - 0.2%
		Ardagh Packaging Finance plc
	275	7.38%, 10/15/2017 ■		296
	200	9.13%, 10/15/2020 ■		209
		Silgan Holdings, Inc.
	730	5.00%, 04/01/2020		750
				1,255

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 18.1% - (continued)
		Paper Manufacturing - 0.2%
		Boise Cascade LLC
$	90	6.38%, 11/01/2020 ■	$	91
		Cascades, Inc.
	275	7.88%, 01/15/2020		292
		P.H. Glatfelter Co.
	380	5.38%, 10/15/2020 ■		385
		Rock-Tenn Co.
	40	3.50%, 03/01/2020 ■		41
	300	4.00%, 03/01/2023 ■		309
		Smurfit Kappa Acquisitions
	410	4.88%, 09/15/2018 ■		410
				1,528
		Petroleum and Coal Products Manufacturing - 0.9%
		Antero Resources Finance Corp.
	320	7.25%, 08/01/2019		346
		Basic Energy Services, Inc.
	175	7.75%, 02/15/2019		174
		Chesapeake Energy Corp.
	600	6.88%, 08/15/2018		630
		Continental Resources, Inc.
	360	5.00%, 09/15/2022 ■		380
		Endeavour International Corp.
	300	12.00%, 03/01/2018 ■		327
		Everest Acquisition LLC
	165	6.88%, 05/01/2019 ■		178
	373	9.38%, 05/01/2020 ■		412
		Ferrellgas Partners L.P.
	90	6.50%, 05/01/2021		87
		Harvest Operations Corp.
	81	6.88%, 10/01/2017		89
		Hornbeck Offshore Services, Inc.
	300	5.88%, 04/01/2020		305
		MEG Energy Corp.
	305	6.38%, 01/30/2023 ■		326
		Newfield Exploration Co.
	625	5.75%, 01/30/2022		675
	600	6.88%, 02/01/2020		650
		Range Resources Corp.
	550	6.75%, 08/01/2020		606
		Rosetta Resources, Inc.
	305	9.50%, 04/15/2018		337
		Seadrill Ltd.
	640	5.63%, 09/15/2017 ■		640
		Shelf Drilling Holdings Ltd.
	245	8.63%, 11/01/2018 ■		246
				6,408
		Pipeline Transportation - 0.8%
		El Paso Corp.
	520	7.00%, 06/15/2017		594
	630	7.80%, 08/01/2031		750
		Energy Transfer Equity L.P.
	1,250	7.50%, 10/15/2020		1,422
		Kinder Morgan Finance Co.
	2,185	6.00%, 01/15/2018 ■		2,397
		MarkWest Energy Partners L.P.
	260	5.50%, 02/15/2023		273
	505	6.25%, 06/15/2022		547
				5,983
		Plastics and Rubber Products Manufacturing - 0.1%
		Continental Rubber of America Corp.
	445	4.50%, 09/15/2019 ■		454
		Nortek, Inc.
	110	8.50%, 04/15/2021 ■		118
				572
		Printing and Related Support Activities - 0.1%
		Deluxe Corp.
	465	7.00%, 03/15/2019		491
		Quebecor Media, Inc.
	170	5.75%, 01/15/2023 ■		173
				664
		Professional, Scientific and Technical Services - 0.2%
		Lamar Media Corp.
	405	5.88%, 02/01/2022		429
		Lender Processing Services, Inc.
	455	5.75%, 04/15/2023		481
		SunGard Data Systems, Inc.
	475	7.38%, 11/15/2018		511
	155	7.63%, 11/15/2020		169
				1,590
		Real Estate, Rental and Leasing - 1.0%
		Air Lease Corp.
	780	4.50%, 01/15/2016 ■		780
	755	5.63%, 04/01/2017 ■		774
		HDTFS, Inc.
	135	5.88%, 10/15/2020 ■		136
	85	6.25%, 10/15/2022 ■		86
		International Lease Finance Corp.
	775	5.65%, 06/01/2014		813
	375	5.75%, 05/15/2016		396
	2,210	5.88%, 04/01/2019 ‡		2,341
	100	6.25%, 05/15/2019		108
	760	6.75%, 09/01/2016 ■		859
		United Rental Financing Escrow Corp.
	575	5.75%, 07/15/2018 ■		618
				6,911
		Retail Trade - 0.8%
		99 Cents Only Stores
	360	11.00%, 12/15/2019 ■		408
		AmeriGas Finance LLC
	715	7.00%, 05/20/2022		777
		AutoNation, Inc.
	325	5.50%, 02/01/2020		344
		Building Materials Corp.
	644	6.75%, 05/01/2021 ■		702
	141	7.50%, 03/15/2020 ■		153
		GRD Holding III Corp.
	200	10.75%, 06/01/2019 ■		203
		Ltd. Brands, Inc.
	851	5.63%, 02/15/2022		918
		Michaels Stores, Inc.
	445	7.75%, 11/01/2018		478
		PC Merger Sub, Inc.
	320	8.88%, 08/01/2020 ■		340
		Sally Holdings LLC
	530	5.75%, 06/01/2022		566

The accompanying notes are an integral part of these financial statements.

9

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 18.1% - (continued)
		Retail Trade - 0.8% - (continued)
		Sotheby's
$	720	5.25%, 10/01/2022 ■	$	731
				5,620
		Transportation Equipment Manufacturing - 0.1%
		Huntington Ingalls Industries, Inc.
	150	6.88%, 03/15/2018		162
	575	7.13%, 03/15/2021		618
				780
		Utilities - 0.7%
		AES (The) Corp.
	1,100	8.00%, 06/01/2020		1,270
		AES El Salvador Trust
	275	6.75%, 02/01/2016 §		279
		Calpine Corp.
	1,560	7.50%, 02/15/2021 ■‡		1,696
		Dolphin Subsidiary II, Inc.
	1,150	7.25%, 10/15/2021		1,297
		EDP Finance B.V
	645	4.90%, 10/01/2019 ■		626
		Texas Competitive Electric Co.
	250	11.50%, 10/01/2020 ■		179
				5,347
		Water Transportation - 0.1%
		ACL I Corp.
	465	10.63%, 02/15/2016 Þ		456
		Total corporate bonds
		(cost $126,906)	$	129,725
FOREIGN GOVERNMENT OBLIGATIONS - 31.3%
		Argentina - 0.4%
		Argentina (Republic of)
$	4,585	8.28%, 12/31/2033	$	3,008
				3,008
		Austria - 0.3%
		Austria (Republic of)
EUR	505	3.50%, 09/15/2021 ■	$	746
EUR	860	4.65%, 01/15/2018 ■		1,323
				2,069
		Belgium - 0.5%
		Belgium (Kingdom of)
EUR	430	3.75%, 09/28/2020		626
EUR	415	4.00%, 03/28/2022		614
EUR	1,180	4.00%, 03/28/2017 ■		1,725
EUR	480	4.25%, 09/28/2014		669
				3,634
		Brazil - 2.4%
		Brazil (Republic of)
	1,750	5.63%, 01/07/2041		2,240
	3,500	5.88%, 01/15/2019		4,322
	895	7.88%, 03/07/2015		1,044
	3,450	8.25%, 01/20/2034		5,658
	2,075	11.00%, 08/17/2040		2,630
	715	12.25%, 03/06/2030		1,480
				17,374
		Bulgaria - 0.1%
		Bulgaria (Republic of)
	400	8.25%, 01/15/2015 §		460
		Canada - 0.1%
		Canada (Government of)
CAD	725	1.50%, 09/01/2017		731
		Colombia - 1.1%
		Colombia (Republic of)
	1,800	7.38%, 09/18/2037 ‡		2,776
	700	8.13%, 05/21/2024		1,048
COP	56,000	9.85%, 06/28/2027		48
	2,430	11.75%, 02/25/2020 ‡		3,931
COP	103,000	12.00%, 10/22/2015		69
				7,872
		Croatia - 0.3%
		Croatia (Republic of)
	1,940	6.38%, 03/24/2021 §		2,199
		Denmark - 0.1%
		Denmark (Kingdom of)
DKK	3,915	4.00%, 11/15/2019		826
		Ecuador - 0.0%
		Ecuador (Republic of)
	220	9.38%, 12/15/2015 §		225
		Finland - 0.1%
		Finland (Republic of)
EUR	350	3.38%, 04/15/2020		519
EUR	200	3.88%, 09/15/2017		298
				817
		France - 1.5%
		France (Government of)
EUR	1,790	3.00%, 07/12/2014		2,431
EUR	5,485	3.75%, 04/25/2017 - 04/25/2021		8,041
				10,472
		Germany - 0.1%
		Bundesobligation
EUR	475	0.50%, 04/07/2017		619
		Hungary - 0.5%
		Hungary (Republic of)
	330	4.75%, 02/03/2015		338
	1,750	6.25%, 01/29/2020 ‡		1,939
HUF	123,980	6.75%, 02/24/2017		572
HUF	21,650	7.50%, 11/12/2020		103
	700	7.63%, 03/29/2041		832
				3,784
		Indonesia - 1.3%
		Indonesia (Republic of)
	750	6.75%, 03/10/2014 §		801
	3,515	6.88%, 01/17/2018 §		4,279
	2,590	7.75%, 01/17/2038 §		3,920
	275	8.50%, 10/12/2035 §		441
				9,441

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 31.3% - (continued)
		Ireland - 0.1%
		Ireland (Republic of)
EUR	600	4.50%, 10/18/2018 - 04/18/2020	$	783
		Italy - 1.5%
		Italy (Republic of)
EUR	2,130	3.75%, 08/01/2021		2,602
EUR	2,240	4.25%, 08/01/2014		2,998
EUR	3,780	4.50%, 02/01/2018		5,054
EUR	330	5.00%, 03/01/2022		437
				11,091
		Japan - 3.3%
		Japan (Government of)
JPY	141,750	0.30%, 03/20/2017		1,786
JPY	701,150	0.40%, 09/20/2016		8,874
JPY	658,250	0.50%, 03/20/2016		8,351
JPY	152,300	1.10%, 03/20/2021		1,985
JPY	125,150	1.30%, 12/20/2018		1,663
JPY	92,350	1.40%, 09/20/2019		1,234
				23,893
		Malaysia - 0.3%
		Malaysia (Government of)
MYR	3,060	4.26%, 09/15/2016		1,045
MYR	3,065	4.38%, 11/29/2019		1,069
MYR	1,020	5.09%, 04/30/2014		345
				2,459
		Mexico - 3.2%
		Mexican Bonos De Desarrollo
MXN	4,998	6.50%, 06/10/2021		407
MXN	13,313	7.25%, 12/15/2016		1,097
MXN	14,971	10.00%, 12/05/2024		1,579
		United Mexican States
	7,322	3.63%, 03/15/2022		7,999
	6,998	4.75%, 03/08/2044		7,768
	2,226	5.75%, 10/12/2110		2,616
	476	5.88%, 02/17/2014		505
MXN	2,125	7.75%, 12/14/2017		181
MXN	6,916	9.50%, 12/18/2014		576
				22,728
		Netherlands - 0.4%
		Netherlands (Kingdom of)
EUR	655	2.25%, 07/15/2022		887
EUR	630	4.00%, 07/15/2018		953
EUR	500	4.50%, 07/15/2017		761
				2,601
		Norway - 0.0%
		Norway (Kingdom of)
NOK	1,545	3.75%, 05/25/2021		311
		Panama - 0.6%
		Panama (Republic of)
	875	7.25%, 03/15/2015		997
	1,770	8.88%, 09/30/2027 ‡		2,872
	440	9.38%, 04/01/2029		755
				4,624
		Peru - 0.9%
		Peru (Republic of)
	2,800	8.75%, 11/21/2033		4,900
	900	9.88%, 02/06/2015		1,078
		Peru Bono Soberano
PEN	650	7.84%, 08/12/2020		310
				6,288
		Philippines - 1.9%
		Philippines (Republic of)
	1,760	6.38%, 01/15/2032		2,409
	240	8.88%, 03/17/2015		282
	6,315	10.63%, 03/16/2025		11,099
				13,790
		Poland - 0.5%
		Poland (Republic of)
PLN	3,445	4.66%, 01/25/2014 ○		1,031
PLN	5,040	5.25%, 10/25/2017 - 10/25/2020		1,660
PLN	1,555	5.75%, 10/25/2021		531
				3,222
		Russia - 2.4%
		Russian Federation
	1,400	3.25%, 04/04/2017 §		1,486
	3,400	3.63%, 04/29/2015 §		3,608
	3,100	5.00%, 04/29/2020 §		3,588
	2,976	7.50%, 03/31/2030 §		3,769
	2,360	12.75%, 06/24/2028 §		4,662
				17,113
		Singapore - 0.1%
		Singapore (Republic of)
SGD	490	3.75%, 09/01/2016		454
		South Africa - 0.8%
		South Africa (Republic of)
	205	6.50%, 06/02/2014		222
	2,855	6.88%, 05/27/2019 ‡		3,556
ZAR	1,000	7.00%, 02/28/2031		101
ZAR	7,230	8.00%, 12/21/2018		912
ZAR	1,730	8.25%, 09/15/2017		219
ZAR	6,160	10.50%, 12/21/2026		878
				5,888
		Spain - 0.8%
		Spain (Kingdom of)
EUR	1,025	3.30%, 10/31/2014		1,335
EUR	2,035	3.80%, 01/31/2017		2,592
EUR	1,190	5.50%, 04/30/2021		1,540
EUR	80	5.85%, 01/31/2022		105
				5,572
		Sweden - 0.2%
		Sweden Government
SEK	6,690	3.75%, 08/12/2017		1,136
		Switzerland - 0.0%
		Switzerland (Republic of)
CHF	270	3.00%, 01/08/2018		334

The accompanying notes are an integral part of these financial statements.

11

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 31.3% - (continued)
		Turkey - 2.8%
		Turkey (Republic of)
$	5,225	5.13%, 03/25/2022	$	5,865
	530	5.63%, 03/30/2021		616
	4,260	6.00%, 01/14/2041		5,006
	3,140	7.25%, 03/15/2015		3,506
	3,440	7.50%, 07/14/2017		4,151
TRY	1,355	9.05%, 05/15/2013 ○		731
TRY	785	10.50%, 01/15/2020		503
				20,378
		Ukraine - 0.3%
		Ukraine (Government of)
	1,990	6.25%, 06/17/2016 §		1,964
		United Kingdom - 0.3%
		United Kingdom (Government of)
GBP	175	1.00%, 09/07/2017		285
GBP	1,005	2.00%, 01/22/2016		1,702
				1,987
		Venezuela - 2.1%
		Venezuela (Republic of)
	5,170	7.00%, 12/01/2018 §		4,446
	2,380	8.25%, 10/13/2024 §		1,964
	4,320	11.95%, 08/05/2031 §		4,417
	3,615	12.75%, 08/23/2022 §		3,877
				14,704
		Total foreign government obligations
		(cost $215,163)	$	224,851
SENIOR FLOATING RATE INTERESTS ♦ - 16.2%
		Accommodation and Food Services - 0.5%
		Caesars Entertainment Operating Co., Inc.
$	1,750	4.46%, 01/28/2018	$	1,512
	1,945	9.50%, 10/31/2016		1,988
		Pilot Travel Centers LLC
	180	4.25%, 08/07/2019		181
				3,681
		Administrative Waste Management and Remediation - 0.3%
		Acosta, Inc.
	1,107	5.00%, 03/02/2018		1,116
		ADS Waste Holdings, Inc.
	375	5.25%, 10/09/2019		378
		Brickman Group Holdings, Inc.
	699	5.50%, 10/14/2016		706
		Wolverine Healthcare Analytics, Inc.
	279	5.75%, 06/06/2019		279
				2,479
		Agriculture, Construction, Mining and Machinery - 0.2%
		Pro Mach, Inc.
	410	5.00%, 07/06/2017		410
		Veyance Technologies, Inc.
	400	5.96%, 07/31/2015		386
		Veyance Technologies, Inc. Delayed Draw Term Loan
	62	2.47%, 07/31/2014		61
		Veyance Technologies, Inc. Initial Term Loan
	432	2.47%, 07/31/2014		428
				1,285
		Air Transportation - 0.3%
		AWAS Finance Luxembourg S.aár.l
	579	4.75%, 07/16/2018		584
		Delta Air Lines, Inc.
	615	5.25%, 10/18/2018		611
		Delta Air Lines, Inc., Term Loan
	995	5.50%, 04/20/2017		994
				2,189
		Apparel Manufacturing - 0.1%
		J. Crew Group, Inc.
	992	4.75%, 03/07/2018		993
		Arts, Entertainment and Recreation - 0.8%
		Affinity Gaming LLC
	582	5.50%, 11/09/2017		587
		Alpha Topco Ltd.
	925	0.01%, 04/28/2017		931
		FoxCo Acquisition LLC
	265	5.50%, 07/14/2017		268
		Golden Nugget, Inc.
	289	3.27%, 06/22/2014 Þ		275
		Golden Nugget, Inc., Delayed Draw
	161	3.27%, 06/22/2014 Þ		154
		Kabel Deutschland GmbH
	1,550	4.25%, 02/01/2019		1,556
		Penn National Gaming, Inc.
	425	3.75%, 07/16/2018 ☼		427
		ROC Finance LLC
	422	7.67%, 08/19/2017		431
		Rock Ohio Caesars LLC
	153	7.67%, 08/19/2017 ☼		157
		Town Sports International LLC
	589	5.75%, 04/28/2018		592
		Univision Communications, Inc.
	640	4.46%, 03/31/2017		625
				6,003
		Chemical Manufacturing - 0.2%
		Chemtura Corp.
	185	5.50%, 08/29/2016 ☼		188
		Ineos US Finance LLC
	1,025	6.50%, 05/04/2018		1,038
				1,226
		Computer and Electronic Product Manufacturing - 0.7%
		Aeroflex, Inc.
	470	5.75%, 05/09/2018		468
		CDW LLC
	1,000	4.00%, 07/15/2017		989
		Ceridian Corp.
	988	5.96%, 05/09/2017		985
		Freescale Semiconductor, Inc.
	1,500	4.46%, 12/01/2016		1,451
		Sorenson Communications, Inc.
	952	6.00%, 08/16/2013		936
				4,829

The accompanying notes are an integral part of these financial statements.

12

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 16.2% - (continued)
		Construction - 0.2%
		Brand Energy & Infrastructure Services, Inc.
$	1,305	5.28%, 10/20/2018 ☼	$	1,299
		Finance and Insurance - 1.0%
		Asurion Corp., 2nd Lien Term Loan
	692	9.00%, 05/24/2019		715
		Asurion Corp., Term Loan
	396	5.50%, 05/24/2018		399
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	322	8.75%, 12/18/2017		299
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	768	8.75%, 12/18/2017		712
		Chrysler Group LLC
	1,298	6.00%, 05/24/2017		1,325
		EVERTEC LLC
	520	5.50%, 09/30/2016		520
		Macquarie Aircraft Leasing Finance S.A., 2nd Lien Term Loan
	1,567	4.21%, 11/29/2013		1,551
		Nuveen Investments, Inc.
	691	5.84%, 05/13/2017 ☼		688
		Nuveen Investments, Inc., Extended First Lien Term Loan
	1,000	5.85%, 05/13/2017		998
				7,207
		Food Manufacturing - 0.1%
		Advance Pierre Foods
	401	5.75%, 07/10/2017		403
		Del Monte Foods Co.
	435	4.50%, 03/08/2018		434
				837
		Food Services - 0.5%
		Dunkin' Brands, Inc.
	748	4.00%, 11/23/2017		750
		Landry's, Inc.
	716	6.50%, 04/24/2018		723
		OSI Restaurant Partners LLC
	1,330	4.28%, 10/31/2019 ☼		1,335
		Wendy's International, Inc.
	750	4.51%, 05/15/2019		756
				3,564
		Furniture and Related Product Manufacturing - 0.2%
		AOT Bedding Super Holdings LLC
	520	5.00%, 10/01/2019		519
		Wilsonart International Holding LLC
	705	4.78%, 10/03/2019 ☼		707
				1,226
		Health Care and Social Assistance - 1.8%
		Alkermes, Inc.
	445	4.50%, 09/25/2019		447
		Aptalis Pharma, Inc.
	2,239	5.50%, 02/10/2017		2,235
		Bausch & Lomb, Inc.
	913	5.25%, 05/17/2019		922
		Catalent Pharma Solutions, Inc.
	303	5.25%, 09/15/2017		306
		Convatec, Inc.
	180	5.00%, 12/22/2016		181
		DaVita, Inc.
	435	4.00%, 11/29/2019 ☼		435
		HCA, Inc., Tranche B-3 Term Loan
	1,000	3.46%, 05/01/2018		1,000
		Health Management Associates, Inc.
	995	4.50%, 11/16/2018		1,003
		Hologic, Inc.
	244	4.50%, 08/01/2019		247
		IMS Health, Inc.
	395	4.50%, 08/26/2017 ☼		397
		Jazz Pharmaceuticals, Inc.
	291	5.25%, 06/12/2018		293
		MultiPlan, Inc.
	910	4.75%, 08/26/2017		913
		Par Pharmeceutical Cos., Inc.
	425	5.00%, 09/30/2019		424
		Sheridan Holdings, Inc.
	594	6.00%, 06/29/2018		597
	286	9.00%, 07/01/2019		289
		US Renal Care, Inc.
	923	6.25%, 07/03/2019		932
	616	10.25%, 01/03/2020		630
		Valeant Pharmaceuticals International, Inc.
	675	3.84%, 02/13/2019 ☼		677
	410	3.85%, 09/27/2019 ☼		411
		Warner Chilcott Corp., Term Loan B-1
	183	4.25%, 03/14/2018		183
		Warner Chilcott Corp., Term Loan B-2
	91	4.25%, 03/14/2018		91
		Warner Chilcott Corp., Term Loan B-3
	126	4.25%, 03/14/2018		126
		Warner Chilcott plc
	69	4.25%, 03/15/2018		69
				12,808
		Information - 3.1%
		Charter Communications Operating LLC
	946	4.00%, 05/15/2019		952
		Crown Castle Operating Co.
	448	4.00%, 01/31/2019		450
		Decision Insight Information Group I, Inc.
	1,718	7.00%, 01/04/2017		1,699
		Emdeon, Inc.
	249	5.00%, 11/02/2018		251
		Epicor Software Corp.
	746	5.00%, 05/16/2018		749
		First Data Corp.
	623	5.21%, 03/24/2017 - 09/24/2018		610
		First Data Corp., Extended 1st Lien Term Loan
	1,750	4.21%, 03/26/2018		1,667
		Gray Television, Inc.
	335	4.40%, 10/12/2019 ☼		335
		Intelsat Jackson Holdings S.A
	1,247	4.50%, 04/02/2018		1,254
		Kronos, Inc.
	2,380	4.53%, 10/31/2019 ☼		2,393
	670	8.65%, 04/25/2020 ☼		673

The accompanying notes are an integral part of these financial statements.

13

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 16.2% - (continued)
		Information - 3.1% - (continued)
		Lawson Software, Inc.
$	998	5.25%, 04/05/2018	$	1,008
		Level 3 Financing, Inc.
	960	5.25%, 08/01/2019		970
		MetroPCS Wireless, Inc., Term Loan B3
	796	4.00%, 03/19/2018		796
		MISYS plc
	900	7.25%, 12/12/2018		903
		MModal, Inc.
	750	6.75%, 08/16/2019		742
		Northland Cable Television, Inc.
	1,925	7.75%, 12/30/2016		1,858
		Novell, Inc.
	589	7.25%, 11/22/2017		595
		Syniverse Holdings, Inc.
	918	5.00%, 04/23/2019		922
		Warner Music Group Corp.
	520	4.78%, 10/25/2018 ☼		521
		West Corp.
	863	5.75%, 06/30/2018		875
		WideOpenWest Finance LLC
	264	6.25%, 07/17/2018		266
		Zayo Group LLC
	1,502	5.25%, 07/02/2019		1,508
				21,997
		Media - 0.3%
		Primedia, Inc.
	1,975	7.50%, 01/13/2018		1,863
		Mining - 0.5%
		American Rock Salt Co. LLC
	548	5.50%, 04/25/2017		540
		Arch Coal, Inc.
	1,512	5.75%, 05/16/2018		1,524
		Fortescue Metals Group Ltd.
	1,555	5.54%, 10/18/2017 ☼		1,546
				3,610
		Miscellaneous Manufacturing - 0.3%
		Digitalglobe, Inc.
	577	5.75%, 10/12/2018		578
		Reynolds Group Holdings, Inc.
	560	4.75%, 09/28/2018		562
		Sequa Corp.
	500	3.62%, 12/03/2014		498
		TransDigm Group, Inc.
	497	4.00%, 02/14/2017		499
				2,137
		Motor Vehicle and Parts Manufacturing - 0.6%
		Allison Transmission, Inc.
	272	2.72%, 08/07/2014		272
	544	4.25%, 08/23/2019		546
		Federal Mogul Corp., Tranche B Term Loan
	329	2.15%, 12/29/2014		308
		Federal Mogul Corp., Tranche C Term Loan
	168	2.15%, 12/28/2015		157
		General Motors Holdings LLC
	2,000	0.38%, 10/27/2015 ☼		1,960
		Navistar, Inc.
	296	7.00%, 08/17/2017		297
		SRAM LLC
	717	4.78%, 06/07/2018		720
	250	8.50%, 12/07/2018		253
				4,513
		Petroleum and Coal Products Manufacturing - 0.2%
		Chesapeake Energy Corp.
	241	8.50%, 12/02/2017		241
		Dynegy Midwest Generation LLC
	129	9.25%, 08/05/2016		134
		Dynegy Power LLC
	554	9.25%, 08/05/2016		577
		Plains Exploration & Production Co.
	375	3.91%, 10/15/2019 ☼		376
		Samson Investment Co.
	410	6.00%, 09/25/2018		413
				1,741
		Pipeline Transportation - 0.5%
		Energy Transfer Equity L.P.
	1,000	3.75%, 03/23/2017		996
		EP Energy LLC
	1,135	4.03%, 03/31/2019 ☼		1,132
	670	5.00%, 05/24/2018		673
		NGPL Pipeco LLC
	605	6.75%, 09/15/2017		617
				3,418
		Plastics and Rubber Products Manufacturing - 0.4%
		Berry Plastics Holding Corp.
	497	2.21%, 04/03/2015		494
		Consolidated Container Co. LLC
	965	5.00%, 07/03/2019		966
		Goodyear (The) Tire & Rubber Co.
	900	4.75%, 04/30/2019		905
		Tricorbraun, Inc.
	384	5.50%, 05/03/2018		385
		Trinseo Materials Operating S.C.A
	471	8.00%, 08/02/2017		449
				3,199
		Primary Metal Manufacturing - 0.2%
		Novelis, Inc.
	1,200	4.00%, 03/10/2017		1,199
		WireCo WorldGroup, Inc.
	570	6.00%, 02/15/2017		576
				1,775
		Professional, Scientific and Technical Services - 0.7%
		Advantage Sales & Marketing, Inc., 2nd Lien Term Loan
	1,430	9.25%, 06/18/2018		1,430
		AlixPartners, LLP
	594	6.50%, 06/28/2019		600
	236	10.75%, 12/27/2019		238
		Getty Images, Inc.
	540	4.47%, 10/18/2019 ☼		541
		Paradigm Ltd., Term Loan B1
	650	6.50%, 07/30/2019		647

The accompanying notes are an integral part of these financial statements.

14

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 16.2% - (continued)
		Professional, Scientific and Technical Services - 0.7% - (continued)
		Paradigm Ltd., Term Loan B2
$	270	10.50%, 07/30/2020	$	272
		SunGard Data Systems, Inc., Extended Term Loan
	500	3.90%, 02/28/2016		500
		Visant Corp.
	500	5.25%, 12/22/2016		478
				4,706
		Real Estate, Rental and Leasing - 0.4%
		Avis Budget Car Rental LLC
	500	4.25%, 03/15/2019		502
		Delos Aircraft, Inc.
	240	4.75%, 04/12/2016		243
		Fly Leasing Ltd.
	880	6.75%, 08/08/2018		882
		Realogy Corp.
	187	3.21%, 10/05/2013		180
		Realogy Corp., Extended 1st Lien Term Loan B
	742	4.46%, 10/10/2016		740
		Realogy Corp., Extended Credit Linked Deposit
	58	4.46%, 10/10/2016		58
		SBA Senior Finance II LLC
	196	3.75%, 09/28/2019		197
				2,802
		Retail Trade - 1.2%
		August LUXUK Holding Co.
	130	6.25%, 04/27/2018		132
	113	10.50%, 04/26/2019		114
		August U.S. Holding Co., Inc.
	100	6.25%, 04/27/2018		101
	87	10.50%, 04/26/2019		88
		BJ's Wholesale Club, Inc.
	651	5.75%, 09/26/2019		657
		EB Sports Corp.
	3,847	11.50%, 12/31/2015 Þ		3,770
		FGI Operating Co. LLC
	290	5.50%, 04/19/2019		293
		Neiman (The) Marcus Group, Inc.
	500	4.75%, 05/16/2018		501
		Party City Holdings, Inc.
	550	5.75%, 07/27/2019		555
		Rite Aid Corp., Tranche 2 Term Loan
	497	1.97%, 06/01/2014		493
		Rite Aid Corp., Tranche 5 Term Loan
	497	4.50%, 03/03/2018		496
		Sports (The) Authority, Inc.
	830	7.50%, 11/16/2017		831
		Sprouts Farmers Markets Holdings LLC
	664	6.00%, 04/18/2018		668
				8,699
		Truck Transportation - 0.3%
		Nexeo Solutions LLC
	1,065	5.00%, 09/09/2017		1,045
		Swift Transportation Co. LLC
	961	5.00%, 12/21/2017		968
				2,013
		Utilities - 0.4%
		Calpine Corp.
	611	4.50%, 10/09/2019		612
		LSP Madison Funding LLC
	1,247	5.50%, 06/28/2019		1,256
		Texas Competitive Electric Holdings Co. LLC
	900	4.75%, 10/10/2017		579
		TPF Generation Holdings LLC, Second Lien Term Loan
	146	4.61%, 12/21/2014		145
				2,592
		Wholesale Trade - 0.2%
		Harbor Freight Tools USA, Inc.
	998	5.50%, 11/14/2017		1,002
		HD Supply, Inc.
	359	7.25%, 10/12/2017		370
				1,372
		Total senior floating rate interests
		(cost $114,726)	$	116,063
U.S. GOVERNMENT AGENCIES - 14.6%
		FHLMC - 4.4%
$	2,788	0.83%, 05/15/2037 ►	$	479
	1,884	0.97%, 12/15/2036 ►		313
	7,400	3.00%, 11/15/2042 ☼		7,746
	9,022	3.28%, 08/25/2018 ►		891
	2,068	3.39%, 08/25/2020 ►		175
	6,387	3.42%, 10/25/2020 ►		132
	7,900	4.00%, 11/15/2039 ☼		8,428
	3,500	4.50%, 11/15/2039 ☼		3,751
	3,000	5.00%, 11/15/2038 ☼		3,246
	5,725	5.50%, 10/01/2036 - 12/01/2038 ‡		6,240
				31,401
		FNMA - 3.5%
	770	2.14%, 12/01/2027 ☼		770
	270	2.20%, 12/01/2022 ☼		271
	155	2.28%, 12/01/2027 ☼		157
	130	2.34%, 12/01/2022 ☼		132
	736	2.40%, 10/01/2022 - 12/01/2022 ☼		754
	105	2.42%, 11/01/2022 ☼		107
	105	2.47%, 12/01/2022 ☼		107
	2,000	2.50%, 11/12/2027 ☼		2,093
	886	2.67%, 06/25/2042 ►		133
	400	3.00%, 10/15/2042		419
	3,800	3.50%, 11/15/2040 ☼		4,048
	748	4.00%, 01/01/2042		802
	8,634	5.00%, 08/01/2037 - 11/15/2039 ☼		9,434
	3,248	5.50%, 04/01/2038 ‡		3,587
	2,786	5.55%, 10/25/2036 ►		511
	1,453	6.00%, 09/01/2039 - 11/01/2039 ☼		1,610
	2,928	6.00%, 09/25/2040 ►		434
				25,369
		GNMA - 6.7%
	2,200	3.00%, 11/15/2042 ☼		2,339
	10,150	3.50%, 11/15/2041 ☼		11,046
	12,797	4.00%, 11/15/2039 - 10/20/2040 ☼		13,999
	10,097	4.50%, 09/15/2033 - 06/15/2041 ☼		11,140
	2,800	5.50%, 11/15/2039 ☼		3,093

The accompanying notes are an integral part of these financial statements.

15

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
U.S. GOVERNMENT AGENCIES - 14.6% - (continued)
		GNMA - 6.7% - (continued)
$	5,942	6.00%, 08/15/2034 - 11/15/2039 ☼	$	6,734
				48,351
		Total U.S. government agencies
		(cost $104,895)	$	105,121
U.S. GOVERNMENT SECURITIES - 17.5%
U.S. Treasury Securities - 17.5%
		U.S. Treasury Bonds - 0.6%
$	510	2.75%, 08/15/2042	$	500
	2,212	5.38%, 02/15/2031 ‡		3,188
				3,688
		U.S. Treasury Notes - 16.9%
	61,925	0.38%, 04/15/2015 □		61,978
	11,704	0.88%, 12/31/2016 ‡		11,846
	1,560	1.00%, 08/31/2016 ØΘ		1,588
	2,339	1.75%, 05/31/2016 □		2,444
	28,100	1.88%, 09/30/2017 ╦		29,685
	7,384	2.00%, 04/30/2016 - 11/15/2021 ‡		7,733
	1,610	2.13%, 08/15/2021 □		1,694
	4,580	2.25%, 07/31/2018 ‡		4,933
				121,901
				125,589
		Total U.S. government securities
		(cost $124,147)	$	125,589
Contracts			Market Value ╪
CALL OPTIONS PURCHASED - 0.0%
Foreign Exchange Contracts - 0.0%
		USD Call/CAD Put
	35	Expiration: 01/10/2013  и	$	1
		USD Call/CNY Put
	1,452	Expiration: 06/23/2013		3
				4
		Total call options purchased
		(cost $19)	$	4
Contracts			Market Value ╪
PUT OPTIONS PURCHASED - 0.0%
Foreign Exchange Contracts - 0.0%
		EUR Put/USD Call
EUR	164	Expiration: 04/22/2013	$	2
		USD Put/JPY Call
	509	Expiration: 04/23/2013	$	3
				5
		Total put options purchased
		(cost $6)	$	5
Shares or Principal Amount ╬			Market Value ╪
COMMON STOCKS - 0.1%
		Energy - 0.1%
	83,644	KCA Deutag ⌂●†	$	693
		Total common stocks
		(cost $1,134)	$	693
PREFERRED STOCKS - 0.0%
		Diversified Financials - 0.0%
	12	Citigroup Capital XIII	$	325
	10	GMAC Capital Trust I ۞		261
				586
		Total preferred stocks
		(cost $576)	$	586
		Total long-term investments
		(cost $749,738)	$	768,553

Shares or Principal Amount ╬			Market Value ╪
SHORT-TERM INVESTMENTS - 4.7%
Repurchase Agreements - 4.7%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $6,078, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $6,200)
$	6,078	0.30%, 10/31/2012	$	6,078
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,475, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $2,524)
	2,475	0.25%, 10/31/2012		2,475
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $4,255, collateralized by FNMA 2.50%, 2027, value of $4,340)
	4,255	0.35%, 10/31/2012		4,255
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,617, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $1,649)
	1,617	0.35%, 10/31/2012		1,617
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $7,509, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $7,650)
	7,509	0.28%, 10/31/2012		7,509
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $9,518, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $9,708)
	9,518	0.25%, 10/31/2012		9,518
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $43, collateralized by U.S. Treasury Note 8.13%, 2019, value of $44)
	43	0.25%, 10/31/2012		43

The accompanying notes are an integral part of these financial statements.

16

Shares or Principal Amount ╬					Market Value ╪
SHORT-TERM INVESTMENTS - 4.7% - (continued)
Repurchase Agreements - 4.7% - (continued)
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $2,206, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $2,250)
$	2,206	0.30%, 10/31/2012			$	2,206
						33,701
		Total short-term investments
		(cost $33,701)			$	33,701
		Total investments
		(cost $783,439) ▲	111.7	%	$	802,254
		Other assets and liabilities	(11.7	)%		(84,342	)
		Total net assets	100.0	%	$	717,912

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $784,344 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	21,341
Unrealized Depreciation		(3,431	)
Net Unrealized Appreciation	$	17,910

†	These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $693, which represents 0.1% of total net assets.
●	Non-income producing.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
╦	This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  The Fund has also pledged $1,942 of cash as collateral in connection with swap contracts.  In addition, cash of $9,240 was received from broker(s) as collateral in connection with swap contracts.  Securities valued at $3,698, held on behalf of the Fund at the custody bank, were designated by broker(s) as collateral in connection with swap contracts.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.
Þ	This security may pay interest in additional principal instead of cash.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $58,525, which represents 8.2% of total net assets.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $46,385, which represents 6.5% of total net assets.

The accompanying notes are an integral part of these financial statements.

17

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

⌂ The following securities are considered illiquid.  Illiquid securities are often purchased in private placement transactions, are often not registered under the Securities Act of 1933 and may have contractual restrictions on resale.  A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time.

Period Acquired	Shares/ Par		Security	Cost Basis
03/2011		83,644	KCA Deutag	$	1,134

	At October 31, 2012, the aggregate value of these securities was $693, which represents 0.1% of total net assets.
۞	Convertible security.
►	Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at October 31, 2012.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $83,756 at October 31, 2012.
и	This security has limitations.  If the Canadian Dollar to U.S. Dollar exchange rate is greater than or equal to 1.12 between trade date and expiration date, the counterparty will be required to pay the Fund the sum of $279.
♦	Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.

□ The Hartford Strategic Income Fund Schedule of Investments – (continued) October 31, 2012 (000’s Omitted)   This security, or a portion of this security, is pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts held at October 31, 2012 as listed in the table below:

Description	Number of Contracts*		Expiration Date	Notional Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 3-Year Bond Future		31	12/17/2012	$	3,544	$	3,539	$	(5	)
Canadian Government 10-Year Bond Future		10	12/18/2012		1,365		1,372		7
Euro-BOBL Future		20	12/06/2012		3,254		3,262		8
Euro-BUND Future		62	12/06/2012		11,309		11,386		77
Euro-OAT Future		8	12/06/2012		1,396		1,396		–
Euro-Schatz Future		22	12/06/2012		3,161		3,157		(4	)
Japan 10-Year Bond Future		14	12/11/2012		25,234		25,298		64
Long Gilt Future		2	12/27/2012		384		384		–
U.S. Treasury 2-Year Note Future		157	12/31/2012		34,611		34,591		(20	)
U.S. Treasury 30-Year Bond Future		1	12/19/2012		148		149		1
U.S. Treasury 5-Year Note Future		18	12/31/2012		2,238		2,236		(2	)
								$	126
Short position contracts:
Euro BUXL 30-Year Bond Future		1	12/06/2012	$	170	$	171	$	(1	)
Japan 10-Year Mini Bond Future		18	12/10/2012		3,248		3,252		(4	)
U.S. Treasury 10-Year Note Future		190	12/19/2012		25,241		25,276		(35	)
U.S. Treasury CME Ultra Long Term Bond Future		36	12/19/2012		5,802		5,943		(141	)
								$	(181	)
								$	(55	)

* The number of contracts does not omit 000's.

The accompanying notes are an integral part of these financial statements.

18

Θ At October 31, 2012, this security, or a portion of this security, is designated to cover written call options in the table below:

Description (Counterparty)	Option Type	Exercise Price/ Rate			Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
ITRX.EUR.18 (MSC)	Credit		1.35	%	11/21/2012	EUR	83,740,000	$	479	$	555	$	76
ITRX.EUR.18 (JPM)	Credit		1.30	%	11/21/2012	EUR	83,370,000		321		407		86
USD Call/CNY Put (SCB)	Foreign Exchange		6.78 CNY		06/23/2013		1,452,000		1		5		4
								$	801	$	967	$	166

* The number of contracts does not omit 000's.  Number of contracts shown in  U.S. dollars unless otherwise noted.

Ø At October 31, 2012, this security, or a portion of this security, collateralized the written put options in the table below:

Description (Counterparty)	Option Type	Exercise Price/ Rate			Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
ITRX.EUR.18 (MSC)	Credit		1.35	%	11/21/2012	EUR	83,740,000	$	275	$	463	$	188
ITRX.EUR.18 (JPM)	Credit		1.30	%	11/21/2012	EUR	83,370,000		375		411		36
								$	650	$	874	$	224

* The number of contracts does not omit 000's.  Number of contracts shown in U.S. dollars unless otherwise noted.

Securities Sold Short Outstanding at October 31, 2012
Description	Principal Amount		Maturity Date	Market Value ╪		Unrealized Appreciation/ Depreciation
FNMA, 3.00%	$	1,400	11/15/2042	$	1,468	$	8
FNMA, 4.00%		46,500	11/15/2040		49,791		(16	)
FNMA, 4.50%		24,000	11/15/2039		25,890		(13	)
FNMA, 5.50%		7,700	11/15/2040		8,443		(7	)
GNMA, 3.50%		4,250	11/15/2041		4,618		4
				$	90,210	$	(24	)

Credit Default Swap Contracts Outstanding at October 31, 2012
Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)			Expiration Date	Upfront Premiums Paid/ (Received)		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices:
Buy protection:
ABX.HE.AA.06	BCLY	$	431		(0.32	)%	07/25/45	$	243	$	186	$	(57	)
ABX.HE.AAA.06	BCLY		2,225		(0.18	)%	07/25/45		236		135		(101	)
ABX.HE.AAA.06	GSC		6,673		(0.18	)%	07/25/45		599		406		(193	)
ABX.HE.AAA.06	MSC		2,864		(0.18	)%	07/25/45		299		174		(125	)
ABX.HE.PENAAA.06	BCLY		2,019		(0.11	)%	05/25/46		558		430		(128	)
ABX.HE.PENAAA.06	CSI		1,932		(0.11	)%	05/25/46		582		411		(171	)
ABX.HE.PENAAA.06	JPM		2,542		(0.11	)%	05/25/46		651		541		(110	)
ABX.HE.PENAAA.06	MSC		455		(0.11	)%	05/25/46		111		97		(14	)
ABX.HE.PENAAA.07	BCLY		1,067		(0.09	)%	08/25/37		467		432		(35	)
ABX.HE.PENAAA.07	BCLY		957		(0.09	)%	08/25/37		371		387		16
ABX.HE.PENAAA.07	GSC		234		(0.09	)%	08/25/37		97		95		(2	)
ABX.HE.PENAAA.07	JPM		746		(0.09	)%	08/25/37		307		303		(4	)
CDX.NA.HY.19	BCLY		16,355		(5.00	)%	12/20/17		112		133		21
CMBX.NA.A.1	DEUT		940		(0.35	)%	10/12/52		434		407		(27	)
CMBX.NA.A.1	GSC		435		(0.35	)%	10/12/52		197		188		(9	)
CMBX.NA.AA.1	UBS		1,150		(0.25	)%	10/12/52		343		314		(29	)

The accompanying notes are an integral part of these financial statements.

19

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Credit Default Swap Contracts Outstanding at October 31, 2012 - (continued)
Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)			Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices: - (continued)
Buy protection: - (continued)
CMBX.NA.AJ.4	DEUT	$	865		(0.96	)%	02/17/51	$	345		$	313		$	(32	)
CMBX.NA.AJ.4	JPM		1,010		(0.96	)%	02/17/51		339			365			26
CMBX.NA.AJ.4	MSC		1,290		(0.96	)%	02/17/51		504			466			(38	)
CMBX.NA.AJ.4	UBS		875		(0.96	)%	02/17/51		294			316			22
CMBX.NA.AM.3	CSI		675		(0.50	)%	12/13/49		136			97			(39	)
CMBX.NA.AM.3	MSC		675		(0.50	)%	12/13/49		134			97			(37	)
CMBX.NA.AM.4	BCLY		370		(0.50	)%	02/17/51		65			58			(7	)
CMBX.NA.AM.4	GSC		190		(0.50	)%	02/17/51		30			30			–
CMBX.NA.AM.4	JPM		320		(0.50	)%	02/17/51		75			50			(25	)
CMBX.NA.AM.4	MSC		2,140		(0.50	)%	02/17/51		496			335			(161	)
CMBX.NA.AM.4	UBS		2,065		(0.50	)%	02/17/51		417			323			(94	)
ITRX.XOV.18	GSC	EUR	6,955		(5.00	)%	12/20/17		88			101			13
Total								$	8,530		$	7,190		$	(1,340	)
Sell protection:
ABX.HE.PENAAA.07	JPM	$	366		0.76	%	01/25/38	$	(234	)	$	(184	)	$	50
CDX.NA.IG.18	CSI		9,270		1.00	%	06/20/17		(65	)		44			109
CDX.NA.IG.19	GSC		1,075		1.00	%	12/20/17		2			–			(2	)
CDX.NA.IG.19	JPM		10,680		1.00	%	12/20/17		34			3			(31	)
CDX.NA.IG.19	MSC		34,025		1.00	%	12/20/17		138			11			(127	)
CMBX.NA.AA.4	MSC		1,940		1.65	%	02/17/51		(1,222	)		(1,226	)		(4	)
CMBX.NA.AAA.2	DEUT		1,985		0.07	%	03/15/49		(113	)		(86	)		27
CMBX.NA.AAA.2	UBS		1,840		0.07	%	03/15/49		(98	)		(80	)		18
CMBX.NA.AAA.3	CSI		1,415		0.08	%	12/13/49		(110	)		(90	)		20
CMBX.NA.AAA.3	DEUT		1,805		0.08	%	12/13/49		(139	)		(114	)		25
CMBX.NA.AAA.3	JPM		5,315		0.08	%	12/13/49		(436	)		(336	)		100
CMBX.NA.AAA.3	UBS		2,485		0.08	%	12/13/49		(215	)		(157	)		58
CMBX.NA.AAA.5	MSC		1,100		0.35	%	02/15/51		(87	)		(59	)		28
CMBX.NA.AJ.2	JPM		2,300		1.09	%	03/15/49		(567	)		(488	)		79
CMBX.NA.AJ.3	UBS		975		1.47	%	12/13/49		(383	)		(333	)		50
ITRX.EUR.18	GSC	EUR	9,425		1.00	%	12/20/17		(131	)		(174	)		(43	)
ITRX.EUR.18	MSC	EUR	22,605		1.00	%	12/20/17		(247	)		(417	)		(170	)
LCDX.NA.18	DEUT		4,950		2.50	%	06/20/17		(74	)		33			107
PrimeX.ARM.1	MSC		585		4.42	%	06/25/36		17			51			34
PrimeX.ARM.2	MSC		1,736		4.58	%	12/25/37		(128	)		(7	)		121
Total								$	(4,058	)	$	(3,609	)	$	449
Total traded indices								$	4,472		$	3,581		$	(891	)

The accompanying notes are an integral part of these financial statements.

20

Credit Default Swap Contracts Outstanding at October 31, 2012 - (continued)
Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)	Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on single-name issues:
Sell protection:
Bank of America Corp.	GSC	$	9,200	1.00% / 1.55%	09/20/17	$	(640	)	$	(237	)	$	403
Citigroup, Inc.	GSC		9,850	1.00% / 1.50%	09/20/17		(641	)		(231	)		410
Goldman Sachs Group, Inc.	UBS		4,600	1.00% / 1.79%	09/20/17		(340	)		(169	)		171
Morgan Stanley	BCLY		4,600	1.00% / 2.09%	09/20/17		(515	)		(231	)		284
Total						$	(2,136	)	$	(868	)	$	1,268
						$	2,336		$	2,713		$	377

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.  Notional shown in U.S. dollars unless otherwise noted.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign government issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative.  The implied credit spread of a particular entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement.  Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on October 31, 2012.  For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

Interest Rate Swap Contracts Outstanding at October 31, 2012

Counterparty	Payments made by Fund	Payments received by Fund	Notional Amount *		Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
JPM	2.00% Fixed	3M LIBOR	$	2,000	03/20/23	$	(12	)	$	(30	)	$	(18	)

* Notional shown in U.S. dollars unless otherwise noted. 

Spreadlock Swap Contracts Outstanding at October 31, 2012

Counterparty	Strike			Notional Amount		Determination Date	Upfront Premiums Paid/ (Received)		Market Value ╪		Unrealized Appreciation/ (Depreciation)
BOA		0.71	%*	$	20,000	03/21/13	$	–	$	23	$	23

* This is a spreadlock swap between the 10-Year interest rate swap curve and the yield to maturity on a 30-Year FNMA.  If the rate on the 30-Year FNMA minus the 10-Year CMS (constant maturity swap) rate is greater than 0.71%, the Fund will receive money from the counterparty based on this differential.  If the rate on the 30-Year FNMA minus the 10-Year CMS rate is less than 0.71%, the Fund will pay the counterparty.

The accompanying notes are an integral part of these financial statements. 

21

The Hartford Strategic Income Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012
Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
AUD	Buy	11/30/2012	WEST	$	2,576	$	2,589	$	13
AUD	Sell	11/30/2012	WEST		360		362		(2	)
CAD	Buy	11/30/2012	BOA		141		140		(1	)
CAD	Buy	11/30/2012	DEUT		457		454		(3	)
CAD	Buy	11/30/2012	RBC		4,483		4,463		(20	)
CAD	Sell	11/30/2012	RBC		1,256		1,250		6
CAD	Sell	11/15/2012	UBS		122		120		2
CAD	Sell	11/30/2012	UBS		71		70		1
CHF	Buy	11/30/2012	BCLY		214		215		1
CHF	Sell	11/30/2012	UBS		145		145		–
CZK	Sell	11/30/2012	JPM		14		14		–
DKK	Buy	11/30/2012	JPM		337		337		–
EUR	Buy	11/30/2012	CBK		215		214		(1	)
EUR	Buy	11/30/2012	MSC		17,632		17,583		(49	)
EUR	Buy	11/30/2012	RBC		1,828		1,832		4
EUR	Buy	11/30/2012	SSG		200		201		1
EUR	Buy	11/30/2012	UBS		144		143		(1	)
EUR	Sell	11/30/2012	CBK		93		93		–
EUR	Sell	11/30/2012	CSFB		201		201		–
EUR	Sell	11/30/2012	DEUT		183		182		1
EUR	Sell	11/30/2012	DEUT		246		246		–
EUR	Sell	11/30/2012	JPM		444		444		–
EUR	Sell	11/30/2012	MSC		1,566		1,562		4
EUR	Sell	11/30/2012	NAB		36		36		–
EUR	Sell	11/30/2012	SSG		108		108		–
EUR	Sell	11/30/2012	UBS		34		34		–
GBP	Buy	11/30/2012	DEUT		141		141		–
GBP	Buy	11/30/2012	JPM		39		39		–
GBP	Buy	11/30/2012	NAB		37		37		–
GBP	Buy	11/30/2012	UBS		34		34		–
GBP	Buy	11/30/2012	WEST		6,451		6,493		42
GBP	Sell	11/30/2012	WEST		632		636		(4	)
INR	Buy	11/30/2012	JPM		283		283		–
JPY	Buy	11/30/2012	JPM		107		107		–
JPY	Buy	11/30/2012	JPM		177		177		–
JPY	Buy	11/30/2012	SSG		35,968		35,982		14
JPY	Buy	11/30/2012	SSG		71		71		–
JPY	Buy	11/30/2012	UBS		142		142		–
JPY	Sell	11/30/2012	JPM		107		107		–
JPY	Sell	11/30/2012	SSG		102		102		–
JPY	Sell	11/30/2012	UBS		243		243		–
KRW	Buy	11/30/2012	BCLY		47		48		1
MXN	Buy	12/19/2012	JPM		1,183		1,176		(7	)
MXN	Buy	12/19/2012	RBC		3,176		3,124		(52	)
MXN	Buy	12/19/2012	UBS		1,557		1,544		(13	)
MXN	Sell	12/19/2012	BNP		721		704		17
MXN	Sell	12/19/2012	CSFB		288		279		9
MXN	Sell	11/30/2012	RBC		211		209		2
MXN	Sell	12/19/2012	RBC		3,879		3,808		71
MXN	Sell	12/19/2012	UBS		1,068		1,053		15
MYR	Sell	11/30/2012	JPM		136		136		–
NOK	Buy	11/30/2012	UBS		176		178		2
NOK	Sell	11/30/2012	UBS		70		70		–
NZD	Buy	11/30/2012	NAB		701		710		9
NZD	Sell	11/30/2012	JPM		107		107		–
PLN	Buy	11/30/2012	JPM		263		264		1

The accompanying notes are an integral part of these financial statements.

22

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)
Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
SEK	Buy	11/30/2012	CBK	$	93	$	94	$	1
SEK	Buy	11/30/2012	JPM		50		50		–
SEK	Sell	11/30/2012	BCLY		74		74		–
SEK	Sell	11/30/2012	JPM		70		71		(1	)
SGD	Buy	11/30/2012	BOA		98		98		–
SGD	Sell	11/30/2012	BOA		288		289		(1	)
ZAR	Buy	11/30/2012	BOA		367		372		5
								$	67

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
BNP	BNP Paribas Securities
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
CSI	Credit Suisse International
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
NAB	National Australia Bank
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
SSG	State Street Global Markets LLC
UBS	UBS AG
WEST	Westpac International
Currency Abbreviations:
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
COP	Colombian Peso
CZK	Czech Koruna
DKK	Denmark Krone
EUR	EURO
GBP	British Pound
HUF	Hungarian Forint
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican New Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PEN	Peruvian New Sol
PLN	Polish New Zloty
SEK	Swedish Krona
SGD	Singapore Dollar

Currency Abbreviations: - (continued)
TRY	Turkish New Lira
USD	U.S. Dollar
ZAR	South African Rand
Index Abbreviations:
ABX.HE	Markit Asset Backed Security Home Equity
ABX.HE.PEN	Markit Asset Backed Security Home Equity Penultimate
CDX.NA.HY	Credit Derivatives North American High Yield
CDX.NA.IG	Credit Derivatives North American Investment Grade
CMBX.NA	Markit Commercial Mortgage Backed North American
ITRX.EUR	Markit iTraxx - Europe
ITRX.XOV	Markit iTraxx Index - Europe Crossover
LCDX.NA	Credit Derivatives North American Loan
PrimeX.ARM	Markit PrimeX Mortgage Backed Security
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate

The accompanying notes are an integral part of these financial statements.

23

The Hartford Strategic Income Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	65,916	$	–	$	48,521	$	17,395
Call Options Purchased		4		–		4		–
Common Stocks ‡		693		–		–		693
Corporate Bonds		129,725		–		126,683		3,042
Foreign Government Obligations		224,851		407		224,444		–
Preferred Stocks		586		586		–		–
Put Options Purchased		5		–		5		–
Senior Floating Rate Interests		116,063		–		116,063		–
U.S. Government Agencies		105,121		–		102,943		2,178
U.S. Government Securities		125,589		500		125,089		–
Short-Term Investments		33,701		–		33,701		–
Total	$	802,254	$	1,493	$	777,453	$	23,308
Credit Default Swaps *		2,192		–		2,192		–
Foreign Currency Contracts *		222		–		222		–
Futures *		157		157		–		–
Spreadlock Swaps *		23		–		23		–
Written Options *		390		–		390		–
Total	$	2,984	$	157	$	2,827	$	–
Liabilities:
Securities Sold Short	$	90,210	$	–	$	90,210	$	–
Total	$	90,210	$	–	$	90,210	$	–
Credit Default Swaps *		1,815		–		1,815		–
Foreign Currency Contracts *		155		–		155		–
Futures *		212		212		–		–
Interest Rate Swaps *		18		–		18		–
Total	$	2,200	$	212	$	1,988	$	–

♦	For the year ended October 31, 2012, investments valued at $5,984 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:
	1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
	2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
	3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.
*	Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

24

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of October 31, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	505	$	(45	)	$	1,263	†	$	669		$	16,131	$	(1,128	)	$	—	$	—	$	17,395
Common Stocks		728		—			(35	)‡		—			—		—			—		—		693
Corporate Bonds		5,857		428			279	§		(38	)		537		(8,677	)		4,656		—		3,042
U.S. Government Agencies		—		—			1	**		—			2,177		—			—		—		2,178
Warrants		—		68			(65	)		—			—		(81	)		78		—		—
Total	$	7,090	$	451		$	1,443		$	631		$	18,845	$	(9,886	)	$	4,734	$	—	$	23,308

*	Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:
	1)	Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).
	2)	Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).
	3)	Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).
†	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $947.
‡	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(35).
§	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $65.
**	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $1.

The accompanying notes are an integral part of these financial statements.

25

The Hartford Strategic Income Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $783,439)	$	802,254
Cash		1,942	*
Foreign currency on deposit with custodian (cost $2,770)		2,770
Unrealized appreciation on foreign currency contracts		222
Unrealized appreciation on swap contracts		2,215
Receivables:
Investment securities sold		132,858
Fund shares sold		1,604
Dividends and interest		6,338
Variation margin		81
Swap premiums paid		8,721
Other assets		59
Total assets		959,064
Liabilities:
Unrealized depreciation on foreign currency contracts		155
Unrealized depreciation on swap contracts		1,833
Bank overdraft		2,277
Securities sold short, at market value (proceeds $90,186)		90,210
Payables:
Investment securities purchased		126,984
Fund shares redeemed		2,036
Investment management fees		84
Dividends		140
Administrative fees		—
Distribution fees		61
Collateral received from broker		9,240
Variation margin		107
Accrued expenses		90
Swap premiums received		6,397
Written options (proceeds $1,841)		1,451
Other liabilities		87
Total liabilities		241,152
Net assets	$	717,912
Summary of Net Assets:
Capital stock and paid-in-capital	$	677,250
Undistributed net investment income		1,447
Accumulated net realized gain		19,629
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		19,586
Net assets	$	717,912

* Cash of $1,942 was pledged as collateral for open swap contracts at October 31, 2012.

The accompanying notes are an integral part of these financial statements.

26

Shares authorized		900,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$9.70/$10.16
Shares outstanding		22,674
Net assets	$	219,909
Class B: Net asset value per share	$	9.70
Shares outstanding		1,285
Net assets	$	12,461
Class C: Net asset value per share	$	9.72
Shares outstanding		21,540
Net assets	$	209,271
Class I: Net asset value per share	$	9.73
Shares outstanding		10,770
Net assets	$	104,759
Class R3: Net asset value per share	$	9.70
Shares outstanding		15
Net assets	$	141
Class R4: Net asset value per share	$	9.70
Shares outstanding		14
Net assets	$	132
Class R5: Net asset value per share	$	9.70
Shares outstanding		12
Net assets	$	112
Class Y: Net asset value per share	$	9.69
Shares outstanding		17,658
Net assets	$	171,127

The accompanying notes are an integral part of these financial statements.

27

The Hartford Strategic Income Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	130
Interest		28,548
Less: Foreign tax withheld		(1	)
Total investment income		28,677
Expenses:
Investment management fees		3,244
Administrative services fees		1
Transfer agent fees		508
Distribution fees
Class A		513
Class B		131
Class C		1,983
Class R3		1
Class R4		—
Custodian fees		24
Accounting services fees		120
Registration and filing fees		146
Board of Directors' fees		14
Audit fees		14
Other expenses		94
Total expenses (before waivers and fees paid indirectly)		6,793
Expense waivers		(44	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(44	)
Total expenses, net		6,749
Net Investment Income		21,928
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		18,760
Net realized loss on purchased options		(736	)
Net realized loss on securities sold short		(647	)
Net realized gain on futures		2,790
Net realized gain on written options		11,416
Net realized loss on swap contracts		(10,429	)
Net realized loss on foreign currency contracts		(1,447	)
Net realized gain on other foreign currency transactions		456
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		20,163
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		14,762
Net unrealized depreciation of purchased options		(255	)
Net unrealized depreciation of securities sold short		(24	)
Net unrealized depreciation of futures		(1,234	)
Net unrealized appreciation of written options		204
Net unrealized appreciation of swap contracts		116
Net unrealized appreciation of foreign currency contracts		1,474
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		6
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		15,049
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		35,212
Net Increase in Net Assets Resulting from Operations	$	57,140

The accompanying notes are an integral part of these financial statements.

28

The Hartford Strategic Income Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	21,928		$	21,003
Net realized gain on investments, other financial instruments and foreign currency transactions		20,163			19,827
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		15,049			(21,379	)
Net Increase In Net Assets Resulting From Operations		57,140			19,451
Distributions to Shareholders:
From net investment income
Class A		(7,605	)		(9,829	)
Class B		(395	)		(634	)
Class C		(5,896	)		(6,904	)
Class I		(3,572	)		(2,961	)
Class R3		(4	)		—
Class R4		(4	)		—
Class R5		(4	)		—
Class Y		(2,875	)		(717	)
Total from net investment income		(20,355	)		(21,045	)
From net realized gain on investments
Class A		(574	)		—
Class B		(40	)		—
Class C		(558	)		—
Class I		(234	)		—
Class R3		—			—
Class R4		—			—
Class R5		(1	)		—
Class Y		(16	)		—
Total from net realized gain on investments		(1,423	)		—
Total distributions		(21,778	)		(21,045	)
Capital Share Transactions:
Class A		17,416			(5,041	)
Class B		(1,487	)		(1,818	)
Class C		15,230			28,237
Class I		29,348			10,544
Class R3		33			100
Class R4		25			100
Class R5		5			100
Class Y		156,606			(1,283	)
Net increase from capital share transactions		217,176			30,939
Net Increase In Net Assets		252,538			29,345
Net Assets:
Beginning of period		465,374			436,029
End of period	$	717,912		$	465,374
Undistributed (distribution in excess of) net investment income (loss)	$	1,447		$	2,061

The accompanying notes are an integral part of these financial statements.

29

The Hartford Strategic Income Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Strategic Income Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent

30

pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

31

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price. For more information on specific valuation techniques and unobservable inputs, please see table below titled "Quantitative Information about Level 3 Fair Value Measurements".

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test).

32

The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

Quantitative Information about Level 3 Fair Value Measurements:

Security Type / Valuation Technique	Unobservable Input(1)	Range (Weighted Average(2) )	Fair Value at October 31, 2012
Asset & Commercial Mortgage Backed Securities:
Cost	Recent trade price	Not Applicable	$	1,592
Discounted cash flow	Life expectancy (in months)	78 - 289 (218)		15,803
	Internal rate of return	3.2% - 10.2% (6.0%)
Common Stocks:
Market comparable companies	Enterprise Value/EBITDA	4.08 – 10.36 (7.1)		693
	Discount	10.0% (10.0%)(3)
Corportate Bonds:
Evaluated bid	Prior day valuation	Not Applicable		3,042
U.S. Government Agencies:
Cost	Recent trade price	Not Applicable		271
Indicative market quotes(4)	Third party indicative quote methodologies can vary significantly	Not Applicable		1,907
Total			$	23,308

(1) Significant changes to any unobservable inputs may result in a significant change to the fair value.

(2) Unless otherwise noted, inputs were weighted based on the fair value of the investments included in the range.

(3) A straight average is presented.

(4) For investments priced using indicative market quotes, those quotes represent the best available estimate of fair value as of October 31, 2012.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium

33

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. As of March 2012, dividends from net investment income are declared and paid monthly. Prior to March 2012, dividends were declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

34

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

In connection with the Fund’s ability to purchase investments on a when-issued or forward commitment basis, the Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. Although the Fund may enter into TBA commitments with the intention of acquiring or delivering securities for its portfolio, the Fund can extend the settlement date, roll the transaction, or dispose of a commitment prior to settlement if deemed appropriate to do so. If the TBA commitment is closed through the acquisition of an offsetting TBA commitment, the Fund realizes a gain or loss. In a TBA roll transaction, the Fund generally purchases or sells the initial TBA commitment prior to the agreed upon settlement date and enters into a new TBA commitment for future delivery or receipt of the mortgage-backed securities. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

The Fund may enter into “dollar rolls” in which the Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. The Fund gives up the right to receive interest paid on the investments sold. The Fund would benefit to the extent of any differences between the price received for the security and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund records dollar roll transactions as

35

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Fund’s portfolio turnover rate. The Fund had open dollar roll transactions as of October 31, 2012, as disclosed on the Schedule of Investments, the Statement of Assets and Liabilities and the Statement of Operations.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. At October 31, 2012 the aggregate value of unfunded loan commitments was $338,352. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

f) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of October 31, 2012.

36

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of October 31, 2012.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk

37

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund, as shown on the  Schedule of Investments, had outstanding purchased options contracts as of October 31, 2012. Transactions involving written options contracts during the year ended October 31, 2012, are summarized below:

Options Contract Activity During the Year Ended October 31, 2012:
Call Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		10,400,000		$	937
Written		1,299,821,000			8,858
Expired		(879,716,000	)		(5,818	)
Closed		(261,943,000	)		(3,010	)
Exercised		—			—
End of year		168,562,000		$	967

Put Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		18,390,000		$	127
Written		1,317,820,008			8,225
Expired		(909,545,000	)		(5,327	)
Closed		(259,555,008	)		(2,151	)
Exercised		—			—
End of year		167,110,000		$	874

* The number of contracts does not omit 000's. In the prior year, the number of contracts was displayed in U.S. dollars; currently all contracts are displayed in local currency.

d) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or

38

losses on the Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Contracts – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of October 31, 2012.

Interest Rate Swap Contracts – The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate or inflation benchmark (e.g. London Interbank Offered Rate (“LIBOR”)), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued 

39

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The Fund, as shown on the Schedule of Investments, had outstanding interest rate swaps as of October 31, 2012.

Spreadlock Swap Contracts – The Fund may invest in spreadlock swap contracts. These contracts involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread at a specific forward date. The Fund, as shown on the Schedule of Investments, had outstanding spreadlock swaps as of October 31, 2012.

e) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012: 

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Investments in securities, at value (purchased options), market value	$	—	$	9	$	—	$	—	$	—	$	—	$	9
Unrealized appreciation on foreign currency contracts		—		222		—		—		—		—		222
Unrealized appreciation on swap contracts		23		—		2,192		—		—		—		2,215
Variation margin receivable *		81		—		—		—		—		—		81
Total	$	104	$	231	$	2,192	$	—	$	—	$	—	$	2,527
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	155	$	—	$	—	$	—	$	—	$	155
Unrealized depreciation on swap contracts		18		—		1,815		—		—		—		1,833
Variation margin payable *		107		—		—		—		—		—		107
Written options, market value		—		1		1,450		—		—		—		1,451
Total	$	125	$	156	$	3,265	$	—	$	—	$	—	$	3,546

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(55) as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

40

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012: 

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on investments in purchased options	$	(893	)	$	815		$	(658	)	$	—	$	—	$	—	$	(736	)
Net realized gain on futures		2,790			—			—			—		—		—		2,790
Net realized gain on written options		6			3			11,407			—		—		—		11,416
Net realized gain (loss) on swap contracts		243			—			(10,672	)		—		—		—		(10,429	)
Net realized loss on foreign currency contracts		—			(1,447	)		—			—		—		—		(1,447	)
Total	$	2,146		$	(629	)	$	77		$	—	$	—	$	—	$	1,594
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of investments in purchased options	$	62		$	(387	)	$	70		$	—	$	—	$	—	$	(255	)
Net change in unrealized depreciation of futures		(1,234	)		—			—			—		—		—		(1,234	)
Net change in unrealized appreciation (depreciation) of written options		—			(146	)		350			—		—		—		204
Net change in unrealized appreciation of swap contracts		5			—			111			—		—		—		116
Net change in unrealized appreciation of foreign currency contracts		—			1,474			—			—		—		—		1,474
Total	$	(1,167	)	$	941		$	531		$	—	$	—	$	—	$	305

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline

41

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	20,376	$	21,163
Long-Term Capital Gains ‡		1,423		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

42

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	14,743
Undistributed Long-Term Capital Gain		7,351
Unrealized Appreciation *		18,708
Total Accumulated Earnings	$	40,802

* Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(2,187	)
Accumulated Net Realized Gain (Loss)		1,999
Capital Stock and Paid-in-Capital		188

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

43

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective April 2, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to April 2, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.550%
On next $500 million		0.500%
On next $1.5 billion		0.475%
On next $2.5 billion		0.465%
On next $5 billion		0.455%
Over $10 billion		0.445%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through April 1, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.550%
On next $500 million		0.500%
On next $4 billion		0.475%
On next $5 billion		0.455%
Over $10 billion		0.445%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

44

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	0.95	%		1.70	%		1.70	%		0.70	%		1.25	%		0.95	%		0.65	%		0.60	%

From November 1, 2011 through April 1, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A			Class B			Class C			Class I			Class R3			Class R4			Class R5			Class Y
	1.00	%		1.75	%		1.75	%		0.75	%		1.30	%		1.00	%		0.70	%		0.65	%

d) Fees Paid Indirectly – The Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, this amount, if any, is included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.96	%
Class B		1.72
Class C		1.69
Class I		0.70
Class R3		1.27
Class R4		0.97
Class R5		0.67
Class Y		0.60

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $743 and contingent deferred sales charges of $55 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A

45

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $26.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares	Percentage of Class
Class R3	11		73	%
Class R4	11		79
Class R5	12		100
Class Y	12		0

As of October 31, 2012, 24% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

46

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	2,029,502
Sales Proceeds Excluding U.S. Government Obligations		1,798,022
Cost of Purchases for U.S. Government Obligations		130,586
Sales Proceeds for U.S. Government Obligations		60,818

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		7,418		810		(6,357	)		—		1,871			7,314		930		(8,811	)		—		(567	)
Amount	$	69,479	$	7,554	$	(59,617	)	$	—	$	17,416		$	67,160	$	8,543	$	(80,744	)	$	—	$	(5,041	)
Class B
Shares		220		37		(414	)		—		(157	)		250		55		(503	)		—		(198	)
Amount	$	2,051	$	349	$	(3,887	)	$	—	$	(1,487	)	$	2,300	$	503	$	(4,621	)	$	—	$	(1,818	)
Class C
Shares		6,120		582		(5,044	)		—		1,658			7,320		573		(4,855	)		—		3,038
Amount	$	57,285	$	5,435	$	(47,490	)	$	—	$	15,230		$	67,496	$	5,275	$	(44,534	)	$	—	$	28,237
Class I
Shares		6,702		326		(3,886	)		—		3,142			5,505		250		(4,643	)		—		1,112
Amount	$	62,768	$	3,052	$	(36,472	)	$	—	$	29,348		$	50,801	$	2,298	$	(42,555	)	$	—	$	10,544
Class R3
Shares		4		—		—			—		4			11		—		—			—		11
Amount	$	33	$	4	$	(4	)	$	—	$	33		$	100	$	—	$	—		$	—	$	100
Class R4
Shares		3		1		(1	)		—		3			11		—		—			—		11
Amount	$	29	$	4	$	(8	)	$	—	$	25		$	100	$	—	$	—		$	—	$	100
Class R5
Shares		—		1		—			—		1			11		—		—			—		11
Amount	$	—	$	5	$	—		$	—	$	5		$	100	$	—	$	—		$	—	$	100
Class Y
Shares		21,775		306		(5,172	)		—		16,909			1,421		78		(1,648	)		—		(149	)
Amount	$	202,452	$	2,891	$	(48,737	)	$	—	$	156,606		$	13,059	$	717	$	(15,059	)	$	—	$	(1,283	)
Total
Shares		42,242		2,063		(20,874	)		—		23,431			21,843		1,886		(20,460	)		—		3,269
Amount	$	394,097	$	19,294	$	(196,215	)	$	—	$	217,176		$	201,116	$	17,336	$	(187,513	)	$	—	$	30,939

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		52	$	486
For the Year Ended October 31, 2011		119	$	1,095

47

The Hartford Strategic Income Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

48

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

49

The Hartford Strategic Income Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	9.20	$	0.37	$	0.51		$	0.88		$	(0.35	)	$	(0.03	)	$	–	$	(0.38	)	$	9.70
B		9.20		0.30		0.51			0.81			(0.28	)		(0.03	)		–		(0.31	)		9.70
C		9.21		0.30		0.52			0.82			(0.28	)		(0.03	)		–		(0.31	)		9.72
I		9.22		0.39		0.53			0.92			(0.38	)		(0.03	)		–		(0.41	)		9.73
R3		9.20		0.33		0.52			0.85			(0.32	)		(0.03	)		–		(0.35	)		9.70
R4		9.20		0.36		0.52			0.88			(0.35	)		(0.03	)		–		(0.38	)		9.70
R5		9.20		0.39		0.52			0.91			(0.38	)		(0.03	)		–		(0.41	)		9.70
Y		9.20		0.36		0.54			0.90			(0.38	)		(0.03	)		–		(0.41	)		9.69
For the Year Ended October 31, 2011
A		9.22		0.48		(0.01	)		0.47			(0.49	)		–			–		(0.49	)		9.20
B		9.21		0.41		–			0.41			(0.42	)		–			–		(0.42	)		9.20
C		9.23		0.42		(0.02	)		0.40			(0.42	)		–			–		(0.42	)		9.21
I		9.24		0.51		(0.02	)		0.49			(0.51	)		–			–		(0.51	)		9.22
R3(F)		9.10		0.04		0.08			0.12			(0.02	)		–			–		(0.02	)		9.20
R4(F)		9.10		0.04		0.09			0.13			(0.03	)		–			–		(0.03	)		9.20
R5(F)		9.10		0.04		0.09			0.13			(0.03	)		–			–		(0.03	)		9.20
Y		9.21		0.51		–			0.51			(0.52	)		–			–		(0.52	)		9.20
For the Year Ended October 31, 2010
A		8.69		0.56		0.51			1.07			(0.54	)		–			–		(0.54	)		9.22
B		8.69		0.49		0.50			0.99			(0.47	)		–			–		(0.47	)		9.21
C		8.70		0.49		0.52			1.01			(0.48	)		–			–		(0.48	)		9.23
I		8.71		0.58		0.51			1.09			(0.56	)		–			–		(0.56	)		9.24
Y		8.69		0.60		0.49			1.09			(0.57	)		–			–		(0.57	)		9.21
For the Year Ended October 31, 2009
A		7.35		0.53		1.33			1.86			(0.52	)		–			–		(0.52	)		8.69
B		7.35		0.46		1.33			1.79			(0.45	)		–			–		(0.45	)		8.69
C		7.36		0.47		1.33			1.80			(0.46	)		–			–		(0.46	)		8.70
I		7.37		0.54		1.34			1.88			(0.54	)		–			–		(0.54	)		8.71
Y		7.35		0.57		1.32			1.89			(0.55	)		–			–		(0.55	)		8.69
For the Year Ended October 31, 2008
A		9.75		0.65		(2.39	)		(1.74	)		(0.66	)		–			–		(0.66	)		7.35
B		9.75		0.58		(2.40	)		(1.82	)		(0.58	)		–			–		(0.58	)		7.35
C		9.76		0.59		(2.40	)		(1.81	)		(0.59	)		–			–		(0.59	)		7.36
I		9.77		0.69		(2.41	)		(1.72	)		(0.68	)		–			–		(0.68	)		7.37
Y		9.76		0.69		(2.41	)		(1.72	)		(0.69	)		–			–		(0.69	)		7.35

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements) .

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on September 30, 2011.

(G) Not annualized.

(H) Annualized.

50

- Rations and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	9.80	%	$	219,909		0.98	%		0.96	%		3.90	%		121	%
	8.96			12,461		1.78			1.72			3.17			–
	9.11			209,271		1.69			1.69			3.17			–
	10.18			104,759		0.70			0.70			4.11			–
	9.47			141		1.34			1.27			3.56			–
	9.79			132		1.02			0.97			3.88			–
	10.12			112		0.71			0.67			4.20			–
	10.08			171,127		0.60			0.60			3.82			–
	5.20			191,353		0.98			0.98			5.27			156
	4.51			13,259		1.78			1.75			4.52			–
	4.43			183,209		1.71			1.71			4.50			–
	5.47			70,365		0.71			0.71			5.47			–
	1.34	(G)		101		1.33	(H)		1.30	(H)		5.14	(H)		–
	1.37	(G)		101		1.03	(H)		1.00	(H)		5.43	(H)		–
	1.40	(G)		101		0.73	(H)		0.70	(H)		5.72	(H)		–
	5.69			6,885		0.63			0.63			5.50			–
	12.74			196,945		0.97			0.97			6.26			158
	11.72			15,110		1.77			1.77			5.48			–
	11.89			155,499		1.70			1.70			5.53			–
	12.98			60,203		0.71			0.71			6.53			–
	12.99			8,272		0.62			0.62			6.70			–
	26.24			146,738		1.00			1.00			6.70			164
	25.20			14,397		1.83			1.83			5.87			–
	25.30			120,513		1.74			1.74			5.98			–
	26.48			45,664		0.75			0.75			7.00			–
	26.69			15,036		0.65			0.65			7.22			–
	(19.02	)		79,242		0.97			0.61			7.14			132
	(19.66	)		6,308		1.81			1.45			6.33			–
	(19.62	)		67,863		1.75			1.38			6.40			–
	(18.77	)		24,508		0.75			0.38			7.37			–
	(18.85	)		36,751		0.67			0.30			7.49			–

51

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Strategic Income Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Strategic Income Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN December 17, 2012

52

The Hartford Strategic Income Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

53

The Hartford Strategic Income Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

54

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund. 

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. 

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

55

The Hartford Strategic Income Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 3.90%.

56

The Hartford Strategic Income Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,048.22	$	4.89	$	1,000.00	$	1,020.36	$	4.82	0.95	%		184		366
Class B	$	1,000.00	$	1,044.18	$	8.74	$	1,000.00	$	1,016.59	$	8.62	1.70			184		366
Class C	$	1,000.00	$	1,044.33	$	8.63	$	1,000.00	$	1,016.69	$	8.52	1.68			184		366
Class I	$	1,000.00	$	1,049.47	$	3.61	$	1,000.00	$	1,021.62	$	3.56	0.70			184		366
Class R3	$	1,000.00	$	1,046.72	$	6.43	$	1,000.00	$	1,018.85	$	6.34	1.25			184		366
Class R4	$	1,000.00	$	1,047.17	$	4.89	$	1,000.00	$	1,020.36	$	4.82	0.95			184		366
Class R5	$	1,000.00	$	1,048.73	$	3.35	$	1,000.00	$	1,021.87	$	3.30	0.65			184		366
Class Y	$	1,000.00	$	1,050.11	$	3.09	$	1,000.00	$	1,022.12	$	3.05	0.60			184		366

57

The Hartford Strategic Income Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Strategic Income Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

58

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

59

The Hartford Strategic Income Fund

Approval of Investment Sub-Advisory Agreement (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, an additional breakpoint had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

60

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

61

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-SI12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155  

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Target Retirement 2010 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Target Retirement 2010 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2010 Fund inception 09/30/2005

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 9/30/05 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Target Retirement 2010 A#		8.81	%		2.34	%		4.27	%
Target Retirement 2010 A##		2.82	%		1.19	%		3.44	%
Target Retirement 2010 R3#		8.75	%		2.15	%		4.14	%
Target Retirement 2010 R4#		8.98	%		2.45	%		4.39	%
Target Retirement 2010 R5#		9.13	%		2.56	%		4.51	%
Target Retirement 2010 Y#		9.02	%		2.57	%		4.51	%
Barclays U.S. Aggregate Bond Index		5.25	%		6.38	%		5.87	%
MSCI All Country World Index		9.17	%		-2.42	%		3.98	%
S&P 500 Index		15.19	%		0.36	%		4.15	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to date is that of the Fund’s Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2010 Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Rick A. Wurster, CFA, CMT	Stephen A. Gorman, CFA
Vice President and Asset Allocation Portfolio Manager	Vice President, Director, Tactical Asset Allocation, Asset Allocation Strategies Group and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Target Retirement 2010 Fund returned 8.81%, before sales charge, for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target 2010 Funds category, a group of funds with investment strategies similar to those of the Fund, was 7.50%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S.economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance driven primarily by the equity allocation. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 45% equities and 55% fixed income. Within the equity portion of the Fund, an overweight allocation to the U.S., a result of decisions made at the underlying funds level, detracted as U.S. equities underperformed international equities during the period. Within the fixed income portion of the Fund, allocations to high-yield, emerging market debt, and Treasury Inflation Protected Securities benefited relative performance. A modest underweight to fixed income was also additive as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed positively on a relative basis. Strong benchmark-relative performance in the Alternative Strategies, World Bond, and Strategic Income funds more than offset

3

The Hartford Target Retirement 2010 Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

weak benchmark-relative results from the International Opportunities, Dividend and Growth, and Emerging Markets Research Equity funds.

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.0	%
The Hartford Capital Appreciation Fund, Class Y		5.5
The Hartford Dividend and Growth Fund, Class Y		10.5
The Hartford Emerging Markets Research Fund, Class Y		4.0
The Hartford Global Real Asset Fund, Class Y		8.7
The Hartford Inflation Plus Fund, Class Y		16.3
The Hartford International Opportunities Fund, Class Y		9.2
The Hartford International Small Company Fund, Class Y		3.2
The Hartford MidCap Value Fund, Class Y		1.8
The Hartford Small Company Fund, Class Y		1.8
The Hartford Strategic Income Fund, Class Y		4.0
The Hartford Total Return Bond Fund, Class Y		10.0
The Hartford World Bond Fund, Class Y		14.9
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2010 Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 99.9%
EQUITY FUNDS - 44.7%
	82	The Hartford Capital Appreciation Fund, Class Y			$	2,910
	262	The Hartford Dividend and Growth Fund, Class Y				5,553
	250	The Hartford Emerging Markets Research Fund, Class Y				2,115
	431	The Hartford Global Real Asset Fund, Class Y				4,627
	323	The Hartford International Opportunities Fund, Class Y				4,855
	128	The Hartford International Small Company Fund, Class Y				1,703
	72	The Hartford MidCap Value Fund, Class Y				949
	44	The Hartford Small Company Fund, Class Y				952
						23,664
		Total equity funds
		(cost $21,725)			$	23,664
FIXED INCOME FUNDS - 55.2%
	492	The Hartford Alternative Strategies Fund, Class Y			$	5,288
	677	The Hartford Inflation Plus Fund, Class Y				8,634
	215	The Hartford Strategic Income Fund, Class Y				2,096
	467	The Hartford Total Return Bond Fund, Class Y				5,283
	733	The Hartford World Bond Fund, Class Y				7,903
						29,204
		Total fixed income funds
		(cost $28,151)			$	29,204
		Total investments in affiliated investment companies
		(cost $49,876)			$	52,868
		Total long-term investments (cost $49,876)			$	52,868
		Total investments
		(cost $49,876) ▲	99.9	%	$	52,868
		Other assets and liabilities	0.1	%		40
		Total net assets	100.0	%	$	52,908

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $50,099 and the aggregate gross unrealized appreciation and depreciation based on that cost were:    

Unrealized Appreciation	$	2,769
Unrealized Depreciation		—
Net Unrealized Appreciation	$	2,769

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2010 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	52,868	$	52,868	$	–	$	–
Total	$	52,868	$	52,868	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2010 Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $49,876)	$	52,868
Receivables:
Investment securities sold		7
Fund shares sold		25
Dividends and interest		41
Other assets		29
Total assets		52,970
Liabilities:
Payables:
Investment securities purchased		25
Fund shares redeemed		17
Investment management fees		2
Administrative fees		1
Distribution fees		4
Accrued expenses		13
Total liabilities		62
Net assets	$	52,908
Summary of Net Assets:
Capital stock and paid-in-capital	$	48,113
Undistributed net investment income		353
Accumulated net realized gain		1,450
Unrealized appreciation of investments		2,992
Net assets	$	52,908
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share	$	10.44/$11.05
Shares outstanding		809
Net assets	$	8,445
Class R3: Net asset value per share	$	10.38
Shares outstanding		1,758
Net assets	$	18,241
Class R4: Net asset value per share	$	10.45
Shares outstanding		2,267
Net assets	$	23,700
Class R5: Net asset value per share	$	10.47
Shares outstanding		224
Net assets	$	2,348
Class Y: Net asset value per share	$	10.45
Shares outstanding		17
Net assets	$	174

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2010 Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	5
Dividends from underlying affiliated funds		730
Total investment income		735
Expenses:
Investment management fees		72
Administrative services fees		65
Transfer agent fees		10
Distribution fees
Class A		22
Class R3		80
Class R4		51
Custodian fees		1
Accounting services fees		6
Registration and filing fees		61
Board of Directors' fees		2
Audit fees		10
Other expenses		12
Total expenses (before waivers)		392
Expense waivers		(241	)
Total waivers		(241	)
Total expenses, net		151
Net Investment Income		584
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		307
Net realized gain on investments in underlying affiliated funds		2,124
Net realized gain on investments in securities		59
Net Realized Gain on Investments		2,490
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		1,229
Net unrealized depreciation of investments		(157	)
Net Changes in Unrealized Appreciation of Investments		1,072
Net Gain on Investments		3,562
Net Increase in Net Assets Resulting from Operations	$	4,146

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2010 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	584		$	743
Net realized gain on investments		2,490			1,594
Net unrealized appreciation (depreciation) of investments		1,072			(1,077	)
Net Increase In Net Assets Resulting From Operations		4,146			1,260
Distributions to Shareholders:
From net investment income
Class A		(197	)		(154	)
Class R3		(262	)		(153	)
Class R4		(403	)		(229	)
Class R5		(61	)		(45	)
Class Y		(4	)		(3	)
Total distributions		(927	)		(584	)
Capital Share Transactions:
Class A		(534	)		(1,508	)
Class R3		4,671			5,283
Class R4		5,028			6,690
Class R5		(353	)		136
Class Y		4			3
Net increase from capital share transactions		8,816			10,604
Net Increase In Net Assets		12,035			11,280
Net Assets:
Beginning of period		40,873			29,593
End of period	$	52,908		$	40,873
Undistributed (distribution in excess of) net investment income (loss)	$	353		$	603

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2010 Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Target Retirement 2010 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of

11

The Hartford Target Retirement 2010 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	927	$	584

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	353
Undistributed Long-Term Capital Gain		1,673
Unrealized Appreciation *		2,769
Total Accumulated Earnings	$	4,795

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	93
Accumulated Net Realized Gain (Loss)		(93	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

During the year ended October 31, 2012, the Fund utilized $626 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2010 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $4.5 billion		0.10%
On next $5 billion		0.08%
Over $10 billion		0.07%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class R3		Class R4		Class R5		Class Y
	1.00%		1.15%		0.85%		0.80%		0.80%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $9 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares rounds to zero.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

15

The Hartford Target Retirement 2010 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		11		0	%
Class R5		11		5
Class Y		17		100

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	52,354
Sales Proceeds Excluding U.S. Government Obligations		43,548

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares  Issued  from  Merger		Net Increase (Decrease) of  Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares
Class A
Shares		199		21		(270	)		—		(50	)		217		16		(389	)		—		(156	)
Amount	$	1,970	$	196	$	(2,700	)	$	—	$	(534	)	$	2,142	$	153	$	(3,803	)	$	—	$	(1,508	)
Class R3
Shares		1,236		28		(792	)		—		472			879		16		(360	)		—		535
Amount	$	12,398	$	262	$	(7,989	)	$	—	$	4,671		$	8,656	$	153	$	(3,526	)	$	—	$	5,283
Class R4
Shares		1,015		42		(543	)		—		514			1,343		24		(673	)		—		694
Amount	$	10,126	$	403	$	(5,501	)	$	—	$	5,028		$	13,147	$	229	$	(6,686	)	$	—	$	6,690
Class R5
Shares		45		5		(85	)		—		(35	)		87		5		(79	)		—		13
Amount	$	449	$	61	$	(863	)	$	—	$	(353	)	$	856	$	45	$	(765	)	$	—	$	136
Class Y
Shares		—		1		—			—		1			—		—		—			—		—
Amount	$	—	$	4	$	—		$	—	$	4		$	—	$	3	$	—		$	—	$	3
Total
Shares		2,495		97		(1,690	)		—		902			2,526		61		(1,501	)		—		1,086
Amount	$	24,943	$	926	$	(17,053	)	$	—	$	8,816		$	24,801	$	583	$	(14,780	)	$	—	$	10,604

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

16

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Target Retirement 2010 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class		Net Asset Value at Beginning of  Period		Net Investment  Income (Loss)		Net Realized and Unrealized Gain  (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from  Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A		$	9.81	$	0.13	$	0.71		$	0.84		$	(0.21	)	$	–		$	–	$	(0.21	)	$	10.44
R3			9.75		0.10		0.74			0.84			(0.21	)		–			–		(0.21	)		10.38
R4			9.82		0.13		0.73			0.86			(0.23	)		–			–		(0.23	)		10.45
R5			9.83		0.15		0.73			0.88			(0.24	)		–			–		(0.24	)		10.47
Y			9.82		0.15		0.71			0.86			(0.23	)		–			–		(0.23	)		10.45
For the Year Ended October 31, 2011 (E)
A			9.59		0.19		0.20			0.39			(0.17	)		–			–		(0.17	)		9.81
R3			9.55		0.17		0.20			0.37			(0.17	)		–			–		(0.17	)		9.75
R4			9.60		0.19		0.22			0.41			(0.19	)		–			–		(0.19	)		9.82
R5			9.61		0.21		0.20			0.41			(0.19	)		–			–		(0.19	)		9.83
Y			9.60		0.21		0.20			0.41			(0.19	)		–			–		(0.19	)		9.82
For the Year Ended October 31, 2010 (E)
A			8.50		0.17		1.09			1.26			(0.17	)		–			–		(0.17	)		9.59
R3			8.48		0.14		1.10			1.24			(0.17	)		–			–		(0.17	)		9.55
R4			8.51		0.18		1.09			1.27			(0.18	)		–			–		(0.18	)		9.60
R5			8.51		0.19		1.10			1.29			(0.19	)		–			–		(0.19	)		9.61
Y			8.50		0.19		1.10			1.29			(0.19	)		–			–		(0.19	)		9.60
For the Year Ended October 31, 2009 (E)
A(F)			7.24		0.22		1.15			1.37			(0.11	)		–			–		(0.11	)		8.50
R3	��		7.23		0.18		1.18			1.36			(0.11	)		–			–		(0.11	)		8.48
R4			7.23		0.22		1.17			1.39			(0.11	)		–			–		(0.11	)		8.51
R5			7.24		0.22		1.16			1.38			(0.11	)		–			–		(0.11	)		8.51
Y			7.23		0.23		1.15			1.38			(0.11	)		–			–		(0.11	)		8.50
For the Year Ended October 31, 2008
A			10.66		0.30		(3.10	)		(2.80	)		(0.41	)		(0.21	)		–		(0.62	)		7.24
R3			10.66		0.26		(3.11	)		(2.85	)		(0.37	)		(0.21	)		–		(0.58	)		7.23
R4			10.66		0.36		(3.17	)		(2.81	)		(0.41	)		(0.21	)		–		(0.62	)		7.23
R5			10.67		0.37		(3.16	)		(2.79	)		(0.43	)		(0.21	)		–		(0.64	)		7.24
Y			10.66		0.33		(3.11	)		(2.78	)		(0.44	)		(0.21	)		–		(0.65	)		7.23

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Classes B and C were merged into Class A on July 24, 2009.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets(C)			Portfolio Turnover Rate(D)
	8.81	%	$	8,445		0.70	%		0.34	%		1.30	%		91	%
	8.75			18,241		1.04			0.49			1.00			–
	8.98			23,700		0.74			0.19			1.33			–
	9.13			2,348		0.44			0.14			1.51			–
	9.02			174		0.34			0.14			1.46			–
	4.09			8,424		0.74			0.33			1.96			51
	3.93			12,539		1.08			0.48			1.71			–
	4.26			17,209		0.77			0.18			1.96			–
	4.30			2,541		0.48			0.13			2.11			–
	4.31			160		0.37			0.13			2.15			–
	15.02			9,738		0.79			0.27			1.86			49
	14.87			7,168		1.14			0.42			1.66			–
	15.16			10,173		0.85			0.12			2.02			–
	15.33			2,361		0.55			0.07			2.09			–
	15.34			153		0.45			0.07			2.07			–
	19.29			9,342		0.95			0.24			3.00			31
	19.24			1,578		1.25			0.39			2.37			–
	19.58			9,020		1.03			0.09			3.00			–
	19.48			2,051		0.73			0.04			2.99			–
	19.56			133		0.65			0.04			3.12			–
	(27.74	)		6,520		1.02			0.42			2.87			68
	(28.14	)		8		1.47			0.87			2.70			–
	(27.84	)		4,823		1.04			0.45			1.67			–
	(27.64	)		1,131		0.71			0.11			1.86			–
	(27.60	)		111		0.76			0.16			3.40			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2010 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2010 Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN December 17, 2012

20

The Hartford Target Retirement 2010 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Target Retirement 2010 Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Target Retirement 2010 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 23.70%.

24

The Hartford Target Retirement 2010 Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,014.58	$	1.77	$	1,000.00	$	1,023.38	$	1.78	0.35	%		184		366
Class R3	$	1,000.00	$	1,014.66	$	2.53	$	1,000.00	$	1,022.62	$	2.54	0.50			184		366
Class R4	$	1,000.00	$	1,015.55	$	1.01	$	1,000.00	$	1,024.13	$	1.02	0.20			184		366
Class R5	$	1,000.00	$	1,016.50	$	0.76	$	1,000.00	$	1,024.38	$	0.76	0.15			184		366
Class Y	$	1,000.00	$	1,015.55	$	0.76	$	1,000.00	$	1,024.38	$	0.76	0.15			184		366

25

The Hartford Target Retirement 2010 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Target Retirement 2010 Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

27

The Hartford Target Retirement 2010 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

28

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TR1012 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Target Retirement 2015 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Target Retirement 2015 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2015 Fund inception 10/31/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 10/31/08 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Target Retirement 2015 R3		9.00	%		11.46	%
Target Retirement 2015 R4		9.32	%		11.79	%
Target Retirement 2015 R5		9.44	%		11.86	%
Barclays U.S. Aggregate Bond Index		5.25	%		7.95	%
MSCI All Country World Index		9.17	%		11.74	%
S&P 500 Index		15.19	%		12.33	%

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2015 Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Rick A. Wurster, CFA, CMT	Stephen A. Gorman, CFA
Vice President and Asset Allocation Portfolio Manager	Vice President, Director, Tactical Asset Allocation, Asset Allocation Strategies Group and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2015 Fund returned 9.00% for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target 2015 Funds category, a group of funds with investment strategies similar to those of the Fund, was 8.41%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 51% equities and 49% fixed income. Within the equity portion of the Fund, an overweight allocation to the U.S., a result of decisions made at the underlying fund level, detracted as U.S. equities underperformed international equities during the period. A modest underweight to fixed income was additive as fixed income underperformed equities during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed on a relative basis. Strong benchmark-relative performance in the Alternative Strategies, World Bond, and Strategic Income funds more than offset weak benchmark-relative results from the International Opportunities, Dividend and Growth, and Emerging Market Research Equity funds.

3

The Hartford Target Retirement 2015 Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012 

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.0	%
The Hartford Capital Appreciation Fund, Class Y		6.7
The Hartford Dividend and Growth Fund, Class Y		12.9
The Hartford Emerging Markets Research Fund, Class Y		4.9
The Hartford Global Real Asset Fund, Class Y		7.3
The Hartford Inflation Plus Fund, Class Y		13.7
The Hartford International Opportunities Fund, Class Y		11.3
The Hartford International Small Company Fund, Class Y		3.9
The Hartford MidCap Value Fund, Class Y		2.2
The Hartford Small Company Fund, Class Y		2.2
The Hartford Strategic Income Fund, Class Y		4.9
The Hartford Total Return Bond Fund, Class Y		8.0
The Hartford World Bond Fund, Class Y		11.9
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2015 Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 99.9%
EQUITY FUNDS - 51.4%
	109	The Hartford Capital Appreciation Fund, Class Y			$	3,870
	351	The Hartford Dividend and Growth Fund, Class Y				7,427
	333	The Hartford Emerging Markets Research Fund, Class Y				2,813
	395	The Hartford Global Real Asset Fund, Class Y				4,238
	432	The Hartford International Opportunities Fund, Class Y				6,498
	171	The Hartford International Small Company Fund, Class Y				2,286
	95	The Hartford MidCap Value Fund, Class Y				1,260
	59	The Hartford Small Company Fund, Class Y				1,262
						29,654
		Total equity funds
		(cost $27,146)			$	29,654
FIXED INCOME FUNDS - 48.5%
	534	The Hartford Alternative Strategies Fund, Class Y			$	5,740
	618	The Hartford Inflation Plus Fund, Class Y				7,887
	289	The Hartford Strategic Income Fund, Class Y				2,807
	407	The Hartford Total Return Bond Fund, Class Y				4,606
	639	The Hartford World Bond Fund, Class Y				6,890
						27,930
		Total fixed income funds
		(cost $26,914)			$	27,930
		Total investments in affiliated investment companies
		(cost $54,060)			$	57,584
		Total long-term investments
		(cost $54,060)			$	57,584
		Total investments
		(cost $54,060) ▲	99.9	%	$	57,584
		Other assets and liabilities	0.1	%		55
		Total net assets	100.0	%	$	57,639

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $54,131 and the aggregate gross unrealized appreciation and depreciation based on that cost were: 

Unrealized Appreciation	$	3,453
Unrealized Depreciation		—
Net Unrealized Appreciation	$	3,453

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2015 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	57,584	$	57,584	$	–	$	–
Total	$	57,584	$	57,584	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2015 Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $54,060)	$	57,584
Receivables:
Investment securities sold		5
Fund shares sold		20
Dividends and interest		38
Other assets		38
Total assets		57,685
Liabilities:
Bank overdraft		2
Payables:
Investment securities purchased		21
Fund shares redeemed		3
Investment management fees		2
Administrative fees		2
Distribution fees		5
Accrued expenses		11
Total liabilities		46
Net assets	$	57,639
Summary of Net Assets:
Capital stock and paid-in-capital	$	52,715
Undistributed net investment income		302
Accumulated net realized gain		1,098
Unrealized appreciation of investments		3,524
Net assets	$	57,639
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	13.98
Shares outstanding		2,421
Net assets	$	33,848
Class R4: Net asset value per share	$	14.06
Shares outstanding		1,565
Net assets	$	22,006
Class R5: Net asset value per share	$	14.08
Shares outstanding		127
Net assets	$	1,785

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2015 Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	2
Dividends from underlying affiliated funds		696
Total investment income		698
Expenses:
Investment management fees		73
Administrative services fees		87
Transfer agent fees		1
Distribution fees
Class R3		151
Class R4		41
Custodian fees		1
Accounting services fees		6
Registration and filing fees		37
Board of Directors' fees		2
Audit fees		11
Other expenses		10
Total expenses (before waivers and fees paid indirectly)		420
Expense waivers		(248	)
Commission recapture		—
Total waivers and fees paid indirectly		(248	)
Total expenses, net		172
Net Investment Income		526
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		270
Net realized gain on investments in underlying affiliated funds		966
Net realized gain on investments in securities		8
Net Realized Gain on Investments		1,244
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		2,428
Net unrealized depreciation of investments		(79	)
Net Changes in Unrealized Appreciation of Investments		2,349
Net Gain on Investments		3,593
Net Increase in Net Assets Resulting from Operations	$	4,119

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2015 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	526		$	593
Net realized gain on investments		1,244			1,048
Net unrealized appreciation (depreciation) of investments		2,349			(688	)
Net Increase In Net Assets Resulting From Operations		4,119			953
Distributions to Shareholders:
From net investment income
Class R3		(479	)		(210	)
Class R4		(235	)		(128	)
Class R5		(37	)		(21	)
Total from net investment income		(751	)		(359	)
From net realized gain on investments
Class R3		(710	)		(241	)
Class R4		(290	)		(140	)
Class R5		(46	)		(24	)
Total from net realized gain on investments		(1,046	)		(405	)
Total distributions		(1,797	)		(764	)
Capital Share Transactions:
Class R3		5,540			12,552
Class R4		10,291			2,990
Class R5		(50	)		237
Net increase from capital share transactions		15,781			15,779
Net Increase In Net Assets		18,103			15,968
Net Assets:
Beginning of period		39,536			23,568
End of period	$	57,639		$	39,536
Undistributed (distribution in excess of) net investment income (loss)	$	302		$	457

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2015 Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Target Retirement 2015 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

10

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a

11

The Hartford Target Retirement 2015 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended  October 31, 2012		For the Year Ended  October 31, 2011
Ordinary Income	$	760	$	427
Long-Term Capital Gains ‡		1,037		337

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	302
Undistributed Long-Term Capital Gain		1,169
Unrealized Appreciation *		3,453
Total Accumulated Earnings	$	4,924

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	70
Accumulated Net Realized Gain (Loss)		(70	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2015 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $4.5 billion		0.10%
On next $5 billion		0.08%
Over $10 billion		0.07%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class R3		Class R4		Class R5
	1.15%		0.85%		0.80%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class R3		0.47	%
Class R4		0.17
Class R5		0.12

e) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

15

The Hartford Target Retirement 2015 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		1	%
Class R5		103		81

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	58,172
Sales Proceeds Excluding U.S. Government Obligations		43,397

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares  Issued  from  Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		843		94		(523	)		—		414			1,435		34		(537	)		—		932
Amount	$	11,385	$	1,189	$	(7,034	)	$	—	$	5,540		$	19,465	$	451	$	(7,364	)	$	—	$	12,552
Class R4
Shares		1,006		41		(285	)		—		762			587		20		(388	)		—		219
Amount	$	13,598	$	525	$	(3,832	)	$	—	$	10,291		$	7,988	$	268	$	(5,266	)	$	—	$	2,990
Class R5
Shares		37		7		(46	)		—		(2	)		18		3		(4	)		—		17
Amount	$	507	$	83	$	(640	)	$	—	$	(50	)	$	252	$	45	$	(60	)	$	—	$	237
Total
Shares		1,886		142		(854	)		—		1,174			2,040		57		(929	)		—		1,168
Amount	$	25,490	$	1,797	$	(11,506	)	$	—	$	15,781		$	27,705	$	764	$	(12,690	)	$	—	$	15,779

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

16

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Target Retirement 2015 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
R3	$	13.43	$	0.14	$	1.00	$	1.14	$	(0.23	)	$	(0.36	)	$	–	$	(0.59	)	$	13.98
R4		13.50		0.15		1.04		1.19		(0.27	)		(0.36	)		–		(0.63	)		14.06
R5		13.51		0.19		1.01		1.20		(0.27	)		(0.36	)		–		(0.63	)		14.08
For the Year Ended October 31, 2011 (F)
R3		13.29		0.21		0.31		0.52		(0.16	)		(0.22	)		–		(0.38	)		13.43
R4		13.34		0.26		0.30		0.56		(0.18	)		(0.22	)		–		(0.40	)		13.50
R5		13.35		0.27		0.29		0.56		(0.18	)		(0.22	)		–		(0.40	)		13.51
For the Year Ended October 31, 2010
R3		11.69		0.14		1.62		1.76		(0.16	)		–			–		(0.16	)		13.29
R4		11.72		0.16		1.64		1.80		(0.18	)		–			–		(0.18	)		13.34
R5		11.72		0.24		1.57		1.81		(0.18	)		–			–		(0.18	)		13.35
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.21		1.59		1.80		(0.11	)		–			–		(0.11	)		11.69
R4		10.00		0.23		1.61		1.84		(0.12	)		–			–		(0.12	)		11.72
R5		10.00		0.26		1.58		1.84		(0.12	)		–			–		(0.12	)		11.72

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Ratios do not include expenses of the Underlying Funds.

(E) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(F) Per share amounts have been calculated using average shares outstanding method.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Net Investment Income to Average Net Assets(D)			Portfolio Turnover Rate(E)
	9.00	%	$	33,848		0.99	%		0.47	%		1.01	%		90	%
	9.32			22,006		0.69			0.17			1.17			–
	9.44			1,785		0.39			0.12			1.41			–
	3.95			26,952		1.04			0.47			1.58			52
	4.24			10,835		0.74			0.17			1.89			–
	4.26			1,749		0.44			0.12			1.99			–
	15.16			14,282		1.28			0.40			1.42			37
	15.50			7,787		1.01			0.10			1.76			–
	15.63			1,499		0.76			0.05			1.87			–
	18.33			2,003		2.24			0.37			2.27			15
	18.70			1,883		1.92			0.07			2.61			–
	18.71			1,459		1.65			0.02			2.67			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2015 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2015 Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN December 17, 2012

20

The Hartford Target Retirement 2015 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Target Retirement 2015 Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Target Retirement 2015 Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

24

The Hartford Target Retirement 2015 Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,012.31	$	2.43	$	1,000.00	$	1,022.72	$	2.44		0.48	%		184		366
Class R4	$	1,000.00	$	1,013.70	$	0.91	$	1,000.00	$	1,024.23	$	0.92		0.18			184		366
Class R5	$	1,000.00	$	1,014.41	$	0.66	$	1,000.00	$	1,024.48	$	0.66		0.13			184		366

25

The Hartford Target Retirement 2015 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Target Retirement 2015 Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

27

The Hartford Target Retirement 2015 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

28

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TR1512 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Target Retirement 2020 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Target Retirement 2020 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2020 Fund inception 09/30/2005

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 9/30/05 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Target Retirement 2020 A#		9.50	%		1.27	%		4.03	%
Target Retirement 2020 A##		3.48	%		0.13	%		3.20	%
Target Retirement 2020 R3#		9.39	%		1.07	%		3.87	%
Target Retirement 2020 R4#		9.70	%		1.37	%		4.13	%
Target Retirement 2020 R5#		9.73	%		1.48	%		4.24	%
Target Retirement 2020 Y#		9.72	%		1.52	%		4.28	%
Barclays U.S. Aggregate Bond Index		5.25	%		6.38	%		5.87	%
MSCI All Country World Index		9.17	%		-2.42	%		3.98	%
S&P 500 Index		15.19	%		0.36	%		4.15	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to date is that of the Fund’s Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2020 Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Rick A. Wurster, CFA, CMT	Stephen A. Gorman, CFA
Vice President and Asset Allocation Portfolio Manager	Vice President, Director, Tactical Asset Allocation, Asset Allocation Strategies Group and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Target Retirement 2020 Fund returned 9.50%, before sales charge, for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target 2020 Funds category, a group of funds with investment strategies similar to those of the Fund, was 8.81%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The Fund’s portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 58% equities and 42% fixed income. Within the equity portion of the Fund, an overweight allocation to the U.S., a result of decisions made at the underlying fund level, detracted as U.S. equities underperformed international equities during the period. A modest underweight to fixed income was additive as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed positively to performance on a relative basis. Strong benchmark-relative performance in the Alternative Strategies, World Bond, and Strategic Income funds more than offset weak benchmark-relative results from the International Opportunities, Dividend and Growth, and Total Return Bond funds.

3

The Hartford Target Retirement 2020 Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012 

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.0	%
The Hartford Capital Appreciation Fund, Class Y		7.9
The Hartford Dividend and Growth Fund, Class Y		15.3
The Hartford Emerging Markets Research Fund, Class Y		5.8
The Hartford Global Real Asset Fund, Class Y		5.9
The Hartford Inflation Plus Fund, Class Y		11.0
The Hartford International Opportunities Fund, Class Y		13.4
The Hartford International Small Company Fund, Class Y		4.6
The Hartford MidCap Value Fund, Class Y		2.6
The Hartford Small Company Fund, Class Y		2.6
The Hartford Strategic Income Fund, Class Y		5.8
The Hartford Total Return Bond Fund, Class Y		6.0
The Hartford World Bond Fund, Class Y		9.0
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2020 Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount				Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 99.9%
EQUITY FUNDS - 58.1%
	380	The Hartford Capital Appreciation Fund, Class Y		$	13,530
	1,230	The Hartford Dividend and Growth Fund, Class Y			26,056
	1,168	The Hartford Emerging Markets Research Fund, Class Y			9,881
	945	The Hartford Global Real Asset Fund, Class Y			10,139
	1,514	The Hartford International Opportunities Fund, Class Y			22,766
	593	The Hartford International Small Company Fund, Class Y			7,907
	335	The Hartford MidCap Value Fund, Class Y			4,439
	205	The Hartford Small Company Fund, Class Y			4,431
					99,149
		Total equity funds
		(cost $89,669)		$	99,149
FIXED INCOME FUNDS - 41.8%
	1,585	The Hartford Alternative Strategies Fund, Class Y		$	17,041
	1,476	The Hartford Inflation Plus Fund, Class Y			18,830
	1,015	The Hartford Strategic Income Fund, Class Y			9,877
	903	The Hartford Total Return Bond Fund, Class Y			10,224
	1,423	The Hartford World Bond Fund, Class Y			15,336
					71,308
		Total fixed income funds
		(cost $68,669)		$	71,308
		Total investments in affiliated investment companies
		(cost $158,338)		$	170,457
		Total long-term investments
		(cost $158,338)		$	170,457
		Total investments
		(cost $158,338) ▲	99.9%	$	170,457
		Other assets and liabilities	0.1%		112
		Total net assets	100.0%	$	170,569

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $158,882 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	11,575
Unrealized Depreciation		—
Net Unrealized Appreciation	$	11,575

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2020 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	170,457	$	170,457	$	–	$	–
Total	$	170,457	$	170,457	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2020 Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $158,338)	$	170,457
Receivables:
Investment securities sold		535
Fund shares sold		60
Dividends and interest		97
Other assets		47
Total assets		171,196
Liabilities:
Payables:
Investment securities purchased		21
Fund shares redeemed		565
Investment management fees		6
Administrative fees		5
Distribution fees		12
Accrued expenses		18
Total liabilities		627
Net assets	$	170,569
Summary of Net Assets:
Capital stock and paid-in-capital	$	153,921
Undistributed net investment income		838
Accumulated net realized gain		3,691
Unrealized appreciation of investments		12,119
Net assets	$	170,569
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.18/$11.83
Shares outstanding		2,119
Net assets	$	23,686
Class R3: Net asset value per share	$	11.10
Shares outstanding		5,563
Net assets	$	61,748
Class R4: Net asset value per share	$	11.18
Shares outstanding		6,343
Net assets	$	70,933
Class R5: Net asset value per share	$	11.20
Shares outstanding		1,257
Net assets	$	14,083
Class Y: Net asset value per share	$	11.20
Shares outstanding		11
Net assets	$	119

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2020 Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	3
Dividends from underlying affiliated funds		2,100
Total investment income		2,103
Expenses:
Investment management fees		229
Administrative services fees		215
Transfer agent fees		30
Distribution fees
Class A		59
Class R3		278
Class R4		150
Custodian fees		1
Accounting services fees		18
Registration and filing fees		64
Board of Directors' fees		4
Audit fees		11
Other expenses		24
Total expenses (before waivers)		1,083
Expense waivers		(582	)
Total waivers		(582	)
Total expenses, net		501
Net Investment Income		1,602
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		1,289
Net realized gain on investments in underlying affiliated funds		5,675
Net realized gain on investments in securities		157
Net Realized Gain on Investments		7,121
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		5,538
Net unrealized depreciation of investments		(462	)
Net Changes in Unrealized Appreciation of Investments		5,076
Net Gain on Investments		12,197
Net Increase in Net Assets Resulting from Operations	$	13,799

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2020 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	1,602		$	1,740
Net realized gain on investments		7,121			1,094
Net unrealized appreciation of investments		5,076			17
Net Increase In Net Assets Resulting From Operations		13,799			2,851
Distributions to Shareholders:
From net investment income
Class A		(370	)		(319	)
Class R3		(739	)		(366	)
Class R4		(859	)		(511	)
Class R5		(244	)		(185	)
Class Y		(2	)		(2	)
Total distributions		(2,214	)		(1,383	)
Capital Share Transactions:
Class A		(874	)		(1,605	)
Class R3		12,651			21,015
Class R4		19,050			17,271
Class R5		(345	)		1,398
Class Y		2			2
Net increase from capital share transactions		30,484			38,081
Net Increase In Net Assets		42,069			39,549
Net Assets:
Beginning of period		128,500			88,951
End of period	$	170,569		$	128,500
Undistributed (distribution in excess of) net investment income (loss)	$	838		$	1,293

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Target Retirement 2020 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

11

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	2,214	$	1,383

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	838
Undistributed Long-Term Capital Gain		4,235
Unrealized Appreciation *		11,575
Total Accumulated Earnings	$	16,648

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	157
Accumulated Net Realized Gain (Loss)		(157	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

During the year ended October 31, 2012, the Fund utilized $2,658 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized

13

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $4.5 billion		0.10%
On next $5 billion		0.08%
Over $10 billion		0.07%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class A	Class R3	Class R4	Class R5	Class Y
1.05%	1.20%	0.90%	0.85%	0.85%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class A, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $43 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $3.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

15

The Hartford Target Retirement 2020 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		10		1	%
Class Y		11		100

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	162,054
Sales Proceeds Excluding U.S. Government Obligations		130,895

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		341		36		(454	)		—		(77	)		598		31		(779	)		—		(150	)
Amount	$	3,632	$	368	$	(4,874	)	$	—	$	(874	)	$	6,348	$	319	$	(8,272	)	$	—	$	(1,605	)
Class R3
Shares		2,067		73		(945	)		—		1,195			2,681		36		(716	)		—		2,001
Amount	$	22,017	$	739	$	(10,105	)	$	—	$	12,651		$	28,128	$	366	$	(7,479	)	$	—	$	21,015
Class R4
Shares		2,996		85		(1,279	)		—		1,802			2,152		49		(579	)		—		1,622
Amount	$	32,019	$	859	$	(13,828	)	$	—	$	19,050		$	22,706	$	511	$	(5,946	)	$	—	$	17,271
Class R5
Shares		282		24		(338	)		—		(32	)		396		18		(282	)		—		132
Amount	$	3,027	$	244	$	(3,616	)	$	—	$	(345	)	$	4,216	$	185	$	(3,003	)	$	—	$	1,398
Class Y
Shares		—		1	��	—			—		1			—		—		—			—		—
Amount	$	—	$	2	$	—		$	—	$	2		$	—	$	2	$	—		$	—	$	2
Total
Shares		5,686		219		(3,016	)		—		2,889			5,827		134		(2,356	)		—		3,605
Amount	$	60,695	$	2,212	$	(32,423	)	$	—	$	30,484		$	61,398	$	1,383	$	(24,700	)	$	—	$	38,081

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

16

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Target Retirement 2020 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	10.38	$	0.12	$	0.85		$	0.97		$	(0.17	)	$	–		$	–	$	(0.17	)	$	11.18
R3		10.31		0.10		0.85			0.95			(0.16	)		–			–		(0.16	)		11.10
R4		10.38		0.13		0.86			0.99			(0.19	)		–			–		(0.19	)		11.18
R5		10.40		0.14		0.85			0.99			(0.19	)		–			–		(0.19	)		11.20
Y		10.40		0.14		0.85			0.99			(0.19	)		–			–		(0.19	)		11.20
For the Year Ended October 31, 2011 (E)
A		10.12		0.16		0.24			0.40			(0.14	)		–			–		(0.14	)		10.38
R3		10.07		0.13		0.25			0.38			(0.14	)		–			–		(0.14	)		10.31
R4		10.12		0.17		0.24			0.41			(0.15	)		–			–		(0.15	)		10.38
R5		10.14		0.18		0.24			0.42			(0.16	)		–			–		(0.16	)		10.40
Y		10.13		0.18		0.25			0.43			(0.16	)		–			–		(0.16	)		10.40
For the Year Ended October 31, 2010 (E)
A		8.89		0.14		1.23			1.37			(0.14	)		–			–		(0.14	)		10.12
R3		8.87		0.11		1.23			1.34			(0.14	)		–			–		(0.14	)		10.07
R4		8.89		0.16		1.22			1.38			(0.15	)		–			–		(0.15	)		10.12
R5		8.90		0.17		1.22			1.39			(0.15	)		–			–		(0.15	)		10.14
Y		8.90		0.14		1.25			1.39			(0.16	)		–			–		(0.16	)		10.13
For the Year Ended October 31, 2009
A(F)		7.56		0.19		1.25			1.44			(0.11	)		–			–		(0.11	)		8.89
R3		7.55		0.17		1.25			1.42			(0.10	)		–			–		(0.10	)		8.87
R4		7.55		0.19		1.26			1.45			(0.11	)		–			–		(0.11	)		8.89
R5		7.56		0.20		1.25			1.45			(0.11	)		–			–		(0.11	)		8.90
Y		7.56		0.21		1.24			1.45			(0.11	)		–			–		(0.11	)		8.90
For the Year Ended October 31, 2008
A		11.68		0.26		(3.86	)		(3.60	)		(0.43	)		(0.09	)		–		(0.52	)		7.56
R3		11.67		0.35		(3.99	)		(3.64	)		(0.39	)		(0.09	)		–		(0.48	)		7.55
R4		11.67		0.37		(3.98	)		(3.61	)		(0.42	)		(0.09	)		–		(0.51	)		7.55
R5		11.68		0.39		(3.97	)		(3.58	)		(0.45	)		(0.09	)		–		(0.54	)		7.56
Y		11.68		0.29		(3.86	)		(3.57	)		(0.46	)		(0.09	)		–		(0.55	)		7.56

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include expenses of the Underlying Funds.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.
(F)	Classes B and C were merged into Class A on July 24, 2009.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets(C)			Portfolio Turnover Rate(D)
	9.50	%	$	23,686		0.60	%		0.35	%		1.11	%		86	%
	9.39			61,748		0.93			0.50			0.86			–
	9.70			70,933		0.63			0.20			1.14			–
	9.73			14,083		0.33			0.15			1.29			–
	9.72			119		0.23			0.15			1.30			–
	3.91			22,785		0.63			0.35			1.50			38
	3.75			45,045		0.95			0.50			1.26			–
	4.07			47,150		0.64			0.20			1.58			–
	4.09			13,411		0.34			0.15			1.67			–
	4.22			109		0.24			0.15			1.69			–
	15.54			23,735		0.65			0.29			1.54			28
	15.30			23,842		0.98			0.44			1.30			–
	15.68			29,544		0.68			0.14			1.67			–
	15.82			11,725		0.38			0.09			1.76			–
	15.72			105		0.27			0.07			1.55			–
	19.38			18,297		0.75			0.25			2.52			20
	19.19			1,151		1.19			0.40			1.57			–
	19.53			17,503		0.81			0.10			2.48			–
	19.59			9,213		0.51			0.05			2.63			–
	19.63			10		0.42			0.05			2.69			–
	(32.13	)		13,495		0.77			0.48			2.30			51
	(32.37	)		70		1.21			0.91			1.00			–
	(32.18	)		8,281		0.83			0.55			1.12			–
	(31.98	)		6,165		0.53			0.23			0.96			–
	(31.89	)		9		0.46			0.17			2.74			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2020 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2020 Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN December 17, 2012

20

The Hartford Target Retirement 2020 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Target Retirement 2020 Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Target Retirement 2020 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 16.89%.

24

The Hartford Target Retirement 2020 Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,013.60	$	1.77	$	1,000.00	$	1,023.38	$	1.78	0.35	%		184		366
Class R3	$	1,000.00	$	1,012.77	$	2.53	$	1,000.00	$	1,022.62	$	2.54	0.50			184		366
Class R4	$	1,000.00	$	1,013.60	$	1.01	$	1,000.00	$	1,024.13	$	1.02	0.20			184		366
Class R5	$	1,000.00	$	1,013.57	$	0.76	$	1,000.00	$	1,024.38	$	0.76	0.15			184		366
Class Y	$	1,000.00	$	1,014.49	$	0.76	$	1,000.00	$	1,024.38	$	0.76	0.15			184		366

25

The Hartford Target Retirement 2020 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Target Retirement 2020 Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

27

The Hartford Target Retirement 2020 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

28

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TR2012 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Target Retirement 2025 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Target Retirement 2025 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2025 Fund inception 10/31/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 10/31/08 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Target Retirement 2025 R3		9.35	%		11.38	%
Target Retirement 2025 R4		9.73	%		11.72	%
Target Retirement 2025 R5		9.68	%		11.76	%
Barclays U.S. Aggregate Bond Index		5.25	%		7.95	%
MSCI All Country World Index		9.17	%		11.74	%
S&P 500 Index		15.19	%		12.33	%

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2025 Fund

Manager Discussion (Unaudited)

October 31, 2012

Portfolio Managers
Rick A. Wurster, CFA, CMT	Stephen A. Gorman, CFA
Vice President and Asset Allocation Portfolio Manager	Vice President, Director, Tactical Asset Allocation, Asset Allocation Strategies Group and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund. As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2025 Fund returned 9.35% for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target 2025 Funds category, a group of funds with investment strategies similar to those of the Fund, was 9.52%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The Fund’s portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 65% equities and 35% fixed income. Within the equity portion of the Fund, an overweight allocation to the U.S., a result of decisions made at the underlying fund level, detracted as U.S. equities underperformed international equities during the period. A modest underweight to fixed income was additive as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed on a relative basis. Strong benchmark-relative performance in the Strategic Income, Alternative Strategies, and World Bond funds more than offset weak benchmark-relative results from the International

3

The Hartford Target Retirement 2025 Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

Opportunities, Dividend and Growth, and Small Company funds.

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012 

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.0	%
The Hartford Capital Appreciation Fund, Class Y		9.1
The Hartford Dividend and Growth Fund, Class Y		17.7
The Hartford Emerging Markets Research Fund, Class Y		6.7
The Hartford Global Real Asset Fund, Class Y		4.5
The Hartford Inflation Plus Fund, Class Y		8.5
The Hartford International Opportunities Fund, Class Y		15.4
The Hartford International Small Company Fund, Class Y		5.4
The Hartford MidCap Value Fund, Class Y		3.0
The Hartford Small Company Fund, Class Y		3.0
The Hartford Strategic Income Fund, Class Y		6.6
The Hartford Total Return Bond Fund, Class Y		4.0
The Hartford World Bond Fund, Class Y		6.0
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2025 Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 99.9%
EQUITY FUNDS - 64.8%
	191	The Hartford Capital Appreciation Fund, Class Y				$	6,808
	621	The Hartford Dividend and Growth Fund, Class Y					13,147
	590	The Hartford Emerging Markets Research Fund, Class Y					4,987
	313	The Hartford Global Real Asset Fund, Class Y					3,354
	764	The Hartford International Opportunities Fund, Class Y					11,493
	303	The Hartford International Small Company Fund, Class Y					4,046
	167	The Hartford MidCap Value Fund, Class Y					2,208
	102	The Hartford Small Company Fund, Class Y					2,205
							48,248
		Total equity funds
		(cost $44,310)				$	48,248
FIXED INCOME FUNDS - 35.1%
	692	The Hartford Alternative Strategies Fund, Class Y				$	7,440
	496	The Hartford Inflation Plus Fund, Class Y					6,335
	509	The Hartford Strategic Income Fund, Class Y					4,957
	263	The Hartford Total Return Bond Fund, Class Y					2,972
	416	The Hartford World Bond Fund, Class Y					4,485
							26,189
		Total fixed income funds
		(cost $25,365)				$	26,189
		Total investments in affiliated investment companies
		(cost $69,675)				$	74,437
		Total long-term investments
		(cost $69,675)				$	74,437
		Total investments
		(cost $69,675) ▲		99.9	%	$	74,437
		Other assets and liabilities		0.1	%		52
		Total net assets		100.0	%	$	74,489

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $69,790 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	4,647
Unrealized Depreciation		—
Net Unrealized Appreciation	$	4,647

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2025 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	74,437	$	74,437	$	–	$	–
Total	$	74,437	$	74,437	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2025 Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $69,675)	$	74,437
Receivables:
Investment securities sold		1
Fund shares sold		50
Dividends and interest		35
Other assets		41
Total assets		74,564
Liabilities:
Bank overdraft		2
Payables:
Investment securities purchased		50
Fund shares redeemed		—
Investment management fees		2
Administrative fees		3
Distribution fees		6
Accrued expenses		12
Total liabilities		75
Net assets	$	74,489
Summary of Net Assets:
Capital stock and paid-in-capital	$	68,307
Undistributed net investment income		271
Accumulated net realized gain		1,149
Unrealized appreciation of investments		4,762
Net assets	$	74,489
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.27
Shares outstanding		2,667
Net assets	$	38,052
Class R4: Net asset value per share	$	14.36
Shares outstanding		2,424
Net assets	$	34,794
Class R5: Net asset value per share	$	14.37
Shares outstanding		114
Net assets	$	1,643

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2025 Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	33
Dividends from underlying affiliated funds		747
Total investment income		780
Expenses:
Investment management fees		94
Administrative services fees		110
Transfer agent fees		1
Distribution fees
Class R3		166
Class R4		70
Custodian fees		1
Accounting services fees		7
Registration and filing fees		38
Board of Directors' fees		2
Audit fees		11
Other expenses		15
Total expenses (before waivers)		515
Expense waivers		(296	)
Total waivers		(296	)
Total expenses, net		219
Net Investment Income		561
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		282
Net realized gain on investments in underlying affiliated funds		998
Net realized gain on investments in securities		49
Net Realized Gain on Investments		1,329
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		3,898
Net unrealized depreciation of investments		(135	)
Net Changes in Unrealized Appreciation of Investments		3,763
Net Gain on Investments		5,092
Net Increase in Net Assets Resulting from Operations	$	5,653

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2025 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	561		$	479
Net realized gain on investments		1,329			1,140
Net unrealized appreciation (depreciation) of investments		3,763			(975	)
Net Increase In Net Assets Resulting From Operations		5,653			644
Distributions to Shareholders:
From net investment income
Class R3		(352	)		(144	)
Class R4		(335	)		(110	)
Class R5		(24	)		(20	)
Total from net investment income		(711	)		(274	)
From net realized gain on investments
Class R3		(654	)		(135	)
Class R4		(513	)		(88	)
Class R5		(37	)		(17	)
Total from net realized gain on investments		(1,204	)		(240	)
Total distributions		(1,915	)		(514	)
Capital Share Transactions:
Class R3		9,077			12,683
Class R4		11,117			12,332
Class R5		(23	)		(339	)
Net increase from capital share transactions		20,171			24,676
Net Increase In Net Assets		23,909			24,806
Net Assets:
Beginning of period		50,580			25,774
End of period	$	74,489		$	50,580
Undistributed (distribution in excess of) net investment income (loss)	$	271		$	349

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2025 Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Target Retirement 2025 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

11

The Hartford Target Retirement 2025 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	1,006	$	314
Long-Term Capital Gains ‡		909		200

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	323
Undistributed Long-Term Capital Gain		1,212
Unrealized Appreciation *		4,647
Total Accumulated Earnings	$	6,182

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	72
Accumulated Net Realized Gain (Loss)		(72	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2025 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $4.5 billion		0.10%
On next $5 billion		0.08%
Over $10 billion		0.07%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class R3		Class R4		Class R5
	1.20%		0.90%		0.85%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		0	%
Class R5		59		52

15

The Hartford Target Retirement 2025 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	73,755
Sales Proceeds Excluding U.S. Government Obligations		54,664

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		987		79		(398	)		—		668			1,174		21		(263	)		—		932
Amount	$	13,520	$	1,006	$	(5,449	)	$	—	$	9,077		$	16,114	$	279	$	(3,710	)	$	—	$	12,683
Class R4
Shares		1,149		66		(401	)		—		814			1,273		15		(408	)		—		880
Amount	$	15,774	$	848	$	(5,505	)	$	—	$	11,117		$	17,871	$	198	$	(5,737	)	$	—	$	12,332
Class R5
Shares		13		5		(19	)		—		(1	)		16		3		(48	)		—		(29	)
Amount	$	181	$	61	$	(265	)	$	—	$	(23	)	$	240	$	37	$	(616	)	$	—	$	(339	)
Total
Shares		2,149		150		(818	)		—		1,481			2,463		39		(719	)		—		1,783
Amount	$	29,475	$	1,915	$	(11,219	)	$	—	$	20,171		$	34,225	$	514	$	(10,063	)	$	—	$	24,676

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

16

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Target Retirement 2025 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
R3	$	13.55	$	0.11	$	1.10	$	1.21	$	(0.17	)	$	(0.32	)	$	–	$	(0.49	)	$	14.27
R4		13.62		0.15		1.11		1.26		(0.20	)		(0.32	)		–		(0.52	)		14.36
R5		13.64		0.16		1.09		1.25		(0.20	)		(0.32	)		–		(0.52	)		14.37
For the Year Ended October 31, 2011 (E)
R3		13.27		0.15		0.37		0.52		(0.12	)		(0.12	)		–		(0.24	)		13.55
R4		13.32		0.18		0.38		0.56		(0.14	)		(0.12	)		–		(0.26	)		13.62
R5		13.33		0.20		0.37		0.57		(0.14	)		(0.12	)		–		(0.26	)		13.64
For the Year Ended October 31, 2010
R3		11.60		0.09		1.68		1.77		(0.10	)		–			–		(0.10	)		13.27
R4		11.63		0.12		1.69		1.81		(0.12	)		–			–		(0.12	)		13.32
R5		11.64		0.16		1.66		1.82		(0.13	)		–			–		(0.13	)		13.33
From October 31, 2008 (commencement of operations) through October 31, 2009
R3		10.00		0.16		1.56		1.72		(0.12	)		–			–		(0.12	)		11.60
R4		10.00		0.18		1.57		1.75		(0.12	)		–			–		(0.12	)		11.63
R5		10.00		0.20		1.56		1.76		(0.12	)		–			–		(0.12	)		11.64

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(C)	Ratios do not include expenses of the Underlying Funds.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.

18

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)		Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)		Ratio of Net Investment Income to Average Net Assets(C)		Portfolio Turnover Rate(D)
9.35	%	$	38,052	0.97	%	0.49	%	0.76	%		87	%
9.73			34,794	0.67		0.19		1.03			–
9.68			1,643	0.37		0.14		1.18			–
3.92			27,080	1.02		0.50		1.09			46
4.19			21,926	0.72		0.20		1.34			–
4.29			1,574	0.42		0.15		1.47			–
15.36			14,148	1.30		0.43		0.95			26
15.69			9,714	1.01		0.13		1.28			–
15.71			1,912	0.76		0.08		1.35			–
17.44			2,046	2.25		0.42		1.73			12
17.81			2,060	1.94		0.12		1.99			–
17.92			1,381	1.71		0.07		2.09			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2025 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2025 Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

20

The Hartford Target Retirement 2025 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Target Retirement 2025 Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Target Retirement 2025 Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

24

The Hartford Target Retirement 2025 Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,009.91	$	2.53	$	1,000.00	$	1,022.62	$	2.54		0.50	%		184		366
Class R4	$	1,000.00	$	1,011.98	$	1.01	$	1,000.00	$	1,024.13	$	1.02		0.20			184		366
Class R5	$	1,000.00	$	1,011.26	$	0.76	$	1,000.00	$	1,024.38	$	0.76		0.15			184		366

25

The Hartford Target Retirement 2025 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Target Retirement 2025 Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

27

The Hartford Target Retirement 2025 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

28

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TR2512 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Target Retirement 2030 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Target Retirement 2030 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2030 Fund inception 09/30/2005

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 9/30/05 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			Since Inception
Target Retirement 2030 A#		10.15	%		0.33	%		3.66	%
Target Retirement 2030 A##		4.10	%		-0.80	%		2.84	%
Target Retirement 2030 R3#		9.97	%		0.12	%		3.50	%
Target Retirement 2030 R4#		10.24	%		0.43	%		3.76	%
Target Retirement 2030 R5#		10.38	%		0.50	%		3.85	%
Target Retirement 2030 Y#		10.34	%		0.55	%		3.91	%
Barclays U.S. Aggregate Bond Index		5.25	%		6.38	%		5.87	%
MSCI All Country World Index		9.17	%		-2.42	%		3.98	%
S&P 500 Index		15.19	%		0.36	%		4.15	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2030 Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Rick A. Wurster, CFA, CMT	Stephen A. Gorman, CFA
Vice President and Asset Allocation Portfolio Manager	Vice President, Director, Tactical Asset Allocation, Asset Allocation Strategies Group and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund. As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Target Retirement 2030 Fund returned 10.15%, before sales charge, for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target 2030 Funds category, a group of funds with investment strategies similar to those of the Fund, was 9.62%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 72% equities and 28% fixed income. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. A modest underweight allocation to equities detracted as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed positively on a relative basis. Strong benchmark-relative performance in the Strategic Income, Alternative Strategies, and World Bond funds more than offset weak benchmark-relative results from the International Opportunities, Dividend and Growth, and Small Company funds.

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers.

3

The Hartford Target Retirement 2030 Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y	10.0	%
The Hartford Capital Appreciation Fund, Class Y	10.4
The Hartford Dividend and Growth Fund, Class Y	20.0
The Hartford Emerging Markets Research Fund, Class Y	7.6
The Hartford Global Real Asset Fund, Class Y	3.2
The Hartford Inflation Plus Fund, Class Y	5.8
The Hartford International Opportunities Fund, Class Y	17.5
The Hartford International Small Company Fund, Class Y	6.1
The Hartford MidCap Value Fund, Class Y	3.4
The Hartford Small Company Fund, Class Y	3.4
The Hartford Strategic Income Fund, Class Y	7.6
The Hartford Total Return Bond Fund, Class Y	2.0
The Hartford World Bond Fund, Class Y	3.0
Other Assets and Liabilities	0.0
Total	100.0	%

4

The Hartford Target Retirement 2030 Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount						Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 100.0%
EQUITY FUNDS - 71.6%
	514	The Hartford Capital Appreciation Fund, Class Y			$	18,286
	1,665	The Hartford Dividend and Growth Fund, Class Y				35,268
	1,580	The Hartford Emerging Markets Research Fund, Class Y				13,365
	519	The Hartford Global Real Asset Fund, Class Y				5,565
	2,054	The Hartford International Opportunities Fund, Class Y				30,897
	810	The Hartford International Small Company Fund, Class Y				10,805
	452	The Hartford MidCap Value Fund, Class Y				5,991
	279	The Hartford Small Company Fund, Class Y				6,006
						126,183
		Total equity funds
		(cost $113,930)			$	126,183
FIXED INCOME FUNDS - 28.4%
	1,639	The Hartford Alternative Strategies Fund, Class Y			$	17,616
	808	The Hartford Inflation Plus Fund, Class Y				10,306
	1,374	The Hartford Strategic Income Fund, Class Y				13,365
	311	The Hartford Total Return Bond Fund, Class Y				3,524
	490	The Hartford World Bond Fund, Class Y				5,283
						50,094
		Total fixed income funds
		(cost $47,824)			$	50,094
		Total investments in affiliated investment companies
		(cost $161,754)			$	176,277
		Total long-term investments
		(cost $161,754)			$	176,277
		Total investments
		(cost $161,754) ▲	100.0	%	$	176,277
		Other assets and liabilities	—	%		75
		Total net assets	100.0	%	$	176,352

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $162,303 and the aggregate gross unrealized appreciation and depreciation based on that cost were:  

Unrealized Appreciation	$	13,974
Unrealized Depreciation		—
Net Unrealized Appreciation	$	13,974

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2030 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	176,277	$	176,277	$	—	$	—
Total	$	176,277	$	176,277	$	—	$	—

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2030 Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $161,754)	$	176,277
Receivables:
Investment securities sold		74
Fund shares sold		111
Dividends and interest		66
Other assets		52
Total assets		176,580
Liabilities:
Payables:
Investment securities purchased		103
Fund shares redeemed		82
Investment management fees		6
Administrative fees		6
Distribution fees		12
Accrued expenses		19
Total liabilities		228
Net assets	$	176,352
Summary of Net Assets:
Capital stock and paid-in-capital	$	156,454
Undistributed net investment income		616
Accumulated net realized gain		4,759
Unrealized appreciation of investments		14,523
Net assets	$	176,352
Shares authorized		950,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.09/$10.68
Shares outstanding		2,404
Net assets	$	24,249
Class R3: Net asset value per share	$	9.96
Shares outstanding		6,490
Net assets	$	64,641
Class R4: Net asset value per share	$	10.07
Shares outstanding		7,555
Net assets	$	76,109
Class R5: Net asset value per share	$	10.10
Shares outstanding		1,108
Net assets	$	11,192
Class Y: Net asset value per share	$	10.12
Shares outstanding		16
Net assets	$	161

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2030 Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	55
Dividends from underlying affiliated funds		1,887
Total investment income		1,942
Expenses:
Investment management fees		239
Administrative services fees		227
Transfer agent fees		46
Distribution fees
Class A		60
Class R3		291
Class R4		166
Custodian fees		1
Accounting services fees		19
Registration and filing fees		66
Board of Directors' fees		4
Audit fees		11
Other expenses		25
Total expenses (before waivers and fees paid indirectly)		1,155
Expense waivers		(679	)
Commission recapture		—
Total waivers and fees paid indirectly		(679	)
Total expenses, net		476
Net Investment Income		1,466
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		852
Net realized gain on investments in underlying affiliated funds		5,964
Net realized gain on investments in securities		224
Net Realized Gain on Investments		7,040
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		7,485
Net unrealized depreciation of investments		(517	)
Net Changes in Unrealized Appreciation of Investments		6,968
Net Gain on Investments		14,008
Net Increase in Net Assets Resulting from Operations	$	15,474

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2030 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	1,466		$	1,242
Net realized gain on investments		7,040			694
Net unrealized appreciation of investments		6,968			383
Net Increase In Net Assets Resulting From Operations		15,474			2,319
Distributions to Shareholders:
From net investment income
Class A		(288	)		(198	)
Class R3		(595	)		(240	)
Class R4		(816	)		(440	)
Class R5		(154	)		(99	)
Class Y		(2	)		(2	)
Total distributions		(1,855	)		(979	)
Capital Share Transactions:
Class A		310			396
Class R3		12,325			27,269
Class R4		15,616			17,950
Class R5		61			1,294
Class Y		2			2
Net increase from capital share transactions		28,314			46,911
Net Increase In Net Assets		41,933			48,251
Net Assets:
Beginning of period		134,419			86,168
End of period	$	176,352		$	134,419
Undistributed (distribution in excess of) net investment income (loss)	$	616		$	875

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2030 Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Target Retirement 2030 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

11

The Hartford Target Retirement 2030 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	1,855	$	979

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	616
Undistributed Long-Term Capital Gain		5,308
Unrealized Appreciation *		13,974
Total Accumulated Earnings	$	19,898

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	130
Accumulated Net Realized Gain (Loss)		(130	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

During the year ended October 31, 2012, the Fund utilized $1,534 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2030 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $4.5 billion		0.10%
On next $5 billion		0.08%
Over $10 billion		0.07%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class R3		Class R4		Class R5		Class Y
	1.05%		1.20%		0.90%		0.85%		0.85%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.32	%
Class R3		0.47
Class R4		0.17
Class R5		0.12
Class Y		0.12

e) Distribution and Service Plan for Class A, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $74 and contingent deferred sales charges in an amount that rounds to zero from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $9.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the

15

The Hartford Target Retirement 2030 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class Y		16		100	%

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	161,601
Sales Proceeds Excluding U.S. Government Obligations		132,816

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		548		31		(535	)		—		44		610		21		(589	)		—		42
Amount	$	5,254	$	286	$	(5,230	)	$	—	$	310	$	5,821	$	198	$	(5,623	)	$	—	$	396
Class R3
Shares		2,293		66		(1,052	)		—		1,307		3,390		26		(513	)		—		2,903
Amount	$	21,887	$	595	$	(10,157	)	$	—	$	12,325	$	31,878	$	240	$	(4,849	)	$	—	$	27,269
Class R4
Shares		2,506		90		(939	)		—		1,657		2,261		47		(422	)		—		1,886
Amount	$	23,926	$	816	$	(9,126	)	$	—	$	15,616	$	21,364	$	440	$	(3,854	)	$	—	$	17,950
Class R5
Shares		246		16		(253	)		—		9		295		10		(167	)		—		138
Amount	$	2,366	$	154	$	(2,459	)	$	—	$	61	$	2,801	$	99	$	(1,606	)	$	—	$	1,294
Class Y
Shares		—		—		—			—		—		—		—		—			—		—
Amount	$	—	$	2	$	—		$	—	$	2	$	—	$	2	$	—		$	—	$	2
Total
Shares		5,593		203		(2,779	)		—		3,017		6,556		104		(1,691	)		—		4,969
Amount	$	53,433	$	1,853	$	(26,972	)	$	—	$	28,314	$	61,864	$	979	$	(15,932	)	$	—	$	46,911

16

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Target Retirement 2030 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (F)
A	$	9.28	$	0.09		$	0.84		$	0.93		$	(0.12	)	$	–		$	–	$	(0.12	)	$	10.09
R3		9.17		0.07			0.83			0.90			(0.11	)		–			–		(0.11	)		9.96
R4		9.27		0.10			0.83			0.93			(0.13	)		–			–		(0.13	)		10.07
R5		9.29		0.11			0.84			0.95			(0.14	)		–			–		(0.14	)		10.10
Y		9.31		0.11			0.84			0.95			(0.14	)		–			–		(0.14	)		10.12
For the Year Ended October 31, 2011 (F)
A		9.01		0.10			0.25			0.35			(0.08	)		–			–		(0.08	)		9.28
R3		8.92		0.08			0.26			0.34			(0.09	)		–			–		(0.09	)		9.17
R4		9.00		0.11			0.26			0.37			(0.10	)		–			–		(0.10	)		9.27
R5		9.02		0.12			0.25			0.37			(0.10	)		–			–		(0.10	)		9.29
Y		9.04		0.12			0.25			0.37			(0.10	)		–			–		(0.10	)		9.31
For the Year Ended October 31, 2010 (F)
A		7.84		0.09			1.16			1.25			(0.08	)		–			–		(0.08	)		9.01
R3		7.77		0.08			1.15			1.23			(0.08	)		–			–		(0.08	)		8.92
R4		7.83		0.10			1.16			1.26			(0.09	)		–			–		(0.09	)		9.00
R5		7.84		0.11			1.16			1.27			(0.09	)		–			–		(0.09	)		9.02
Y		7.86		0.12			1.15			1.27			(0.09	)		–			–		(0.09	)		9.04
For the Year Ended October 31, 2009 (F)
A(G)		6.80		0.12			1.04			1.16			(0.12	)		–			–		(0.12	)		7.84
R3		6.77		0.10			1.04			1.14			(0.14	)		–			–		(0.14	)		7.77
R4		6.78		0.12			1.05			1.17			(0.12	)		–			–		(0.12	)		7.83
R5		6.80		0.13			1.04			1.17			(0.13	)		–			–		(0.13	)		7.84
Y		6.82		0.14			1.04			1.18			(0.14	)		–			–		(0.14	)		7.86
For the Year Ended October 31, 2008 (F)
A		10.92		0.13			(3.78	)		(3.65	)		(0.37	)		(0.10	)		–		(0.47	)		6.80
R3		10.88		(0.01	)		(3.68	)		(3.69	)		(0.32	)		(0.10	)		–		(0.42	)		6.77
R4		10.91		0.02			(3.67	)		(3.65	)		(0.38	)		(0.10	)		–		(0.48	)		6.78
R5		10.93		0.03			(3.68	)		(3.65	)		(0.38	)		(0.10	)		–		(0.48	)		6.80
Y		10.95		0.18			(3.82	)		(3.64	)		(0.39	)		(0.10	)		–		(0.49	)		6.82

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Ratios do not include expenses of the Underlying Funds.
(E)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(F)	Per share amounts have been calculated using average shares outstanding method.
(G)	Classes B and C were merged into Class A on July 24, 2009.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Net Investment Income to Average Net Assets(D)			Portfolio Turnover Rate(E)
	10.15	%	$	24,249		0.66	%		0.32	%		0.94	%		83	%
	9.97			64,641		0.93			0.47			0.73			–
	10.24			76,109		0.63			0.17			1.04			–
	10.38			11,192		0.33			0.12			1.15			–
	10.34			161		0.23			0.12			1.15			–
	3.91			21,889		0.71			0.33			1.03			34
	3.75			47,518		0.95			0.48			0.84			–
	4.06			54,660		0.64			0.18			1.16			–
	4.09			10,206		0.34			0.13			1.23			–
	4.08			146		0.24			0.13			1.24			–
	16.03			20,891		0.73			0.27			1.09			23
	15.88			20,350		0.99			0.42			0.97			–
	16.21			36,119		0.68			0.12			1.24			–
	16.35			8,668		0.39			0.07			1.30			–
	16.31			140		0.28			0.07			1.39			–
	17.45			17,090		0.81			0.24			1.80			16
	17.37			3,209		1.15			0.39			1.42			–
	17.66			19,940		0.82			0.09			1.79			–
	17.68			6,082		0.52			0.04			1.90			–
	17.83			29		0.43			0.04			2.08			–
	(34.83	)		12,679		0.86			0.51			1.43			35
	(35.18	)		1,070		1.25			0.86			(0.10	)		–
	(34.87	)		7,578		0.89			0.54			0.17			–
	(34.82	)		2,530		0.58			0.22			0.33			–
	(34.69	)		25		0.54			0.19			1.89			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2030 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2030 Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

20

The Hartford Target Retirement 2030 Fund

Directors and officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Target Retirement 2030 Fund

Directors and officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Target Retirement 2030 Fund

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 13.24%.

24

The Hartford Target Retirement 2030 Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio		Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,012.04	$	1.62	$	1,000.00	$	1,023.53	$	1.63	0.32	%		184		366
Class R3	$	1,000.00	$	1,011.17	$	2.38	$	1,000.00	$	1,022.77	$	2.39	0.47			184		366
Class R4	$	1,000.00	$	1,012.06	$	0.86	$	1,000.00	$	1,024.28	$	0.87	0.17			184		366
Class R5	$	1,000.00	$	1,013.04	$	0.61	$	1,000.00	$	1,024.53	$	0.61	0.12			184		366
Class Y	$	1,000.00	$	1,012.00	$	0.61	$	1,000.00	$	1,024.53	$	0.61	0.12			184		366

25

The Hartford Target Retirement 2030 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Target Retirement 2030 Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

27

The Hartford Target Retirement 2030 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

28

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TR3012 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155    

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Target Retirement 2035 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Target Retirement 2035 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2035 Fund inception 10/31/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 10/31/08 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Target Retirement 2035 R3		10.93	%		12.20	%
Target Retirement 2035 R4		11.31	%		12.54	%
Target Retirement 2035 R5		11.34	%		12.58	%
Barclays U.S. Aggregate Bond Index		5.25	%		7.95	%
MSCI All Country World Index		9.17	%		11.74	%
S&P 500 Index		15.19	%		12.33	%

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2035 Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Rick A. Wurster, CFA, CMT	Stephen A. Gorman, CFA
Vice President and Asset Allocation Portfolio Manager	Vice President, Director, Tactical Asset Allocation, Asset Allocation Strategies Group and Portfolio Manager

As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund. As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund. 

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2035 Fund returned 10.93% for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target 2035 Funds category, a group of funds with investment strategies similar to those of the Fund, was 10.18%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 78% equities and 22% fixed income. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. A modest underweight allocation to equities detracted as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed positively on a relative basis. Strong benchmark-relative performance in the Strategic Income, Alternative Strategies, and International Small Company funds more than offset weak benchmark-relative results from the International Opportunities, Dividend and Growth, and Small Company funds.

3

The Hartford Target Retirement 2035 Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.0	%
The Hartford Capital Appreciation Fund, Class Y		11.6
The Hartford Dividend and Growth Fund, Class Y		22.4
The Hartford Emerging Markets Research Fund, Class Y		8.5
The Hartford Global Real Asset Fund, Class Y		1.7
The Hartford Inflation Plus Fund, Class Y		3.2
The Hartford International Opportunities Fund, Class Y		19.6
The Hartford International Small Company Fund, Class Y		6.8
The Hartford MidCap Value Fund, Class Y		3.8
The Hartford Small Company Fund, Class Y		3.8
The Hartford Strategic Income Fund, Class Y		8.5
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2035 Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 99.9%
EQUITY FUNDS - 78.2%
	168	The Hartford Capital Appreciation Fund, Class Y			$	5,992
	546	The Hartford Dividend and Growth Fund, Class Y				11,572
	518	The Hartford Emerging Markets Research Fund, Class Y				4,381
	83	The Hartford Global Real Asset Fund, Class Y				894
	673	The Hartford International Opportunities Fund, Class Y				10,115
	266	The Hartford International Small Company Fund, Class Y				3,549
	148	The Hartford MidCap Value Fund, Class Y				1,964
	91	The Hartford Small Company Fund, Class Y				1,957
						40,424
		Total equity funds
		(cost $36,882)			$	40,424
FIXED INCOME FUNDS - 21.7%
	480	The Hartford Alternative Strategies Fund, Class Y			$	5,159
	132	The Hartford Inflation Plus Fund, Class Y				1,686
	450	The Hartford Strategic Income Fund, Class Y				4,382
						11,227
		Total fixed income funds
		(cost $10,731)			$	11,227
		Total investments in affiliated investment companies
		(cost $47,613)			$	51,651
		Total long-term investments
		(cost $47,613)			$	51,651
		Total investments
		(cost $47,613) ▲	99.9	%	$	51,651
		Other assets and liabilities	0.1	%		30
		Total net assets	100.0	%	$	51,681

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $47,698 and the aggregate gross unrealized appreciation and depreciation based on that cost were: 

Unrealized Appreciation	$	3,953
Unrealized Depreciation		—
Net Unrealized Appreciation	$	3,953

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2035 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	51,651	$	51,651	$	–	$	–
Total	$	51,651	$	51,651	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2035 Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $47,613)	$	51,651
Receivables:
Investment securities sold		6
Fund shares sold		33
Dividends and interest		14
Other assets		37
Total assets		51,741
Liabilities:
Bank overdraft		2
Payables:
Investment securities purchased		33
Fund shares redeemed		4
Investment management fees		2
Administrative fees		2
Distribution fees		4
Accrued expenses		13
Total liabilities		60
Net assets	$	51,681
Summary of Net Assets:
Capital stock and paid-in-capital	$	46,959
Undistributed net investment income		137
Accumulated net realized gain		547
Unrealized appreciation of investments		4,038
Net assets	$	51,681
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.47
Shares outstanding		2,138
Net assets	$	30,934
Class R4: Net asset value per share	$	14.56
Shares outstanding		1,340
Net assets	$	19,507
Class R5: Net asset value per share	$	14.57
Shares outstanding		85
Net assets	$	1,240

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2035 Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	17
Dividends from underlying affiliated funds		454
Total investment income		471
Expenses:
Investment management fees		64
Administrative services fees		76
Transfer agent fees		1
Distribution fees
Class R3		132
Class R4		37
Custodian fees		1
Accounting services fees		5
Registration and filing fees		38
Board of Directors' fees		2
Audit fees		10
Other expenses		14
Total expenses (before waivers)		380
Expense waivers		(233	)
Total waivers		(233	)
Total expenses, net		147
Net Investment Income		324
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		196
Net realized gain on investments in underlying affiliated funds		512
Net realized loss on investments in securities		(47	)
Net Realized Gain on Investments		661
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		3,418
Net unrealized depreciation of investments		(54	)
Net Changes in Unrealized Appreciation of Investments		3,364
Net Gain on Investments		4,025
Net Increase in Net Assets Resulting from Operations	$	4,349

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2035 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the  Year Ended October 31, 2012			For the  Year Ended October 31, 2011
Operations:
Net investment income	$	324		$	244
Net realized gain on investments		661			1,041
Net unrealized appreciation (depreciation) of investments		3,364			(899	)
Net Increase In Net Assets Resulting From Operations		4,349			386
Distributions to Shareholders:
From net investment income
Class R3		(221	)		(87	)
Class R4		(135	)		(53	)
Class R5		(14	)		(13	)
Total from net investment income		(370	)		(153	)
From net realized gain on investments
Class R3		(732	)		(156	)
Class R4		(340	)		(90	)
Class R5		(38	)		(22	)
Total from net realized gain on investments		(1,110	)		(268	)
Total distributions		(1,480	)		(421	)
Capital Share Transactions:
Class R3		9,229			10,393
Class R4		8,915			4,100
Class R5		103			(310	)
Net increase from capital share transactions		18,247			14,183
Net Increase In Net Assets		21,116			14,148
Net Assets:
Beginning of period		30,565			16,417
End of period	$	51,681		$	30,565
Undistributed (distribution in excess of) net investment income (loss)	$	137		$	163

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Target Retirement 2035 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of

11

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	600	$	153
Long-Term Capital Gains ‡		880		268

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	137
Undistributed Long-Term Capital Gain		632
Unrealized Appreciation *		3,953
Total Accumulated Earnings	$	4,722

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	20
Accumulated Net Realized Gain (Loss)		(20	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $4.5 billion		0.10%
On next $5 billion		0.08%
Over $10 billion		0.07%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class R3		Class R4		Class R5
	1.20%		0.90%		0.85%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		1	%
Class R5		60		71

15

The Hartford Target Retirement 2035 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	57,323
Sales Proceeds Excluding U.S. Government Obligations		40,031

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of  Shares
Class R3
Shares		874		75		(270	)		—		679		1,057		18		(320	)		—		755
Amount	$	12,025	$	953	$	(3,749	)	$	—	$	9,229	$	14,681	$	243	$	(4,531	)	$	—	$	10,393
Class R4
Shares		843		37		(230	)		—		650		570		10		(302	)		—		278
Amount	$	11,663	$	475	$	(3,223	)	$	—	$	8,915	$	8,127	$	143	$	(4,170	)	$	—	$	4,100
Class R5
Shares		9		4		(5	)		—		8		13		3		(43	)		—		(27	)
Amount	$	117	$	52	$	(66	)	$	—	$	103	$	191	$	35	$	(536	)	$	—	$	(310	)
Total
Shares		1,726		116		(505	)		—		1,337		1,640		31		(665	)		—		1,006
Amount	$	23,805	$	1,480	$	(7,038	)	$	—	$	18,247	$	22,999	$	421	$	(9,237	)	$	—	$	14,183

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

16

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Target Retirement 2035 Fund

Financial Highlights

– Selected Per-Share Data – (A)

Class	Net Asset Value at Beginning of  Period		Net Investment  Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
R3	$	13.70	$	0.10	$	1.30	$	1.40	$	(0.14	)	$	(0.49	)	$	–	$	(0.63	)	$	14.47
R4		13.77		0.13		1.32		1.45		(0.17	)		(0.49	)		–		(0.66	)		14.56
R5		13.78		0.14		1.32		1.46		(0.18	)		(0.49	)		–		(0.67	)		14.57
For the Year Ended October 31, 2011 (E)
R3		13.44		0.11		0.46		0.57		(0.10	)		(0.21	)		–		(0.31	)		13.70
R4		13.49		0.15		0.46		0.61		(0.12	)		(0.21	)		–		(0.33	)		13.77
R5		13.49		0.17		0.45		0.62		(0.12	)		(0.21	)		–		(0.33	)		13.78
For the Year Ended October 31, 2010
R3		11.63		0.08		1.82		1.90		(0.09	)		–			–		(0.09	)		13.44
R4		11.66		0.12		1.82		1.94		(0.11	)		–			–		(0.11	)		13.49
R5		11.66		0.14		1.81		1.95		(0.12	)		–			–		(0.12	)		13.49
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.15		1.59		1.74		(0.11	)		–			–		(0.11	)		11.63
R4		10.00		0.17		1.61		1.78		(0.12	)		–			–		(0.12	)		11.66
R5		10.00		0.18		1.60		1.78		(0.12	)		–			–		(0.12	)		11.66

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(C) Ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

18

- Ratios and Supplemental Data -

Total Return(B)		Net Assets at End of Period  (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)		Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)		Ratio of Net Investment Income to Average Net Assets(C)		Portfolio Turnover Rate(D)
10.93	%	$	30,934	1.01	%	0.46	%	0.67	%		95	%
11.31			19,507	0.71		0.16		0.90			–
11.34			1,240	0.43		0.11		1.11			–
4.29			19,991	1.10		0.45		0.82			54
4.55			9,508	0.80		0.15		1.09			–
4.66			1,066	0.50		0.10		1.17			–
16.38			9,464	1.44		0.39		0.75			30
16.74			5,550	1.16		0.09		1.02			–
16.78			1,403	0.89		0.04		1.12			–
17.72			1,508	2.35		0.37		1.50			15
18.09			1,777	2.03		0.07		1.75			–
18.10			1,198	1.77		0.02		1.84			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2035 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2035 Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

20

The Hartford Target Retirement 2035 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Target Retirement 2035 Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officer of HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Target Retirement 2035 Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

24

The Hartford Target Retirement 2035 Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid  during the period April 30, 2012 Through October 31, 2012		Beginning Account Value  April 30, 2012		Ending Account Value October 31, 2012		Expenses paid  during the  period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,012.60	$	2.38	$	1,000.00	$	1,022.77	$	2.39		0.47	%		184		366
Class R4	$	1,000.00	$	1,014.63	$	0.86	$	1,000.00	$	1,024.28	$	0.87		0.17			184		366
Class R5	$	1,000.00	$	1,014.62	$	0.61	$	1,000.00	$	1,024.53	$	0.61		0.12			184		366

25

The Hartford Target Retirement 2035 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Target Retirement 2035 Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

27

The Hartford Target Retirement 2035 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

28

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TR3512 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Target Retirement 2040 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Target Retirement 2040 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2040 Fund inception 10/31/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 10/31/08 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year	Since Inception
Target Retirement 2040 R3	10.44%	12.00%
Target Retirement 2040 R4	10.81%	12.35%
Target Retirement 2040 R5	10.84%	12.39%
Barclays U.S. Aggregate Bond Index	5.25%	7.95%
MSCI All Country World Index	9.17%	11.74%
S&P 500 Index	15.19%	12.33%

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2040 Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Rick A. Wurster, CFA, CMT	Stephen A. Gorman, CFA
Vice President and Asset Allocation Portfolio Manager	Vice President, Director, Tactical Asset Allocation, Asset Allocation Strategies Group and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2040 Fund returned 10.44% for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target 2040 Funds category, a group of funds with investment strategies similar to those of the Fund, was 10.16%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 78% equities and 22% fixed income. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. A modest underweight allocation to equities and overweight to fixed income detracted as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed positively on a relative basis. Strong benchmark-relative performance in the Strategic Income, Alternative Strategies, and International Small Company funds more than offset weak benchmark-relative results from the International Opportunities, Dividend and Growth, and Small Company funds.

3

The Hartford Target Retirement 2040 Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.0	%
The Hartford Capital Appreciation Fund, Class Y		11.6
The Hartford Dividend and Growth Fund, Class Y		22.3
The Hartford Emerging Markets Research Fund, Class Y		8.5
The Hartford Global Real Asset Fund, Class Y		1.8
The Hartford Inflation Plus Fund, Class Y		3.2
The Hartford International Opportunities Fund, Class Y		19.6
The Hartford International Small Company Fund, Class Y		6.8
The Hartford MidCap Value Fund, Class Y		3.8
The Hartford Small Company Fund, Class Y		3.8
The Hartford Strategic Income Fund, Class Y		8.5
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2040 Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 99.9%
	EQUITY FUNDS - 78.2%
	210	The Hartford Capital Appreciation Fund, Class Y			$	7,473
	678	The Hartford Dividend and Growth Fund, Class Y				14,357
	645	The Hartford Emerging Markets Research Fund, Class Y				5,457
	105	The Hartford Global Real Asset Fund, Class Y				1,124
	836	The Hartford International Opportunities Fund, Class Y				12,568
	330	The Hartford International Small Company Fund, Class Y				4,396
	184	The Hartford MidCap Value Fund, Class Y				2,435
	113	The Hartford Small Company Fund, Class Y				2,441
						50,251
		Total equity funds
		(cost $45,973)			$	50,251
	FIXED INCOME FUNDS - 21.7%
	597	The Hartford Alternative Strategies Fund, Class Y			$	6,422
	165	The Hartford Inflation Plus Fund, Class Y				2,101
	561	The Hartford Strategic Income Fund, Class Y				5,462
						13,985
		Total fixed income funds
		(cost $13,470)			$	13,985
		Total investments in affiliated investment companies
		(cost $59,443)			$	64,236
		Total long-term investments
		(cost $59,443)			$	64,236
		Total investments
		(cost $59,443) ▲	99.9	%	$	64,236
		Other assets and liabilities	0.1	%		41
		Total net assets	100.0	%	$	64,277

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $59,628 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	4,608
Unrealized Depreciation		—
Net Unrealized Appreciation	$	4,608

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2040 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	64,236	$	64,236	$	–	$	–
Total	$	64,236	$	64,236	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2040 Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $59,443)	$	64,236
Receivables:
Investment securities sold		25
Fund shares sold		41
Dividends and interest		18
Other assets		39
Total assets		64,359
Liabilities:
Bank overdraft		2
Payables:
Investment securities purchased		35
Fund shares redeemed		24
Investment management fees		2
Administrative fees		2
Distribution fees		5
Accrued expenses		12
Total liabilities		82
Net assets	$	64,277
Summary of Net Assets:
Capital stock and paid-in-capital	$	58,766
Undistributed net investment income		144
Accumulated net realized gain		574
Unrealized appreciation of investments		4,793
Net assets	$	64,277
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.62
Shares outstanding		2,325
Net assets	$	33,996
Class R4: Net asset value per share	$	14.71
Shares outstanding		1,949
Net assets	$	28,670
Class R5: Net asset value per share	$	14.72
Shares outstanding		109
Net assets	$	1,611

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2040 Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	18
Dividends from underlying affiliated funds		549
Total investment income		567
Expenses:
Investment management fees		81
Administrative services fees		97
Transfer agent fees		1
Distribution fees
Class R3		160
Class R4		52
Custodian fees		1
Accounting services fees		6
Registration and filing fees		39
Board of Directors' fees		2
Audit fees		10
Other expenses		14
Total expenses (before waivers and fees paid indirectly)		463
Expense waivers		(287	)
Commission recapture		—
Total waivers and fees paid indirectly		(287	)
Total expenses, net		176
Net Investment Income		391
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		315
Net realized gain on investments in underlying affiliated funds		648
Net realized loss on investments in securities		(285	)
Net Realized Gain on Investments		678
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		4,242
Net unrealized appreciation of investments		50
Net Changes in Unrealized Appreciation of Investments		4,292
Net Gain on Investments		4,970
Net Increase in Net Assets Resulting from Operations	$	5,361

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2040 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	391		$	261
Net realized gain on investments		678			962
Net unrealized appreciation (depreciation) of investments		4,292			(1,174	)
Net Increase In Net Assets Resulting From Operations		5,361			49
Distributions to Shareholders:
From net investment income
Class R3		(273	)		(79	)
Class R4		(163	)		(48	)
Class R5		(17	)		(15	)
Total from net investment income		(453	)		(142	)
From net realized gain on investments
Class R3		(679	)		(116	)
Class R4		(308	)		(58	)
Class R5		(35	)		(20	)
Total from net realized gain on investments		(1,022	)		(194	)
Total distributions		(1,475	)		(336	)
Capital Share Transactions:
Class R3		5,784			16,483
Class R4		15,120			7,198
Class R5		175			(528	)
Net increase from capital share transactions		21,079			23,153
Net Increase In Net Assets		24,965			22,866
Net Assets:
Beginning of period		39,312			16,446
End of period	$	64,277		$	39,312
Undistributed (distribution in excess of) net investment income (loss)	$	144		$	182

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2040 Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Target Retirement 2040 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

10

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding.

11

The Hartford Target Retirement 2040 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	805	$	142
Long-Term Capital Gains ‡		670		194

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	298
Undistributed Long-Term Capital Gain		605
Unrealized Appreciation *		4,608
Total Accumulated Earnings	$	5,511

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	24
Accumulated Net Realized Gain (Loss)		(24	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2040 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $4.5 billion		0.10%
On next $5 billion		0.08%
Over $10 billion		0.07%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class R3		Class R4		Class R5
	1.20%		0.90%		0.85%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class R3		0.45	%
Class R4		0.15
Class R5		0.10

e) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

15

The Hartford Target Retirement 2040 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		9		0	%
Class R5		58		53

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	73,473
Sales Proceeds Excluding U.S. Government Obligations		53,165

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		924		74		(579	)		—		419		1,408		15		(248	)		—		1,175
Amount	$	12,969	$	952	$	(8,137	)	$	—	$	5,784	$	19,879	$	195	$	(3,591	)	$	—	$	16,483
Class R4
Shares		1,264		36		(204	)		—		1,096		664		8		(169	)		—		503
Amount	$	17,592	$	471	$	(2,943	)	$	—	$	15,120	$	9,524	$	106	$	(2,432	)	$	—	$	7,198
Class R5
Shares		16		4		(8	)		—		12		23		2		(66	)		—		(41	)
Amount	$	238	$	52	$	(115	)	$	—	$	175	$	316	$	35	$	(879	)	$	—	$	(528	)
Total
Shares		2,204		114		(791	)		—		1,527		2,095		25		(483	)		—		1,637
Amount	$	30,799	$	1,475	$	(11,195	)	$	—	$	21,079	$	29,719	$	336	$	(6,902	)	$	—	$	23,153

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

16

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Target Retirement 2040 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
R3	$	13.75	$	0.10	$	1.26	$	1.36	$	(0.13	)	$	(0.36	)	$	–	$	(0.49	)	$	14.62
R4		13.82		0.13		1.29		1.42		(0.17	)		(0.36	)		–		(0.53	)		14.71
R5		13.83		0.14		1.28		1.42		(0.17	)		(0.36	)		–		(0.53	)		14.72
For the Year Ended October 31, 2011 (F)
R3		13.48		0.10		0.41		0.51		(0.09	)		(0.15	)		–		(0.24	)		13.75
R4		13.52		0.14		0.42		0.56		(0.11	)		(0.15	)		–		(0.26	)		13.82
R5		13.53		0.16		0.40		0.56		(0.11	)		(0.15	)		–		(0.26	)		13.83
For the Year Ended October 31, 2010
R3		11.59		0.06		1.91		1.97		(0.08	)		–			–		(0.08	)		13.48
R4		11.62		0.11		1.90		2.01		(0.11	)		–			–		(0.11	)		13.52
R5		11.63		0.12		1.89		2.01		(0.11	)		–			–		(0.11	)		13.53
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.15		1.55		1.70		(0.11	)		–			–		(0.11	)		11.59
R4		10.00		0.17		1.57		1.74		(0.12	)		–			–		(0.12	)		11.62
R5		10.00		0.18		1.57		1.75		(0.12	)		–			–		(0.12	)		11.63

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Ratios do not include expenses of the Underlying Funds.
(E)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(F)	Per share amounts have been calculated using average shares outstanding method.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C),(D)			Ratio of Net Investment Income to Average Net Assets(D)			Portfolio Turnover Rate(E)
	10.44	%	$	33,996		0.99	%		0.45	%		0.65	%		99	%
	10.81			28,670		0.68			0.15			0.81			–
	10.84			1,611		0.40			0.10			1.06			–
	3.78			26,194		1.06			0.44			0.73			41
	4.12			11,782		0.76			0.14			1.01			–
	4.15			1,336		0.47			0.09			1.12			–
	17.06			9,856		1.45			0.38			0.64			24
	17.35			4,727		1.18			0.08			0.93			–
	17.36			1,863		0.91			0.03			1.00			–
	17.34			1,301		2.41			0.35			1.48			15
	17.70			1,629		2.10			0.05			1.79			–
	17.81			1,321		1.81			–			1.83			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2040 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2040 Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

20

The Hartford Target Retirement 2040 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Target Retirement 2040 Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Target Retirement 2040 Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

24

The Hartford Target Retirement 2040 Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,005.50	$	2.32	$	1,000.00	$	1,022.82	$	2.34		0.46	%		184		366
Class R4	$	1,000.00	$	1,006.84	$	0.81	$	1,000.00	$	1,024.33	$	0.81		0.16			184		366
Class R5	$	1,000.00	$	1,006.84	$	0.55	$	1,000.00	$	1,024.58	$	0.56		0.11			184		366

25

The Hartford Target Retirement 2040 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Target Retirement 2040 Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

27

The Hartford Target Retirement 2040 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

28

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TR4012 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Target Retirement 2045 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Target Retirement 2045 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2045 Fund inception 10/31/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 10/31/08 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class R3. Growth results in classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Target Retirement 2045 R3		10.14	%		11.92	%
Target Retirement 2045 R4		10.53	%		12.26	%
Target Retirement 2045 R5		10.56	%		12.31	%
Barclays U.S. Aggregate Bond Index		5.25	%		7.95	%
MSCI All Country World Index		9.17	%		11.74	%
S&P 500 Index		15.19	%		12.33	%

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2045 Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Rick A. Wurster, CFA, CMT	Stephen A. Gorman, CFA
Vice President and Asset Allocation Portfolio Manager	Vice President, Director, Tactical Asset Allocation, Asset Allocation Strategies Group and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2045 Fund returned 10.14%, before sales charge, for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target 2045 Funds category, a group of funds with investment strategies similar to those of the Fund, was 10.38%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 78% equities and 22% fixed income. Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. A modest underweight allocation to equities and overweight to fixed income detracted as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed positively on a relative basis. Strong benchmark-relative performance in the Strategic Income, Alternative Strategies, and International Small Company funds more than offset weak benchmark-relative results from the International Opportunities, Dividend and Growth, and Small Company funds.

3

The Hartford Target Retirement 2045 Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012 

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.1	%
The Hartford Capital Appreciation Fund, Class Y		11.6
The Hartford Dividend and Growth Fund, Class Y		22.4
The Hartford Emerging Markets Research Fund, Class Y		8.4
The Hartford Global Real Asset Fund, Class Y		1.7
The Hartford Inflation Plus Fund, Class Y		3.2
The Hartford International Opportunities Fund, Class Y		19.6
The Hartford International Small Company Fund, Class Y		6.8
The Hartford MidCap Value Fund, Class Y		3.8
The Hartford Small Company Fund, Class Y		3.8
The Hartford Strategic Income Fund, Class Y		8.5
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2045 Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 99.9%
EQUITY FUNDS - 78.1%
	84	The Hartford Capital Appreciation Fund, Class Y	$	2,980
	272	The Hartford Dividend and Growth Fund, Class Y		5,758
	256	The Hartford Emerging Markets Research Fund, Class Y		2,170
	41	The Hartford Global Real Asset Fund, Class Y		445
	334	The Hartford International Opportunities Fund, Class Y		5,028
	131	The Hartford International Small Company Fund, Class Y		1,749
	73	The Hartford MidCap Value Fund, Class Y		971
	45	The Hartford Small Company Fund, Class Y		964
				20,065
		Total equity funds
		(cost $18,339)	$	20,065

FIXED INCOME FUNDS - 21.8%
	241	The Hartford Alternative Strategies Fund, Class Y			$	2,593
	66	The Hartford Inflation Plus Fund, Class Y				839
	225	The Hartford Strategic Income Fund, Class Y				2,185
						5,617
		Total fixed income funds
		(cost $5,392)			$	5,617
		Total investments in affiliated investment companies
��		(cost $23,731)			$	25,682
		Total long-term investments
		(cost $23,731)			$	25,682
		Total investments
		(cost $23,731) ▲	99.9	%	$	25,682
		Other assets and liabilities	0.1	%		23
		Total net assets	100.0	%	$	25,705

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $23,796 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	1,886
Unrealized Depreciation		—
Net Unrealized Appreciation	$	1,886

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2045 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	25,682	$	25,682	$	–	$	–
Total	$	25,682	$	25,682	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.  

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2045 Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $23,731)	$	25,682
Receivables:
Investment securities sold		3
Fund shares sold		19
Dividends and interest		7
Other assets		31
Total assets		25,742
Liabilities:
Bank overdraft		2
Payables:
Investment securities purchased		19
Fund shares redeemed		2
Investment management fees		1
Administrative fees		1
Distribution fees		2
Accrued expenses		10
Total liabilities		37
Net assets	$	25,705
Summary of Net Assets:
Capital stock and paid-in-capital	$	23,540
Undistributed net investment income		43
Accumulated net realized gain		171
Unrealized appreciation of investments		1,951
Net assets	$	25,705

Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.09
Shares outstanding		924
Net assets	$	13,020
Class R4: Net asset value per share	$	14.17
Shares outstanding		824
Net assets	$	11,680
Class R5: Net asset value per share	$	14.18
Shares outstanding		71
Net assets	$	1,005

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2045 Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	10
Dividends from underlying affiliated funds		194
Total investment income		204
Expenses:
Investment management fees		31
Administrative services fees		36
Transfer agent fees		—
Distribution fees
Class R3		55
Class R4		21
Custodian fees		1
Accounting services fees		2
Registration and filing fees		37
Board of Directors' fees		1
Audit fees		10
Other expenses		9
Total expenses (before waivers)		203
Expense waivers		(132	)
Total waivers		(132	)
Total expenses, net		71
Net Investment Income		133
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		65
Net realized gain on investments in underlying affiliated funds		225
Net realized loss on investments in securities		(63	)
Net Realized Gain on Investments		227
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		1,577
Net unrealized depreciation of investments		(9	)
Net Changes in Unrealized Appreciation of Investments		1,568
Net Gain on Investments		1,795
Net Increase in Net Assets Resulting from Operations	$	1,928

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2045 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	133		$	80
Net realized gain on investments		227			805
Net unrealized appreciation (depreciation) of investments		1,568			(813	)
Net Increase In Net Assets Resulting From Operations		1,928			72
Distributions to Shareholders:
From net investment income
Class R3		(73	)		(27	)
Class R4		(58	)		(21	)
Class R5		(10	)		(11	)
Total from net investment income		(141	)		(59	)
From net realized gain on investments
Class R3		(500	)		(66	)
Class R4		(295	)		(37	)
Class R5		(53	)		(21	)
Total from net realized gain on investments		(848	)		(124	)
Total distributions		(989	)		(183	)
Capital Share Transactions:
Class R3		4,069			4,479
Class R4		6,202			2,813
Class R5		52			(426	)
Net increase from capital share transactions		10,323			6,866
Net Increase In Net Assets		11,262			6,755
Net Assets:
Beginning of period		14,443			7,688
End of period	$	25,705		$	14,443
Undistributed (distribution in excess of) net investment income (loss)	$	43		$	44

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2045 Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Target Retirement 2045 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

10

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class

11

The Hartford Target Retirement 2045 Fund

Notes to Financial Statements — (continued)

October 31, 2012

(000’s Omitted)

specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	216	$	60
Long-Term Capital Gains ‡		773		123

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	43
Undistributed Long-Term Capital Gain		236
Unrealized Appreciation *		1,886
Total Accumulated Earnings	$	2,165

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	7
Accumulated Net Realized Gain (Loss)		(7	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2045 Fund

Notes to Financial Statements — (continued)

October 31, 2012

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $4.5 billion		0.10%
On next $5 billion		0.08%
Over $10 billion		0.07%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class R3		Class R4		Class R5
	1.25%		0.95%		0.90%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		9		1	%
Class R4		30		4
Class R5		60		85

15

The Hartford Target Retirement 2045 Fund

Notes to Financial Statements — (continued)

October 31, 2012

(000’s Omitted)

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	27,548
Sales Proceeds Excluding U.S. Government Obligations		18,016

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		336		47		(77	)		—		306		459		7		(139	)		—		327
Amount	$	4,541	$	573	$	(1,045	)	$	—	$	4,069	$	6,478	$	93	$	(2,092	)	$	—	$	4,479
Class R4
Shares		578		28		(148	)		—		458		293		4		(109	)		—		188
Amount	$	7,836	$	353	$	(1,987	)	$	—	$	6,202	$	4,190	$	58	$	(1,435	)	$	—	$	2,813
Class R5
Shares		4		5		(4	)		—		5		4		2		(41	)		—		(35	)
Amount	$	48	$	63	$	(59	)	$	—	$	52	$	56	$	32	$	(514	)	$	—	$	(426	)
Total
Shares		918		80		(229	)		—		769		756		13		(289	)		—		480
Amount	$	12,425	$	989	$	(3,091	)	$	—	$	10,323	$	10,724	$	183	$	(4,041	)	$	—	$	6,866

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

16

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Target Retirement 2045 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
R3	$	13.73	$	0.07	$	1.18	$	1.25	$	(0.10	)	$	(0.79	)	$	–	$	(0.89	)	$	14.09
R4		13.79		0.10		1.21		1.31		(0.14	)		(0.79	)		–		(0.93	)		14.17
R5		13.80		0.13		1.18		1.31		(0.14	)		(0.79	)		–		(0.93	)		14.18
For the Year Ended October 31, 2011 (E)
R3		13.47		0.07		0.47		0.54		(0.08	)		(0.20	)		–		(0.28	)		13.73
R4		13.51		0.11		0.47		0.58		(0.10	)		(0.20	)		–		(0.30	)		13.79
R5		13.51		0.12		0.48		0.60		(0.11	)		(0.20	)		–		(0.31	)		13.80
For the Year Ended October 31, 2010
R3		11.59		0.06		1.88		1.94		(0.06	)		–			–		(0.06	)		13.47
R4		11.62		0.10		1.88		1.98		(0.09	)		–			–		(0.09	)		13.51
R5		11.62		0.11		1.87		1.98		(0.09	)		–			–		(0.09	)		13.51
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.12		1.58		1.70		(0.11	)		–			–		(0.11	)		11.59
R4		10.00		0.15		1.58		1.73		(0.11	)		–			–		(0.11	)		11.62
R5		10.00		0.15		1.58		1.73		(0.11	)		–			–		(0.11	)		11.62

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.
(C)	Ratios do not include expenses of the Underlying Funds.
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets(C)			Portfolio  Turnover Rate(D)
	10.14	%	$	13,020		1.15	%		0.49	%		0.54	%		89	%
	10.53			11,680		0.84			0.19			0.75			–
	10.56			1,005		0.56			0.14			0.96			–
	4.03			8,477		1.33			0.48			0.50			50
	4.33			5,048		1.03			0.18			0.81			–
	4.44			918		0.73			0.13			0.86			–
	16.79			3,918		1.77			0.42			0.47			19
	17.09			2,399		1.48			0.12			0.76			–
	17.14			1,371		1.18			0.07			0.84			–
	17.28			1,380		2.40			0.39			1.21			7
	17.65			1,499		2.08			0.09			1.49			–
	17.65			1,190		1.82			0.04			1.54			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2045 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2045 Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

20

The Hartford Target Retirement 2045 Fund

Directors and Officers (Unaudited)  

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Target Retirement 2045 Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Target Retirement 2045 Fund

Federal Tax Information (Unaudited)   

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

24

The Hartford Target Retirement 2045 Fund

Expense Example (Unaudited)    

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,002.13	$	2.57	$	1,000.00	$	1,022.57	$	2.59		0.51	%		184		366
Class R4	$	1,000.00	$	1,004.25	$	1.01	$	1,000.00	$	1,024.13	$	1.02		0.20			184		366
Class R5	$	1,000.00	$	1,004.25	$	0.81	$	1,000.00	$	1,024.33	$	0.81		0.16			184		366

25

The Hartford Target Retirement 2045 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)    

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Target Retirement 2045 Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser���s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

27

The Hartford Target Retirement 2045 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

28

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TR4512 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Target Retirement 2050 Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Target Retirement 2050 Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	6
Statement of Assets and Liabilities at October 31, 2012	7
Statement of Operations for the Year Ended October 31, 2012	8
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	9
Notes to Financial Statements	10
Financial Highlights	18
Report of Independent Registered Public Accounting Firm	20
Directors and Officers (Unaudited)	21
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	23
Quarterly Portfolio Holdings Information (Unaudited)	23
Federal Tax Information (Unaudited)	24
Expense Example (Unaudited)	25
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	26

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Target Retirement 2050 Fund inception 10/31/2008

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize total return and secondarily, seeks capital preservation.

Performance Overview 10/31/08 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class R3. Growth results in Classes other than Class R3 will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
Target Retirement 2050 R3		10.33	%		11.74	%
Target Retirement 2050 R4		10.62	%		12.08	%
Target Retirement 2050 R5		10.66	%		12.13	%
Barclays U.S. Aggregate Bond Index		5.25	%		7.95	%
MSCI All Country World Index		9.17	%		11.74	%
S&P 500 Index		15.19	%		12.33	%

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of June 4, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

MSCI All Country World Index is a free float-adjusted market capitalization index that measures equity market performance in the global developed and emerging markets, consisting of 45 developed and emerging market country indices. This index is unmanaged, and its results include reinvested dividends and/or distributions, but do not reflect the effect of sales charges, commissions, expenses or taxes.

S&P 500 Index is a market capitalization-weighted price index composed of 500 widely held common stocks.

The Fund changed its benchmark from the S&P 500 Index to the MSCI All Country World Index. The Fund’s investment manager believes that the MSCI All Country World Index better reflects the Fund’s revised investment strategy.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Target Retirement 2050 Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Rick A. Wurster, CFA, CMT	Stephen A. Gorman, CFA
Vice President and Asset Allocation Portfolio Manager	Vice President, Director, Tactical Asset Allocation, Asset Allocation Strategies Group and Portfolio Manager
As of June 4, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class R3 shares of The Hartford Target Retirement 2050 Fund returned 10.33% for the twelve-month period ended October 31, 2012. In comparison, its benchmarks, the MSCI All Country World Index, the Barclays U.S. Aggregate Bond Index and the S&P 500 Index, returned 9.17%, 5.25%, and 15.19%, respectively, while the average return for the Lipper Mixed-Asset Target 2050 Funds category, a group of funds with investment strategies similar to those of the Fund, was 10.33%.

Why did the Fund perform this way?

Global equities moved higher in the twelve months ended October 31, 2012, in part due to central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings and strength in the U.S. housing market. Equities retreated from their mid-September highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax rate cuts combined with forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Fixed income markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter of 2012 amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the ECB and Fed - responded with bold policy moves. ECB President Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

There are two main drivers of benchmark-relative fund performance: the asset allocation among various asset classes and the performance of the underlying funds. Value added from Asset Allocation includes the value added by both the Fund’s strategic asset allocation across a diverse set of asset classes and how those allocations are implemented within the asset classes. With regard to Asset Allocation, the stock / bond mix of the Fund was approximately 78% equities and 22% fixed income.Performance of the underlying funds measures the results of the underlying funds versus their respective benchmarks. The portfolio managers have control over the selection of the underlying funds.

In aggregate, asset allocation detracted from relative performance. A modest underweight allocation to equities and overweight to fixed income detracted as equities outperformed fixed income during the period.

Beyond asset class decisions, we seek to add value by selecting the underlying funds that we believe will most efficiently deliver the target asset class exposures. This is accomplished by analyzing the underlying funds available in our investment universe using both quantitative and qualitative criteria.

In aggregate, performance from the underlying funds (net of fees) contributed positively on a relative basis. Strong benchmark-relative performance in the Strategic Income, Alternative Strategies, and International Small Company funds more than offset weak benchmark-relative results from

3

The Hartford Target Retirement 2050 Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

the International Opportunities, Dividend and Growth, and Small Company funds.

What is the outlook?

As year end approaches, markets remain focused on Europe, the U.S. “fiscal cliff,” and the actions of global policymakers. While challenges remain, risk assets are being re-rated for lower macroeconomic uncertainty, particularly in Europe, as the actions of the ECB and the Fed are reducing uncertainty and its associated risk premium. We see this in credit spreads, where credit fundamentals have not changed appreciably but spreads are substantially tighter, as well as in equity markets, where P/E multiples have recently expanded despite stagnating earnings-estimate revisions. As we look ahead to the next several quarters, we see potential profit taking, particularly given the threat of the U.S. fiscal cliff. However, we believe any pullback will be short-lived, and we continue to have a generally constructive longer-term outlook, predicated on an expectation for a continued reduction in risk premium across different markets.

Composition by Investments

as of October 31, 2012   

Fund Name	Percentage of Net Assets
The Hartford Alternative Strategies Fund, Class Y		10.0	%
The Hartford Capital Appreciation Fund, Class Y		11.7
The Hartford Dividend and Growth Fund, Class Y		22.3
The Hartford Emerging Markets Research Fund, Class Y		8.5
The Hartford Global Real Asset Fund, Class Y		1.7
The Hartford Inflation Plus Fund, Class Y		3.2
The Hartford International Opportunities Fund, Class Y		19.6
The Hartford International Small Company Fund, Class Y		6.8
The Hartford MidCap Value Fund, Class Y		3.8
The Hartford Small Company Fund, Class Y		3.8
The Hartford Strategic Income Fund, Class Y		8.5
Other Assets and Liabilities		0.1
Total		100.0	%

4

The Hartford Target Retirement 2050 Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
AFFILIATED INVESTMENT COMPANIES - 99.9%
EQUITY FUNDS - 78.2%
	97	The Hartford Capital Appreciation Fund, Class Y			$	3,439
	311	The Hartford Dividend and Growth Fund, Class Y				6,580
	295	The Hartford Emerging Markets Research Fund, Class Y				2,496
	48	The Hartford Global Real Asset Fund, Class Y				517
	384	The Hartford International Opportunities Fund, Class Y				5,775
	151	The Hartford International Small Company Fund, Class Y				2,009
	85	The Hartford MidCap Value Fund, Class Y				1,119
	52	The Hartford Small Company Fund, Class Y				1,122
						23,057
		Total equity funds
		(cost $21,057)			$	23,057
FIXED INCOME FUNDS - 21.7%
	274	The Hartford Alternative Strategies Fund, Class Y			$	2,945
	75	The Hartford Inflation Plus Fund, Class Y				963
	257	The Hartford Strategic Income Fund, Class Y				2,497
						6,405
		Total fixed income funds
		(cost $6,171)			$	6,405
		Total investments in affiliated investment companies
		(cost $27,228)			$	29,462
		Total long-term investments
		(cost $27,228)			$	29,462
		Total investments
		(cost $27,228) ▲	99.9	%	$	29,462
		Other assets and liabilities	0.1	%		23
		Total net assets	100.0	%	$	29,485

Note:  Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $27,295 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	2,167
Unrealized Depreciation		—
Net Unrealized Appreciation	$	2,167

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

5

The Hartford Target Retirement 2050 Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Affiliated Investment Companies	$	29,462	$	29,462	$	–	$	–
Total	$	29,462	$	29,462	$	–	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

The accompanying notes are an integral part of these financial statements.

6

The Hartford Target Retirement 2050 Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in underlying affiliated funds, at market value (cost $27,228)	$	29,462
Receivables:
Investment securities sold		1
Fund shares sold		28
Dividends and interest		8
Other assets		30
Total assets		29,529
Liabilities:
Bank overdraft		2
Payables:
Investment securities purchased		27
Investment management fees		1
Administrative fees		1
Distribution fees		2
Accrued expenses		11
Total liabilities		44
Net assets	$	29,485
Summary of Net Assets:
Capital stock and paid-in-capital	$	27,084
Undistributed net investment income		49
Accumulated net realized gain		118
Unrealized appreciation of investments		2,234
Net assets	$	29,485
Shares authorized		150,000
Par value	$	0.001
Class R3: Net asset value per share	$	14.16
Shares outstanding		969
Net assets	$	13,727
Class R4: Net asset value per share	$	14.24
Shares outstanding		1,011
Net assets	$	14,404
Class R5: Net asset value per share	$	14.25
Shares outstanding		95
Net assets	$	1,354

The accompanying notes are an integral part of these financial statements.

7

The Hartford Target Retirement 2050 Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	14
Dividends from underlying affiliated funds		226
Total investment income		240
Expenses:
Investment management fees		35
Administrative services fees		40
Transfer agent fees		1
Distribution fees
Class R3		59
Class R4		25
Custodian fees		—
Accounting services fees		3
Registration and filing fees		38
Board of Directors' fees		1
Audit fees		10
Other expenses		16
Total expenses (before waivers)		228
Expense waivers		(148	)
Total waivers		(148	)
Total expenses, net		80
Net Investment Income		160
Net Realized Gain on Investments:
Capital gain distribution received from underlying affiliated funds		81
Net realized gain on investments in underlying affiliated funds		173
Net realized loss on investments in securities		(78	)
Net Realized Gain on Investments		176
Net Changes in Unrealized Appreciation of Investments:
Net unrealized appreciation of investments in underlying affiliated funds		1,928
Net unrealized appreciation of investments		2
Net Changes in Unrealized Appreciation of Investments		1,930
Net Gain on Investments		2,106
Net Increase in Net Assets Resulting from Operations	$	2,266

The accompanying notes are an integral part of these financial statements.

8

The Hartford Target Retirement 2050 Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	160		$	86
Net realized gain on investments		176			714
Net unrealized appreciation (depreciation) of investments		1,930			(882	)
Net Increase (Decrease) In Net Assets Resulting From Operations		2,266			(82	)
Distributions to Shareholders:
From net investment income
Class R3		(78	)		(26	)
Class R4		(69	)		(25	)
Class R5		(12	)		(11	)
Total from net investment income		(159	)		(62	)
From net realized gain on investments
Class R3		(425	)		(62	)
Class R4		(290	)		(53	)
Class R5		(51	)		(23	)
Total from net realized gain on investments		(766	)		(138	)
Total distributions		(925	)		(200	)
Capital Share Transactions:
Class R3		4,186			5,332
Class R4		7,508			3,290
Class R5		217			(343	)
Net increase from capital share transactions		11,911			8,279
Net Increase In Net Assets		13,252			7,997
Net Assets:
Beginning of period		16,233			8,236
End of period	$	29,485		$	16,233
Undistributed (distribution in excess of) net investment income (loss)	$	49		$	46

The accompanying notes are an integral part of these financial statements.

9

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Target Retirement 2050 Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

The Fund, as a “Fund of Funds”, invests the majority of its assets in Class Y shares of other Hartford mutual funds (“Underlying Funds”) as well as certain exchange traded funds (“ETFs”). The Fund seeks its investment goals through implementation of a strategic asset allocation recommendation provided by Wellington Management Company, LLP (“Wellington Management”), sub-adviser to the Fund.

2. Significant Accounting Policies:

The accounting policies of the Underlying Funds are outlined in the shareholder reports for such funds, available (1) without charge, upon request, by calling 888-843-7824, (2) on our website www.thehartfordfunds.com and (3) on the SEC’s website at http://www.sec.gov. The reports may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Underlying Funds are not covered by this report.

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation – Investments in open-end mutual funds are valued at the respective NAV of each Underlying Fund as determined as of the NYSE Close on the Valuation Date.

The Fund generally uses market prices in valuing the remaining portfolio investments. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of

10

a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

During the year ended October 31, 2012, the Fund held no Level 3 investments; therefore, no reconciliation of Level 3 investments is presented.

For additional information, refer to the Investment Valuation Hierarchy Level Summary which follows the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income is accrued on the ex-dividend date. Income and capital gain distributions from the Underlying Funds are accrued on the ex-dividend date.

d) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class

11

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income, if any, and realized capital gains, if any, at least once a year. Long-term capital gains distributions received from Underlying Funds are distributed at least annually, when required. Unless shareholders specify otherwise, all dividends and distributions will be automatically reinvested in additional full or fractional shares of the Fund.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments and short-term capital gain adjustments. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Principal Risks:

a) Market Risks – The Fund is exposed to the risks of the Underlying Funds and ETFs in direct proportion to the amount of assets the Fund allocates to each Underlying Fund or ETF. The market values of the Underlying Funds and ETFs may decline due to general market conditions which are not specifically related to a particular company in which the Underlying Fund or ETF invested, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities in which the Underlying Fund or ETF invests may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry.

4. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments and short-term capital gain adjustments. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

12

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended  October 31, 2012		For the Year Ended  October 31, 2011
Ordinary Income	$	159	$	71
Long-Term Capital Gains ‡		766		129

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	49
Undistributed Long-Term Capital Gain		185
Unrealized Appreciation *		2,167
Total Accumulated Earnings	$	2,401

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments and short-term capital gain adjustments.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	2
Accumulated Net Realized Gain (Loss)		(2	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

13

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

5. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective June 4, 2012, HIFSCO has contracted with Wellington Management under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to June 4, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $500 million		0.10%
On next $1.5 billion		0.09%
On next $2.5 billion		0.08%
On next $2.5 billion		0.07%
On next $2.5 billion		0.06%
Over $10 billion		0.05%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through June 3, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.15%
On next $4.5 billion		0.10%
On next $5 billion		0.08%
Over $10 billion		0.07%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.012%
Over $5 billion		0.010%

14

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2013 as follows:

Class R3		Class R4		Class R5
	1.25%		0.95%		0.90%

Contractual limitations for total operating expenses include expenses incurred as the result of investing in other investment companies including the Underlying Funds. Amounts incurred which exceed the above limits are deducted from expenses and are reported as waivers on the accompanying Statement of Operations, as applicable.

d) Distribution and Service Plan for Class R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class R3 shares provides for a distribution fee of 0.50% of average daily net assets. The Rule 12b-1 plan applicable to Class R4 shares provides for a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

6. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R4		36		4	%
Class R5		68		72

15

The Hartford Target Retirement 2050 Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

7. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	34,781
Sales Proceeds Excluding U.S. Government Obligations		23,552

8. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012											For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares		Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class R3
Shares		457		41		(187	)		—		311		600		6		(218	)		—		388
Amount	$	6,234	$	503	$	(2,551	)	$	—	$	4,186	$	8,427	$	88	$	(3,183	)	$	—	$	5,332
Class R4
Shares		657		29		(128	)		—		558		347		6		(135	)		—		218
Amount	$	8,904	$	359	$	(1,755	)	$	—	$	7,508	$	4,996	$	78	$	(1,784	)	$	—	$	3,290
Class R5
Shares		12		5		(1	)		—		16		11		3		(43	)		—		(29	)
Amount	$	168	$	63	$	(14	)	$	—	$	217	$	159	$	34	$	(536	)	$	—	$	(343	)
Total
Shares		1,126		75		(316	)		—		885		958		15		(396	)		—		577
Amount	$	15,306	$	925	$	(4,320	)	$	—	$	11,911	$	13,582	$	200	$	(5,503	)	$	—	$	8,279

9. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

10. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

16

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

11. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company���s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

12. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

17

The Hartford Target Retirement 2050 Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
R3	$	13.61	$	0.09	$	1.20	$	1.29	$	(0.11	)	$	(0.63	)	$	–	$	(0.74	)	$	14.16
R4		13.68		0.12		1.21		1.33		(0.14	)		(0.63	)		–		(0.77	)		14.24
R5		13.69		0.13		1.21		1.34		(0.15	)		(0.63	)		–		(0.78	)		14.25
For the Year Ended October 31, 2011 (E)
R3		13.42		0.06		0.42		0.48		(0.07	)		(0.22	)		–		(0.29	)		13.61
R4		13.46		0.10		0.43		0.53		(0.09	)		(0.22	)		–		(0.31	)		13.68
R5		13.47		0.12		0.41		0.53		(0.09	)		(0.22	)		–		(0.31	)		13.69
For the Year Ended October 31, 2010
R3		11.58		0.06		1.84		1.90		(0.06	)		–			–		(0.06	)		13.42
R4		11.61		0.09		1.85		1.94		(0.09	)		–			–		(0.09	)		13.46
R5		11.61		0.10		1.85		1.95		(0.09	)		–			–		(0.09	)		13.47
From October 31, 2008  (commencement of operations) through October 31, 2009
R3		10.00		0.12		1.57		1.69		(0.11	)		–			–		(0.11	)		11.58
R4		10.00		0.15		1.57		1.72		(0.11	)		–			–		(0.11	)		11.61
R5		10.00		0.16		1.56		1.72		(0.11	)		–			–		(0.11	)		11.61

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions and the complete redemption of the investment at net asset value at the end of each period.

(C) Ratios do not include expenses of the Underlying Funds.

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.    

18

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets(C)			Portfolio Turnover Rate(D)
	10.33	%	$	13,727		1.14	%		0.49	%		0.58	%		102	%
	10.62			14,404		0.84			0.19			0.79			–
	10.66			1,354		0.55			0.14			0.99			–
	3.57			8,955		1.28			0.47			0.46			55
	3.95			6,201		0.98			0.17			0.73			–
	3.97			1,077		0.68			0.12			0.82			–
	16.46			3,619		1.79			0.42			0.44			19
	16.78			3,161		1.49			0.12			0.84			–
	16.90			1,456		1.20			0.07			0.82			–
	17.18			1,285		2.42			0.39			1.23			8
	17.54			1,262		2.13			0.09			1.53			–
	17.55			1,190		1.83			0.04			1.56			–

19

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Target Retirement 2050 Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for the two years in the period then ended, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Target Retirement 2050 Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for the two years in the period then ended, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

20

The Hartford Target Retirement 2050 Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

21

The Hartford Target Retirement 2050 Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

22

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

23

The Hartford Target Retirement 2050 Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

24

The Hartford Target Retirement 2050 Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class R3	$	1,000.00	$	1,002.83	$	2.57	$	1,000.00	$	1,022.57	$	2.59		0.51	%		184		366
Class R4	$	1,000.00	$	1,004.23	$	1.06	$	1,000.00	$	1,024.08	$	1.07		0.21			184		366
Class R5	$	1,000.00	$	1,004.23	$	0.86	$	1,000.00	$	1,024.28	$	0.87		0.17			184		366

25

The Hartford Target Retirement 2050 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Target Retirement 2050 Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

26

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

27

The Hartford Target Retirement 2050 Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) - (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

28

effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

29

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TR5012 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Total Return Bond Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Total Return Bond Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	19
Statement of Assets and Liabilities at October 31, 2012	21
Statement of Operations for the Year Ended October 31, 2012	23
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	24
Notes to Financial Statements	25
Financial Highlights	44
Report of Independent Registered Public Accounting Firm	46
Directors and Officers (Unaudited)	47
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	49
Quarterly Portfolio Holdings Information (Unaudited)	49
Federal Tax Information (Unaudited)	50
Expense Example (Unaudited)	51
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	52

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Total Return Bond Fund inception 07/22/1996

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks a competitive total return, with income as a secondary objective.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Total Return Bond A#		7.50	%		5.33	%		5.02	%
Total Return Bond A##		2.66	%		4.37	%		4.54	%
Total Return Bond B#		6.66	%		4.55	%		4.41	%*
Total Return Bond B##		1.66	%		4.21	%		4.41	%*
Total Return Bond C#		6.70	%		4.55	%		4.29	%
Total Return Bond C##		5.70	%		4.55	%		4.29	%
Total Return Bond I#		7.78	%		5.63	%		5.21	%
Total Return Bond R3#		7.14	%		5.09	%		5.08	%
Total Return Bond R4#		7.47	%		5.34	%		5.24	%
Total Return Bond R5#		7.79	%		5.67	%		5.41	%
Total Return Bond Y#		7.91	%		5.76	%		5.47	%
Barclays U.S. Aggregate Bond Index		5.25	%		6.38	%		5.39	%

# Without sales charge

## With sales charge

* Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 8/31/06. Performance prior to that date is that of the Fund's Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of March 5, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Total Return Bond Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Joseph  F. Marvan, CFA	Lucius T. Hill III	Campe Goodman, CFA
Senior Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager	Vice President and Fixed Income Portfolio Manager

As of March 5, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Total Return Bond Fund returned 7.50%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the Barclays U.S. Aggregate Bond Index, which returned 5.25% for the same period. The Fund also outperformed the 7.11% return of the average fund in the Lipper Intermediate Investment Grade Debt Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

Markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and the U.S. Federal Reserve Board (Fed) - responded with bold policy moves. ECB President Mario Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

The Fed remained extremely accommodative throughout the period, which further supported fixed income assets. In September, the Fed announced a third round of quantitative easing involving the purchase of $40 billion of additional mortgage-backed securities per month. Additionally, the central bank extended its rates guidance to the middle of 2015 and further stated that it expected to maintain a highly accommodative stance for a considerable period after the economic recovery strengthens.

Economic data released throughout the period painted a mixed picture of the U.S. economy. Consumer confidence weakened and the labor market remained sluggish. However, there was growing enthusiasm over a recovery in housing as home prices showed their first year-over-year gain in years.

The Treasury yield curve flattened over the period as longer-term rates declined more than short-term yields. All of the major fixed income sectors posted strong absolute returns driven by the decline in Treasury yields, and all sectors outperformed Treasuries on a duration-adjusted basis.

The primary drivers of the Fund’s outperformance were its MBS (mortgage backed securities) and investment grade credit exposures. The Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to agency MBS pass-throughs, particularly in lower coupons, was positive for performance as the entire sector experienced strong performance from continued Fed purchases, increased investor demand and the announcement of the Fed’s Quantitative Easing 3 policy. The Fund’s allocation to non-agency MBS was also a significant contributor to relative results as non-agencies performed strongly amid improved sentiment around U.S. housing, low long-term interest rates and strong investor demand. Our investment grade credit exposure was also a contributor to relative results; in particular, our overweight to U.S. financials was a top contributor to outperformance as this subsector benefitted following the reduction of tail risk from Europe. The Fund’s overweight to CMBS (commercial mortgage backed securities) was also positive for performance as the sector rallied. On the other hand, the Fund’s high yield positioning detracted from performance overall. Positive results from an allocation to BB-rated high yield issuers were more than offset by the negative impact of certain high yield credit default swap positions, which were used as a source of liquidity and to manage overall portfolio risk.

What is the outlook?

Overall, we continue to maintain a modest pro-cyclical bias in the fund. We are positive on U.S. fundamentals, and we expect upcoming economic data releases to be decent. Given ongoing concerns surrounding Europe and the fiscal situation in the U.S., we will keep overall risk in the portfolio low while remaining nimble in order to take advantage of any short-term market dislocations.

Within the portfolio we ended the period with a modest overweight to investment grade corporates, primarily via U.S. financials, based on strong credit fundamentals. Specifically,

3

The Hartford Total Return Bond Fund

Manager Discussion  – (continued)

October 31, 2012 (Unaudited)

we believe U.S. bank valuations remain attractive and balance sheets are less risky on improved capital ratios, declining non-performing assets and strong liquidity profiles. We also held BB-rated high yield bonds. Aside from good corporate fundamentals, we expect defaults to remain low and technicals have been very supportive with strong inflows into the sector. We continue to favor non-agency RMBS based on our view that the U.S. housing market has bottomed and that supply and demand technicals are improving. While the non-agency market has experienced strong price performance year-to-date, we believe there is still value remaining in these securities. Meanwhile, we have reduced our overweight to agency MBS based on the sector’s recent strong performance while additional Fed purchases are making MBS more expensive. We also continue to maintain a modest overweight to high-quality CMBS.

We expect rates to remain low and keep trading within a range. We are tactically playing the range, albeit in small increments, when we feel the market is overshooting or undershooting. We currently have a neutral duration posture.

Distribution by Credit Quality

as of October 31, 2012 

Credit Rating *	Percentage of Net Assets
Aaa / AAA		2.7	%
Aa / AA		2.6
A		6.8
Baa / BBB		17.0
Ba / BB		9.2
B		3.1
Caa / CCC or Lower		4.6
Unrated		0.3
U.S. Government Agencies and Securities		71.6
Non Debt Securities and Other Short-Term Instruments		13.4
Other Assets & Liabilities		(31.3	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry
as of October 31, 2012
Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		0.2	%
Administrative Waste Management and Remediation		0.1
Air Transportation		0.2
Apparel Manufacturing		0.1
Arts, Entertainment and Recreation		2.9
Beverage and Tobacco Product Manufacturing		1.5
Chemical Manufacturing		0.7
Computer and Electronic Product Manufacturing		0.3
Construction		0.1
Fabricated Metal Product Manufacturing		0.3
Finance and Insurance		24.5
Food Manufacturing		0.1
Food Services		0.0
Furniture and Related Product Manufacturing		0.0
General Obligations		0.6
Health Care and Social Assistance		1.8
Higher Education (Univ., Dorms, etc.)		0.1
Information		2.6
Machinery Manufacturing		0.3
Mining		0.8
Miscellaneous Manufacturing		0.4
Motor Vehicle and Parts Manufacturing		0.2
Nonmetallic Mineral Product Manufacturing		0.2
Paper Manufacturing		0.1
Petroleum and Coal Products Manufacturing		2.2
Pipeline Transportation		0.8
Plastics and Rubber Products Manufacturing		0.1
Primary Metal Manufacturing		0.2
Professional, Scientific and Technical Services		0.1
Real Estate, Rental and Leasing		0.8
Retail Trade		1.2
Transportation Equipment Manufacturing		0.1
Truck Transportation		0.0
Utilities		1.4
Utilities - Electric		0.3
Utilities - Water and Sewer		0.2
Wholesale Trade		0.4
Total		45.9	%
Equity Securities
Banks		0.0
Diversified Financials		0.1
Total		0.1	%
Foreign Government Obligations		0.4
Put Options Purchased		0.0
U.S. Government Agencies		57.8
U.S. Government Securities		13.8
Short-Term Investments		13.3
Other Assets and Liabilities		(31.3	)
Total		100.0	%

4

The Hartford Total Return Bond Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 11.2%
		Finance and Insurance - 11.2%
		Ally Automotive Receivables Trust
$	668	3.00%, 10/15/2015 ■	$	671
	2,420	3.38%, 09/15/2017 ■		2,497
	2,440	3.61%, 08/15/2016 ■		2,527
		Argent Securities, Inc.
	9,417	0.36%, 06/25/2036 Δ		3,093
		Banc of America Commercial Mortgage, Inc.
	3,225	5.34%, 11/10/2042 Δ		3,540
		Banc of America Funding Corp.
	3,515	0.51%, 05/20/2047 Δ		2,478
	4,709	5.77%, 05/25/2037		4,052
		Bank of America Automotive Trust
	1,494	3.03%, 10/15/2016 ■		1,504
		BCAP LLC Trust
	2,042	0.39%, 03/25/2037 Δ		1,443
		Bear Stearns Adjustable Rate Mortgage Trust
	4,556	2.25%, 08/25/2035 ‡Δ		4,442
	6,466	2.47%, 10/25/2035 Δ		6,054
		Bear Stearns Commercial Mortgage Securities, Inc.
	5,592	0.85%, 11/11/2041		3
	1,585	5.54%, 10/12/2041 ‡		1,837
		Cal Funding II Ltd.
	925	3.47%, 10/25/2022 ■		925
		Carnow Automotive Receivables Trust
	678	2.09%, 01/15/2015 ■		678
		CFCRE Commercial Mortgage Trust
	1,835	5.75%, 12/15/2047 ■Δ		1,688
		Citigroup Commercial Mortgage Trust, Inc.
	1,397	0.56%, 03/25/2037 Δ		564
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	2,875	5.32%, 12/11/2049 ‡		3,304
	5,722	5.39%, 07/15/2044 ‡Δ		6,392
	1,670	5.40%, 12/11/2049		944
		CNH Equipment Trust
	1,250	2.97%, 05/15/2017 ‡		1,295
		Commercial Mortgage Loan Trust
	2,505	6.20%, 09/10/2017 ‡Δ		2,993
		Commercial Mortgage Pass-Through Certificates
	11,259	2.98%, 07/10/2046 ■►		952
	640	4.93%, 11/15/2045 ■		572
		Consumer Portfolio Services, Inc.
	270	5.01%, 06/17/2019 ■		271
		Countrywide Home Loans, Inc.
	1,248	3.00%, 04/20/2036 Δ		716
	4,874	6.00%, 10/25/2037		4,701
		CPS Automotive Trust
	1,790	1.82%, 12/16/2019 ■		1,791
		Credit Acceptance Automotive Loan Trust
	805	2.21%, 09/15/2020 ■		813
	2,240	3.12%, 03/16/2020 ■		2,259
		Credit Suisse Mortgage Capital Certificates
	5,236	5.47%, 09/15/2039		5,973
		CS First Boston Mortgage Securities Corp.
	2,493	5.50%, 06/25/2035		2,425
		CW Capital Cobalt Ltd.
	5,180	5.22%, 08/15/2048		5,810
		DBUBS Mortgage Trust
	11,636	3.57%, 01/01/2021 ■►		587
	2,135	4.54%, 05/12/2021 ■		2,372
		Fieldstone Mortgage Investment Corp.
	1,494	0.55%, 04/25/2047 Δ		776
		First Franklin Mortgage Loan Trust
	6,725	0.45%, 04/25/2036 Δ		2,893
		First Horizon Alternative Mortgage Securities
	6,890	2.55%, 04/25/2036 Δ		4,799
	9,905	2.60%, 09/25/2035 Δ		8,094
		Ford Credit Automotive Owner Trust
	1,500	2.54%, 02/15/2016 ‡		1,553
	1,560	3.21%, 07/15/2017 ‡		1,623
	710	5.53%, 05/15/2016 ■		748
		Ford Credit Floorplan Master Owner Trust
	2,600	1.50%, 09/15/2015		2,624
		GE Business Loan Trust
	1,285	1.21%, 05/15/2034 ■Δ		513
		GE Capital Credit Card Master Note Trust
	1,490	2.21%, 06/15/2016 ‡		1,507
		GMAC Mortgage Corp. Loan Trust
	2,192	3.71%, 09/19/2035 Δ		2,056
		Goldman Sachs Mortgage Securities Trust
	3,450	3.55%, 04/10/2034 ■		3,725
		GSAMP Trust
	1,467	0.33%, 12/25/2036 Δ		616
	1,482	0.46%, 12/25/2036 Δ		646
		GSR Mortgage Loan Trust
	6,395	2.71%, 01/25/2036 Δ		4,709
	4,170	3.38%, 11/25/2035 Δ		3,570
		Harley-Davidson Motorcycle Trust
	1,780	2.12%, 08/15/2017		1,801
		Hyundai Automotive Receivables Trust
	2,850	2.27%, 02/15/2017		2,941
		Indymac Index Mortgage Loan Trust
	1,569	2.54%, 01/25/2036 Δ		1,364
	898	2.62%, 08/25/2035 Δ		579
	5,680	2.81%, 03/25/2036 Δ		3,465
		JP Morgan Chase Commercial Mortgage Securities Corp.
	911	2.75%, 10/15/2045 ■		510
	1,700	3.91%, 05/05/2022 ■Δ		1,859
	245	4.83%, 10/15/2045 ■Δ		212
	2,917	5.47%, 01/12/2043 Δ		3,230
	795	5.49%, 08/15/2046 ■Δ		755
	2,590	5.77%, 06/12/2041 Δ		2,779
		JP Morgan Mortgage Trust
	1,790	3.09%, 09/25/2035 Δ		1,692
		LB-UBS Commercial Mortgage Trust
	14,540	3.25%, 09/15/2039 ►		93
	5,962	5.43%, 02/15/2040		6,865
		Lehman Brothers Small Balance Commercial
	290	5.52%, 09/25/2030 ■		257
		Merrill Lynch Mortgage Investors Trust
	811	2.90%, 07/25/2035 Δ		610
	1,206	5.58%, 03/25/2036 Δ		813
		Merrill Lynch Mortgage Trust
	2,284	5.20%, 09/12/2042		2,480

The accompanying notes are an integral part of these financial statements.

5

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 11.2% - (continued)
		Finance and Insurance - 11.2% - (continued)
		Merrill Lynch Mortgage Trust - (continued)
$	975	5.39%, 11/12/2037 Δ	$	1,089
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	14,491	3.77%, 07/12/2046 ►		179
	1,260	5.81%, 06/12/2050 Δ		1,440
		Morgan Stanley ABS Capital I
	1,528	0.27%, 12/25/2036 Δ		674
		Morgan Stanley Capital I
	43,988	3.62%, 09/15/2047 ■►		1,513
	7,700	5.69%, 04/15/2049 Δ		8,868
		National Credit Union Administration
	1,700	1.84%, 10/07/2020 Δ		1,726
		Nationstar Home Equity Loan Trust
	6,090	0.39%, 06/25/2037 Δ		3,318
		Option One Mortgage Loan Trust
	1,095	0.46%, 03/25/2037 Δ		426
		Prestige Automotive Receivables Trust
	1,685	2.49%, 04/16/2018 ■		1,711
		Residential Funding Mortgage Securities, Inc.
	3,418	6.00%, 07/25/2037		3,180
		Saxon Asset Securities Trust
	3,700	0.38%, 11/25/2036 Δ		2,231
		SBA Tower Trust
	2,400	2.93%, 12/15/2017 ■		2,462
		Securitized Asset Backed Receivables LLC
	1,895	0.30%, 07/25/2036 Δ		767
		SNAAC Automotive Receivables Trust
	1,098	1.78%, 06/15/2016 ■		1,100
		Soundview Home Equity Loan Trust, Inc.
	3,900	0.39%, 07/25/2037 Δ		1,551
	4,705	0.45%, 07/25/2036 Δ		2,184
	3,520	0.46%, 06/25/2036 Δ		1,934
	6,810	0.49%, 05/25/2036 Δ		3,628
		Structured Adjustable Rate Mortgage Loan Trust
	827	0.51%, 09/25/2034 Δ		657
		UBS-Barclays Commercial Mortgage Trust
	2,665	3.53%, 05/10/2063		2,907
	3,670	4.96%, 08/10/2049 ■		2,889
		Wells Fargo Alternative Loan Trust
	2,343	6.25%, 11/25/2037		2,203
		Wells Fargo Commercial Mortgage Trust
	695	4.78%, 10/15/2045 ■		617
		Wells Fargo Mortgage Backed Securities Trust
	1,317	5.17%, 10/25/2035 Δ		1,312
		WF-RBS Commercial Mortgage Trust
	1,230	5.00%, 06/15/2044 ■		951
				206,440
		Total asset & commercial mortgage backed securities
		(cost $195,092)	$	206,440
CORPORATE BONDS - 32.8%
		Accommodation and Food Services - 0.2%
		Choice Hotels International, Inc.
$	66	5.70%, 08/28/2020 ‡	$	71
	490	5.75%, 07/01/2022 ‡		537
		Wynn Las Vegas LLC
	495	5.38%, 03/15/2022 ■		510
	3,000	7.75%, 08/15/2020 ‡		3,368
				4,486
		Administrative Waste Management and Remediation - 0.1%
		Clean Harbors, Inc.
	605	5.25%, 08/01/2020 ■		620
		Iron Mountain, Inc.
	501	7.75%, 10/01/2019		565
				1,185
		Air Transportation - 0.2%
		Continental Airlines, Inc.
	3,210	4.00%, 10/29/2024 ‡		3,338
		US Airways Group, Inc.
	411	6.25%, 04/22/2023		440
				3,778
		Apparel Manufacturing - 0.1%
		Hanesbrands, Inc.
	660	6.38%, 12/15/2020		720
		Phillips Van-Heusen Corp.
	850	7.38%, 05/15/2020		952
				1,672
		Arts, Entertainment and Recreation - 2.8%
		CBS Corp.
	1,624	3.38%, 03/01/2022 ‡		1,707
	1,690	4.85%, 07/01/2042		1,833
		CCO Holdings LLC
	765	5.25%, 09/30/2022		769
	4,725	6.63%, 01/31/2022 ‡		5,127
	814	7.38%, 06/01/2020 ‡		912
		DirecTV Holdings LLC
	3,130	3.80%, 03/15/2022 ‡		3,261
	1,820	5.00%, 03/01/2021 ‡		2,070
		Fidelity National Information Services, Inc.
	1,405	5.00%, 03/15/2022		1,433
		Liberty Media Corp.
	1,761	8.25%, 02/01/2030		1,884
		NAI Entertainment Holdings LLC
	306	8.25%, 12/15/2017 ■		340
		National CineMedia LLC
	65	6.00%, 04/15/2022 ■		69
		NBC Universal Media LLC
	3,415	2.88%, 01/15/2023		3,442
	2,075	5.15%, 04/30/2020		2,485
	1,554	5.95%, 04/01/2041		1,935
		NCR Corp.
	150	5.00%, 07/15/2022 ■		153
		News America, Inc.
	3,720	6.15%, 03/01/2037 - 02/15/2041		4,714
		Starz Financial Corp.
	335	5.00%, 09/15/2019 ■		343
		Time Warner Cable, Inc.
	3,230	4.50%, 09/15/2042		3,319
	1,500	5.88%, 11/15/2040		1,826

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.8% - (continued)
		Arts, Entertainment and Recreation - 2.8% - (continued)
		Time Warner Entertainment Co., L.P.
$	3,190	8.38%, 07/15/2033	$	4,739
		Time Warner, Inc.
	1,065	3.40%, 06/15/2022		1,138
	1,650	6.10%, 07/15/2040		2,104
	1,100	6.25%, 03/29/2041		1,425
		Unitymedia Hessen GmbH & Co.
	379	8.13%, 12/01/2017 ■		409
		Viacom, Inc.
	3,000	5.63%, 09/15/2019 ‡		3,616
		Virgin Media Finance plc
	1,045	5.25%, 02/15/2022		1,092
				52,145
		Beverage and Tobacco Product Manufacturing - 1.5%
		Altria Group, Inc.
	4,625	2.85%, 08/09/2022 ‡		4,638
	1,658	10.20%, 02/06/2039 ‡		2,913
		Anheuser-Busch InBev Worldwide, Inc.
	4,125	7.75%, 01/15/2019 ‡		5,596
		Constellation Brands, Inc.
	1,715	6.00%, 05/01/2022 ‡		1,947
	2,405	7.25%, 05/15/2017 ‡		2,832
		Lorillard Tobacco Co.
	1,710	8.13%, 06/23/2019		2,199
		Molson Coors Brewing Co.
	865	3.50%, 05/01/2022		927
		Pernod-Ricard S.A.
	3,655	2.95%, 01/15/2017 ■		3,855
		Reynolds American, Inc.
	1,680	1.05%, 10/30/2015		1,685
	1,045	3.25%, 11/01/2022		1,057
				27,649
		Chemical Manufacturing - 0.7%
		Ashland, Inc.
	261	4.75%, 08/15/2022 ■		266
		Dow Chemical Co.
	7,420	8.55%, 05/15/2019 ‡		10,062
		LyondellBasell Industries N.V.
	2,055	6.00%, 11/15/2021		2,376
		Nufarm Australia Ltd.
	906	6.38%, 10/15/2019 ■		929
				13,633
		Computer and Electronic Product Manufacturing - 0.3%
		Esterline Technologies Corp.
	820	7.00%, 08/01/2020		906
		Jabil Circuit, Inc.
	565	4.70%, 09/15/2022		565
		Nextel Communications, Inc.
	231	7.38%, 08/01/2015		231
		Seagate HDD Cayman
	2,835	6.88%, 05/01/2020		2,956
	1,055	7.75%, 12/15/2018		1,145
				5,803
		Construction - 0.1%
		Centex Corp.
	1,370	6.50%, 05/01/2016		1,555
		D.R. Horton, Inc.
	515	6.50%, 04/15/2016		576
		Pulte Homes, Inc.
	335	7.88%, 06/15/2032		358
		Ryland Group, Inc.
	340	5.38%, 10/01/2022		345
				2,834
		Fabricated Metal Product Manufacturing - 0.3%
		Anixter International, Inc.
	350	5.63%, 05/01/2019 ‡		368
		Ball Corp.
	1,830	5.00%, 03/15/2022 ‡		1,931
	1,020	6.75%, 09/15/2020 ‡		1,119
		Crown Americas, Inc.
	1,170	6.25%, 02/01/2021		1,291
		Masco Corp.
	240	5.95%, 03/15/2022		269
				4,978
		Finance and Insurance - 13.0%
		Ally Financial, Inc.
	910	5.50%, 02/15/2017 ‡		963
	525	7.50%, 09/15/2020 ‡		619
		American Express Centurion Bank
	4,000	5.95%, 06/12/2017 ‡		4,776
		American Express Co.
	1,225	8.13%, 05/20/2019		1,657
		American International Group, Inc.
	1,980	2.38%, 08/24/2015 ‡		2,013
	2,480	3.80%, 03/22/2017 ‡		2,675
		BAE Systems Holdings, Inc.
	1,714	5.20%, 08/15/2015 ■		1,884
		Bank of America Corp.
	3,050	5.63%, 07/01/2020 ‡		3,558
	3,605	5.75%, 12/01/2017 ‡		4,176
	1,800	5.88%, 01/05/2021 ‡		2,110
	1,700	7.63%, 06/01/2019 ‡		2,156
		Barclays Bank plc
	4,600	6.05%, 12/04/2017 ■‡		5,024
		Capital One Financial Corp.
	900	4.75%, 07/15/2021 ‡		1,033
	1,750	6.15%, 09/01/2016 ‡		2,004
		CIT Group, Inc.
	40	5.00%, 05/15/2017		42
	70	5.38%, 05/15/2020		75
	1,114	5.50%, 02/15/2019 ■		1,188
	485	6.63%, 04/01/2018 ■		541
		Citigroup, Inc.
	550	2.25%, 08/07/2015 ‡		564
	2,655	4.45%, 01/10/2017 ‡		2,933
	3,300	4.59%, 12/15/2015 ‡		3,600
	345	5.38%, 08/09/2020		403
	1,835	6.13%, 08/25/2036 ‡		2,032
	3,800	6.63%, 06/15/2032 ‡		4,392
	265	6.88%, 03/05/2038 ‡		353
	1,963	8.50%, 05/22/2019 ‡		2,617
		Credit Acceptance Corp.
	700	9.13%, 02/01/2017		768
	��	Discover Financial Services, Inc.
	2,600	5.20%, 04/27/2022 ■‡		2,937
		Dufry Finance SCA
	260	5.50%, 10/15/2020 ■		265

The accompanying notes are an integral part of these financial statements.

7

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.8% - (continued)
		Finance and Insurance - 13.0% - (continued)
		DuPont Fabros Technology L.P.
$	825	8.50%, 12/15/2017 ‡	$	907
		Fibria Overseas Finance Ltd.
	1,685	7.50%, 05/04/2020 ■		1,866
		Ford Motor Credit Co. LLC
	5,850	2.75%, 05/15/2015 ‡		5,963
	1,455	6.63%, 08/15/2017 ‡		1,701
	325	12.00%, 05/15/2015 ‡		401
		General Electric Capital Corp.
	4,508	4.38%, 09/16/2020 ‡		5,044
	2,000	5.30%, 02/11/2021 ‡		2,327
	3,380	5.55%, 05/04/2020 ‡		4,021
	3,925	6.00%, 08/07/2019 ‡		4,808
	1,700	6.25%, 12/15/2022 ♠		1,853
		Goldman Sachs Group, Inc.
	5,280	5.75%, 01/24/2022 ‡		6,129
	2,821	6.00%, 06/15/2020 ‡		3,312
	1,900	6.45%, 05/01/2036 ‡		2,028
	3,000	6.75%, 10/01/2037 ‡		3,304
		HCP, Inc.
	2,229	3.75%, 02/01/2016 ‡		2,368
		Health Care, Inc.
	2,071	3.63%, 03/15/2016 ‡		2,196
		Host Hotels & Resorts L.P.
	2,565	6.00%, 11/01/2020 ‡		2,854
		HSBC Bank USA
	1,421	2.38%, 02/13/2015 ‡		1,470
		HSBC Holdings plc
	2,300	4.00%, 03/30/2022 ‡		2,520
	2,500	6.80%, 06/01/2038 ‡		3,186
		Ineos Finance plc
	400	8.38%, 02/15/2019 ■		420
	740	9.00%, 05/15/2015 ■		784
		ING US, Inc.
	1,490	5.50%, 07/15/2022 ■		1,620
		JP Morgan Chase & Co.
	8,376	3.15%, 07/05/2016		8,869
	5,125	4.35%, 08/15/2021		5,728
	2,490	4.50%, 01/24/2022		2,813
	2,745	6.00%, 01/15/2018		3,267
		Ladder Capital Finance Holdings LLC
	1,360	7.38%, 10/01/2017 ■		1,377
		Lloyds Banking Group plc
	1,015	6.50%, 09/14/2020 ■		1,106
		Massachusetts Mutual Life Insurance Co.
	1,172	8.88%, 06/01/2039 ■		1,804
		Merrill Lynch & Co., Inc.
	1,316	5.70%, 05/02/2017		1,448
	10,470	6.05%, 05/16/2016		11,552
		Morgan Stanley
	5,255	3.80%, 04/29/2016		5,467
	770	4.75%, 03/22/2017		833
	2,085	4.88%, 11/01/2022		2,108
	8,000	6.25%, 08/28/2017		9,117
	1,225	6.38%, 07/24/2042		1,408
		Nationwide Financial Services, Inc.
	1,837	5.38%, 03/25/2021 ■		1,936
		Nationwide Mutual Insurance Co.
	2,650	9.38%, 08/15/2039 ■		3,842
		Nordea Bank Ab
	3,575	2.25%, 03/20/2015 ■		3,662
		PNC Bank NA
	1,020	2.70%, 11/01/2022		1,026
	905	6.00%, 12/07/2017		1,098
	1,163	6.88%, 04/01/2018		1,474
		Provident Funding Associates L.P.
	796	10.25%, 04/15/2017 ■		871
		Realty Income Corp.
	1,865	3.25%, 10/15/2022		1,867
		Royal Bank of Scotland plc
	2,565	2.55%, 09/18/2015		2,629
	2,200	3.95%, 09/21/2015		2,358
		Santander Holdings USA
	906	4.63%, 04/19/2016		947
		Santander U.S. Debt S.A.
	4,300	3.72%, 01/20/2015 ■		4,308
		SLM Corp.
	3,725	7.25%, 01/25/2022		4,107
	1,635	8.45%, 06/15/2018		1,943
		State Street Corp.
	3,255	4.96%, 03/15/2018		3,628
		Teachers Insurance & Annuity Association of America
	2,658	6.85%, 12/16/2039 ■		3,681
		U.S. Bancorp
	2,995	2.95%, 07/15/2022		3,090
		UBS AG Stamford CT
	1,860	2.25%, 01/28/2014		1,888
	2,950	7.63%, 08/17/2022		3,181
		UnitedHealth Group, Inc.
	1,030	1.40%, 10/15/2017		1,037
		Ventas Realty L.P.
	2,750	3.25%, 08/15/2022		2,731
		Wellpoint, Inc.
	3,735	1.88%, 01/15/2018 ‡		3,785
		Wells Fargo & Co.
	1,100	2.10%, 05/08/2017 ‡		1,133
	1,750	4.60%, 04/01/2021 ‡		2,015
		Wells Fargo Bank NA
	3,190	0.65%, 05/16/2016 ‡Δ		3,110
		Xstrata Finance Canada Corp.
	2,670	3.60%, 01/15/2017 ■‡		2,806
				239,490
		Food Manufacturing - 0.1%
		Kraft Foods Group, Inc.
	2,005	3.50%, 06/06/2022 ■		2,174
		Health Care and Social Assistance - 1.8%
		Amgen, Inc.
	3,000	2.13%, 05/15/2017 ‡		3,120
		Community Health Systems, Inc.
	1,088	5.13%, 08/15/2018 ‡		1,129
		CVS Caremark Corp.
	3,699	8.35%, 07/10/2031 ■		5,175
		Express Scripts Holding Co.
	2,270	2.10%, 02/12/2015 ■‡		2,322

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.8% - (continued)
		Health Care and Social Assistance - 1.8% - (continued)
		Fresenius Medical Care U.S. Finance II, Inc.
$	1,385	5.63%, 07/31/2019 ■	$	1,458
	260	9.00%, 07/15/2015 ■		298
		Gilead Sciences, Inc.
	3,954	4.40%, 12/01/2021 ‡		4,571
		HCA, Inc.
	1,785	6.50%, 02/15/2020		1,972
	920	7.25%, 09/15/2020		1,018
	1,336	7.50%, 11/15/2095 ‡		1,142
	470	8.50%, 04/15/2019		528
		Memorial Sloan-Kettering Cancer Center
	1,985	5.00%, 07/01/2042		2,305
		Partners Healthcare Systems
	1,180	3.44%, 07/01/2021		1,241
		Tenet Healthcare Corp.
	2,599	6.25%, 11/01/2018		2,813
		Valeant Pharmaceuticals International, Inc.
	425	6.75%, 08/15/2021 ■		452
	535	7.25%, 07/15/2022 ■		579
		Watson Pharmaceuticals, Inc.
	2,230	3.25%, 10/01/2022		2,298
				32,421
		Information - 2.5%
		AT&T, Inc.
	500	5.35%, 09/01/2040 ‡		613
		Audatex North America, Inc.
	875	6.75%, 06/15/2018 ■		938
		Cricket Communications, Inc.
	2,635	7.75%, 05/15/2016		2,787
		CSC Holdings LLC
	320	6.75%, 11/15/2021 ■		356
		CSC Holdings, Inc.
	1,725	7.63%, 07/15/2018 ‡		1,997
		Deutsche Telekom International Finance B.V.
	4,420	3.13%, 04/11/2016 ■‡		4,672
		DISH DBS Corp.
	3,186	5.88%, 07/15/2022		3,345
	3,200	7.88%, 09/01/2019 ‡		3,752
		Hughes Satelite Systems
	890	6.50%, 06/15/2019		952
		Intelsat Jackson Holdings S.A.
	1,117	8.50%, 11/01/2019		1,254
		Paetec Holding Corp.
	293	9.88%, 12/01/2018		335
		Qwest Corp.
	2,060	7.20%, 11/10/2026 ‡		2,081
	825	7.25%, 10/15/2035		853
		Rogers Communications, Inc.
	740	8.75%, 05/01/2032		1,147
		SBA Telecommunications, Inc.
	135	5.75%, 07/15/2020 ■		140
		Sprint Nextel Corp.
	1,630	7.00%, 03/01/2020 ■		1,891
	547	9.00%, 11/15/2018 ■		676
		TCI Communications, Inc.
	685	8.75%, 08/01/2015		829
		Telecom Italia Capital
	854	7.18%, 06/18/2019		980
		Telefonica Emisiones SAU
	1,525	3.99%, 02/16/2016		1,548
		TW Telecom Holdings, Inc.
	365	5.38%, 10/01/2022 ■		375
		UnityMedia GmbH
	1,980	7.50%, 03/15/2019 ■		2,178
		UPCB Finance III Ltd.
	443	6.63%, 07/01/2020 ■		474
		UPCB Finance VI Ltd.
	1,335	6.88%, 01/15/2022 ■		1,428
		Verizon Communications, Inc.
	1,500	6.40%, 02/15/2038		2,083
		Videotron Ltee
	380	9.13%, 04/15/2018		410
		Vivendi S.A.
	3,605	2.40%, 04/10/2015 ■‡		3,650
		Wind Acquisition Finance S.A.
	1,490	7.25%, 02/15/2018 ■		1,447
		Windstream Corp.
	670	7.50%, 04/01/2023		705
	750	7.75%, 10/15/2020		808
	1,890	7.88%, 11/01/2017		2,105
				46,809
		Machinery Manufacturing - 0.3%
		Case New Holland, Inc.
	4,305	7.88%, 12/01/2017 ‡		5,058
		Mining - 0.8%
		Consol Energy, Inc.
	405	8.00%, 04/01/2017 ‡		428
		FMG Resources Pty Ltd.
	4,680	6.00%, 04/01/2017 ■		4,493
	542	7.00%, 11/01/2015 ■		547
	286	8.25%, 11/01/2019 ■		286
		Peabody Energy Corp.
	575	6.00%, 11/15/2018		597
	1,887	6.50%, 09/15/2020		2,000
	2,270	7.38%, 11/01/2016		2,599
		Rio Tinto Finance USA Ltd.
	1,935	9.00%, 05/01/2019		2,657
		Teck Resources Ltd.
	1,635	10.75%, 05/15/2019		1,969
		Vulcan Materials Co.
	85	7.15%, 11/30/2037		83
				15,659
		Miscellaneous Manufacturing - 0.4%
		BE Aerospace, Inc.
	1,765	5.25%, 04/01/2022 ‡		1,840
	1,321	6.88%, 10/01/2020 ‡		1,466
		Bombardier, Inc.
	1,975	7.75%, 03/15/2020 ■		2,308
		Owens-Brockway Glass Container, Inc.
	1,175	7.38%, 05/15/2016		1,346
		Reynolds Group Issuer, Inc.
	430	6.87%, 02/15/2021 Δ		457
				7,417
		Motor Vehicle and Parts Manufacturing - 0.2%
		Ford Motor Co.
	590	7.50%, 08/01/2026 ‡		690

The accompanying notes are an integral part of these financial statements.

9

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.8% - (continued)
		Motor Vehicle and Parts Manufacturing - 0.2% - (continued)
		Tenneco, Inc.
$	905	6.88%, 12/15/2020	$	986
		TRW Automotive, Inc.
	2,140	7.25%, 03/15/2017 ■		2,437
				4,113
		Nonmetallic Mineral Product Manufacturing - 0.2%
		Ardagh Packaging Finance plc
	865	7.38%, 10/15/2017 ■		930
		Silgan Holdings, Inc.
	2,315	5.00%, 04/01/2020		2,379
				3,309
		Paper Manufacturing - 0.1%
		P.H. Glatfelter Co.
	330	5.38%, 10/15/2020 ■		334
		Rock-Tenn Co.
	150	3.50%, 03/01/2020 ■		155
	1,120	4.00%, 03/01/2023 ■		1,153
				1,642
		Petroleum and Coal Products Manufacturing - 2.2%
		Anadarko Petroleum Corp.
	1,495	6.38%, 09/15/2017 ‡		1,812
		Chesapeake Energy Corp.
	948	6.88%, 08/15/2018 ‡		995
		Continental Resources, Inc.
	915	5.00%, 09/15/2022 ‡		963
	295	5.00%, 09/15/2022 ■		311
		Everest Acquisition LLC
	1,289	9.38%, 05/01/2020 ■		1,424
		Ferrellgas Partners L.P.
	1,204	6.50%, 05/01/2021		1,162
		Gazprom Neft OAO via GPN Capital S.A.
	1,215	4.38%, 09/19/2022 ■		1,218
		Harvest Operations Corp.
	736	6.88%, 10/01/2017		806
		Hornbeck Offshore Services, Inc.
	1,565	5.88%, 04/01/2020		1,592
		MEG Energy Corp.
	481	6.38%, 01/30/2023 ■		515
		Newfield Exploration Co.
	2,555	5.75%, 01/30/2022		2,760
		Pemex Project Funding Master Trust
	2,575	6.63%, 06/15/2035		3,212
		Petrobras International Finance Co.
	115	3.88%, 01/27/2016		122
	815	5.38%, 01/27/2021		924
	4,355	5.75%, 01/20/2020		5,024
	1,800	6.75%, 01/27/2041		2,302
		Pioneer Natural Resources Co.
	290	6.65%, 03/15/2017		345
	910	7.50%, 01/15/2020		1,166
		Range Resources Corp.
	850	6.75%, 08/01/2020		937
		Seadrill Ltd.
	1,050	5.63%, 09/15/2017 ■		1,050
		Sempra Energy
	1,096	6.50%, 06/01/2016		1,298
		Transocean, Inc.
	4,790	1.50%, 12/15/2037 ۞		4,775
	1,820	6.38%, 12/15/2021		2,215
		Valero Energy Corp.
	2,086	9.38%, 03/15/2019 ‡		2,867
				39,795
		Pipeline Transportation - 0.7%
		El Paso Corp.
	900	7.00%, 06/15/2017 ‡		1,028
	661	7.80%, 08/01/2031 ‡		787
		Energy Transfer Equity L.P.
	2,773	7.50%, 10/15/2020		3,154
		Kinder Morgan Energy Partners L.P.
	1,880	6.85%, 02/15/2020		2,401
		Kinder Morgan Finance Co.
	4,555	6.00%, 01/15/2018 ■		4,997
		MarkWest Energy Partners L.P.
	295	5.50%, 02/15/2023		310
	880	6.25%, 06/15/2022		953
				13,630
		Plastics and Rubber Products Manufacturing - 0.1%
		Continental Rubber of America Corp.
	1,145	4.50%, 09/15/2019 ■		1,170
		Primary Metal Manufacturing - 0.2%
		ArcelorMittal
	2,125	6.50%, 02/25/2022		2,088
	1,630	9.25%, 02/15/2015 ‡		1,809
				3,897
		Professional, Scientific and Technical Services - 0.1%
		Lamar Media Corp.
	905	5.88%, 02/01/2022		959
		Lender Processing Services, Inc.
	566	5.75%, 04/15/2023		599
				1,558
		Real Estate, Rental and Leasing - 0.8%
		Air Lease Corp.
	1,105	4.50%, 01/15/2016 ■		1,105
		ERAC USA Finance Co.
	2,605	6.38%, 10/15/2017 ■‡		3,178
		International Lease Finance Corp.
	674	5.75%, 05/15/2016		712
	5,850	5.88%, 04/01/2019 ‡		6,197
	1,326	6.25%, 05/15/2019		1,429
	435	8.25%, 12/15/2020		513
	674	8.88%, 09/01/2017		794
		United Rental Financing Escrow Corp.
	60	5.75%, 07/15/2018 ■		64
				13,992
		Retail Trade - 1.1%
		AmeriGas Partners L.P.
	640	6.25%, 08/20/2019 ‡		672
		AutoNation, Inc.
	1,170	5.50%, 02/01/2020 ‡		1,239
		AutoZone, Inc.
	5,164	3.70%, 04/15/2022 ‡		5,502

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount			Market Value ╪
CORPORATE BONDS - 32.8% - (continued)
		Retail Trade - 1.1% - (continued)
		Building Materials Corp.
$	1,490	6.75%, 05/01/2021 ■	$	1,624
	831	7.50%, 03/15/2020 ■		904
		Energy Transfer Partners
	2,590	6.50%, 02/01/2042 ‡		3,256
		Ltd. Brands, Inc.
	2,757	5.63%, 02/15/2022		2,974
		QVC, Inc.
	1,635	7.50%, 10/01/2019 ■		1,803
		Sally Holdings LLC
	660	5.75%, 06/01/2022		705
		Sotheby's
	1,025	5.25%, 10/01/2022 ■		1,040
				19,719
		Transportation Equipment Manufacturing - 0.1%
		Huntington Ingalls Industries, Inc.
	1,710	6.88%, 03/15/2018		1,847
		Utilities - 1.4%
		AES (The) Corp.
	375	9.75%, 04/15/2016 ‡		448
		AES El Salvador Trust
	800	6.75%, 02/01/2016 §		812
		Calpine Corp.
	2,320	7.50%, 02/15/2021 ■‡		2,523
	305	7.50%, 02/15/2021 §		332
	981	7.88%, 01/15/2023 ■		1,084
		Carolina Power & Light Co.
	1,205	4.10%, 05/15/2042 ‡		1,295
		CenterPoint Energy, Inc.
	2,775	6.85%, 06/01/2015 ‡		3,138
		Dolphin Subsidiary II, Inc.
	3,825	7.25%, 10/15/2021		4,313
		EDP Finance B.V.
	1,080	4.90%, 10/01/2019 ■		1,048
		MidAmerican Energy Holdings Co.
	3,935	8.48%, 09/15/2028 ‡		5,940
		Pacific Gas & Electric Co.
	2,453	8.25%, 10/15/2018		3,355
		PSEG Power LLC
	1,287	5.00%, 04/01/2014		1,359
				25,647
		Wholesale Trade - 0.4%
		Heineken N.V.
	1,891	1.40%, 10/01/2017 ■		1,900
	985	2.75%, 04/01/2023 ■		995
		SABMiller Holdings, Inc.
	3,425	2.45%, 01/15/2017 ■		3,590
	985	4.95%, 01/15/2042 ■		1,179
				7,664
		Total corporate bonds
		(cost $559,981)	$	605,174
FOREIGN GOVERNMENT OBLIGATIONS - 0.4%
		Mexico - 0.2%
		United Mexican States
$	3,174	4.75%, 03/08/2044	$	3,523
		Russia - 0.2%
		Russian Federation
	4,400	3.25%, 04/04/2017 ■		4,669
		Total foreign government obligations
		(cost $7,513)	$	8,192
MUNICIPAL BONDS - 1.2%
		General Obligations - 0.6%
		California State GO
$	1,420	7.50%, 04/01/2034 ‡	$	1,914
	430	7.60%, 11/01/2040 ‡		607
		California State GO, Taxable
	4,785	7.55%, 04/01/2039 ‡		6,674
		Oregon State GO
	1,250	4.76%, 06/30/2028		1,477
				10,672
		Higher Education (Univ., Dorms, etc.) - 0.1%
		Curators University, System Facs Rev Build America Bonds
	950	5.79%, 11/01/2041 ‡		1,279
		Utilities - Electric - 0.3%
		Municipal Elec Auth Georgia
	4,510	6.64%, 04/01/2057		5,430
		Utilities - Water and Sewer - 0.2%
		San Franciso City & County, CA, Public Utilities
	3,515	6.00%, 11/01/2040		4,372
		Total municipal bonds
		(cost $18,985)	$	21,753
SENIOR FLOATING RATE INTERESTS ♦ - 0.7%
		Air Transportation - 0.0%
		Delta Air Lines, Inc.
$	455	5.25%, 10/18/2018	$	452
		Arts, Entertainment and Recreation - 0.1%
		Kabel Deutschland GmbH
	930	4.25%, 02/01/2019		934
		Penn National Gaming, Inc.
	210	3.75%, 07/16/2018 ☼		211
				1,145
		Construction - 0.0%
		Brand Energy & Infrastructure Services, Inc.
	360	5.28%, 10/20/2018 ☼		358
		Finance and Insurance - 0.3%
		Asurion Corp., 2nd Lien Term Loan
	223	9.00%, 05/24/2019		231
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	92	8.75%, 12/18/2017		85
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	218	8.75%, 12/18/2017		202
		Chrysler Group LLC
	3,312	6.00%, 05/24/2017		3,380

The accompanying notes are an integral part of these financial statements.

11

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 0.7% - (continued)
		Finance and Insurance - 0.3% - (continued)
		Macquarie Aircraft Leasing Finance S.A., 2nd Lien Term Loan
$	754	4.21%, 11/29/2013	$	746
				4,644
		Food Services - 0.0%
		OSI Restaurant Partners LLC
	580	4.28%, 10/31/2019 ☼		582
		Furniture and Related Product Manufacturing - 0.0%
		Wilsonart International Holding LLC
	320	4.78%, 10/03/2019 ☼		321
		Health Care and Social Assistance - 0.0%
		IMS Health, Inc.
	290	4.50%, 08/26/2017 ☼		292
		Information - 0.1%
		Kronos, Inc.
	945	4.53%, 10/31/2019 ☼		950
	175	8.65%, 04/25/2020 ☼		176
		Warner Music Group Corp.
	230	4.78%, 10/25/2018 ☼		231
				1,357
		Mining - 0.0%
		Fortescue Metals Group Ltd.
	420	5.54%, 10/18/2017 ☼		418
		Pipeline Transportation - 0.1%
		EP Energy LLC
	1,120	4.03%, 03/31/2019 ☼		1,117
		Plastics and Rubber Products Manufacturing - 0.0%
		Consolidated Container Co. LLC
	520	5.00%, 07/03/2019		520
		Retail Trade - 0.1%
		EB Sports Corp.
	2,210	11.50%, 12/31/2015 Þ		2,166
		Truck Transportation - 0.0%
		Nexeo Solutions LLC
	295	5.00%, 09/09/2017		290
		Total senior floating rate interests
		(cost $13,530)	$	13,662
U.S. GOVERNMENT AGENCIES - 57.8%
		FHLMC - 10.1%
$	4,418	0.83%, 05/15/2037 ►	$	759
	18,249	0.92%, 01/15/2041 ►		2,596
	8,008	0.97%, 12/15/2036 ►		1,331
	62,400	3.00%, 11/15/2042 ☼		65,320
	14,123	3.28%, 08/25/2018 ►		1,395
	32,707	3.42%, 10/25/2020 ►		678
	10,638	4.00%, 08/01/2025		11,487
	14,500	4.50%, 11/15/2039 ☼		15,538
	24,600	5.00%, 11/15/2038 ☼		26,618
	48,507	5.50%, 03/01/2036 - 06/01/2041		52,836
	3,701	5.85%, 01/15/2039 ►		592
	7,000	6.00%, 01/01/2023 - 06/01/2038		7,758
				186,908
		FNMA - 14.8%
	6,380	2.14%, 12/01/2027 ☼		6,376
	2,250	2.20%, 12/01/2022 ☼		2,261
	1,315	2.28%, 12/01/2027 ☼		1,333
	1,110	2.34%, 12/01/2022 ☼		1,129
	6,230	2.40%, 10/01/2022 - 12/01/2022 ☼		6,377
	875	2.42%, 11/01/2022 ☼		888
	895	2.47%, 12/01/2022 ☼		912
	49,500	2.50%, 11/12/2027 ☼		51,805
	5,180	2.67%, 06/25/2042 ►		781
	3,300	3.00%, 10/15/2042		3,460
	43,100	3.50%, 11/15/2040 ☼		45,908
	6,550	3.89%, 11/25/2039 ►		1,324
	12,577	4.00%, 06/01/2025 - 11/15/2040		13,525
	23,046	4.50%, 08/01/2024 - 08/01/2040 ☼		24,874
	53,861	5.00%, 04/01/2018 - 04/25/2038		58,954
	28,753	5.50%, 01/01/2017 - 11/01/2037		31,693
	8,785	5.55%, 10/25/2036 ►		1,611
	15,110	6.00%, 03/01/2013 - 11/01/2039 ☼		16,840
	12,459	6.00%, 09/25/2040 ►		1,845
	289	7.00%, 10/01/2037		344
	90	7.50%, 12/01/2029 - 09/01/2031		110
				272,350
		GNMA - 32.9%
	18,800	3.00%, 11/15/2042 ☼		19,991
	78,100	3.50%, 11/15/2041 ☼		84,995
	254,638	4.00%, 11/15/2039 - 01/15/2041 ☼		278,670
	104,206	4.50%, 07/15/2033 - 07/15/2041		115,202
	37,839	5.00%, 08/15/2039 - 06/20/2040		42,066
	25,269	5.50%, 05/15/2033 - 11/15/2039 ☼		27,925
	32,094	6.00%, 11/15/2032 - 03/15/2041 ☼		36,350
	1,104	6.50%, 09/15/2028 - 07/15/2032		1,300
				606,499
		Total U.S. government agencies
		(cost $1,047,317)	$	1,065,757
U.S. GOVERNMENT SECURITIES - 13.8%
	U.S. Treasury Securities - 13.8%
		U.S. Treasury Bonds - 7.5%
$	27,086	3.13%, 11/15/2041 ‡	$	28,745
	544	3.75%, 08/15/2041 ‡		648
	15,802	4.38%, 05/15/2041 □		20,859
	17,076	4.75%, 02/15/2041 ‡		23,842
	34,182	5.38%, 02/15/2031 ‡		49,265
	10,325	6.25%, 05/15/2030 ‡		16,118
				139,477
		U.S. Treasury Notes - 6.3%
	14,636	0.25%, 10/31/2013 - 01/31/2014 ╦‡		14,641
	14,216	2.00%, 11/15/2021 - 02/15/2022 ‡		14,722
	14,625	3.13%, 04/30/2017 □		16,238
	64,950	4.25%, 11/15/2014 ‡		70,146
				115,747
				255,224
		Total U.S. government securities
		(cost $248,116)	$	255,224

The accompanying notes are an integral part of these financial statements.

12

Contracts			Market Value ╪
PUT OPTIONS PURCHASED - 0.0%
	Interest Rate Contracts - 0.0%
		EURO 3-Year Mid-Curve
	—	Expiration: 12/14/2012, Exercise Price: $98.00 †	$	2
		Total put options purchased
		(cost $238)	$	2

Shares or Principal Amount			Market Value ╪
PREFERRED STOCKS - 0.1%
		Banks - 0.0%
	85	Federal Home Loan Mortgage Corp.	$	148
	—	US Bancorp		417
				565
		Diversified Financials - 0.1%
	44	Citigroup Capital XIII		1,237
		Total preferred stocks
		(cost $3,707)	$	1,802
		Total long-term investments
		(cost $2,094,479)	$	2,178,006
SHORT-TERM INVESTMENTS - 13.3%
	Repurchase Agreements - 13.3%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $44,265, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $45,150)
$	44,265	0.30%, 10/31/2012	$	44,265
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $18,023, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $18,384)
	18,023	0.25%, 10/31/2012		18,023
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $30,990, collateralized by FNMA 2.50%, 2027, value of $31,609)
	30,990	0.35%, 10/31/2012		30,990
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $11,772, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $12,007)
	11,772	0.35%, 10/31/2012		11,772
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $54,688, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $55,713)
	54,688	0.28%, 10/31/2012		54,688
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $69,313, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $70,698)
	69,312	0.25%, 10/31/2012		69,312
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $314, collateralized by U.S. Treasury Note 8.13%, 2019, value of $322)
	314	0.25%, 10/31/2012		314
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $16,067, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $16,388)

16,066	0.30%, 10/31/2012				16,066
					245,430
	Total short-term investments
	(cost $245,430)			$	245,430
	Total investments
	(cost $2,339,909) ▲	131.3	%	$	2,423,436
	Other assets and liabilities	(31.3	)%		(577,997	)
	Total net assets	100.0	%	$	1,845,439

The accompanying notes are an integral part of these financial statements.

13

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $2,343,281 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	88,937
Unrealized Depreciation		(8,782	)
Net Unrealized Appreciation	$	80,155

† These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $2, which rounds to zero percent of total net assets.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $170,062, which represents 9.2% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $1,144, which represents 0.1% of total net assets.

♠ Perpetual maturity security.  Maturity date shown is the first call date.

۞ Convertible security.

► Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at October 31, 2012.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $446,839 at October 31, 2012.

Þ This security may pay interest in additional principal instead of cash.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $9,350 was received from broker as collateral in connection with swap contracts.  Securities valued at $7,978, held on behalf of the Fund at the custody bank, were designated by broker as collateral in connection with swap contracts.

The accompanying notes are an integral part of these financial statements.

14

□ This security, or a portion of this security, is pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts held at October 31, 2012 as listed in the table below:

Description	Number of Contracts*		Expiration Date	Notional Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 2-Year Note Future		401	12/31/2012	$	88,392	$	88,352	$	(40	)
U.S. Treasury 5-Year Note Future		1,303	12/31/2012		161,816		161,898		82
								$	42
Short position contracts:
U.S. Treasury 10-Year Note Future		590	12/19/2012	$	78,072	$	78,489	$	(417	)
U.S. Treasury 30-Year Bond Future		134	12/19/2012		19,603		20,008		(405	)
U.S. Treasury CME Ultra Long Term Bond Future		37	12/19/2012		6,168		6,108		60
								$	(762	)
								$	(720	)

* The number of contracts does not omit 000's.

Securities Sold Short Outstanding at October 31, 2012
Description	Principal Amount		Maturity Date	Market Value ╪		Unrealized Appreciation/ Depreciation
FHLMC, 4.00%	$	14,000	11/15/2039	$	14,935	$	85
FNMA, 2.50%		30,100	11/12/2027		31,502		66
FNMA, 3.00%		10,100	11/15/2042		10,591		57
FNMA, 4.00%		60,000	11/15/2040		64,247		195
FNMA, 5.00%		18,000	11/15/2039		19,637		(37	)
FNMA, 5.50%		59,200	11/15/2040		64,907		(36	)
GNMA, 3.50%		31,000	11/15/2041		33,683		29
GNMA, 4.00%		119,300	11/15/2039		130,503		35
GNMA, 4.50%		29,400	11/15/2040		31,963		310
				$	401,968	$	704

Foreign Currency Contracts Outstanding at October 31, 2012
Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
MXN	Buy	12/19/2012	JPM	$	3,025	$	3,007	$	(18	)
MXN	Buy	12/19/2012	RBC		8,137		8,007		(130	)
MXN	Buy	12/19/2012	UBS		4,016		3,982		(34	)
MXN	Sell	12/19/2012	BNP		1,858		1,815		43
MXN	Sell	12/19/2012	CSFB		739		717		22
MXN	Sell	12/19/2012	RBC		9,931		9,749		182
MXN	Sell	12/19/2012	UBS		2,753		2,715		38
								$	103

Credit Default Swap Contracts Outstanding at October 31, 2012
Reference Entity	Counterparty	��	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)			Expiration Date	Upfront Premiums Paid/ (Received)		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices:
Buy protection:
ABX.HE.AA.06	BCLY		$	696		(0.32	)%	07/25/45	$	393	$	300	$	(93	)
ABX.HE.AAA.06	BCLY			6,823		(0.18	)%	07/25/45		714		415		(299	)
ABX.HE.AAA.06	GSC			10,632		(0.18	)%	07/25/45		936		647		(289	)
ABX.HE.AAA.06	MSC			2,378		(0.18	)%	07/25/45		195		145		(50	)

The accompanying notes are an integral part of these financial statements.

15

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Credit Default Swap Contracts Outstanding at October 31, 2012 - (continued)
Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)			Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices: - (continued)
Buy protection: - (continued)
ABX.HE.PENAAA.06	BCLY	$	5,907		(0.11	)%	05/25/46	$	1,626		$	1,258		$	(368	)
ABX.HE.PENAAA.06	GSC		3,060		(0.11	)%	05/25/46		765			651			(114	)
ABX.HE.PENAAA.06	JPM		4,147		(0.11	)%	05/25/46		1,034			883			(151	)
ABX.HE.PENAAA.06	MSC		1,603		(0.11	)%	05/25/46		389			341			(48	)
ABX.HE.PENAAA.07	BCLY		966		(0.09	)%	08/25/37		422			391			(31	)
ABX.HE.PENAAA.07	BCLY		2,541		(0.09	)%	08/25/37		985			1,029			44
ABX.HE.PENAAA.07	GSC		632		(0.09	)%	08/25/37		261			256			(5	)
ABX.HE.PENAAA.07	JPM		1,539		(0.09	)%	08/25/37		631			623			(8	)
CDX.NA.HY.18	CSI		24,621		(5.00	)%	06/20/17		1,231			(12	)		(1,243	)
CDX.NA.HY.19	BCLY		45,810		(5.00	)%	12/20/17		315			373			58
CDX.NA.HY.19	CSI		54,975		(5.00	)%	12/20/17		258			447			189
CDX.NA.HY.19	GSC		2,525		(5.00	)%	12/20/17		4			21			17
CMBX.NA.A.1	DEUT		2,490		(0.35	)%	10/12/52		1,150			1,078			(72	)
CMBX.NA.A.1	GSC		1,155		(0.35	)%	10/12/52		523			500			(23	)
CMBX.NA.AA.1	UBS		3,050		(0.25	)%	10/12/52		910			833			(77	)
CMBX.NA.AJ.4	DEUT		1,670		(0.96	)%	02/17/51		666			604			(62	)
CMBX.NA.AJ.4	JPM		1,575		(0.96	)%	02/17/51		530			570			40
CMBX.NA.AJ.4	MSC		3,420		(0.96	)%	02/17/51		1,338			1,237			(101	)
CMBX.NA.AJ.4	UBS		1,370		(0.96	)%	02/17/51		460			495			35
CMBX.NA.AM.3	CSI		1,785		(0.50	)%	12/13/49		362			258			(104	)
CMBX.NA.AM.3	MSC		1,785		(0.50	)%	12/13/49		355			258			(97	)
CMBX.NA.AM.4	BCLY		990		(0.50	)%	02/17/51		174			155			(19	)
CMBX.NA.AM.4	JPM		1,000		(0.50	)%	02/17/51		235			156			(79	)
CMBX.NA.AM.4	MSC		6,055		(0.50	)%	02/17/51		1,405			946			(459	)
CMBX.NA.AM.4	UBS		5,875		(0.50	)%	02/17/51		1,200			917			(283	)
ITRX.XOV.18	GSC		EUR  13,145		(5.00	)%	12/20/17		170			191			21
Total								$	19,637		$	15,966		$	(3,671	)
Sell protection:
ABX.HE.PENAAA.07	JPM	$	964		0.76	%	01/25/38	$	(614	)	$	(484	)	$	130
CDX.NA.IG.18	MSC		20,415		1.00	%	06/20/17		(143	)		97			240
CDX.NA.IG.19	GSC		22,600		1.00	%	12/20/17		43			6			(37	)
CDX.NA.IG.19	JPM		41,150		1.00	%	12/20/17		133			12			(121	)
CDX.NA.IG.19	MSC		90,525		1.00	%	12/20/17		325			28			(297	)
CMBX.NA.AA.4	MSC		5,145		1.65	%	02/17/51		(3,240	)		(3,250	)		(10	)
CMBX.NA.AAA.2	DEUT		635		0.07	%	03/15/49		(36	)		(28	)		8
CMBX.NA.AAA.2	JPM		1,025		0.07	%	03/15/49		(41	)		(45	)		(4	)
CMBX.NA.AAA.2	UBS		8,265		0.07	%	03/15/49		(440	)		(359	)		81
CMBX.NA.AAA.3	DEUT		8,160		0.08	%	12/13/49		(630	)		(517	)		113
CMBX.NA.AAA.3	JPM		14,785		0.08	%	12/13/49		(1,184	)		(936	)		248
CMBX.NA.AAA.3	UBS		6,580		0.08	%	12/13/49		(572	)		(416	)		156
CMBX.NA.AAA.5	MSC		2,910		0.35	%	02/15/51		(231	)		(156	)		75
CMBX.NA.AJ.2	JPM		6,100		1.09	%	03/15/49		(1,505	)		(1,295	)		210
CMBX.NA.AJ.3	UBS		2,585		1.47	%	12/13/49		(1,017	)		(884	)		133
ITRX.EUR.18	GSC		EUR   12,175		1.00	%	12/20/17	$	(170	)	$	(224	)	$	(54	)
PrimeX.ARM.1	MSC		1,550		4.42	%	06/25/36		45			135			90
PrimeX.ARM.2	MSC		4,602		4.58	%	12/25/37		(338	)		(17	)		321
Total								$	(9,615	)	$	(8,333	)	$	1,282
Total traded indices								$	10,022		$	7,633		$	(2,389	)
Credit default swaps on single-name issues:
Buy protection:
Banco Santander S.A.	BCLY	$	4,300		(1.00)% / 2.39%		03/20/15	$	217		$	138		$	(79	)
Morgan Stanley	JPM		2,850		(1.00)% / 1.92%		09/20/16		264			98			(166	)
Total								$	481		$	236		$	(245	)

The accompanying notes are an integral part of these financial statements.

16

Credit Default Swap Contracts Outstanding at October 31, 2012 - (continued)
Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)	Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪		Unrealized Appreciation/ (Depreciation)
Credit default swaps on single-name issues: - (continued)
Sell protection:
Pacific Gas & Electric Co.	CSI	$	2,200	1.00% / 0.71%	09/20/16	$	(18	)	$	25	$	43
Total single name issues						$	463		$	261	$	(202	)
						$	10,485		$	7,894	$	(2,591	)

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.  Notional shown in U.S. dollars unless otherwise noted.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign government issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative.  The implied credit spread of a particular entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement.  Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on October 31, 2012.  For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

Interest Rate Swap Contracts Outstanding at October 31, 2012
Counterparty	Payments made by Fund	Payments received by Fund	Notional Amount *		Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
JPM	2.00% Fixed	3M LIBOR		17,300	03/20/23	$	(106	)	$	(260	)	$	(154	)

* Notional shown in U.S. dollars unless otherwise noted.

Spreadlock Swap Contracts Outstanding at October 31, 2012

Counterparty

Strike

Notional Amount

Determination Date

Upfront Premiums Paid/ (Received)

Market Value ╪

Unrealized Appreciation/ (Depreciation)

BOA

0.71

%*

160,000

03/21/13

$

–

$

182

$

182

* This is a spreadlock swap between the 10-Year interest rate swap curve and the yield to maturity on a 30-Year FNMA.  If the rate on the 30-Year FNMA minus the 10-Year CMS (constant maturity swap) rate is greater than 0.71%, the Fund will receive money from the counterparty based on this differential.  If the rate on the 30-Year FNMA minus the 10-Year CMS rate is less than 0.71%, the Fund will pay the counterparty.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

The accompanying notes are an integral part of these financial statements.

17

The Hartford Total Return Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
BNP	BNP Paribas Securities
CSFB	Credit Suisse First Boston Corp.
CSI	Credit Suisse International
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
UBS	UBS AG
Currency Abbreviations:
EUR	EURO
MXN	Mexican New Peso
Index Abbreviations:
ABX.HE	Markit Asset Backed Security Home Equity
ABX.HE.PEN	Markit Asset Backed Security Home Equity Penultimate
CDX.NA.HY	Credit Derivatives North American High Yield
CDX.NA.IG	Credit Derivatives North American Investment Grade
CMBX.NA	Markit Commercial Mortgage Backed North American
ITRX.EUR	Markit iTraxx - Europe
ITRX.XOV	Markit iTraxx Index - Europe Crossover
JSE	Johannesburg Stock Exhange
PrimeX.ARM	Markit PrimeX Mortgage Backed Security
Municipal Bond Abbreviations:
GO	General Obligation
Rev	Revenue
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate

The accompanying notes are an integral part of these financial statements.

18

The Hartford Total Return Bond Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	206,440	$	–	$	174,357	$	32,083
Corporate Bonds		605,174		–		601,313		3,861
Foreign Government Obligations		8,192		–		8,192		–
Municipal Bonds		21,753		–		21,753		–
Preferred Stocks		1,802		1,385		417		–
Put Options Purchased		2		–		–		2
Senior Floating Rate Interests		13,662		–		13,662		–
U.S. Government Agencies		1,065,757		–		1,047,500		18,257
U.S. Government Securities		255,224		–		255,224		–
Short-Term Investments		245,430		–		245,430		–
Total	$	2,423,436	$	1,385	$	2,367,848	$	54,203
Credit Default Swaps *		2,252		–		2,252		–
Foreign Currency Contracts *		285		–		285		–
Futures *		142		142		–		–
Spreadlock Swaps *		182		–		182		–
Total	$	2,861	$	142	$	2,719	$	–
Liabilities:
Securities Sold Short	$	401,968	$	–	$	401,968	$	–
Total	$	401,968	$	–	$	401,968	$	–
Credit Default Swaps *		4,843		–		4,843		–
Foreign Currency Contracts *		182		–		182		–
Futures *		862		862		–		–
Interest Rate Swaps *		154		–		154		–
Total	$	6,041	$	862	$	5,179	$	–

♦ For the year ended October 31, 2012, investments valued at $601 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1) Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).

2) U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).

3) Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

The accompanying notes are an integral part of these financial statements.

19

The Hartford Total Return Bond Fund

Investment Valuation Hierarchy Level Summary – (continued)

October 31, 2012

(000’s Omitted)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of October 31, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	10,304	$	(916	)	$	4,935	†	$	1,912		$	25,939	$	(8,423	)	$	377	$	(2,045	)	$	32,083
Corporate Bonds		5,473		415			69	‡		(24	)		4,016		(6,088	)		—		—			3,861
Options Purchased		—		—			(236	)§		—			238		—			—		—			2
U.S. Government Agencies		1,711		—			10	**		—			18,247		—			—		(1,711	)		18,257
Total	$	17,488	$	(501	)	$	4,778		$	1,888		$	48,440	$	(14,511	)	$	377	$	(3,756	)	$	54,203
Liabilities:
Swaps††	$	—	$	—	‡‡	$	—		$	—		$	—	$	—		$	—	$	—		$	—
Total	$	—	$	—		$	—		$	—		$	—	$	—		$	—	$	—		$	—

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $2,940.

‡ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $135.

§ Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $(236).

** Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $10.

†† Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/ depreciation on the investment.

‡‡ The realized gain (loss) earned for swaps during the period ended October 31, 2012 was $1,055.

The accompanying notes are an integral part of these financial statements.

20

The Hartford Total Return Bond Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $2,339,909)	$	2,423,436
Unrealized appreciation on foreign currency contracts		285
Unrealized appreciation on swap contracts		2,434
Receivables:
Investment securities sold		616,425
Fund shares sold		3,044
Dividends and interest		13,322
Variation margin		345
Swap premiums paid		20,664
Other assets		107
Total assets		3,080,062
Liabilities:
Unrealized depreciation on foreign currency contracts		182
Unrealized depreciation on swap contracts		4,997
Bank overdraft		360
Securities sold short, at market value (proceeds $402,672)		401,968
Payables:
Investment securities purchased		804,139
Fund shares redeemed		2,388
Investment management fees		203
Dividends		70
Administrative fees		1
Distribution fees		73
Collateral received from broker		9,350
Variation margin		347
Accrued expenses		235
Swap premiums received		10,285
Other liabilities		25
Total liabilities		1,234,623
Net assets	$	1,845,439
Summary of Net Assets:
Capital stock and paid-in-capital	$	1,711,546
Undistributed net investment income		1,536
Accumulated net realized gain		51,306
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		81,051
Net assets	$	1,845,439

The accompanying notes are an integral part of these financial statements.

21

The Hartford Total Return Bond Fund

Statement of Assets and Liabilities – (continued)

October 31, 2012

(000’s Omitted)

Shares authorized		850,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$11.16/$11.69
Shares outstanding		62,383
Net assets	$	696,383
Class B: Net asset value per share	$	11.08
Shares outstanding		4,243
Net assets	$	47,026
Class C: Net asset value per share	$	11.18
Shares outstanding		9,421
Net assets	$	105,330
Class I: Net asset value per share	$	11.17
Shares outstanding		1,000
Net assets	$	11,177
Class R3: Net asset value per share	$	11.35
Shares outstanding		876
Net assets	$	9,944
Class R4: Net asset value per share	$	11.33
Shares outstanding		1,936
Net assets	$	21,940
Class R5: Net asset value per share	$	11.33
Shares outstanding		90
Net assets	$	1,018
Class Y: Net asset value per share	$	11.32
Shares outstanding		84,137
Net assets	$	952,621

The accompanying notes are an integral part of these financial statements.

22

The Hartford Total Return Bond Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	90
Interest		65,701
Total investment income		65,791
Expenses:
Investment management fees		9,348
Administrative services fees		59
Transfer agent fees		1,576
Distribution fees
Class A		1,677
Class B		508
Class C		1,040
Class R3		52
Class R4		61
Custodian fees		16
Accounting services fees		373
Registration and filing fees		162
Board of Directors' fees		51
Audit fees		31
Other expenses		253
Total expenses (before waivers and fees paid indirectly)		15,207
Expense waivers		(1,429	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(1,429	)
Total expenses, net		13,778
Net Investment Income		52,013
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		81,502
Net realized loss on purchased options		(378	)
Net realized loss on securities sold short		(4,807	)
Net realized loss on futures		(3,771	)
Net realized gain on written options		3,619
Net realized loss on swap contracts		(11,981	)
Net realized loss on foreign currency contracts		(568	)
Net realized gain on other foreign currency transactions		7
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		63,623
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		25,724
Net unrealized depreciation of purchased options		(2,106	)
Net unrealized appreciation of securities sold short		704
Net unrealized depreciation of futures		(668	)
Net unrealized depreciation of written options		(48	)
Net unrealized depreciation of swap contracts		(3,031	)
Net unrealized depreciation of foreign currency contracts		(20	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		244
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		20,799
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		84,422
Net Increase in Net Assets Resulting from Operations	$	136,435

The accompanying notes are an integral part of these financial statements.

23

The Hartford Total Return Bond Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	52,013		$	65,094
Net realized gain on investments, other financial instruments and foreign currency transactions		63,623			47,414
Net unrealized appreciation (depreciation) of investments, other financial instruments and foreign currency transactions		20,799			(35,662	)
Net Increase In Net Assets Resulting From Operations		136,435			76,846
Distributions to Shareholders:
From net investment income
Class A		(20,654	)		(22,890	)
Class B		(1,204	)		(1,482	)
Class C		(2,429	)		(2,498	)
Class I		(394	)		(292	)
Class R3		(285	)		(263	)
Class R4		(744	)		(769	)
Class R5		(34	)		(28	)
Class Y		(33,861	)		(36,618	)
Total from net investment income		(59,605	)		(64,840	)
From net realized gain on investments
Class A		(3,389	)		—
Class B		(278	)		—
Class C		(521	)		—
Class I		(68	)		—
Class R3		(56	)		—
Class R4		(123	)		—
Class R5		(5	)		—
Class Y		(4,769	)		—
Total from net realized gain on investments		(9,209	)		—
Total distributions		(68,814	)		(64,840	)
Capital Share Transactions:
Class A		(1,103	)		(163,778	)
Class B		(9,675	)		(16,035	)
Class C		(2,816	)		(14,289	)
Class I		(1,200	)		2,552
Class R3		(2,365	)		3,242
Class R4		(4,297	)		(456	)
Class R5		(9	)		325
Class Y		(35,823	)		(51,915	)
Net decrease from capital share transactions		(57,288	)		(240,354	)
Net Increase (Decrease) In Net Assets		10,333			(228,348	)
Net Assets:
Beginning of period		1,835,106			2,063,454
End of period	$	1,845,439		$	1,835,106
Undistributed (distribution in excess of) net investment income (loss)	$	1,536		$	2,503

The accompanying notes are an integral part of these financial statements.

24

The Hartford Total Return Bond Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Total Return Bond Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

25

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

26

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price. For more information on specific valuation techniques and unobservable inputs, please see table below titled "Quantitative Information about Level 3 Fair Value Measurements".

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

27

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

Quantitative Information about Level 3 Fair Value Measurements:

Security Type / Valuation Technique	Unobservable Input(1)	Range (Weighted Average(2) )	Fair Value at October 31, 2012
Asset & Commercial Mortgage Backed Securities:
Discounted cash flow	Life expectancy (in months)	78 – 294 (195)	$	30,100
	Internal rate of return	3.2% - 10.8% (7.0%)
Evaluated bid	Prior day valuation	Not Applicable		257
Indicative market quotes(3)	Third party indicative quote methodologies can vary significantly	Not Applicable		1,726
Corporate Bonds:
Evaluated bid	Prior day valuation	Not Applicable		83
Indicative market quotes(3)	Third party indicative quote methodologies can vary significantly	Not Applicable		3,778
Options Purchased:
Last Trade	N/A	Not Applicable		2
U.S. Government Agencies:
Cost	Recent trade price	Not Applicable		2,261
Indicative market quotes(3)	Third party indicative quote methodologies can vary significantly	Not Applicable		15,996
Total			$	54,203

(1) Significant increases and decreases in these inputs may result in a significant change to the fair value.

(2) Inputs were weighted based on the fair value of the investments included in the range.

(3) For investments priced using indicative market quotes, those quotes represent the best available estimate of fair value as of October 31, 2012.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

28

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

29

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

In connection with the Fund’s ability to purchase investments on a when-issued or forward commitment basis, the Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. Although the Fund may enter into TBA commitments with the intention of acquiring or delivering securities for its portfolio, the Fund can extend the settlement date, roll the transaction, or dispose of a commitment prior to settlement if deemed appropriate to do so. If the TBA commitment is closed through the acquisition of an offsetting TBA commitment, the Fund realizes a gain or loss. In a TBA roll transaction, the Fund generally purchases or sells the initial TBA commitment prior to the agreed upon settlement date and enters into a new TBA commitment for future delivery or receipt of the mortgage-backed securities. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

The Fund may enter into “dollar rolls” in which the Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. The Fund gives up the right to receive interest paid on the investments sold. The Fund would benefit to the extent of any differences between the price received for the security and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund records dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Fund’s portfolio turnover rate. The Fund had open dollar roll transactions as of October 31, 2012, as disclosed on the Schedule of Investments, the Statement of Assets and Liabilities and the Statement of Operations.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities,

30

which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. At October 31, 2012 the aggregate value of unfunded loan commitments was $251,760. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Inflation Indexed Bonds – The Fund may invest in inflation indexed bonds. Inflation indexed bonds are fixed income investments whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive the principal amount until maturity.

f) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

31

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of October 31, 2012.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual

32

terms in the agreements. The Fund, as shown on the  Schedule of Investments, had outstanding purchased options contracts as of October 31, 2012. Transactions involving written options contracts during the year ended October 31, 2012, are summarized below:

Options Contract Activity During the Year Ended October 31, 2012:
Call Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		113,620,000		$	6,626
Written		—			—
Expired		(39,220,000	)		(1,650	)
Closed		(74,400,000	)		(4,976	)
Exercised		—			—
End of year		—		$	—

Put Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		115,421,630		$	1,095
Written		235			469
Expired		(88,921,865	)		(1,231	)
Closed		(26,500,000	)		(333	)
Exercised		—			—
End of year		—		$	—

* The number of contracts does not omit 000's. In the prior year, the number of contracts was displayed in U.S. dollars; currently all contracts are displayed in local currency.

d) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

33

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Credit Default Swap Contracts – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of October 31, 2012.

Interest Rate Swap Contracts – The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate or inflation benchmark (e.g. London Interbank Offered Rate (“LIBOR”)), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The Fund, as shown on the Schedule of Investments, had outstanding interest rate swaps as of October 31, 2012.

34

Spreadlock Swap Contracts – The Fund may invest in spreadlock swap contracts. These contracts involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread at a specific forward date. The Fund, as shown on the Schedule of Investments, had outstanding spreadlock swaps as of October 31, 2012.

e) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Investments in securities, at value (purchased options), market value	$	2	$	—	$	—	$	—	$	—	$	—	$	2
Unrealized appreciation on foreign currency contracts		—		285		—		—		—		—		285
Unrealized appreciation on swap contracts		182		—		2,252		—		—		—		2,434
Variation margin receivable *		344		—		—		—		—		—		344
Total	$	528	$	285	$	2,252	$	—	$	—	$	—	$	3,065
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	182	$	—	$	—	$	—	$	—	$	182
Unrealized depreciation on swap contracts		154		—		4,843		—		—		—		4,997
Variation margin payable *		347		—		—		—		—		—		347
Total	$	501	$	182	$	4,843	$	—	$	—	$	—	$	5,526

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(720) as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

35

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain (loss) on investments in purchased options	$	(2,051	)	$	3,648		$	(1,975	)	$	—	$	—	$	—	$	(378	)
Net realized loss on futures		(3,771	)		—			—			—		—		—		(3,771	)
Net realized gain on written options		742			993			1,884			—		—		—		3,619
Net realized gain (loss) on swap contracts		525			—			(12,506	)		—		—		—		(11,981	)
Net realized loss on foreign currency contracts		—			(568	)		—			—		—		—		(568	)
Total	$	(4,555	)	$	4,073		$	(12,597	)	$	—	$	—	$	—	$	(13,079	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation (depreciation) of investments in purchased options	$	144		$	(1,496	)	$	(754	)	$	—	$	—	$	—	$	(2,106	)
Net change in unrealized depreciation of futures		(668	)		—			—			—		—		—		(668	)
Net change in unrealized appreciation (depreciation) of written options		(200	)		(1,164	)		1,316			—		—		—		(48	)
Net change in unrealized appreciation (depreciation) of swap contracts		28			—			(3,059	)		—		—		—		(3,031	)
Net change in unrealized depreciation of foreign currency contracts		—			(20	)		—			—		—		—		(20	)
Total	$	(696	)	$	(2,680	)	$	(2,497	)	$	—	$	—	$	—	$	(5,873	)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short

36

periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	59,580	$	64,957
Long-Term Capital Gains ‡		9,209		—

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	31,311
Undistributed Long-Term Capital Gain		24,356
Unrealized Appreciation *		78,296
Total Accumulated Earnings	$	133,963

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

37

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	6,625
Accumulated Net Realized Gain (Loss)		(6,684	)
Capital Stock and Paid-in-Capital		59

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective March 5, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to March 5, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

38

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.550%
On next $500 million		0.500%
On next $1.5 billion		0.475%
On next $2.5 billion		0.465%
On next $5 billion		0.455%
Over $10 billion		0.445%

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.550%
On next $500 million		0.500%
On next $4 billion		0.475%
On next $5 billion		0.455%
Over $10 billion		0.445%

HIFSCO has voluntarily agreed to waive management fees of 0.06% of average daily net assets until October 31, 2012.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO in connection with the 0.06% management fee waiver has limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A	Class B	Class C	Class I	Class R3	Class R4	Class R5	Class Y
0.89%	1.64%	1.64%	0.64%	1.19%	0.89%	0.59%	0.54%

39

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

d) Fees Paid Indirectly – The Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, this amount, if any, is included in the Statement of Operations.

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.89	%
Class B		1.64
Class C		1.63
Class I		0.62
Class R3		1.19
Class R4		0.89
Class R5		0.59
Class Y		0.49

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $1,623 and contingent deferred sales charges of $74 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $46.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $2. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related

40

contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R5		10		11	%

As of October 31, 2012, 38% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	10,236,992
Sales Proceeds Excluding U.S. Government Obligations		9,928,220
Cost of Purchases for U.S. Government Obligations		359,058
Sales Proceeds for U.S. Government Obligations		334,431

41

The Hartford Total Return Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		11,734		2,148		(14,045	)		—		(163	)		12,124		2,086		(29,755	)		—		(15,545	)
Amount	$	128,474	$	23,391	$	(152,968	)	$	—	$	(1,103	)	$	128,376	$	22,087	$	(314,241	)	$	—	$	(163,778	)
Class B
Shares		336		128		(1,358	)		—		(894	)		559		131		(2,219	)		—		(1,529	)
Amount	$	3,632	$	1,386	$	(14,693	)	$	—	$	(9,675	)	$	5,888	$	1,377	$	(23,300	)	$	—	$	(16,035	)
Class C
Shares		1,808		240		(2,307	)		—		(259	)		2,298		205		(3,880	)		—		(1,377	)
Amount	$	19,749	$	2,615	$	(25,180	)	$	—	$	(2,816	)	$	24,593	$	2,178	$	(41,060	)	$	—	$	(14,289	)
Class I
Shares		623		32		(766	)		—		(111	)		1,631		21		(1,419	)		—		233
Amount	$	6,791	$	350	$	(8,341	)	$	—	$	(1,200	)	$	17,317	$	228	$	(14,993	)	$	—	$	2,552
Class R3
Shares		364		31		(608	)		—		(213	)		599		24		(323	)		—		300
Amount	$	4,030	$	341	$	(6,736	)	$	—	$	(2,365	)	$	6,443	$	262	$	(3,463	)	$	—	$	3,242
Class R4
Shares		533		78		(994	)		—		(383	)		565		71		(681	)		—		(45	)
Amount	$	5,863	$	866	$	(11,026	)	$	—	$	(4,297	)	$	6,085	$	769	$	(7,310	)	$	—	$	(456	)
Class R5
Shares		31		3		(35	)		—		(1	)		57		2		(28	)		—		31
Amount	$	342	$	39	$	(390	)	$	—	$	(9	)	$	611	$	27	$	(313	)	$	—	$	325
Class Y
Shares		25,784		3,494		(32,385	)		—		(3,107	)		28,410		3,411		(36,317	)		—		(4,496	)
Amount	$	284,051	$	38,588	$	(358,462	)	$	—	$	(35,823	)	$	303,536	$	36,618	$	(392,069	)	$	—	$	(51,915	)
Total
Shares		41,213		6,154		(52,498	)		—		(5,131	)		46,243		5,951		(74,622	)		—		(22,428	)
Amount	$	452,932	$	67,576	$	(577,796	)	$	—	$	(57,288	)	$	492,849	$	63,546	$	(796,749	)	$	—	$	(240,354	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		211	$	2,300
For the Year Ended October 31, 2011		320	$	3,383

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

42

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

43

The Hartford Total Return Bond Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012
A	$	10.76	$	0.29	$	0.50		$	0.79		$	(0.34	)	$	(0.05	)	$	–	$	(0.39	)	$	11.16
B		10.69		0.20		0.50			0.70			(0.26	)		(0.05	)		–		(0.31	)		11.08
C		10.78		0.21		0.50			0.71			(0.26	)		(0.05	)		–		(0.31	)		11.18
I		10.77		0.31		0.51			0.82			(0.37	)		(0.05	)		–		(0.42	)		11.17
R3		10.94		0.26		0.51			0.77			(0.31	)		(0.05	)		–		(0.36	)		11.35
R4		10.92		0.29		0.51			0.80			(0.34	)		(0.05	)		–		(0.39	)		11.33
R5		10.92		0.32		0.51			0.83			(0.37	)		(0.05	)		–		(0.42	)		11.33
Y		10.91		0.33		0.51			0.84			(0.38	)		(0.05	)		–		(0.43	)		11.32
For the Year Ended October 31, 2011
A		10.70		0.33		0.06			0.39			(0.33	)		–			–		(0.33	)		10.76
B		10.63		0.25		0.07			0.32			(0.26	)		–			–		(0.26	)		10.69
C		10.71		0.26		0.07			0.33			(0.26	)		–			–		(0.26	)		10.78
I		10.70		0.37		0.06			0.43			(0.36	)		–			–		(0.36	)		10.77
R3		10.87		0.31		0.06			0.37			(0.30	)		–			–		(0.30	)		10.94
R4		10.85		0.34		0.06			0.40			(0.33	)		–			–		(0.33	)		10.92
R5		10.85		0.37		0.07			0.44			(0.37	)		–			–		(0.37	)		10.92
Y		10.84		0.38		0.07			0.45			(0.38	)		–			–		(0.38	)		10.91
For the Year Ended October 31, 2010
A		10.21		0.35		0.51			0.86			(0.37	)		–			–		(0.37	)		10.70
B		10.15		0.27		0.50			0.77			(0.29	)		–			–		(0.29	)		10.63
C		10.23		0.28		0.49			0.77			(0.29	)		–			–		(0.29	)		10.71
I		10.22		0.37		0.51			0.88			(0.40	)		–			–		(0.40	)		10.70
R3		10.36		0.33		0.52			0.85			(0.34	)		–			–		(0.34	)		10.87
R4		10.35		0.36		0.51			0.87			(0.37	)		–			–		(0.37	)		10.85
R5		10.35		0.39		0.51			0.90			(0.40	)		–			–		(0.40	)		10.85
Y		10.34		0.40		0.51			0.91			(0.41	)		–			–		(0.41	)		10.84
For the Year Ended October 31, 2009
A		9.20		0.40		1.07			1.47			(0.46	)		–			–		(0.46	)		10.21
B		9.15		0.33		1.06			1.39			(0.39	)		–			–		(0.39	)		10.15
C		9.22		0.33		1.06			1.39			(0.38	)		–			–		(0.38	)		10.23
I		9.21		0.43		1.06			1.49			(0.48	)		–			–		(0.48	)		10.22
R3		9.32		0.42		1.05			1.47			(0.43	)		–			–		(0.43	)		10.36
R4		9.32		0.42		1.07			1.49			(0.46	)		–			–		(0.46	)		10.35
R5		9.32		0.42		1.09			1.51			(0.48	)		–			–		(0.48	)		10.35
Y		9.31		0.45		1.07			1.52			(0.49	)		–			–		(0.49	)		10.34
For the Year Ended October 31, 2008
A		10.52		0.49		(1.29	)		(0.80	)		(0.52	)		–			–		(0.52	)		9.20
B		10.47		0.42		(1.29	)		(0.87	)		(0.45	)		–			–		(0.45	)		9.15
C		10.54		0.42		(1.30	)		(0.88	)		(0.44	)		–			–		(0.44	)		9.22
I		10.52		0.52		(1.28	)		(0.76	)		(0.55	)		–			–		(0.55	)		9.21
R3		10.64		0.47		(1.30	)		(0.83	)		(0.49	)		–			–		(0.49	)		9.32
R4		10.65		0.51		(1.32	)		(0.81	)		(0.52	)		–			–		(0.52	)		9.32
R5		10.64		0.54		(1.31	)		(0.77	)		(0.55	)		–			–		(0.55	)		9.32
Y		10.64		0.54		(1.31	)		(0.77	)		(0.56	)		–			–		(0.56	)		9.31

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Expense ratios do not include expenses of the Underlying Funds.

44

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	7.50	%	$	696,383		0.98	%		0.89	%		2.64	%		77	%
	6.66			47,026		1.85			1.64			1.90			–
	6.70			105,330		1.69			1.63			1.90			–
	7.78			11,177		0.68			0.62			2.92			–
	7.14			9,944		1.27			1.19			2.35			–
	7.47			21,940		0.95			0.89			2.65			–
	7.79			1,018		0.66			0.59			2.94			–
	7.91			952,621		0.55			0.49			3.04			–
	3.78			673,310		0.98			0.95			3.16			131
	3.03			54,934		1.85			1.70			2.41			–
	3.10			104,382		1.69			1.69			2.42			–
	4.15			11,973		0.68			0.68			3.45			–
	3.49			11,922		1.26			1.25			2.85			–
	3.81			25,330		0.95			0.95			3.16			–
	4.12			990		0.66			0.65			3.46			–
	4.23			952,265		0.54			0.54			3.56			–
	8.57			835,450		0.99	(E)		0.98	(E)		3.38			201
	7.72			70,845		1.87	(E)		1.74	(E)		2.62			–
	7.68			118,462		1.71	(E)		1.70	(E)		2.66			–
	8.73			9,395		0.74	(E)		0.73	(E)		3.62			–
	8.36			8,571		1.29	(E)		1.24	(E)		3.12			–
	8.57			25,652		0.97	(E)		0.96	(E)		3.40			–
	8.87			655		0.69	(E)		0.67	(E)		3.69			–
	9.00			994,424		0.57	(E)		0.56	(E)		3.80			–
	16.38			816,191		1.03	(E)		1.00	(E)		4.18			215
	15.60			83,760		1.95	(E)		1.68	(E)		3.51			–
	15.48			119,568		1.76	(E)		1.75	(E)		3.42			–
	16.65			10,680		0.77	(E)		0.75	(E)		4.36			–
	16.19			1,836		1.42	(E)		1.25	(E)		3.65			–
	16.39			21,920		0.98	(E)		0.98	(E)		4.17			–
	16.73			408		0.69	(E)		0.69	(E)		4.35			–
	16.87			926,793		0.58	(E)		0.58	(E)		4.57			–
	(7.99	)		650,149		1.02			1.00			4.76			184
	(8.68	)		73,557		1.93			1.71			4.05			–
	(8.66	)		87,277		1.74			1.74			4.01			–
	(7.62	)		6,128		0.68			0.68			5.10			–
	(8.15	)		130		1.44			1.25			4.62			–
	(7.98	)		12,698		0.99			0.99			4.81			–
	(7.62	)		271		0.70			0.70			5.08			–
	(7.62	)		559,555		0.59			0.59			5.19			–

45

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Total Return Bond Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Total Return Bond Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

46

The Hartford Total Return Bond Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

47

The Hartford Total Return Bond Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

48

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

49

The Hartford Total Return Bond Fund

Federal Tax Information (Unaudited))

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 5.25%.

50

The Hartford Total Return Bond Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,040.62	$	4.56	$	1,000.00	$	1,020.66	$	4.52		0.89	%		184		366
Class B	$	1,000.00	$	1,037.03	$	8.40	$	1,000.00	$	1,016.89	$	8.31		1.64			184		366
Class C	$	1,000.00	$	1,037.67	$	8.34	$	1,000.00	$	1,016.96	$	8.25		1.63			184		366
Class I	$	1,000.00	$	1,041.97	$	3.18	$	1,000.00	$	1,022.02	$	3.15		0.62			184		366
Class R3	$	1,000.00	$	1,039.26	$	6.10	$	1,000.00	$	1,019.15	$	6.04		1.19			184		366
Class R4	$	1,000.00	$	1,040.90	$	4.56	$	1,000.00	$	1,020.67	$	4.52		0.89			184		366
Class R5	$	1,000.00	$	1,042.47	$	3.03	$	1,000.00	$	1,022.17	$	3.00		0.59			184		366
Class Y	$	1,000.00	$	1,043.02	$	2.57	$	1,000.00	$	1,022.62	$	2.54		0.50			184		366

51

The Hartford Total Return Bond Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Total Return Bond Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

52

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board reviewed the Fund’s performance over multiple periods as compared to its peer group and benchmark. The Board noted that the Fund had underperformed relative to its peer group for the 1-, 3- and 5-year periods. The Board also noted that the Fund had underperformed relative to its benchmark for the 5-year period and that its performance was in line with the benchmark for the 1- and 3-year periods. HIFSCO noted that it would continue to monitor the Fund’s performance.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

53

The Hartford Total Return Bond Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, an additional breakpoint had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

54

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

55

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-TRB12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155   

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Unconstrained Bond Fund*

*Prior to April 23, 2012, The Hartford Unconstrained Bond Fund

  was known as The Hartford Corporate Opportunities Fund 

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Unconstrained Bond Fund

(formerly The Hartford Corporate Opportunities Fund)

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	6
Investment Valuation Hierarchy Level Summary at October 31, 2012	21
Statement of Assets and Liabilities at October 31, 2012	22
Statement of Operations for the Year Ended October 31, 2012	24
Statement of Changes in Net Assets for the Years Ended October 31, 2012, and October 31, 2011	25
Notes to Financial Statements	26
Financial Highlights	46
Report of Independent Registered Public Accounting Firm	48
Directors and Officers (Unaudited)	49
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	51
Quarterly Portfolio Holdings Information (Unaudited)	51
Federal Tax Information (Unaudited)	52
Expense Example (Unaudited)	53
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	54

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Unconstrained Bond Fund inception 10/31/2002

(formerly The Hartford Corporate Opportunities Fund)

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks to maximize long-term total return.

Performance Overview 10/31/02 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Unconstrained Bond A#		8.99	%		5.67	%		5.64	%
Unconstrained Bond A##		4.08	%		4.70	%		5.16	%
Unconstrained Bond B#		8.18	%		4.87	%		5.03	%*
Unconstrained Bond B##		3.18	%		4.54	%		5.03	%*
Unconstrained Bond C#		8.27	%		4.88	%		4.88	%
Unconstrained Bond C##		7.27	%		4.88	%		4.88	%
Unconstrained Bond I#		9.12	%		5.69	%		5.65	%
Unconstrained Bond R3#		8.68	%		5.88	%		5.29	%‡
Unconstrained Bond R4#		9.01	%		5.95	%		5.33	%‡
Unconstrained Bond R5#		9.33	%		6.02	%		5.37	%‡
Unconstrained Bond Y#		9.25	%		6.00	%		5.36	%‡
Barclays U.S. Aggregate Bond Index		5.25	%		6.38	%		5.39	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.
‡	Rates shown are since inception date of  Class Y shares.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 4.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions and certain other activity as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/25/12. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 9/30/11. Performance prior to that date is that of the Fund's Class Y shares which had different operating expenses. Class Y shares commenced operations on 11/28/03.

Performance information includes performance of the Fund’s previous sub-adviser, Hartford Investment Management Company. As of April 23, 2012, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

Barclays U.S. Aggregate Bond Index (formerly known as Barclays Capital U.S. Aggregate Bond Index) is an unmanaged index and is composed of securities from the Barclays Government/Credit Bond Index, Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial Mortgage-Backed Securities Index.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Unconsrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Campe Goodman, CFA	Lucius T. Hill III	Joseph F. Marvan, CFA
Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager	Senior Vice President and Fixed Income Portfolio Manager
As of April 23, 2012, Wellington Management Company, LLP became the sub-adviser for the Fund.  As of the same date, Hartford Investment Management Company no longer serves as the sub-adviser to the Fund.

How did the Fund perform?

The Class A shares of The Hartford Unconstrained Bond Fund returned 8.99%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the Barclays U.S. Aggregate Bond Index, which returned 5.25% for the same period. The Fund underperformed the 9.98% return of the average fund in the Lipper Multi-Sector Income Funds peer group, a group of funds that seek current income by allocating assets among several different fixed income securities sectors (with no more than 65% in any one sector except for defensive purposes), including U.S. government and foreign governments, with a significant portion of assets in securities rated below investment-grade.

Why did the Fund perform this way?

Markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and the U.S. Federal Reserve Board (Fed) - responded with bold policy moves. ECB President Mario Draghi’s comments in late July that he would do “whatever it takes” to save the eurozone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

The Fed remained extremely accommodative throughout the period, which further supported fixed income assets. In September, the Fed announced a third round of quantitative easing involving the purchase of $40 billion of additional mortgage-backed securities per month. Additionally, the central bank extended its rates guidance to the middle of 2015 and further stated that it expected to maintain a highly accommodative stance for a considerable period after the economic recovery strengthens.

Economic data released throughout the period painted a mixed picture of the U.S. economy. Consumer confidence weakened and the labor market remained sluggish. However, there was growing enthusiasm over a recovery in housing as home prices showed their first year-over-year gain in years.

The Treasury yield curve flattened over the period as longer-term rates declined more than short-term yields. All of the major fixed income sectors posted strong absolute returns driven by the decline in Treasury yields, and all sectors outperformed Treasuries on a duration-adjusted basis.

An allocation to bank loans and the Fund’s mortgage backed security exposure were the primary drivers of the Fund’s outperformance. The Fund’s allocation to non-agency MBS (mortgage-backed securities) was the top contributor to relative results as non-agencies performed strongly amid improved sentiment around U.S. housing, low long-term interest rates and strong investor demand. The Fund’s overweight (i.e. the Fund’s sector position was greater than the benchmark position) to agency MBS pass-throughs, particularly in lower coupons, was also positive for relative performance as the sector experienced strong performance from continued Fed purchases, increased investor demand and the announcement of the Fed’s Quantitative Easing 3 policy. During the period, we positioned the Fund with an underweight to investment grade credit in favor of an allocation to lower tier credit sectors, including bank loans. Within bank loans, we emphasized the high and middle quality portions of the market based on compelling valuations and attractive yields. Additionally, we had bank loan exposure via credit default swap indexes which boosted relative results. The bank loan sector generated strong performance for the period and added significantly to relative results. The Fund’s overweight to commercial mortgage-backed securities was also additive to performance as was exposure to non-U.S. dollar developed market government bonds, via forwards, swaps, and futures. The Fund’s high yield positioning detracted from performance overall. Positive results from an allocation to BB-rated high yield issuers were more than

3

The Hartford Unconstrained Bond Fund (formerly The Hartford Corportate Opportunities Fund)

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

offset by the negative impact of high yield credit default swap index positions, which were used as a source of liquidity and to manage overall portfolio risk. The Fund’s duration positioning and exposure to emerging markets debt were also small detractors from benchmark-relative performance.

What is the outlook?

We expect U.S. economic momentum to be slow but still positive. However, short-term growth prospects are vulnerable to shocks potentially emanating from Europe and domestically, given the impending “fiscal cliff” (i.e. expiration of certain tax rate cuts combined with forced spending cuts). The Fed appears willing to tolerate higher inflation in exchange for market stability and has stated that it will continue to provide accommodation until employment improves. We believe that rates will stay low for an extended period.

At the end of the period, our underweight duration exposure was primarily due to U.S. interest rates achieved via a meaningful allocation to U.S. Treasury bonds. In addition, we had limited, opportunistic exposure to rates in countries such as Mexico and Canada. We also had an allocation to emerging markets debt as we believe valuations in the sector are attractive.

We continued to have exposure to the credit sector, particularly high yield corporate bonds. Despite the recent rally, at the end of the period we still believed that high yield bonds remained attractive, given strong credit fundamentals, low default rate expectations, and a supportive technical backdrop. We favored an allocation to BB high yield due to attractive valuations.We held a modest position in bank loans as of October 31, 2012. Default rates within bank loans by principal amount and issuer count remain at historical lows. Additionally, with bank-loan mutual funds reporting strong net inflows, the technical picture remained resilient. Despite recent improvement, at the end of the period bank loan valuations still reflected investor skittishness about holding risk assets and therefore, we believe, continued to offer an attractive entry point.

We reduced our overweight to agency MBS during the period based on its recent strong performance, while additional Fed purchases made MBS more expensive. We also had exposure to the CMBS market as we continue to believe that there is strong collateralization in senior CMBS tranches.

At the end of the period our currency exposure was primarily in U.S. dollars. However, we have limited opportunistic active currency exposure to several currencies including the Mexican Peso, Polish Zloty, and South African Rand.

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		3.4	%
Aa / AA		0.2
A		1.6
Baa / BBB		5.2
Ba / BB		9.6
B		12.0
Caa / CCC or Lower		7.1
Unrated		2.7
U.S. Government Agencies and Securities		103.4
Non Debt Securities and Other Short-Term Instruments		3.9
Other Assets & Liabilities		(49.1	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

4

Diversification by Industry

as of October 31, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		0.5	%
Administrative Waste Management and Remediation		0.4
Agriculture, Construction, Mining and Machinery		0.1
Air Transportation		0.4
Apparel Manufacturing		0.2
Arts, Entertainment and Recreation		1.6
Beverage and Tobacco Product Manufacturing		0.1
Chemical Manufacturing		0.2
Computer and Electronic Product Manufacturing		0.8
Construction		0.4
Fabricated Metal Product Manufacturing		0.2
Finance and Insurance		14.9
Food Services		0.3
Furniture and Related Product Manufacturing		0.1
Health Care and Social Assistance		2.2
Information		4.9
Machinery Manufacturing		0.2
Mining		1.1
Miscellaneous Manufacturing		0.5
Motor Vehicle and Parts Manufacturing		1.3
Nonmetallic Mineral Product Manufacturing		0.1
Paper Manufacturing		0.1
Petroleum and Coal Products Manufacturing		1.2
Pipeline Transportation		0.8
Plastics and Rubber Products Manufacturing		0.5
Primary Metal Manufacturing		0.3
Printing and Related Support Activities		0.0
Professional, Scientific and Technical Services		0.6
Real Estate, Rental and Leasing		0.9
Retail Trade		2.0
Soap, Cleaning Compound and Toilet Manufacturing		0.0
Transportation		0.3
Transportation Equipment Manufacturing		0.1
Truck Transportation		0.3
Utilities		0.7
Water Transportation		0.0
Wholesale Trade		0.2
Total		38.5	%
Equity Securities
Diversified Financials		0.1
Total		0.1	%
Foreign Government Obligations		3.3
U.S. Government Agencies		66.0
U.S. Government Securities		37.4
Short-Term Investments		3.8
Other Assets and Liabilities		(49.1	)
Total		100.0	%

5

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 12.2%
		Finance and Insurance - 12.2%
		Argent Securities, Inc.
$	730	0.36%, 06/25/2036 Δ	$	240
		Banc of America Commercial Mortgage, Inc.
	540	5.34%, 11/10/2042 Δ		593
		Banc of America Mortgage Securities
	176	3.12%, 09/25/2035 Δ		154
		BCAP LLC Trust
	287	0.39%, 03/25/2037 Δ		203
		Bear Stearns Adjustable Rate Mortgage Trust
	78	2.37%, 02/25/2036 Δ		74
	492	2.47%, 10/25/2035 Δ		460
		CFCRE Commercial Mortgage Trust
	220	5.75%, 12/15/2047 ■Δ		202
		Citigroup Commercial Mortgage Trust, Inc.
	424	0.56%, 03/25/2037 Δ		171
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	575	5.32%, 12/11/2049		661
	556	5.39%, 07/15/2044 ╦Δ		620
	205	5.40%, 12/11/2049		116
		Commercial Mortgage Pass-Through Certificates
	1,756	2.98%, 07/10/2046 ■►		148
	490	4.93%, 11/15/2045 ■		438
		CW Capital Cobalt Ltd.
	260	5.22%, 08/15/2048		292
		Equity One ABS, Inc.
	3	2.71%, 07/25/2034 Δ		—
	21	5.46%, 12/25/2033		7
		First Horizon Alternative Mortgage Securities
	581	2.55%, 04/25/2036 Δ		405
	763	2.60%, 09/25/2035 Δ		623
		First Horizon Mortgage Pass-through Trust
	303	2.53%, 08/25/2037 Δ		236
		Goldman Sachs Mortgage Securities Trust
	300	3.55%, 04/10/2034 ■		324
		GSAMP Trust
	395	0.30%, 01/25/2037 Δ		171
	1,203	0.36%, 09/25/2036 Δ		468
	1,056	0.44%, 02/25/2037 Δ		471
		GSR Mortgage Loan Trust
	495	2.71%, 01/25/2036 Δ		365
	535	2.92%, 04/25/2035 Δ		463
	144	3.06%, 10/25/2035 Δ		130
	395	3.38%, 11/25/2035 Δ		338
		Harborview Mortgage Loan Trust
	447	2.85%, 01/19/2035 Δ		381
		Home Equity Loan Trust
	241	2.65%, 11/25/2035 Δ		213
		JP Morgan Chase Commercial Mortgage Securities Corp.
	105	2.75%, 10/15/2045 ■		59
	200	3.91%, 05/05/2022 ■Δ		219
	475	4.83%, 10/15/2045 ■Δ		411
	447	5.47%, 01/12/2043 - 04/15/2043 Δ		500
	375	5.48%, 12/12/2044 Δ		422
		JP Morgan Mortgage Acquisition Corp.
	1,465	0.45%, 08/25/2036 Δ		470
		JP Morgan Mortgage Trust
	150	3.09%, 09/25/2035 Δ		142
		LB-UBS Commercial Mortgage Trust
	275	5.20%, 11/15/2030 Δ		306
	625	5.35%, 11/15/2038		720
	622	5.43%, 02/15/2040		716
		Long Beach Asset Holdings Corp.
	45	0.00%, 04/25/2046 ■●		—
		Merrill Lynch Mortgage Trust
	100	5.39%, 11/12/2037 Δ		112
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	475	5.81%, 06/12/2050 ‡Δ		543
		Morgan Stanley Capital I
	475	5.69%, 04/15/2049 ╦Δ		547
		Nationstar Home Equity Loan Trust
	22	0.00%, 03/25/2037 ■●†		—
		Renaissance Home Equity Loan Trust
	185	6.16%, 05/25/2036		4
		Residential Funding Mortgage Securities, Inc.
	402	6.00%, 07/25/2037		374
		Saxon Asset Securities Trust
	350	0.38%, 11/25/2036 Δ		211
		Securitized Asset Backed Receivables LLC
	477	0.30%, 07/25/2036 Δ		193
		Soundview Home Equity Loan Trust, Inc.
	1,085	0.45%, 07/25/2036 Δ		504
	300	0.46%, 06/25/2036 Δ		165
	715	1.31%, 09/25/2037 Δ		341
		Structured Adjustable Rate Mortgage Loan Trust
	822	2.64%, 02/25/2036 Δ		578
		UBS-Barclays Commercial Mortgage Trust
	320	3.53%, 05/10/2063		349
	431	4.96%, 08/10/2049 ■		339
		Wachovia Bank Commercial Mortgage Trust
	80	5.08%, 03/15/2042		87
	385	5.49%, 07/15/2041 Δ		409
		Wells Fargo Commercial Mortgage Trust
	85	4.78%, 10/15/2045 ■		75
		Wells Fargo Mortgage Backed Securities Trust
	345	2.68%, 04/25/2036 Δ		306
		WF-RBS Commercial Mortgage Trust
	4,908	4.15%, 11/15/2044 ■►		597
	400	4.96%, 11/15/2045 ■		351
	145	5.00%, 06/15/2044 ■		112
				19,129
		Total asset & commercial mortgage backed securities
		(cost $18,336)	$	19,129
	CORPORATE BONDS - 10.3%
		Accommodation and Food Services - 0.2%
		Caesars Operating Escrow
$	135	9.00%, 02/15/2020 ■	$	134

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 10.3% - (continued)
		Accommodation and Food Services - 0.2% - (continued)
		Choice Hotels International, Inc.
$	60	5.75%, 07/01/2022	$	66
		MGM Mirage, Inc.
	40	11.13%, 11/15/2017		44
		Wynn Las Vegas LLC
	95	7.75%, 08/15/2020		107
				351
		Administrative Waste Management and Remediation - 0.1%
		Clean Harbors, Inc.
	36	5.25%, 08/01/2020 ■		37
		Iron Mountain, Inc.
	45	5.75%, 08/15/2024		45
				82
		Apparel Manufacturing - 0.0%
		Hanesbrands, Inc.
	30	6.38%, 12/15/2020		33
		Phillips Van-Heusen Corp.
	30	7.38%, 05/15/2020		33
				66
		Arts, Entertainment and Recreation - 0.9%
		AMC Entertainment, Inc.
	20	8.75%, 06/01/2019		22
	55	9.75%, 12/01/2020		62
		CCO Holdings LLC
	292	5.25%, 09/30/2022		293
	40	7.25%, 10/30/2017		44
	160	7.88%, 04/30/2018		173
		Clear Channel Worldwide Holdings, Inc.
	45	9.25%, 12/15/2017		48
		Emdeon, Inc.
	50	11.00%, 12/31/2019		57
		Fidelity National Information Services, Inc.
	100	5.00%, 03/15/2022		102
		Gray Television, Inc.
	40	7.50%, 10/01/2020 ■		40
		Great Canadian Gaming Co.
	CAD   20	6.63%, 07/25/2022 ■		21
		Greektown Superholdings, Inc.
	100	13.00%, 07/01/2015		107
		Isle of Capri Casinos, Inc.
	61	8.88%, 06/15/2020 ■		64
		NAI Entertainment Holdings LLC
	22	8.25%, 12/15/2017 ■		24
		NCR Corp.
	5	5.00%, 07/15/2022 ■		5
		Sirius XM Radio, Inc.
	20	5.25%, 08/15/2022 ■		20
		Starz Financial Corp.
	10	5.00%, 09/15/2019 ■		10
		Unitymedia Hessen GmbH & Co.
	121	8.13%, 12/01/2017 ■		131
		Univision Communications, Inc.
	55	6.75%, 09/15/2022 ■		55
		Videotron Ltee
	76	5.00%, 07/15/2022		79
				1,357
		Beverage and Tobacco Product Manufacturing - 0.1%
		Constellation Brands, Inc.
	15	4.63%, 03/01/2023		15
	85	6.00%, 05/01/2022		96
	60	7.25%, 05/15/2017		71
				182
		Chemical Manufacturing - 0.1%
		Ashland, Inc.
	5	4.75%, 08/15/2022 ■		5
		Ferro Corp.
	25	7.88%, 08/15/2018		23
		Hexion Specialty Chemicals
	35	8.88%, 02/01/2018		35
		Hexion U.S. Finance Corp.
	25	6.63%, 04/15/2020		25
		Momentive Performance Materials, Inc.
	30	9.00%, 01/15/2021		21
		Nufarm Australia Ltd.
	55	6.38%, 10/15/2019 ■		57
				166
		Computer and Electronic Product Manufacturing - 0.3%
		CDW Escrow Corp.
	105	8.50%, 04/01/2019		112
		CDW LLC/CDW Finance
	35	8.00%, 12/15/2018		38
		Esterline Technologies Corp.
	75	7.00%, 08/01/2020		83
		Freescale Semiconductor, Inc.
	70	8.05%, 02/01/2020		65
		Jabil Circuit, Inc.
	20	4.70%, 09/15/2022		20
		Seagate HDD Cayman
	95	6.88%, 05/01/2020		99
	55	7.00%, 11/01/2021		58
		Sorenson Communications, Inc.
	65	10.50%, 02/01/2015 ■		53
				528
		Construction - 0.2%
		Centex Corp.
	100	6.50%, 05/01/2016		114
		K Hovnanian Enterprises, Inc.
	65	9.13%, 11/15/2020 ■		68
		KB Home
	36	7.50%, 09/15/2022		39
		Lennar Corp.
	95	4.75%, 12/15/2017 - 11/15/2022 ■		98
		Ryland Group, Inc.
	25	5.38%, 10/01/2022		25
				344
		Fabricated Metal Product Manufacturing - 0.2%
		Anixter International, Inc.
	30	5.63%, 05/01/2019		32
		Ball Corp.
	25	5.00%, 03/15/2022		26
	75	6.75%, 09/15/2020		82
		Masco Corp.
	80	5.95%, 03/15/2022		90
		Ply Gem Industries, Inc.
	20	9.38%, 04/15/2017 ■		21
				251

The accompanying notes are an integral part of these financial statements.

7

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 10.3% - (continued)
		Finance and Insurance - 1.2%
		Ally Financial, Inc.
$	100	5.50%, 02/15/2017	$	106
		CIT Group, Inc.
	140	5.25%, 03/15/2018		149
	114	5.50%, 02/15/2019 ■		122
		CNH Capital LLC
	10	3.88%, 11/01/2015 ■		10
		Community Choice Financial, Inc.
	50	10.75%, 05/01/2019		49
		Credit Acceptance Corp.
	25	9.13%, 02/01/2017		27
		DuPont Fabros Technology L.P.
	40	8.50%, 12/15/2017		44
		Fibria Overseas Finance Ltd.
	200	6.75%, 03/03/2021 ■		221
		Ford Motor Credit Co. LLC
	50	6.63%, 08/15/2017		58
		Host Hotels & Resorts L.P.
	80	6.00%, 11/01/2020		89
		ING US, Inc.
	90	5.50%, 07/15/2022 ■		98
		Ladder Capital Finance Holdings LLC
	71	7.38%, 10/01/2017 ■		72
		Lloyds Banking Group plc
	100	7.88%, 11/01/2020 ■		103
		National Money Mart Co.
	20	10.38%, 12/15/2016		22
		Nationstar Mortgage LLC
	55	7.88%, 10/01/2020 ■		57
		Nuveen Investments, Inc.
	25	9.13%, 10/15/2017 ■		25
	65	9.50%, 10/15/2020 ■		65
		Penson Worldwide, Inc.
	913	12.50%, 05/15/2017 ■		203
		Provident Funding Associates L.P.
	98	10.25%, 04/15/2017 ■		107
		SLM Corp.
	60	7.25%, 01/25/2022		66
	115	8.45%, 06/15/2018 ╦		137
		TitleMax, Inc.
	65	13.25%, 07/15/2015		72
				1,902
		Health Care and Social Assistance - 0.8%
		Alere, Inc.
	70	9.00%, 05/15/2016		74
		Biomet, Inc.
	40	6.50%, 08/01/2020 - 10/01/2020 ■		40
		BioScrip, Inc.
	45	10.25%, 10/01/2015		48
		Community Health Systems, Inc.
	68	5.13%, 08/15/2018		71
	45	7.13%, 07/15/2020		48
		Fresenius Medical Care U.S. Finance II, Inc.
	115	5.63%, 07/31/2019 ■		121
		HCA, Inc.
	25	4.75%, 05/01/2023		25
	51	5.88%, 05/01/2023		51
	75	6.50%, 02/15/2020		83
	162	7.50%, 11/15/2095		138
	125	8.50%, 04/15/2019		140
		HealthSouth Corp.
	70	7.25%, 10/01/2018		76
		Hologic, Inc.
	5	6.25%, 08/01/2020 ■		5
		Radiation Therapy Services, Inc.
	60	8.88%, 01/15/2017		58
		Savient Pharmaceuticals, Inc.
	60	4.75%, 02/01/2018 ۞		16
		Tenet Healthcare Corp.
	30	4.75%, 06/01/2020 ■		30
	70	6.25%, 11/01/2018		76
	110	8.88%, 07/01/2019		123
		Valeant Pharmaceuticals International, Inc.
	80	6.75%, 08/15/2021 ■		85
		Warner Chilcott plc
	25	7.75%, 09/15/2018		26
				1,334
		Information - 2.0%
		Cricket Communications, Inc.
	190	7.75%, 05/15/2016 ‡		201
		CSC Holdings, Inc.
	140	7.63%, 07/15/2018		162
		DISH DBS Corp.
	301	5.88%, 07/15/2022		316
	70	6.75%, 06/01/2021		78
		First Data Corp.
	75	6.75%, 11/01/2020 ■		75
	95	8.25%, 01/15/2021 ■		95
		Harron Communications L.P.
	25	9.13%, 04/01/2020 ■		27
		Hughes Satelite Systems
	90	6.50%, 06/15/2019		96
		Intelsat Bermuda Ltd.
	150	11.50%, 02/04/2017 Þ		158
		Intelsat Jackson Holdings S.A.
	100	8.50%, 11/01/2019		112
		Lawson Software, Inc.
	20	9.38%, 04/01/2019		22
		Level 3 Communications, Inc.
	20	8.88%, 06/01/2019 ■		21
		Level 3 Escrow, Inc.
	10	8.13%, 07/01/2019		11
		Level 3 Financing, Inc.
	30	7.00%, 06/01/2020 ■		31
	88	10.00%, 02/01/2018		98
		Mediacom LLC
	85	9.13%, 08/15/2019		94
		MetroPCS Wireless, Inc.
	90	7.88%, 09/01/2018		99
		Rogers Communications, Inc.
	475	8.75%, 05/01/2032 ╦		736
		SBA Communications Corp.
	35	5.63%, 10/01/2019 ■		36

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 10.3% - (continued)
		Information - 2.0% - (continued)
		SBA Telecommunications, Inc.
$	25	5.75%, 07/15/2020 ■	$	26
		Softbrands, Inc.
	28	11.50%, 07/15/2018		32
		Sprint Nextel Corp.
	127	7.00%, 03/01/2020 ■		147
	53	9.00%, 11/15/2018 ■		65
		Syniverse Holdings, Inc.
	65	9.13%, 01/15/2019		69
		TW Telecom Holdings, Inc.
	21	5.38%, 10/01/2022 ■		22
		Windstream Corp.
	200	7.75%, 10/15/2020 ╦		216
		Zayo Group LLC
	10	8.13%, 01/01/2020		11
	5	10.13%, 07/01/2020		6
				3,062
		Machinery Manufacturing - 0.2%
		Case New Holland, Inc.
	220	7.88%, 12/01/2017		259
		Mining - 0.5%
		Consol Energy, Inc.
	15	8.00%, 04/01/2017		16
		FMG Resources Pty Ltd.
	355	6.00%, 04/01/2017 ■		341
		Peabody Energy Corp.
	135	6.25%, 11/15/2021		139
	80	6.50%, 09/15/2020		85
	125	7.38%, 11/01/2016		143
				724
		Miscellaneous Manufacturing - 0.3%
		BE Aerospace, Inc.
	245	5.25%, 04/01/2022		256
		Reynolds Group Issuer, Inc.
	200	7.13%, 04/15/2019 ╦Δ		213
		TransDigm Group, Inc.
	70	7.75%, 12/15/2018		77
				546
		Motor Vehicle and Parts Manufacturing - 0.3%
		American Axle & Manufacturing Holdings, Inc.
	25	6.63%, 10/15/2022		25
		Ford Motor Co.
	70	7.50%, 08/01/2026		82
	35	9.22%, 09/15/2021		45
		Meritor, Inc.
	70	10.63%, 03/15/2018		70
		Tenneco, Inc.
	60	6.88%, 12/15/2020		65
		TRW Automotive, Inc.
	100	7.25%, 03/15/2017 ■		114
				401
		Nonmetallic Mineral Product Manufacturing - 0.1%
		Silgan Holdings, Inc.
	85	5.00%, 04/01/2020		87
		Paper Manufacturing - 0.1%
		Boise Cascade LLC
	10	6.38%, 11/01/2020 ■		10
		Cascades, Inc.
	25	7.88%, 01/15/2020		26
		P.H. Glatfelter Co.
	40	5.38%, 10/15/2020 ■		41
		Rock-Tenn Co.
	5	3.50%, 03/01/2020 ■		5
	35	4.00%, 03/01/2023 ■		36
				118
		Petroleum and Coal Products Manufacturing - 0.8%
		Antero Resources Finance Corp.
	45	7.25%, 08/01/2019		48
		Basic Energy Services, Inc.
	25	7.75%, 02/15/2019		25
		Chesapeake Energy Corp.
	85	6.88%, 08/15/2018		89
		Continental Resources, Inc.
	30	5.00%, 09/15/2022 ■		32
		Endeavour International Corp.
	43	12.00%, 03/01/2018 ■		47
		Ferrellgas Partners L.P.
	10	6.50%, 05/01/2021		10
		Harvest Operations Corp.
	11	6.88%, 10/01/2017		12
		Hornbeck Offshore Services, Inc.
	35	5.88%, 04/01/2020		36
		MEG Energy Corp.
	41	6.38%, 01/30/2023 ■		44
		Newfield Exploration Co.
	50	5.75%, 01/30/2022		54
	75	6.88%, 02/01/2020		81
		Range Resources Corp.
	80	6.75%, 08/01/2020		88
		Rosetta Resources, Inc.
	40	9.50%, 04/15/2018		44
		Rowan Cos., Inc.
	500	7.88%, 08/01/2019 ╦		625
		Shelf Drilling Holdings Ltd.
	35	8.63%, 11/01/2018 ■		35
				1,270
		Pipeline Transportation - 0.4%
		El Paso Corp.
	105	7.00%, 06/15/2017 ‡		120
	125	7.80%, 08/01/2031 ØΘ		149
		Energy Transfer Equity L.P.
	150	7.50%, 10/15/2020 ØΘ		170
		Kinder Morgan Finance Co.
	75	6.00%, 01/15/2018 ■		82
		MarkWest Energy Partners L.P.
	20	5.50%, 02/15/2023		21
	70	6.25%, 06/15/2022		76
				618
		Plastics and Rubber Products Manufacturing - 0.0%
		Nortek, Inc.
	15	8.50%, 04/15/2021 ■		16
		Printing and Related Support Activities - 0.0%
		Deluxe Corp.
	45	7.00%, 03/15/2019		47

The accompanying notes are an integral part of these financial statements.

9

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 10.3% - (continued)
		Printing and Related Support Activities - 0.0% - (continued)
		Quebecor Media, Inc.
$	30	5.75%, 01/15/2023 ■	$	31
				78
		Professional, Scientific and Technical Services - 0.1%
		Lamar Media Corp.
	55	5.88%, 02/01/2022		58
		Lender Processing Services, Inc.
	55	5.75%, 04/15/2023		58
		SunGard Data Systems, Inc.
	65	7.38%, 11/15/2018		70
	20	7.63%, 11/15/2020		22
				208
		Real Estate, Rental and Leasing - 0.6%
		Air Lease Corp.
	90	4.50%, 01/15/2016 ■		90
	105	5.63%, 04/01/2017 ■		108
		HDTFS, Inc.
	20	5.88%, 10/15/2020 ■		20
	11	6.25%, 10/15/2022 ■		11
		International Lease Finance Corp.
	75	5.65%, 06/01/2014		79
	325	5.88%, 04/01/2019		344
	20	6.25%, 05/15/2019		21
	75	6.75%, 09/01/2016 ■		85
		Realogy Corp.
	34	7.63%, 01/15/2020 ■		38
		United Rental Financing Escrow Corp.
	80	5.75%, 07/15/2018 ■		86
				882
		Retail Trade - 0.4%
		99 Cents Only Stores
	50	11.00%, 12/15/2019 ■		57
		AmeriGas Finance LLC
	65	7.00%, 05/20/2022		71
		Building Materials Corp.
	60	6.75%, 05/01/2021 ■		65
	15	7.50%, 03/15/2020 ■		16
		GRD Holding III Corp.
	40	10.75%, 06/01/2019 ■		41
		Ltd. Brands, Inc.
	100	5.63%, 02/15/2022		108
		Michaels Stores, Inc.
	60	7.75%, 11/01/2018		64
		PC Merger Sub, Inc.
	45	8.88%, 08/01/2020 ■		48
		Sally Holdings LLC
	75	5.75%, 06/01/2022		80
		Sotheby's
	85	5.25%, 10/01/2022 ■		86
				636
		Soap, Cleaning Compound and Toilet Manufacturing - 0.0%
		YCC Holdings LLC
	23	10.25%, 02/15/2016 Þ		24
		Transportation Equipment Manufacturing - 0.1%
		Huntington Ingalls Industries, Inc.
	25	6.88%, 03/15/2018		27
	60	7.13%, 03/15/2021		65
				92
		Utilities - 0.3%
		AES El Salvador Trust
	200	6.75%, 02/01/2016 §		203
		Calpine Corp.
	175	7.50%, 02/15/2021 ■		190
		Dolphin Subsidiary II, Inc.
	50	7.25%, 10/15/2021		56
		IPALCO Enterprises, Inc.
	40	7.25%, 04/01/2016 ■		45
		Texas Competitive Electric Co.
	45	11.50%, 10/01/2020 ■		32
				526
		Water Transportation - 0.0%
		ACL I Corp.
	75	10.63%, 02/15/2016 Þ		74
		Total corporate bonds
		(cost $16,356)	$	16,184
FOREIGN GOVERNMENT OBLIGATIONS - 3.3%
		Argentina - 0.0%
		Argentina (Republic of)
$	101	8.28%, 12/31/2033	$	66
		Brazil - 0.2%
		Brazil (Republic of)
	100	5.63%, 01/07/2041		128
	100	5.88%, 01/15/2019		124
	40	8.25%, 01/20/2034		66
	50	11.00%, 08/17/2040		63
				381
		Colombia - 0.1%
		Colombia (Republic of)
	100	7.38%, 09/18/2037		154
COP	9,000	9.85%, 06/28/2027		8
	15	11.75%, 02/25/2020		24
COP	15,000	12.00%, 10/22/2015		10
				196
		Hungary - 0.1%
		Hungary (Republic of)
	45	6.25%, 01/29/2020		50
HUF	21,550	6.75%, 08/22/2014 - 02/24/2017		100
HUF	6,030	7.50%, 11/12/2020		29
	24	7.63%, 03/29/2041		28
				207
		Indonesia - 0.2%
		Indonesia (Republic of)
	100	6.88%, 01/17/2018 §		122
	100	7.75%, 01/17/2038 §		151
				273

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬				Market Value ╪
FOREIGN GOVERNMENT OBLIGATIONS - 3.3% - (continued)
			Malaysia - 0.2%
			Malaysia (Government of)
MYR		55	3.74%, 02/27/2015	$	18
MYR		335	4.26%, 09/15/2016		115
MYR		155	4.39%, 04/15/2026		55
MYR		125	5.09%, 04/30/2014		42
MYR		155	5.73%, 07/30/2019		58
					288
			Mexico - 0.6%
			Mexican Bonos De Desarrollo
MXN		2,854	6.50%, 06/10/2021		232
MXN		630	7.75%, 05/29/2031		55
MXN		673	8.50%, 11/18/2038		64
MXN		8	10.00%, 12/05/2024		1
			United Mexican States
	190		3.63%, 03/15/2022		208
	176		4.75%, 03/08/2044		195
MXN		204	7.75%, 12/14/2017		17
MXN		2,290	9.50%, 12/18/2014		191
					963
			Panama - 0.1%
			Panama (Republic of)
	25		7.25%, 03/15/2015		29
	45		8.88%, 09/30/2027		73
					102
			Peru - 0.1%
			Peru (Republic of)
	60		8.75%, 11/21/2033		105
	25		9.88%, 02/06/2015		30
			Peru Bono Soberano
PEN		15	6.90%, 08/12/2037		7
PEN		25	6.95%, 08/12/2031		12
PEN		65	7.84%, 08/12/2020		31
					185
			Philippines - 0.2%
			Philippines (Republic of)
	165		10.63%, 03/16/2025		290
			Poland - 0.3%
			Poland (Republic of)
PLN		425	5.25%, 10/25/2020		140
PLN		510	5.50%, 04/25/2015 - 10/25/2019		167
PLN		400	5.75%, 04/25/2014		129
					436
			Russia - 0.3%
			Russian Federation
	100		3.63%, 04/29/2015 §		106
	100		5.00%, 04/29/2020 §		116
	81		7.50%, 03/31/2030 §		103
	35		12.75%, 06/24/2028 §		69
					394
			South Africa - 0.3%
			South Africa (Republic of)
ZAR		325	6.25%, 03/31/2036		29
ZAR		1,760	6.75%, 03/31/2021		204
	100		6.88%, 05/27/2019		125
ZAR		900	8.25%, 09/15/2017		114
					472
			Turkey - 0.4%
			Turkey (Republic of)
	200		5.13%, 03/25/2022		224
	60		7.25%, 03/15/2015		67
	100		7.50%, 07/14/2017		121
TRY		100	10.50%, 01/15/2020		64
TRY		300	11.00%, 08/06/2014		178
					654
			Venezuela - 0.2%
			Venezuela (Republic of)
	125		7.00%, 12/01/2018 §		108
	90		11.95%, 08/05/2031 §		92
	85		12.75%, 08/23/2022 §		91
					291
			Total foreign government obligations
			(cost $5,015)	$	5,198
	MUNICIPAL BONDS - 0.3%
			Transportation - 0.3%
			Alameda, CA, Corridor Transportation Auth
$	1,705		9.20%, 10/01/2028 ○	$	548
			Total municipal bonds
			(cost $430)	$	548
	SENIOR FLOATING RATE INTERESTS ♦ - 15.7%
			Accommodation and Food Services - 0.3%
			Caesars Entertainment Operating Co., Inc.
$	500		4.46%, 01/28/2018	$	432
			Administrative Waste Management and Remediation - 0.3%
			Acosta, Inc.
	111		5.00%, 03/02/2018		111
			Brickman Group Holdings, Inc.
	325		5.50%, 10/14/2016		328
			Wolverine Healthcare Analytics, Inc.
	100		5.75%, 06/06/2019		100
					539
			Agriculture, Construction, Mining and Machinery - 0.1%
			Pro Mach, Inc.
	100		5.00%, 07/06/2017		100
			Veyance Technologies, Inc.
	100		5.96%, 07/31/2015		96
					196
			Air Transportation - 0.4%
			AWAS Finance Luxembourg S.aár.l.
	130		4.75%, 07/16/2018		131
			Delta Air Lines, Inc.
	140		5.25%, 10/18/2018		139
			Delta Air Lines, Inc., Term Loan
	323		5.50%, 04/20/2017		323
					593
			Apparel Manufacturing - 0.2%
			J. Crew Group, Inc.
	248		4.75%, 03/07/2018		248
			Arts, Entertainment and Recreation - 0.7%
			Affinity Gaming LLC
	234		5.50%, 11/09/2017		236

The accompanying notes are an integral part of these financial statements.

11

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 15.7% - (continued)
		Arts, Entertainment and Recreation - 0.7% - (continued)
		Golden Nugget, Inc.
$	64	3.27%, 06/22/2014 Þ	$	61
		Golden Nugget, Inc., Delayed Draw
	36	3.27%, 06/22/2014 Þ		34
		Kabel Deutschland GmbH
	250	4.25%, 02/01/2019		251
		ROC Finance LLC
	110	7.67%, 08/19/2017		113
		Rock Ohio Caesars LLC
	40	7.67%, 08/19/2017 ☼		41
		Town Sports International LLC
	235	5.75%, 04/28/2018		237
		Univision Communications, Inc.
	200	4.46%, 03/31/2017		195
				1,168
		Chemical Manufacturing - 0.1%
		Ineos US Finance LLC
	219	6.50%, 05/04/2018		222
		Computer and Electronic Product Manufacturing - 0.9%
		CDW LLC
	250	4.00%, 07/15/2017		247
		Ceridian Corp.
	249	5.96%, 05/09/2017		248
		Freescale Semiconductor, Inc.
	500	4.46%, 12/01/2016		484
		Sorenson Communications, Inc.
	476	6.00%, 08/16/2013		468
				1,447
		Construction - 0.2%
		Brand Energy & Infrastructure Services, Inc.
	255	5.28%, 10/20/2018 ☼		254
		Finance and Insurance - 1.5%
		Asurion Corp., 2nd Lien Term Loan
	111	9.00%, 05/24/2019		115
		Asurion Corp., Term Loan
	250	5.50%, 05/24/2018		252
		BNY Convergex Group LLC, 2nd Lien Eze Borrower Term Loan Commitment
	112	8.75%, 12/18/2017		104
		BNY Convergex Group LLC, 2nd Lien Top Borrower Term Loan Commitment
	268	8.75%, 12/18/2017		248
		Chrysler Group LLC
	129	6.00%, 05/24/2017		132
		EVERTEC LLC
	215	5.50%, 09/30/2016		215
		Macquarie Aircraft Leasing Finance S.A., 2nd Lien Term Loan
	852	4.21%, 11/29/2013		844
		Nuveen Investments, Inc., Extended First Lien Term Loan
	500	5.85%, 05/13/2017		499
				2,409
		Food Services - 0.3%
		Dunkin' Brands, Inc.
	249	4.00%, 11/23/2017		250
		OSI Restaurant Partners LLC
	255	4.28%, 10/31/2019 ☼		256
				506
		Furniture and Related Product Manufacturing - 0.1%
		Wilsonart International Holding LLC
	140	4.78%, 10/03/2019 ☼		140
		Health Care and Social Assistance - 1.4%
		Alkermes, Inc.
	100	4.50%, 09/25/2019		101
		Bausch & Lomb, Inc.
	229	5.25%, 05/17/2019		232
		Catalent Pharma Solutions, Inc.
	124	5.25%, 09/15/2017		125
		DaVita, Inc.
	150	4.00%, 11/29/2019 ☼		150
		HCA, Inc., Tranche B-3 Term Loan
	500	3.46%, 05/01/2018		500
		Jazz Pharmaceuticals, Inc.
	99	5.25%, 06/12/2018		99
		Sheridan Holdings, Inc.
	125	6.00%, 06/29/2018		125
		US Renal Care, Inc.
	200	6.25%, 07/03/2019		202
	135	10.25%, 01/03/2020		138
		Valeant Pharmaceuticals International, Inc.
	335	3.84%, 02/13/2019 ☼		336
		Warner Chilcott Corp., Term Loan B-1
	66	4.25%, 03/14/2018		66
		Warner Chilcott Corp., Term Loan B-2
	33	4.25%, 03/14/2018		33
		Warner Chilcott Corp., Term Loan B-3
	45	4.25%, 03/14/2018		46
		Warner Chilcott plc
	25	4.25%, 03/15/2018		25
				2,178
		Information - 2.5%
		Crown Castle Operating Co.
	99	4.00%, 01/31/2019		100
		Epicor Software Corp.
	249	5.00%, 05/16/2018		250
		First Data Corp., Extended 1st Lien Term Loan
	500	4.21%, 03/26/2018		476
		Intelsat Jackson Holdings S.A.
	199	4.50%, 04/02/2018		201
		Kronos, Inc.
	455	4.53%, 10/31/2019 ☼		458
	130	8.65%, 04/25/2020 ☼		131
		Lawson Software, Inc.
	125	5.25%, 04/05/2018		126
		Level 3 Financing, Inc.
	320	5.25%, 08/01/2019		323
		MetroPCS Wireless, Inc., Term Loan B3
	224	4.00%, 03/19/2018		224
		MISYS plc
	295	7.25%, 12/12/2018		296
		MModal, Inc.
	175	6.75%, 08/16/2019		173

The accompanying notes are an integral part of these financial statements.

12

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 15.7% - (continued)
		Information - 2.5% - (continued)
		Novell, Inc.
$	315	7.25%, 11/22/2017	$	318
		Warner Music Group Corp.
	100	4.78%, 10/25/2018 ☼		100
		West Corp.
	289	5.75%, 06/30/2018		293
		Zayo Group LLC
	394	5.25%, 07/02/2019		395
				3,864
		Mining - 0.6%
		American Rock Salt Co. LLC
	249	5.50%, 04/25/2017		245
		Arch Coal, Inc.
	384	5.75%, 05/16/2018		387
		Fortescue Metals Group Ltd.
	305	5.54%, 10/18/2017 ☼		304
				936
		Miscellaneous Manufacturing - 0.2%
		Digitalglobe, Inc.
	144	5.75%, 10/12/2018		145
		Reynolds Group Holdings, Inc.
	130	4.75%, 09/28/2018		130
				275
		Motor Vehicle and Parts Manufacturing - 1.0%
		Allison Transmission, Inc.
	68	2.72%, 08/07/2014		68
	125	4.25%, 08/23/2019		125
		General Motors Holdings LLC
	1,000	0.38%, 10/27/2015 ☼		980
		Navistar, Inc.
	116	7.00%, 08/17/2017		117
		SRAM LLC
	244	4.78%, 06/07/2018		245
	100	8.50%, 12/07/2018		101
				1,636
		Petroleum and Coal Products Manufacturing - 0.4%
		Chesapeake Energy Corp.
	130	8.50%, 12/02/2017		129
		Dynegy Power LLC
	320	9.25%, 08/05/2016		333
		Samson Investment Co.
	100	6.00%, 09/25/2018		101
				563
		Pipeline Transportation - 0.6%
		Energy Transfer Equity L.P.
	250	3.75%, 03/23/2017		249
		EP Energy LLC
	380	4.03%, 03/31/2019 ☼		379
		NGPL Pipeco LLC
	321	6.75%, 09/15/2017		327
				955
		Plastics and Rubber Products Manufacturing - 0.5%
		Consolidated Container Co. LLC
	285	5.00%, 07/03/2019		285
		Goodyear (The) Tire & Rubber Co.
	250	4.75%, 04/30/2019		252
		Tricorbraun, Inc.
	190	5.50%, 05/03/2018		190
		Trinseo Materials Operating S.C.A.
	135	8.00%, 08/02/2017		128
				855
		Primary Metal Manufacturing - 0.2%
		Novelis, Inc.
	249	4.00%, 03/10/2017		248
		WireCo WorldGroup, Inc.
	145	6.00%, 02/15/2017		147
				395
		Professional, Scientific and Technical Services - 0.5%
		AlixPartners, LLP
	200	6.50%, 06/28/2019		202
	105	10.75%, 12/27/2019		106
		Getty Images, Inc.
	130	4.47%, 10/18/2019 ☼		130
		Paradigm Ltd., Term Loan B1
	225	6.50%, 07/30/2019		224
		Paradigm Ltd., Term Loan B2
	106	10.50%, 07/30/2020		107
				769
		Real Estate, Rental and Leasing - 0.3%
		Fly Leasing Ltd.
	265	6.75%, 08/08/2018		265
		Realogy Corp., Extended 1st Lien Term Loan B
	139	4.46%, 10/10/2016		139
		Realogy Corp., Extended Credit Linked Deposit
	11	4.46%, 10/10/2016		11
				415
		Retail Trade - 1.6%
		August LUXUK Holding Co.
	57	6.25%, 04/27/2018		57
	57	10.50%, 04/26/2019		57
		August U.S. Holding Co., Inc.
	43	6.25%, 04/27/2018		44
	44	10.50%, 04/26/2019		44
		BJ's Wholesale Club, Inc.
	120	5.75%, 09/26/2019		121
		EB Sports Corp.
	1,440	11.50%, 12/31/2015 Þ		1,411
		Neiman (The) Marcus Group, Inc.
	200	4.75%, 05/16/2018		200
		Party City Holdings, Inc.
	195	5.75%, 07/27/2019		197
		Rite Aid Corp.
	199	1.97%, 06/01/2014		197
	199	4.50%, 03/03/2018		199
				2,527
		Truck Transportation - 0.3%
		Nexeo Solutions LLC
	210	5.00%, 09/09/2017		206
		Swift Transportation Co. LLC
	216	5.00%, 12/21/2017		218
				424
		Utilities - 0.3%
		Calpine Corp.
	106	4.50%, 10/09/2019		106

The accompanying notes are an integral part of these financial statements.

13

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 15.7% - (continued)
		Utilities - 0.3% - (continued)
		LSP Madison Funding LLC
$	180	5.50%, 06/28/2019	$	181
		Texas Competitive Electric Holdings Co. LLC
	200	4.75%, 10/10/2017		129
				416
		Wholesale Trade - 0.2%
		Harbor Freight Tools USA, Inc.
	299	5.50%, 11/14/2017		301
		Total senior floating rate interests
		(cost $24,413)	$	24,663
	U.S. GOVERNMENT AGENCIES - 66.0%
		FHLMC - 19.8%
$	5,800	3.00%, 11/15/2042 ☼	$	6,071
	700	3.50%, 11/15/2041 ☼		744
	6,300	4.00%, 11/15/2039 ☼		6,721
	2,400	4.50%, 11/15/2039 ☼		2,572
	2,900	5.00%, 11/15/2038 ☼		3,138
	8,959	5.50%, 10/01/2036 - 01/01/2039 ╦‡		9,758
	579	5.85%, 01/15/2039 ►		93
	1,600	6.00%, 11/01/2039 ☼		1,758
	1,689	7.69%, 05/15/2037 ►		290
				31,145
		FNMA - 11.3%
	600	2.14%, 12/01/2027 ☼		600
	205	2.20%, 12/01/2022 ☼		206
	120	2.28%, 12/01/2027 ☼		122
	105	2.34%, 12/01/2022 ☼		107
	581	2.40%, 10/01/2022 - 12/01/2022 ☼		595
	80	2.42%, 11/01/2022 ☼		81
	85	2.47%, 12/01/2022 ☼		86
	1,500	2.50%, 11/12/2027 ☼		1,570
	595	2.67%, 06/25/2042 ►		90
	500	3.00%, 11/15/2042		524
	3,300	3.50%, 11/15/2040 ☼		3,515
	733	4.00%, 01/01/2042		786
	7,400	5.00%, 11/15/2039 ☼		8,073
	981	6.00%, 09/01/2039 - 11/01/2039 ☼		1,088
	1,092	6.34%, 07/25/2040 Δ		218
				17,661
		GNMA - 34.9%
	1,800	3.00%, 11/15/2042 ☼		1,914
	6,850	3.50%, 11/15/2041 ☼		7,455
	21,483	4.00%, 11/15/2039 - 01/15/2041 ☼		23,509
	14,065	4.50%, 11/15/2039 - 06/15/2041 ☼		15,368
	2,100	5.50%, 11/15/2039 ☼		2,320
	3,339	6.00%, 08/15/2036 - 12/15/2040 ☼		3,780
	335	6.50%, 11/15/2038		381
				54,727
		Total U.S. government agencies
		(cost $103,593)	$	103,533
U.S. GOVERNMENT SECURITIES - 37.4%
U.S. Treasury Securities - 37.4%
		U.S. Treasury Bonds - 5.3%
$	50	2.38%, 01/15/2025 ◄	$	84
	200	2.75%, 08/15/2042 ‡		196
	2,025	3.13%, 11/15/2041 - 02/15/2042 ‡		2,149
	125	3.50%, 02/15/2039 ‡		143
	50	4.38%, 05/15/2040 ‡		66
	25	5.25%, 11/15/2028 ‡		35
	3,575	5.38%, 02/15/2031 ‡		5,152
	100	6.25%, 08/15/2023 - 05/15/2030 ‡		147
	75	9.88%, 11/15/2015		96
				8,068
		U.S. Treasury Notes - 32.1%
	1,025	0.13%, 04/15/2016 - 01/15/2022 ◄‡		1,128
	400	0.38%, 03/15/2015 ‡		400
	200	0.50%, 04/15/2015 ◄‡		222
	25	0.63%, 09/30/2017 ‡		25
	300	0.63%, 07/15/2021 ◄‡		351
	275	1.00%, 03/31/2017 ‡		279
	300	1.13%, 01/15/2021 ◄‡		374
	200	1.25%, 02/15/2014 ‡		202
	425	1.25%, 04/15/2014 - 07/15/2020 ◄‡		512
	300	1.38%, 07/15/2018 - 01/15/2020 ◄‡		378
	300	1.63%, 01/15/2015 - 01/15/2018 ◄‡		385
	300	1.63%, 08/15/2022 ‡		298
	2,975	1.75%, 03/31/2014 ‡		3,038
	225	1.88%, 07/15/2015 - 07/15/2019 ◄‡		293
	525	2.00%, 01/15/2014 - 01/15/2016 ◄‡		679
	10,075	2.00%, 11/15/2021 - 02/15/2022 ‡		10,465
	125	2.13%, 01/15/2019 ◄‡		164
	200	2.25%, 05/31/2014 ‡		206
	150	2.38%, 01/15/2017 ◄‡		200
	200	2.38%, 02/28/2015 ‡		209
	150	2.50%, 07/15/2016 ◄‡		197
	12,375	2.50%, 03/31/2015 - 06/30/2017 ‡		13,045
	350	2.75%, 05/31/2017 ‡		383
	14,500	3.25%, 03/31/2017 □‡		16,162
	175	3.50%, 02/15/2018 ‡		200
	175	4.13%, 05/15/2015 ‡		192
	275	4.25%, 11/15/2013 - 11/15/2017 ‡		310
	100	4.50%, 11/15/2015 ‡		112
	175	4.75%, 08/15/2017 ‡		209
				50,618
				58,686
		Total U.S. government securities
		(cost $57,823)	$	58,686
	PREFERRED STOCKS - 0.1%
		Diversified Financials - 0.1%
	3	Citigroup Capital XIII	$	82
	3	GMAC Capital Trust I ۞		78
				160
		Total preferred stocks
		(cost $158)	$	160
		Total long-term investments
		(cost $226,124)	$	228,101

The accompanying notes are an integral part of these financial statements.

14

Shares or Principal Amount ╬					Market Value ╪
SHORT-TERM INVESTMENTS - 3.8%
Repurchase Agreements - 3.8%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,070, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $1,091)
$	1,070	0.30%, 10/31/2012			$	1,070
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $435, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $444)
	435	0.25%, 10/31/2012				435
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $749, collateralized by FNMA 2.50%, 2027, value of $764)
	749	0.35%, 10/31/2012				749
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $284, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $290)
	284	0.35%, 10/31/2012				284
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,321, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $1,346)
	1,321	0.28%, 10/31/2012				1,321
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $1,675, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $1,708)
	1,675	0.25%, 10/31/2012				1,675
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $8, collateralized by U.S. Treasury Note 8.13%, 2019, value of $8)
	8	0.25%, 10/31/2012				8
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $388, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $396)
	388	0.30%, 10/31/2012				388
						5,930
		Total short-term investments
		(cost $5,930)			$	5,930
		Total investments
		(cost $232,054) ▲	149.1	%	$	234,031
		Other assets and liabilities	(49.1	)%		(77,103	)
		Total net assets	100.0	%	$	156,928

The accompanying notes are an integral part of these financial statements.

15

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $232,622 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	3,316
Unrealized Depreciation		(1,907	)
Net Unrealized Appreciation	$	1,409

†	These securities are valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value and percentage of net assets of these securities rounds to zero.
●	Non-income producing.  For long-term debt securities, items identified are in default as to payment of interest and/or principal.
‡	This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.
╦	This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $1,580 was received from broker(s) as collateral in connection with swap contracts.  Securities valued at $709, held on behalf of the Fund at the custody bank, were designated by broker(s) as collateral in connection with swap contracts.
Δ	Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.
Þ	This security may pay interest in additional principal instead of cash.
○	The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.
►	Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at October 31, 2012.
◄	The principal amount for this security is adjusted for inflation and the interest payments equal a fixed percentage of the inflation-adjusted principal amount.
♦	Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.
■	Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $7,879, which represents 5.0% of total net assets.
§	These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $1,161, which represents 0.7% of total net assets.
۞	Convertible security.
╬	All principal amounts are in U.S. dollars unless otherwise indicated.
☼	This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $63,399 at October 31, 2012.

The accompanying notes are an integral part of these financial statements.

16

□ This security, or a portion of this security, is pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts held at October 31, 2012 as listed in the table below:

Description	Number of Contracts*		Expiration Date	Notional Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Long position contracts:
U.S. Treasury 2-Year Note Future		26	12/31/2012	$	5,732	$	5,729	$	(3	)
U.S. Treasury 5-Year Note Future		30	12/31/2012		3,734		3,727		(7	)
U.S. Treasury CME Ultra Long Term Bond Future		59	12/19/2012		9,549		9,740		191
								$	181
Short position contracts:
U.S. Treasury 10-Year Note Future		140	12/19/2012	$	18,597	$	18,624	$	(27	)
U.S. Treasury 30-Year Bond Future		76	12/19/2012		11,272		11,348		(76	)
								$	(103	)
								$	78

* The number of contracts does not omit 000's.

Θ At October 31, 2012, this security, or a portion of this security, is designated to cover written call options in the table below:

Description (Counterparty)	Option Type	Exercise Price/ Rate			Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
ITRX.EUR.18 (MSC)	Credit		1.35	%	11/21/2012		EUR  18,350,000	$	105	$	121	$	16
ITRX.EUR.18 (JPM)	Credit		1.30	%	11/21/2012		EUR  18,170,000		70		89		19
								$	175	$	210	$	35

* The number of contracts does not omit 000's.  Number of contracts shown in  U.S. dollars unless otherwise noted.

Ø At October 31, 2012, this security, or a portion of this security, collateralized the written put options in the table below:

Description (Counterparty)	Option Type	Exercise Price/ Rate			Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
ITRX.EUR.18 (MSC)	Credit		1.35	%	11/21/2012		EUR  18,350,000	$	60	$	101	$	41
ITRX.EUR.18 (JPM)	Credit		1.30	%	11/21/2012		EUR  18,170,000		82		90		8
								$	142	$	191	$	49

* The number of contracts does not omit 000's.  Number of contracts shown in U.S. dollars unless otherwise noted.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty		Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
CAD	Sell	11/15/2012		UBS	$	20	$	20	$	–
MXN	Buy	12/19/2012		JPM		440		437		(3	)
MXN	Buy	12/19/2012		RBC		1,184		1,166		(18	)
MXN	Buy	12/19/2012		UBS		588		583		(5	)
MXN	Sell	12/19/2012		BNP		281		275		6
MXN	Sell	12/19/2012		CSFB		95		92		3
MXN	Sell	12/19/2012		RBC		1,448		1,421		27
MXN	Sell	12/19/2012		UBS		405		399		6
PEN	Buy	05/09/2013		BOA		1,001		1,013		12
PEN	Buy	05/09/2013		CBK		995		1,013		18
PEN	Sell	05/09/2013		CBK		2,004		2,025		(21	)
									$	25

The accompanying notes are an integral part of these financial statements.

17

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Credit Default Swap Contracts Outstanding at October 31, 2012

Reference Entity	Counterparty		Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)			Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices:
Buy protection:
ABX.HE.AAA.06		BCLY	$	254		(0.18	)%	07/25/45	$	23		$	15		$	(8	)
ABX.HE.AAA.06		GSC		990		(0.18	)%	07/25/45		87			60			(27	)
ABX.HE.AAA.06		MSC		469		(0.18	)%	07/25/45		47			29			(18	)
ABX.HE.PENAAA.06		BCLY		415		(0.11	)%	05/25/46		114			88			(26	)
ABX.HE.PENAAA.06		GSC		285		(0.11	)%	05/25/46		72			61			(11	)
ABX.HE.PENAAA.06		JPM		439		(0.11	)%	05/25/46		113			93			(20	)
ABX.HE.PENAAA.06		MSC		345		(0.11	)%	05/25/46		77			74			(3	)
ABX.HE.PENAAA.07		BCLY		375		(0.09	)%	08/25/37		164			152			(12	)
ABX.HE.PENAAA.07		BCLY		298		(0.09	)%	08/25/37		115			120			5
ABX.HE.PENAAA.07		GSC		73		(0.09	)%	08/25/37		31			30			(1	)
ABX.HE.PENAAA.07		JPM		114		(0.09	)%	08/25/37		47			46			(1	)
CDX.NA.HY.18		BCLY		13,335		(5.00	)%	06/20/17		675			(7	)		(682	)
CDX.NA.HY.19		BCLY		4,285		(5.00	)%	12/20/17		30			35			5
CDX.NA.HY.19		CSI		4,575		(5.00	)%	12/20/17		21			37			16
CDX.NA.HY.19		GSC		250		(5.00	)%	12/20/17		–			2			2
CMBX.NA.A.1		DEUT		290		(0.35	)%	10/12/52		134			126			(8	)
CMBX.NA.A.1		GSC		135		(0.35	)%	10/12/52		61			58			(3	)
CMBX.NA.AA.1		MSC		355		(0.25	)%	10/12/52		118			97			(21	)
CMBX.NA.AJ.4		DEUT		205		(0.96	)%	02/17/51		82			74			(8	)
CMBX.NA.AJ.4		JPM		180		(0.96	)%	02/17/51		60			65			5
CMBX.NA.AJ.4		MSC		400		(0.96	)%	02/17/51		157			145			(12	)
CMBX.NA.AJ.4		UBS		160		(0.96	)%	02/17/51		54			58			4
CMBX.NA.AM.3		JPM		425		(0.50	)%	12/13/49		86			61			(25	)
CMBX.NA.AM.4		BCLY		125		(0.50	)%	02/17/51		22			20			(2	)
CMBX.NA.AM.4		GSC		500		(0.50	)%	02/17/51		78			78			–
CMBX.NA.AM.4		JPM		400		(0.50	)%	02/17/51		90			62			(28	)
CMBX.NA.AM.4		UBS		425		(0.50	)%	02/17/51		75			67			(8	)
ITRX.XOV.18		GSC		EUR   1,520		(5.00	)%	12/20/17		20			22			2
Total									$	2,653		$	1,768		$	(885	)
Sell protection:
ABX.HE.PENAAA.07		JPM	$	111		0.76	%	01/25/38	$	(69	)	$	(56	)	$	13
CDX.NA.IG.18		CSI		2,170		1.00	%	06/20/17		(15	)		10			25
CDX.NA.IG.19		GSC		150		1.00	%	12/20/17		–			–			–
CDX.NA.IG.19		JPM		2,330		1.00	%	12/20/17		8			1			(7	)
CDX.NA.IG.19		MSC		7,380		1.00	%	12/20/17		30			2			(28	)
CMBX.NA.AA.4		MSC		595		1.65	%	02/17/51		(398	)		(376	)		22
CMBX.NA.AAA.2		DEUT		685		0.07	%	03/15/49		(40	)		(30	)		10
CMBX.NA.AAA.2		JPM		50		0.07	%	03/15/49		(2	)		(2	)		–
CMBX.NA.AAA.2		UBS		515		0.07	%	03/15/49		(27	)		(22	)		5
CMBX.NA.AAA.3		CSI		400		0.08	%	12/13/49		(31	)		(25	)		6
CMBX.NA.AAA.3		CSI		75		0.08	%	12/13/49		(5	)		(5	)		–
CMBX.NA.AAA.3		DEUT		515		0.08	%	12/13/49		(40	)		(33	)		7
CMBX.NA.AAA.3		JPM		1,320		0.08	%	12/13/49		(105	)		(83	)		22
CMBX.NA.AAA.3		MSC		355		0.08	%	12/13/49		(33	)		(22	)		11
CMBX.NA.AAA.3		UBS		410		0.08	%	12/13/49		(33	)		(26	)		7
CMBX.NA.AAA.5		MSC		340		0.35	%	02/15/51		(31	)		(18	)		13
CMBX.NA.AJ.2		MSC		705		1.09	%	03/15/49		(189	)		(150	)		39
CMBX.NA.AJ.3		MSC		295		1.47	%	12/13/49		(119	)		(101	)		18
ITRX.EUR.18		GSC		EUR   2,075		1.00	%	12/20/17		(29	)		(38	)		(9	)
ITRX.EUR.18		MSC		EUR   4,995		1.00	%	12/20/17		(54	)		(92	)		(38	)
PrimeX.ARM.1		MSC		178		4.42	%	06/25/36		6			16			10
PrimeX.ARM.2		MSC		550		4.58	%	12/25/37		(43	)		(2	)		41
Total									$	(1,219	)	$	(1,052	)	$	167
Total traded indices									$	1,434		$	716		$	(718	)

The accompanying notes are an integral part of these financial statements.

18

Credit Default Swap Contracts Outstanding at October 31, 2012 - (continued)

Reference Entity	Counterparty		Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)		Expiration Date		Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on single-name issues:
Sell protection:
Bank of America Corp.		GSC	$	2,200		1.00% / 1.55%		09/20/17	$	(153	)	$	(57	)	$	96
Citigroup, Inc.		GSC		2,350		1.00% / 1.50%		09/20/17		(153	)		(55	)		98
Goldman Sachs Group, Inc.		UBS		1,100		1.00% / 1.79%		09/20/17		(81	)		(40	)		41
Morgan Stanley		BCLY		1,100		1.00% / 2.09%		09/20/17		(123	)		(55	)		68
Total									$	(510	)	$	(207	)	$	303
									$	924		$	509		$	(415	)

(a)

The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.  Notional shown in U.S. dollars unless otherwise noted.

(b)

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign government issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative.  The implied credit spread of a particular entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement.  Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on October 31, 2012.  For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

Interest Rate Swap Contracts Outstanding at October 31, 2012

Counterparty	Payments made by Fund	Payments received by Fund	Notional Amount *		Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
JPM	2.00% Fixed	3M LIBOR		1,600	03/20/23	$	(10	)	$	(24	)	$	(14	)

* Notional shown in U.S. dollars unless otherwise noted.

Spreadlock Swap Contracts Outstanding at October 31, 2012

Counterparty

Strike

Notional Amount

Determination Date

Upfront Premiums Paid/ (Received)

Market Value ╪

Unrealized Appreciation/ (Depreciation)

BOA

0.71

%*

15,000

03/21/13

$

–

$

17

$

17

* This is a spreadlock swap between the 10-Year interest rate swap curve and the yield to maturity on a 30-Year FNMA.  If the rate on the 30-Year FNMA minus the 10-Year CMS (constant maturity swap) rate is greater than 0.71%, the Fund will receive money from the counterparty based on this differential.  If the rate on the 30-Year FNMA minus the 10-Year CMS rate is less than 0.71%, the Fund will pay the counterparty.

The accompanying notes are an integral part of these financial statements.

19

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Securities Sold Short Outstanding at October 31, 2012

Description	Principal Amount		Maturity Date		Market Value ╪		Unrealized Appreciation/ Depreciation
FNMA, 3.00%	$	1,400		11/15/2042	$	1,468	$	8
FNMA, 4.00%		9,000		11/15/2040		9,637		34
FNMA, 5.50%		6,900		11/15/2040		7,565		(6	)
GNMA, 3.50%		2,500		11/15/2041		2,717		2
GNMA, 4.00%		11,100		11/15/2039		12,142		3
GNMA, 4.50%		8,000		11/15/2040		8,698		85
					$	42,227	$	126

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
BNP	BNP Paribas Securities
BOA	Banc of America Securities LLC
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
CSI	Credit Suisse International
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
RBC	RBC Dominion Securities
UBS	UBS AG
Currency Abbreviations:
CAD	Canadian Dollar
COP	Colombian Peso
EUR	EURO
HUF	Hungarian Forint
MXN	Mexican New Peso
MYR	Malaysian Ringgit
PEN	Peruvian New Sol
PLN	Polish New Zloty
TRY	Turkish New Lira
ZAR	South African Rand
Index Abbreviations:
ABX.HE	Markit Asset Backed Security Home Equity
ABX.HE.PEN	Markit Asset Backed Security Home Equity Penultimate
CDX.NA.HY	Credit Derivatives North American High Yield
CDX.NA.IG	Credit Derivatives North American Investment Grade
CMBX.NA	Markit Commercial Mortgage Backed North American
ITRX.EUR	Markit iTraxx - Europe
ITRX.XOV	Markit iTraxx Index - Europe Crossover
PrimeX.ARM	Markit PrimeX Mortgage Backed Security
Other Abbreviations:
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
LIBOR	London Interbank Offered Rate

The accompanying notes are an integral part of these financial statements.

20

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	19,129	$	–	$	15,428	$	3,701
Corporate Bonds		16,184		–		16,184		–
Foreign Government Obligations		5,198		232		4,966		–
Municipal Bonds		548		–		548		–
Preferred Stocks		160		160		–		–
Senior Floating Rate Interests		24,663		–		24,663		–
U.S. Government Agencies		103,533		–		101,830		1,703
U.S. Government Securities		58,686		847		57,839		–
Short-Term Investments		5,930		–		5,930		–
Total	$	234,031	$	1,239	$	227,388	$	5,404
Credit Default Swaps *		591		–		591		–
Foreign Currency Contracts *		72		–		72		–
Futures *		191		191		–		–
Spreadlock Swaps *		17		–		17		–
Written Options *		84		–		84		–
Total	$	955	$	191	$	764	$	–
Liabilities:
Securities Sold Short	$	42,227	$	–	$	42,227	$	–
Total	$	42,227	$	–	$	42,227	$	–
Credit Default Swaps *		1,006		–		1,006		–
Foreign Currency Contracts *		47		–		47		–
Futures *		113		113		–		–
Interest Rate Swaps *		14		–		14		–
Total	$	1,180	$	113	$	1,067	$	–

♦ For the year ended October 31, 2012, investments valued at $3,158 were transferred from Level 1 to Level 2, and there were no transfers from Level 2 to Level 1. Investments are transferred between Level 1 and Level 2 for a variety of reasons including, but not limited to:

1)	Foreign equities for which a fair value price is more representative of exit value than the local market close (transfer into Level 2). Foreign equities for which the local market close is more representative of exit value (transfer into Level 1).
2)	U.S. Treasury securities that no longer represent the most recent issue (transfer into Level 2).
3)	Equity investments with no observable trading but a bid or close price is used (transfer into Level 2). Equity investments using observable quoted prices in an active market (transfer into Level 1).

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization			Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *		Balance as of October 31, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	268	$	(143	)	$	444	†	$	152		$	3,366	$	(386	)	$	—	$	—	$	3,701
Corporate Bonds		3,800		319			(76	)		(2	)		269		(4,676	)		366		—		—
U.S. Government Agencies		—		—			1	‡		—			1,702		—			—		—		1,703
Total	$	4,068	$	176		$	369		$	150		$	5,337	$	(5,062	)	$	366	$	—	$	5,404

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1)	Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).
2)	Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).
3)	Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

†	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $217.
‡	Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $1.

The accompanying notes are an integral part of these financial statements.

21

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $232,054)	$	234,031
Foreign currency on deposit with custodian (cost $648)		648
Unrealized appreciation on foreign currency contracts		72
Unrealized appreciation on swap contracts		608
Receivables:
Investment securities sold		60,491
Fund shares sold		162
Dividends and interest		944
Variation margin		77
Swap premiums paid		2,697
Other assets		78
Total assets		299,808
Liabilities:
Unrealized depreciation on foreign currency contracts		47
Unrealized depreciation on swap contracts		1,020
Bank overdraft		390
Securities sold short, at market value (proceeds $42,353)		42,227
Payables:
Investment securities purchased		94,724
Fund shares redeemed		607
Investment management fees		19
Dividends		19
Administrative fees		—
Distribution fees		14
Collateral received from broker		1,580
Variation margin		79
Accrued expenses		52
Swap premiums received		1,783
Written options (proceeds $401)		317
Other liabilities		2
Total liabilities		142,880
Net assets	$	156,928
Summary of Net Assets:
Capital stock and paid-in-capital	$	168,238
Undistributed net investment income		153
Accumulated net realized loss		(13,341	)
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		1,878
Net assets	$	156,928

The accompanying notes are an integral part of these financial statements.

22

Shares authorized		500,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.51/$11.01
Shares outstanding		11,453
Net assets	$	120,395
Class B: Net asset value per share	$	10.51
Shares outstanding		494
Net assets	$	5,187
Class C: Net asset value per share	$	10.53
Shares outstanding		2,823
Net assets	$	29,736
Class I: Net asset value per share	$	10.51
Shares outstanding		108
Net assets	$	1,132
Class R3: Net asset value per share	$	10.50
Shares outstanding		13
Net assets	$	141
Class R4: Net asset value per share	$	10.50
Shares outstanding		11
Net assets	$	111
Class R5: Net asset value per share	$	10.50
Shares outstanding		11
Net assets	$	111
Class Y: Net asset value per share	$	10.48
Shares outstanding		11
Net assets	$	115

The accompanying notes are an integral part of these financial statements.

23

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	51
Interest		9,573
Less: Foreign tax withheld		(1	)
Total investment income		9,623
Expenses:
Investment management fees		1,159
Administrative services fees		1
Transfer agent fees		274
Distribution fees
Class A		326
Class B		63
Class C		282
Class R3		1
Class R4		—
Custodian fees		11
Accounting services fees		42
Registration and filing fees		121
Board of Directors' fees		7
Audit fees		16
Other expenses		80
Total expenses (before waivers and fees paid indirectly)		2,383
Expense waivers		(560	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(560	)
Total expenses, net		1,823
Net Investment Income		7,800
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		12,562
Net realized loss on purchased options		(991	)
Net realized loss on securities sold short		(353	)
Net realized gain on futures		1,384
Net realized gain on written options		3,077
Net realized loss on swap contracts		(3,514	)
Net realized loss on foreign currency contracts		(117	)
Net realized gain on other foreign currency transactions		76
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		12,124
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized depreciation of investments		(888	)
Net unrealized appreciation of purchased options		49
Net unrealized appreciation of securities sold short		126
Net unrealized depreciation of futures		(1,138	)
Net unrealized appreciation of written options		69
Net unrealized depreciation of swap contracts		(457	)
Net unrealized appreciation of foreign currency contracts		25
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		—
Net Changes in Unrealized Depreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		(2,214	)
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		9,910
Net Increase in Net Assets Resulting from Operations	$	17,710

The accompanying notes are an integral part of these financial statements.

24

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	7,800		$	12,947
Net realized gain on investments, other financial instruments and foreign currency transactions		12,124			10,795
Net unrealized depreciation of investments, other financial instruments and foreign currency transactions		(2,214	)		(8,621	)
Net Increase In Net Assets Resulting From Operations		17,710			15,121
Distributions to Shareholders:
From net investment income
Class A		(4,914	)		(5,857	)
Class B		(196	)		(338	)
Class C		(846	)		(963	)
Class I		(6	)		—
Class R3		(4	)		—
Class R4		(4	)		—
Class R5		(4	)		—
Class Y		(2,212	)		(6,348	)
Total distributions		(8,186	)		(13,506	)
Capital Share Transactions:
Class A		(12,141	)		(12,302	)
Class B		(2,415	)		(2,718	)
Class C		1,425			179
Class I		1,125			—
Class R3		34			100
Class R4		4			100
Class R5		4			100
Class Y		(104,107	)		(45,969	)
Net decrease from capital share transactions		(116,071	)		(60,510	)
Net Decrease In Net Assets		(106,547	)		(58,895	)
Net Assets:
Beginning of period		263,475			322,370
End of period	$	156,928		$	263,475
Undistributed (distribution in excess of) net investment income (loss)	$	153		$	169

The accompanying notes are an integral part of these financial statements.

25

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Unconstrained Bond Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the

26

Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61^st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

27

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

·	Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.
·	Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.
·	Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price. For more information on specific valuation techniques and unobservable inputs, please see table below titled "Quantitative Information about Level 3 Fair Value Measurements".
	The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

28

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

Quantitative Information about Level 3 Fair Value Measurements:

Security Type / Valuation Technique	Unobservable Input(1)	Range (Weighted Average(2) )	Fair Value at October 31, 2012
Asset & Commercial Mortgage Backed Securities:
Cost	Recent trade price	Not Applicable	$	351
Discounted cash flow	Life expectancy (in months)	5 - 294 (219)		3,350
	Internal rate of return	3.2% - 50.4% (7.2%)
U.S. Government Agencies:
Cost	Recent trade price	Not Applicable		206
Indicative market quotes(3)	Third party indicative quote methodologies can vary significantly	Not Applicable		1,497
Total			$	5,404

(1) Significant increases and decreases in these inputs may result in a significant change to fair value.

(2) Inputs were weighted based on the fair value of the investments included in the range.

(3) For investments priced using indicative market quotes, those quotes represent the best available estimate of fair value as of October 31, 2012.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Trade date for senior floating rate interests purchased in the primary loan market is considered the date on which the loan allocations are determined. Trade date for senior floating rate interests purchased in the secondary loan market is the date on which the transaction is entered into.

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

29

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account ��� The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. Normally, dividends from net investment income are declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and

30

may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

In connection with the Fund’s ability to purchase investments on a when-issued or forward commitment basis, the Fund may enter into to-be announced (“TBA”) commitments. TBA commitments are forward agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed-upon future settlement date. The specific securities to be delivered are not identified at the trade date; however, delivered securities must meet specified terms, including issuer, rate and mortgage terms. Although the Fund may enter into TBA commitments with the intention of acquiring or delivering securities for its portfolio, the Fund can extend the settlement date, roll the transaction, or dispose of a commitment prior to settlement if deemed appropriate to do so. If the TBA commitment is closed through the acquisition of an offsetting TBA commitment, the Fund realizes a gain or loss. In a TBA roll transaction, the Fund generally purchases or sells the initial TBA commitment prior to the agreed upon settlement date and enters into a new TBA commitment for future delivery or receipt of the mortgage-backed securities. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.

The Fund may enter into “dollar rolls” in which the Fund sells securities and contracts with the same counterparty to repurchase substantially similar securities (for example, same issuer, coupon and maturity) on a specified future date at an agreed upon price. The Fund gives up the right to receive interest paid on the investments sold. The Fund would benefit to the extent of any differences between the price received for the security and the lower forward price for the future purchase. Dollar rolls involve the risk that the market value of the securities that the Fund is required to purchase may decline below the agreed upon repurchase price of those securities. The Fund records dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. These transactions are excluded from the Fund’s portfolio turnover rate. The Fund had open dollar roll transactions as of October 31, 2012, as disclosed on the Schedule of Investments, the Statement of Assets and Liabilities and the Statement of Operations.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. At October 31, 2012 the aggregate value of unfunded loan commitments was $172,170. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a

31

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income, which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

32

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of October 31, 2012.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund had no outstanding purchased options contracts as of October 31, 2012. Transactions involving written options contracts for the Fund during the year ended October 31, 2012, are summarized below:

33

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

Options Contract Activity During the Year Ended October 31, 2012:
Call Options Written During the Year	Number of Contracts*			Premium Amounts
Beginning of the year		—		$	—
Written		256,670,000			1,676
Expired		(220,150,000	)		(1,466	)
Closed		—			—
Exercised		—			—
End of year		36,520,000		$	210
Put Options Written During the Year		Number of Contracts*			Premium Amounts
Beginning of the year		14,450,000		$	73
Written		268,545,000			1,851
Expired		(241,050,000	)		(1,431	)
Closed		(5,425,000	)		(302	)
Exercised		—			—
End of year		36,520,000		$	191

* The number of contracts does not omit 000's. In the prior year, the number of contracts was displayed in U.S. dollars; currently all contracts are displayed in local currency.

d) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Contracts – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

34

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of October 31, 2012.

Interest Rate Swap Contracts – The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate or inflation benchmark (e.g. London Interbank Offered Rate (“LIBOR”)), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The Fund, as shown on the Schedule of Investments, had outstanding interest rate swaps as of October 31, 2012.

Spreadlock Swap Contracts – The Fund may invest in spreadlock swap contracts. These contracts involve commitments to pay or receive a settlement amount calculated as the difference between the swap spread and a fixed spread at a specific forward date. The Fund, as shown on the Schedule of Investments, had outstanding spreadlock swaps as of October 31, 2012.

35

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

e) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Unrealized appreciation on foreign currency contracts	$	—	$	72	$	—	$	—	$	—	$	—	$	72
Unrealized appreciation on swap contracts		17		—		591		—		—		—		608
Variation margin receivable *		77		—		—		—		—		—		77
Total	$	94	$	72	$	591	$	—	$	—	$	—	$	757
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	47	$	—	$	—	$	—	$	—	$	47
Unrealized depreciation on swap contracts		14		—		1,006		—		—		—		1,020
Variation margin payable *		79		—		—		—		—		—		79
Written options, market value		—		—		317		—		—		—		317
Total	$	93	$	47	$	1,323	$	—	$	—	$	—	$	1,463

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $78 as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on purchased options	$	(576	)	$	—		$	(415	)	$	—	$	—	$	—	$	(991	)
Net realized gain on futures		1,384			—			—			—		—		—		1,384
Net realized gain on written options		—			—			3,077			—		—		—		3,077
Net realized gain (loss) on swap contracts		4			—			(3,518	)		—		—		—		(3,514	)
Net realized loss on foreign currency contracts		—			(117	)		—			—		—		—		(117	)
Total	$	812		$	(117	)	$	(856	)	$	—	$	—	$	—	$	(161	)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized appreciation of purchased options	$	32		$	—		$	17		$	—	$	—	$	—	$	49
Net change in unrealized depreciation of futures		(1,138	)		—			—			—		—		—		(1,138	)
Net change in unrealized appreciation of written options		—			—			69			—		—		—		69
Net change in unrealized appreciation (depreciation) of swap contracts		3			—			(460	)		—		—		—		(457	)
Net change in unrealized appreciation of foreign currency contracts		—			25			—			—		—		—		25
Total	$	(1,103	)	$	25		$	(374	)	$	—	$	—	$	—	$	(1,452	)

36

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. Senior floating rate interests and securities subject to prepayment and extension risk generally offer less potential for gains when interest rates decline. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities, senior floating rate interests, and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

37

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	8,199	$	13,521

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	190
Accumulated Capital Losses *		(12,695	)
Unrealized Appreciation †		1,216
Total Accumulated Deficit	$	(11,289	)

* The Fund has capital loss carryforwards that are identified in the Capital Loss Carryforward note that follows.

† Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	370
Accumulated Net Realized Gain (Loss)		(433	)
Capital Stock and Paid-in-Capital		63

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss

38

carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

At October 31, 2012 (tax-year-end), the Fund had capital loss carryforwards for U.S. federal income tax purposes as follows:

Year of Expiration	Amount
2017	$	12,695
Total	$	12,695

During the year ended October 31, 2012, the Fund utilized $11,090 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. Effective April 23, 2012, HIFSCO has contracted with Wellington Management Company, LLP under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. Prior to April 23, 2012, Hartford Investment Management Company was the sub-adviser for the Fund. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate the sub-advisers.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.550%
On next $500 million		0.500%
On next $1.5 billion		0.475%
On next $2.5 billion		0.465%
On next $5 billion		0.455%
Over $10 billion		0.445%

As of April 23, 2012, HIFSCO has voluntarily agreed to waive all of the Fund’s contractual management fees through August 31, 2012.

39

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through April 22, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.550%
On next $500 million		0.500%
On next $4 billion		0.475%
On next $5 billion		0.455%
Over $10 billion		0.445%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I*		Class R3		Class R4		Class R5		Class Y
	0.99%		1.74%		1.74%		0.74%		1.29%		0.99%		0.69%		0.69%

* Commenced operations on May 25, 2012.

From April 23, 2012 through August 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class B		Class C		Class I*		Class R3		Class R4		Class R5		Class Y
	0.44%		1.19%		1.19%		0.19%		0.74%		0.44%		0.14%		0.14%

* Commenced operations on May 25, 2012.

From November 1, 2011 through April 22, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class B		Class C		Class R3		Class R4		Class R5		Class Y
	0.95%		1.70%		1.70%		1.25%		0.95%		0.65%		0.65%

d) Fees Paid Indirectly – The Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, this amount, if any, is included in the Statement of Operations.

40

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		0.77	%
Class B		1.53
Class C		1.52
Class I		0.62	*
Class R3		1.06
Class R4		0.77
Class R5		0.47
Class Y		0.69

* From May 25, 2012 (commencement of operations), through October 31, 2012.

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $323 and contingent deferred sales charges of $17 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $7.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is

41

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class I		10		9	%
Class R3		10		77
Class R4		11		100
Class R5		11		100
Class Y		11		100

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,151,265
Sales Proceeds Excluding U.S. Government Obligations		1,217,921
Cost of Purchases for U.S. Government Obligations		83,616
Sales Proceeds for U.S. Government Obligations		39,595

42

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued  from Merger		Net Increase (Decrease) of Shares
Class A
Shares		3,298		455		(4,896	)		—		(1,143	)		3,271		562		(5,098	)		—		(1,265	)
Amount	$	33,926	$	4,672	$	(50,739	)	$	—	$	(12,141	)	$	32,660	$	5,602	$	(50,564	)	$	—	$	(12,302	)
Class B
Shares		55		16		(306	)		—		(235	)		76		29		(379	)		—		(274	)
Amount	$	558	$	167	$	(3,140	)	$	—	$	(2,415	)	$	762	$	292	$	(3,772	)	$	—	$	(2,718	)
Class C
Shares		864		71		(798	)		—		137			997		79		(1,067	)		—		9
Amount	$	8,923	$	732	$	(8,230	)	$	—	$	1,425		$	9,996	$	789	$	(10,606	)	$	—	$	179
Class I
Shares		107		1		—			—		108			—		—		—			—		—
Amount	$	1,120	$	6	$	(1	)	$	—	$	1,125		$	—	$	—	$	—		$	—	$	—
Class R3
Shares		3		—		—			—		3			10		—		—			—		10
Amount	$	30	$	4	$	—		$	—	$	34		$	100	$	—	$	—		$	—	$	100
Class R4
Shares		—		1		—			—		1			10		—		—			—		10
Amount	$	—	$	4	$	—		$	—	$	4		$	100	$	—	$	—		$	—	$	100
Class R5
Shares		—		1		—			—		1			10		—		—			—		10
Amount	$	—	$	4	$	—		$	—	$	4		$	100	$	—	$	—		$	—	$	100
Class Y
Shares		2,035		204		(12,404	)		—		(10,165	)		3,048		638		(8,278	)		—		(4,592	)
Amount	$	20,740	$	2,062	$	(126,909	)	$	—	$	(104,107	)	$	30,349	$	6,347	$	(82,665	)	$	—	$	(45,969	)
Total
Shares		6,362		749		(18,404	)		—		(11,293	)		7,422		1,308		(14,822	)		—		(6,092	)
Amount	$	65,297	$	7,651	$	(189,019	)	$	—	$	(116,071	)	$	74,067	$	13,030	$	(147,607	)	$	—	$	(60,510	)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		50	$	514
For the Year Ended October 31, 2011		58	$	575

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

43

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

12. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

13. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

14. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

15. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

44

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45

The Hartford Uncontrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains		Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	10.06	$	0.37	$	0.47		$	0.84		$	(0.39	)	$	–	$	–	$	(0.39	)	$	10.51
B		10.05		0.30		0.47			0.77			(0.31	)		–		–		(0.31	)		10.51
C		10.07		0.29		0.48			0.77			(0.31	)		–		–		(0.31	)		10.53
I(F)		10.30		0.13		0.21			0.34			(0.13	)		–		–		(0.13	)		10.51
R3		10.04		0.33		0.49			0.82			(0.36	)		–		–		(0.36	)		10.50
R4		10.04		0.37		0.48			0.85			(0.39	)		–		–		(0.39	)		10.50
R5		10.04		0.40		0.48			0.88			(0.42	)		–		–		(0.42	)		10.50
Y		10.04		0.48		0.38			0.86			(0.42	)		–		–		(0.42	)		10.48
For the Year Ended October 31, 2011
A		9.98		0.46		0.10			0.56			(0.48	)		–		–		(0.48	)		10.06
B		9.98		0.38		0.09			0.47			(0.40	)		–		–		(0.40	)		10.05
C		10.00		0.38		0.09			0.47			(0.40	)		–		–		(0.40	)		10.07
R3(I)		9.89		0.03		0.15			0.18			(0.03	)		–		–		(0.03	)		10.04
R4(I)		9.89		0.04		0.14			0.18			(0.03	)		–		–		(0.03	)		10.04
R5(I)		9.89		0.04		0.15			0.19			(0.04	)		–		–		(0.04	)		10.04
Y		9.97		0.49		0.09			0.58			(0.51	)		–		–		(0.51	)		10.04
For the Year Ended October 31, 2010
A		9.54		0.37		0.45			0.82			(0.38	)		–		–		(0.38	)		9.98
B		9.53		0.29		0.47			0.76			(0.31	)		–		–		(0.31	)		9.98
C		9.55		0.30		0.46			0.76			(0.31	)		–		–		(0.31	)		10.00
Y		9.52		0.40		0.47			0.87			(0.42	)		–		–		(0.42	)		9.97
For the Year Ended October 31, 2009
A		8.28		0.48		1.27			1.75			(0.49	)		–		–		(0.49	)		9.54
B		8.28		0.42		1.26			1.68			(0.43	)		–		–		(0.43	)		9.53
C		8.30		0.42		1.25			1.67			(0.42	)		–		–		(0.42	)		9.55
Y		8.27		0.51		1.25			1.76			(0.51	)		–		–		(0.51	)		9.52
For the Year Ended October 31, 2008
A		10.14		0.54		(1.87	)		(1.33	)		(0.53	)		–		–		(0.53	)		8.28
B		10.14		0.47		(1.87	)		(1.40	)		(0.46	)		–		–		(0.46	)		8.28
C		10.16		0.47		(1.87	)		(1.40	)		(0.46	)		–		–		(0.46	)		8.30
Y		10.12		0.57		(1.86	)		(1.29	)		(0.56	)		–		–		(0.56	)		8.27

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account.

(C) Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).

(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(E) Per share amounts have been calculated using average shares outstanding method.

(F) Commenced operations on May 25, 2012.

(G) Not annualized.

(H) Annualized.

(I) Commenced operations on September 30, 2011.

46

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	8.47	%	$	120,395		1.09	%		0.77	%		3.59	%		134	%
	7.77			5,187		1.96			1.53			2.92			–
	7.76			29,736		1.79			1.52			2.83			–
	3.35	(G)		1,132		0.83	(H)		0.62	(H)		2.93	(H)		–
	8.27			141		1.40			1.06			3.20			–
	8.60			111		1.07			0.77			3.57			–
	8.92			111		0.77			0.47			3.87			–
	8.73			115		0.72			0.69			4.70			–
	5.71			126,654		1.06			0.95			4.56			207
	4.82			7,324		1.88			1.70			3.82			–
	4.81			27,057		1.74			1.70			3.80			–
	1.81	(G)		102		1.34	(H)		1.25	(H)		4.29	(H)		–
	1.84	(G)		102		1.04	(H)		0.95	(H)		4.58	(H)		–
	1.87	(G)		102		0.74	(H)		0.65	(H)		4.87	(H)		–
	5.96			102,134		0.63			0.63			4.90			–
	8.82			138,388		1.04			1.00			3.75			210
	8.13			10,007		1.87			1.75			3.02			–
	8.14			26,778		1.72			1.72			3.03			–
	9.37			147,197		0.62			0.62			4.13			–
	21.83			111,456		1.08			0.95			5.46			178
	20.85			10,389		1.96			1.67			4.74			–
	20.76			23,237		1.76			1.70			4.66			–
	22.07			109,639		0.64			0.64			5.88			–
	(13.71	)		81,569		1.02			0.95			5.53			177
	(14.36	)		7,779		1.91			1.70			4.79			–
	(14.34	)		13,007		1.76			1.70			4.79			–
	(13.37	)		139,935		0.63			0.63			5.85			–

47

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund) (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund) of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN

December 17, 2012

48

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

49

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

50

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

51

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Federal Tax Information (Unaudited)

The information set forth below is for the Fund’s fiscal year as required by federal tax law. Shareholders, however, must report distributions on a calendar year basis for income tax purposes which may include distributions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2013. Shareholders may wish to consult a tax advisor on how to report distributions for state and local purposes.

The income received from federal obligations is 4.45%.

52

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,036.10	$	3.12	$	1,000.00	$	1,022.07	$	3.10		0.61	%		184		366
Class B	$	1,000.00	$	1,031.14	$	6.94	$	1,000.00	$	1,018.30	$	6.90		1.36			184		366
Class C	$	1,000.00	$	1,032.20	$	7.05	$	1,000.00	$	1,018.20	$	7.00		1.38			184		366
Class I*	$	1,000.00	$	1,037.32	$	2.70	$	1,000.00	$	1,019.07	$	2.68		0.40			159		366
Class R3	$	1,000.00	$	1,033.62	$	4.75	$	1,000.00	$	1,020.46	$	4.72		0.93			184		366
Class R4	$	1,000.00	$	1,035.18	$	3.17	$	1,000.00	$	1,022.02	$	3.15		0.62			184		366
Class R5	$	1,000.00	$	1,037.74	$	1.64	$	1,000.00	$	1,023.53	$	1.63		0.32			184		366
Class Y	$	1,000.00	$	1,039.93	$	1.69	$	1,000.00	$	1,023.48	$	1.68		0.33			184		366

* Commenced operations on May 25, 2012.

53

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Unconstrained Bond Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (“Wellington Management” or the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

54

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers. The Board noted that the Fund’s sub-adviser had recently changed from Hartford Investment Management Company to Wellington Management. The Board also noted that, in connection with the sub-adviser change, certain changes had been made to the Fund’s principal investment strategy.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the Fund had underperformed relative to its peer group for the 3- and 5-year periods and that its performance was in line with the peer group for the 1-year period. The Board also noted that the Fund had underperformed relative to its benchmark for the 5-year period and that its performance was in line with the benchmark for the 1- and 3-year periods. HIFSCO noted that it would continue to monitor the Fund’s performance.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the

55

The Hartford Unconstrained Bond Fund (formerly The Hartford Corporate Opportunities Fund)

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with the recent sub-adviser change, an additional breakpoint had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time and noted that an additional breakpoint had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

56

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

57

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-UB12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford Value Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”—the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford Value Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	5
Investment Valuation Hierarchy Level Summary at October 31, 2012	8
Statement of Assets and Liabilities at October 31, 2012	9
Statement of Operations for the Year Ended October 31, 2012	10
Statement of Changes in Net Assets for the Years Ended October 31, 2012, andOctober 31, 2011	11
Notes to Financial Statements	12
Financial Highlights	24
Report of Independent Registered Public Accounting Firm	26
Directors and Officers (Unaudited)	27
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records(Unaudited)	29
Quarterly Portfolio Holdings Information (Unaudited)	29
Federal Tax Information (Unaudited)	30
Expense Example (Unaudited)	31
Approval of Investment Management and Investment Sub-Advisory Agreements(Unaudited)	32

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford Value Fund inception 04/30/2001
(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks long-term total return.

Performance Overview 10/31/02 - 10/31/12

 

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes.

Average Annual Total Returns (as of 10/31/12)

	1 Year			5 Year			10 Year
Value A#		15.31	%		-0.17	%		7.27	%
Value A##		8.97	%		-1.30	%		6.66	%
Value B#		14.38	%		-0.89	%		6.65	%*
Value B##		9.38	%		-1.27	%		6.65	%*
Value C#		14.38	%		-0.92	%		6.47	%
Value C##		13.38	%		-0.92	%		6.47	%
Value I#		15.59	%		0.12	%		7.44	%
Value R3#		15.04	%		-0.43	%		7.23	%
Value R4#		15.37	%		-0.11	%		7.43	%
Value R5#		15.73	%		0.19	%		7.62	%
Value Y#		15.82	%		0.29	%		7.69	%
Russell 1000 Value Index		16.89	%		-1.00	%		7.34	%

#	Without sales charge
##	With sales charge
*	Class B shares convert to Class A shares after 8 years.  The return shown reflects Class A shares, which had different operating expenses, for the period after conversion.

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 5.50% and Classes B and C reflect a contingent deferred sales charge of 5.00% and 1.00%, respectively.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Effective 9/30/09, Class B shares of The Hartford Mutual Funds were closed to new investments.

Class I shares commenced operations on 5/31/07. Performance prior to that date is that of the Fund’s Class A shares (excluding sales charges), which had different operating expenses. Class R3, R4 and R5 shares commenced operations on 12/22/06. Performance prior to that date is that of the Fund’s Class Y shares which had different operating expenses.

Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index is an unmanaged index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies, based on total market capitalizations.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford Value Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Karen H. Grimes, CFA	W. Michael Reckmeyer, III, CFA	Ian R. Link, CFA
Senior Vice President and Equity Portfolio Manager	Senior Vice President and Equity Portfolio Manager	Director and Equity Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford Value Fund returned 15.31%, before sales charge, for the twelve-month period ended October 31, 2012, underperforming its benchmark, the Russell 1000 Value Index, which returned 16.89% for the same period. The Fund outperformed the 13.91% return of the average fund in the Lipper Large-Cap Value Funds peer group, a group of funds with investment strategies similar to those of the Fund.

Why did the Fund perform this way?

U.S. equities moved higher in the period, in part due to a strengthening housing market and central bank interventions around the globe. Although Europe continued to grapple with economic and structural challenges, investors’ risk appetites surged after European Central Bank (ECB) President Mario Draghi revealed a comprehensive plan to support struggling sovereigns, including direct purchases of government bonds in the open market. Additionally, the U.S. Federal Reserve’s (Fed) announcement of a third round of quantitative easing (QE3) was well received by the market, boosting stock prices. Despite ongoing concerns regarding a global economic slowdown, investors were emboldened by better-than-feared corporate earnings. U.S. housing data showed year-over-year home price appreciation for the first time in years, contributing to signs of a revival in the industry at the heart of the financial crisis. Equities retreated from their mid-September 2012 highs after a re-escalation of eurozone area concerns and renewed macro data weakness cast a cloud over the earlier liquidity-driven rally. In October, disappointing corporate revenue results and concerns about the looming U.S. fiscal cliff (i.e. expiration of certain tax cuts and forced spending cuts) contributed to a slight rise in risk aversion toward the end of the period.

Nine of the ten sector returns within the Russell 1000 Value Index were positive, with Consumer Discretionary (+30%), Telecommunication Services (+26%), and Health Care (+23%) performing the best. Information Technology (-4%) and Energy (+5%) lagged on a relative basis during the period.

The Fund’s underperformance versus its benchmark was primarily due to sector positioning, which is a result of bottom-up stock selection decisions. The Fund’s underweights (i.e. the Fund’s sector position was less than the benchmark position) to Telecommunication Services, Financials, and Energy detracted. A modest cash position detracted in an upward trending market. Stock selection contributed positively to performance within Health Care, Industrials, and Consumer Staples more than offsetting weaker selection in Energy and Financials.

Holdings of Baker Hughes (Energy), Intel (Information Technology), and Occidental Petroleum (Energy) detracted most from benchmark-relative returns during the period. Shares of Baker Hughes, an oilfield services provider, fell after the company saw reduced pricing, under-utilization and logistics issues at its recently-acquired pressure pumping subsidiary. Shares of Intel, a designer and manufacturer of integrated digital technology platforms, declined after the company lowered its third quarter revenue outlook, citing sluggish demand for its products. The stock of Occidental Petroleum, an American oil and gas producer, fell out of favor due to recent concerns over performance in California, and skepticism over large investments in Texas and the Middle East. Information Technology stocks Hewlett-Packard and Cisco were among the top detractors from absolute performance (i.e. total return).

Among the top contributors to benchmark-relative returns were Comcast (Consumer Discretionary), Home Depot (Consumer Discretionary), and Anheuser-Busch (Consumer Staples). Shares of Comcast, the largest U.S. cable communications company and new owner of NBC Universal, moved higher after the company posted strong third quarter earnings, in part due to better-than-expected ad revenue from the 2012 London Olympics. Shares of Home Depot, a leading home improvement retailer, outperformed after the company posted solid quarterly earnings and raised its outlook for the full fiscal year. Investors are gaining confidence that Home Depot will benefit from a recovery in the housing market. Shares of Anheuser-Busch, the world’s largest brewing company, rose during the period based on favorable expansion prospects in Mexico. Top absolute contributors (i.e. total return) for the period also included Wells Fargo (Financials) and Merck (Health Care).

What is the outlook?

There are several factors, particularly in the U.S., which indicate support for positive economic growth, but there are also potential offsetting risks that could weigh on the markets.

3

The Hartford Value Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

We continue to believe that coordinated, global efforts toward economic recovery are supportive for equity markets. The ECB’s plan to buy potentially unlimited amounts of short-dated government bonds in order to reduce borrowing costs in fiscally-challenged countries helped to reduce the tail risk in Europe. The U.S. Federal Reserve announced a third round of quantitative easing (QE3), which involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment. Overall, we expect global economic growth to continue, but at a slow rate and with varying degrees of recovery by region. We believe that the U.S. will remain in a slow growth environment and that continued aggressive Fed policy (QE3) and an improving housing market should help us to avoid a recession.

Based on bottom-up stock decisions, we ended the period most overweight in the Consumer Discretionary, Health Care, and Information Technology sectors relative to the Russell 1000 Value Index; our largest underweights were in Utilities, Energy, and Financials.

Diversification by Industry

as of October 31, 2012

Industry (Sector)	Percentage of Net Assets
Automobiles and Components (Consumer Discretionary)		0.8	%
Banks (Financials)		6.7
Capital Goods (Industrials)		9.8
Commercial and Professional Services (Industrials)		0.6
Consumer Durables and Apparel (Consumer Discretionary)		1.4
Diversified Financials (Financials)		9.1
Energy (Energy)		13.3
Food and Staples Retailing (Consumer Staples)		1.4
Food, Beverage and Tobacco (Consumer Staples)		5.6
Health Care Equipment and Services (Health Care)		5.3
Insurance (Financials)		7.9
Materials (Materials)		4.9
Media (Consumer Discretionary)		3.6
Pharmaceuticals, Biotechnology and Life Sciences (Health Care)		9.0
Retailing (Consumer Discretionary)		5.3
Semiconductors and Semiconductor Equipment (Information Technology)		4.1
Software and Services (Information Technology)		1.4
Technology Hardware and Equipment (Information Technology)		2.5
Telecommunication Services (Services)		2.3
Utilities (Utilities)		3.6
Short-Term Investments		1.2
Other Assets and Liabilities		0.2
Total		100.0	%

4

The Hartford Value Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount			Market Value ╪
COMMON STOCKS - 98.6%
		Automobiles and Components - 0.8%
	39	General Motors Co. ●	$	1,006
	117	Goodyear (The) Tire & Rubber Co. ●		1,330
				2,336
		Banks - 6.7%
	114	BB&T Corp.		3,305
	100	PNC Financial Services Group, Inc.		5,827
	285	Wells Fargo & Co.		9,618
				18,750
		Capital Goods - 9.8%
	31	3M Co.		2,691
	31	Boeing Co.		2,184
	59	Eaton Corp.		2,781
	245	General Electric Co.		5,167
	56	Illinois Tool Works, Inc.		3,415
	68	Ingersoll-Rand plc		3,197
	43	PACCAR, Inc.		1,846
	45	Stanley Black & Decker, Inc.		3,147
	36	United Technologies Corp.		2,790
				27,218
		Commercial and Professional Services - 0.6%
	60	Tyco International Ltd.		1,625
		Consumer Durables and Apparel - 1.4%
	43	Mattel, Inc.		1,589
	112	Newell Rubbermaid, Inc.		2,317
				3,906
		Diversified Financials - 9.1%
	38	Ameriprise Financial, Inc.		2,245
	19	BlackRock, Inc.		3,690
	120	Citigroup, Inc.		4,491
	58	Credit Suisse Group ADR		1,358
	30	Goldman Sachs Group, Inc.		3,667
	238	JP Morgan Chase & Co.		9,931
				25,382
		Energy - 13.3%
	37	Anadarko Petroleum Corp.		2,539
	89	Chevron Corp.		9,777
	14	EOG Resources, Inc.		1,625
	74	Exxon Mobil Corp.		6,791
	95	Halliburton Co.		3,061
	67	Marathon Oil Corp.		2,004
	58	Noble Corp.		2,175
	55	Occidental Petroleum Corp.		4,353
	35	Royal Dutch Shell plc ADR		2,483
	63	Southwestern Energy Co. ●		2,191
				36,999
		Food and Staples Retailing - 1.4%
	83	CVS Caremark Corp.		3,835
		Food, Beverage and Tobacco - 5.6%
	34	Anheuser-Busch InBev N.V.		2,824
	61	General Mills, Inc.		2,428
	26	Kraft Foods Group, Inc. ●		1,186
	78	Mondelez International, Inc.		2,074
	41	PepsiCo, Inc.		2,848
	47	Philip Morris International, Inc.		4,192
				15,552
		Health Care Equipment and Services - 5.3%
	51	Baxter International, Inc.		3,212
	62	Covidien plc		3,428
	53	HCA Holdings, Inc.		1,498
	73	St. Jude Medical, Inc.		2,798
	69	UnitedHealth Group, Inc.		3,868
				14,804
		Insurance - 7.9%
	74	ACE Ltd.		5,786
	49	American International Group, Inc. ●		1,705
	43	Chubb Corp.		3,306
	134	Marsh & McLennan Cos., Inc.		4,551
	67	Principal Financial Group, Inc.		1,855
	38	Swiss Re Ltd.		2,596
	108	Unum Group		2,181
				21,980
		Materials - 4.9%
	86	Dow Chemical Co.		2,524
	49	E.I. DuPont de Nemours & Co.		2,182
	69	International Paper Co.		2,461
	60	Mosaic Co.		3,158
	40	Nucor Corp.		1,594
	142	Steel Dynamics, Inc.		1,796
				13,715
		Media - 3.6%
	47	CBS Corp. Class B		1,534
	156	Comcast Corp. Class A		5,859
	91	Thomson Reuters Corp.		2,571
				9,964
		Pharmaceuticals, Biotechnology and Life Sciences - 9.0%
	36	Amgen, Inc.		3,128
	48	Johnson & Johnson		3,387
	162	Merck & Co., Inc.		7,371
	214	Pfizer, Inc.		5,326
	18	Roche Holding AG		3,457
	63	Teva Pharmaceutical Industries Ltd. ADR		2,562
				25,231
		Retailing - 5.3%
	6	AutoZone, Inc. ●		2,175
	54	Home Depot, Inc.		3,328
	61	Kohl's Corp.		3,244
	101	Lowe's Co., Inc.		3,270
	47	Nordstrom, Inc.		2,662
				14,679
		Semiconductors and Semiconductor Equipment - 4.1%
	71	Analog Devices, Inc.		2,762
	172	Intel Corp.		3,720
	78	Maxim Integrated Products, Inc.		2,134
	86	Xilinx, Inc.		2,820
				11,436
		Software and Services - 1.4%
	133	Microsoft Corp.		3,783
		Technology Hardware and Equipment - 2.5%
	351	Cisco Systems, Inc.		6,016
	59	Hewlett-Packard Co.		821
				6,837
		Telecommunication Services - 2.3%
	188	AT&T, Inc.		6,509

The accompanying notes are an integral part of these financial statements.

5

The Hartford Value Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount					Market Value ╪
COMMON STOCKS - 98.6% - (continued)
		Utilities - 3.6%
	54	Edison International			$	2,551
	33	Entergy Corp.				2,408
	25	NextEra Energy, Inc.				1,718
	65	Northeast Utilities				2,560
	31	PPL Corp.				911
						10,148
		Total common stocks
		(cost $244,436)			$	274,689
		Total long-term investments
		(cost $244,436)			$	274,689
SHORT-TERM INVESTMENTS - 1.2%
Repurchase Agreements - 1.2%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $626, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $639)
$	626	0.30%, 10/31/2012			$	626
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $255, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $260)
	255	0.25%, 10/31/2012				255
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $438, collateralized by FNMA 2.50%, 2027, value of $447)
	438	0.35%, 10/31/2012				438
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $167, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $170)
	167	0.35%, 10/31/2012				167
		RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $774, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $788)
	774	0.28%, 10/31/2012				774
		TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $981, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $1,000)
	981	0.25%, 10/31/2012				981
		UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $4, collateralized by U.S. Treasury Note 8.13%, 2019, value of $5)
	4	0.25%, 10/31/2012				4
		UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $227, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $232)
	227	0.30%, 10/31/2012				227
						3,472
		Total short-term investments
		(cost $3,472)			$	3,472
		Total investments
		(cost $247,908) ▲	99.8	%	$	278,161
		Other assets and liabilities	0.2	%		558
		Total net assets	100.0	%	$	278,719

The accompanying notes are an integral part of these financial statements.

6

Note:	Percentage of investments as shown is the ratio of the total market value to total net assets.
	Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $251,283 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	36,855
Unrealized Depreciation		(9,977	)
Net Unrealized Appreciation	$	26,878

● Non-income producing.  

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Other Abbreviations:
ADR	American Depositary Receipt
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association

The accompanying notes are an integral part of these financial statements.

7

The Hartford Value Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Common Stocks ‡	$	274,689	$	268,636	$	6,053	$	–
Short-Term Investments		3,472		–		3,472		–
Total	$	278,161	$	268,636	$	9,525	$	–

♦	For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.
‡	The Fund has all or primarily all of the equity securities categorized in a particular level.  Refer to the Schedule of Investments for further industry breakout.

The accompanying notes are an integral part of these financial statements.

8

The Hartford Value Fund

Statement of Assets and Liabilities

October 31, 2012

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $247,908)	$	278,161
Receivables:
Fund shares sold		686
Dividends and interest		449
Other assets		41
Total assets		279,337
Liabilities:
Bank overdraft		179
Payables:
Fund shares redeemed		341
Investment management fees		44
Administrative fees		1
Distribution fees		9
Accrued expenses		44
Total liabilities		618
Net assets	$	278,719
Summary of Net Assets:
Capital stock and paid-in-capital	$	229,770
Undistributed net investment income		6,670
Accumulated net realized gain		12,026
Unrealized appreciation of investments		30,253
Net assets	$	278,719

Shares authorized		550,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$12.64/$13.38
Shares outstanding		5,580
Net assets	$	70,506
Class B: Net asset value per share	$	12.35
Shares outstanding		201
Net assets	$	2,488
Class C: Net asset value per share	$	12.30
Shares outstanding		1,302
Net assets	$	16,019
Class I: Net asset value per share	$	12.57
Shares outstanding		1,118
Net assets	$	14,059
Class R3: Net asset value per share	$	12.35
Shares outstanding		213
Net assets	$	2,636
Class R4: Net asset value per share	$	12.46
Shares outstanding		1,804
Net assets	$	22,478
Class R5: Net asset value per share	$	12.55
Shares outstanding		242
Net assets	$	3,031
Class Y: Net asset value per share	$	12.58
Shares outstanding		11,723
Net assets	$	147,502

The accompanying notes are an integral part of these financial statements.

9

The Hartford Value Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	12,965
Interest		7
Less: Foreign tax withheld		(73	)
Total investment income		12,899
Expenses:
Investment management fees		3,129
Administrative services fees		30
Transfer agent fees		206
Distribution fees
Class A		173
Class B		29
Class C		161
Class R3		13
Class R4		36
Custodian fees		8
Accounting services fees		63
Registration and filing fees		108
Board of Directors' fees		15
Audit fees		16
Other expenses		58
Total expenses (before waivers and fees paid indirectly)		4,045
Expense waivers		(156	)
Transfer agent fee waivers		(5	)
Commission recapture		(7	)
Custodian fee offset		—
Total waivers and fees paid indirectly		(168	)
Total expenses, net		3,877
Net Investment Income		9,022
Net Realized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments in securities		52,258
Net realized gain on foreign currency contracts		10
Net realized loss on other foreign currency transactions		(8	)
Net Realized Gain on Investments and Foreign Currency Transactions		52,260
Net Changes in Unrealized Depreciation of Investments:
Net unrealized depreciation of investments		(9,995	)
Net Changes in Unrealized Depreciation of Investments		(9,995	)
Net Gain on Investments and Foreign Currency Transactions		42,265
Net Increase in Net Assets Resulting from Operations	$	51,287

The accompanying notes are an integral part of these financial statements.

10

The Hartford Value Fund

Statement of Changes in Net Assets 

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Year Ended October 31, 2011
Operations:
Net investment income	$	9,022		$	8,316
Net realized gain on investments and foreign currency transactions		52,260			10,002
Net unrealized appreciation (depreciation) of investments		(9,995	)		1,655
Net Increase In Net Assets Resulting From Operations		51,287			19,973
Distributions to Shareholders:
From net investment income
Class A		(230	)		(749	)
Class B		(7	)		(7	)
Class C		(38	)		(60	)
Class I		(44	)		(120	)
Class R3		(7	)		(20	)
Class R4		(29	)		(93	)
Class R5		(11	)		(31	)
Class Y		(2,024	)		(7,070	)
Total distributions		(2,390	)		(8,150	)
Capital Share Transactions:
Class A		(8,061	)		1,294
Class B		(1,323	)		(2,304	)
Class C		(1,516	)		1,855
Class I		3,091			4,870
Class R3		9			1,340
Class R4		12,574			8,320
Class R5		89			2,374
Class Y		(348,979	)		77,723
Net increase (decrease) from capital share transactions		(344,116	)		95,472
Net Increase (Decrease) In Net Assets		(295,219	)		107,295
Net Assets:
Beginning of period		573,938			466,643
End of period	$	278,719		$	573,938
Undistributed (distribution in excess of) net investment income (loss)	$	6,670		$	239

The accompanying notes are an integral part of these financial statements.

11

The Hartford Value Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford Value Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 5.50%. Class B shares were sold with a contingent deferred sales charge which is assessed on the lesser of the per share net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time the shares are held (see note below regarding the closing of Class B shares). Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance, and that Class B shares automatically convert to Class A shares after 8 years.

No new or additional investments are allowed in Class B shares of The Hartford Mutual Funds (including investments through any systematic investment plan). Existing shareholders of Class B shares may continue to hold their Class B shares, exchange their Class B shares for Class B shares of another Hartford Mutual Fund (as permitted by existing exchange privileges), or redeem their Class B shares as described in the Fund’s prospectus. Reinstatement privileges with respect to Class B shares will continue under the current policy. For investors electing to reinvest capital gains and dividends, any such capital gains or dividends on Class B shares will continue to be reinvested in Class B shares of the Fund. All Class B share attributes, including the 12b-1 fee, contingent deferred sales charge schedule, and conversion to Class A shares, remain unchanged.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The NAV of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the

12

close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted

13

The Hartford Value Fund

Notes to Financial Statements  – (continued)

October 31, 2012

(000’s Omitted)

or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

Dividend income from domestic securities is accrued as of the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange

14

rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. The policy of the Fund is to pay dividends from net investment income and realized capital gains, if any, at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial

15

The Hartford Value Fund

Notes to Financial Statements  – (continued)

October 31, 2012

(000’s Omitted)

position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had no outstanding foreign currency contracts as of October 31, 2012.

b) Additional Derivative Instrument Information:

The volume of derivative activity was minimal during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized gain on foreign currency contracts	$	—	$	10	$	—	$	—	$	—	$	—	$	10
Total	$	—	$	10	$	—	$	—	$	—	$	—	$	10

5. Principal Risks:

a) Counterparty Risk – The Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

16

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011
Ordinary Income	$	2,390	$	8,174

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	6,670
Undistributed Long-Term Capital Gain		15,401
Unrealized Appreciation *		26,878
Total Accumulated Earnings	$	48,949

* The differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	(201	)
Accumulated Net Realized Gain (Loss)		201

17

The Hartford Value Fund

Notes to Financial Statements  – (continued)

October 31, 2012

(000’s Omitted)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

During the year ended October 31, 2012, the Fund utilized $37,093 of prior year capital loss carryforwards.

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

The Fund has reviewed all open tax years and major jurisdictions and concluded that these financial reporting rules had no effect on the Fund’s financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered as of October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000%
On next $500 million		0.6000%
On next $1.5 billion		0.5900%
On next $2.5 billion		0.5850%
On next $5 billion		0.5800%
Over $10 billion		0.5750%

18

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the period November 1, 2011, through February 29, 2012.

Average Daily Net Assets	Annual Fee
On first $500 million		0.7000%
On next $4.5 billion		0.6000%
On next $5 billion		0.5975%
Over $10 billion		0.5950%

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.014%
On next $5 billion		0.012%
Over $10 billion		0.010%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, through February 28, 2013 as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.15%		1.90%		1.90%		0.90%		1.35%		1.05%		0.80%		0.75%

From November 1, 2011 through February 29, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions, acquired fund fees and expenses and extraordinary expenses as follows:

Class A		Class B		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	1.20%		1.95%		1.95%		0.95%		1.40%		1.10%		0.80%		0.75%

d) Fees Paid Indirectly – The Fund has entered into agreements with State Street Global Markets, LLC and Russell Implementation Services Inc. to partially recapture non-discounted trade commissions. Such rebates are used to pay a portion of the Fund’s expenses. In addition, the Fund’s custodian banks have agreed to reduce its fees when the Fund maintains cash on deposit in a non-interest-bearing custody account. For the year ended October 31, 2012, these amounts, if any, are included in the Statement of Operations.

19

The Hartford Value Fund

Notes to Financial Statements  – (continued)

October 31, 2012

(000’s Omitted)

The ratio of expenses to average net assets in the accompanying financial highlights excludes the reduction in expenses related to fees paid indirectly. The annualized expense ratio for the period listed below reflecting the reduction for fees paid indirectly is as follows:

	Year Ended October 31, 2012
Class A		1.15	%
Class B		1.92
Class C		1.88
Class I		0.86
Class R3		1.36
Class R4		1.05
Class R5		0.80
Class Y		0.73

e) Distribution and Service Plan for Class A, B, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $209 and contingent deferred sales charges of $7 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, B, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for services provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $2.  These commissions are in turn paid to sales representatives of the broker/dealers.

f) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund was in the amount of $1. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

20

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

			Percentage
	Shares		of Class
Class R4		10		1	%
Class R5		10		4

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	110,235
Sales Proceeds Excluding U.S. Government Obligations		448,582

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and the year ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Year Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued From Merger		Net Increase (Decrease) of Shares
Class A
Shares		990		20		(1,704	)		—		(694	)		1,702		65		(1,682	)		—		85
Amount	$	11,779	$	219	$	(20,059	)	$	—	$	(8,061	)	$	19,788	$	715	$	(19,209	)	$	—	$	1,294
Class B
Shares		15		—		(129	)		—		(114	)		25		—		(233	)		—		(208	)
Amount	$	174	$	6	$	(1,503	)	$	—	$	(1,323	)	$	272	$	7	$	(2,583	)	$	—	$	(2,304	)
Class C
Shares		223		3		(352	)		—		(126	)		421		5		(270	)		—		156
Amount	$	2,548	$	30	$	(4,094	)	$	—	$	(1,516	)	$	4,826	$	48	$	(3,019	)	$	—	$	1,855
Class I
Shares		786		3		(524	)		—		265			652		8		(242	)		—		418
Amount	$	9,306	$	34	$	(6,249	)	$	—	$	3,091		$	7,561	$	86	$	(2,777	)	$	—	$	4,870
Class R3
Shares		53		1		(53	)		—		1			140		2		(28	)		—		114
Amount	$	623	$	7	$	(621	)	$	—	$	9		$	1,623	$	20	$	(303	)	$	—	$	1,340
Class R4
Shares		1,359		1		(344	)		—		1,016			791		2		(59	)		—		734
Amount	$	16,515	$	8	$	(3,949	)	$	—	$	12,574		$	8,934	$	24	$	(638	)	$	—	$	8,320
Class R5
Shares		27		1		(21	)		—		7			225		3		(3	)		—		225
Amount	$	318	$	11	$	(240	)	$	—	$	89		$	2,372	$	31	$	(29	)	$	—	$	2,374
Class Y
Shares		4,818		184		(35,737	)		—		(30,735	)		9,949		647		(3,674	)		—		6,922
Amount	$	57,875	$	2,024	$	(408,878	)	$	—	$	(348,979	)	$	111,250	$	7,069	$	(40,596	)	$	—	$	77,723
Total
Shares		8,271		213		(38,864	)		—		(30,380	)		13,905		732		(6,191	)		—		8,446
Amount	$	99,138	$	2,339	$	(445,593	)	$	—	$	(344,116	)	$	156,626	$	8,000	$	(69,154	)	$	—	$	95,472

21

The Hartford Value Fund

Notes to Financial Statements  – (continued)

October 31, 2012

(000’s Omitted)

The following reflects the conversion of Class B shares into Class A shares (reflected as Class A shares sold) for the year ended October 31, 2012, and the year ended October 31, 2011:

	Shares		Dollars
For the Year Ended October 31, 2012		42	$	492
For the Year Ended October 31, 2011		37	$	426

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

22

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

23

The Hartford Value Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (E)
A	$	11.00	$	0.20	$	1.48		$	1.68		$	(0.04	)	$	–		$	–	$	(0.04	)	$	12.64
B		10.82		0.10		1.45			1.55			(0.02	)		–			–		(0.02	)		12.35
C		10.78		0.11		1.44			1.55			(0.03	)		–			–		(0.03	)		12.30
I		10.92		0.23		1.47			1.70			(0.05	)		–			–		(0.05	)		12.57
R3		10.77		0.17		1.44			1.61			(0.03	)		–			–		(0.03	)		12.35
R4		10.84		0.20		1.46			1.66			(0.04	)		–			–		(0.04	)		12.46
R5		10.89		0.23		1.48			1.71			(0.05	)		–			–		(0.05	)		12.55
Y		10.91		0.25		1.47			1.72			(0.05	)		–			–		(0.05	)		12.58
For the Year Ended October 31, 2011 (E)
A		10.65		0.14		0.33			0.47			(0.12	)		–			–		(0.12	)		11.00
B		10.46		0.04		0.34			0.38			(0.02	)		–			–		(0.02	)		10.82
C		10.44		0.05		0.33			0.38			(0.04	)		–			–		(0.04	)		10.78
I		10.58		0.17		0.33			0.50			(0.16	)		–			–		(0.16	)		10.92
R3		10.45		0.11		0.32			0.43			(0.11	)		–			–		(0.11	)		10.77
R4		10.51		0.14		0.34			0.48			(0.15	)		–			–		(0.15	)		10.84
R5		10.56		0.15		0.35			0.50			(0.17	)		–			–		(0.17	)		10.89
Y		10.57		0.19		0.32			0.51			(0.17	)		–			–		(0.17	)		10.91
For the Year Ended October 31, 2010 (E)
A		9.63		0.09		1.01			1.10			(0.08	)		–			–		(0.08	)		10.65
B		9.47		0.01		0.99			1.00			(0.01	)		–			–		(0.01	)		10.46
C		9.45		0.02		0.98			1.00			(0.01	)		–			–		(0.01	)		10.44
I		9.59		0.12		0.99			1.11			(0.12	)		–			–		(0.12	)		10.58
R3		9.47		0.06		1.00			1.06			(0.08	)		–			–		(0.08	)		10.45
R4		9.52		0.09		1.01			1.10			(0.11	)		–			–		(0.11	)		10.51
R5		9.55		0.12		1.01			1.13			(0.12	)		–			–		(0.12	)		10.56
Y		9.55		0.14		1.01			1.15			(0.13	)		–			–		(0.13	)		10.57
For the Year Ended October 31, 2009 (E)
A		8.95		0.11		0.78			0.89			(0.21	)		–			–		(0.21	)		9.63
B		8.73		0.06		0.77			0.83			(0.09	)		–			–		(0.09	)		9.47
C		8.72		0.04		0.77			0.81			(0.08	)		–			–		(0.08	)		9.45
I		8.97		0.10		0.81			0.91			(0.29	)		–			–		(0.29	)		9.59
R3		8.87		0.07		0.77			0.84			(0.24	)		–			–		(0.24	)		9.47
R4		8.89		0.11		0.77			0.88			(0.25	)		–			–		(0.25	)		9.52
R5		8.92		0.14		0.77			0.91			(0.28	)		–			–		(0.28	)		9.55
Y		8.93		0.15		0.77			0.92			(0.30	)		–			–		(0.30	)		9.55
For the Year Ended October 31, 2008
A		14.13		0.16		(4.60	)		(4.44	)		(0.10	)		(0.64	)		–		(0.74	)		8.95
B		13.78		0.08		(4.49	)		(4.41	)		–			(0.64	)		–		(0.64	)		8.73
C		13.78		0.06		(4.48	)		(4.42	)		–			(0.64	)		–		(0.64	)		8.72
I		14.15		0.17		(4.56	)		(4.39	)		(0.15	)		(0.64	)		–		(0.79	)		8.97
R3		14.00		0.03		(4.46	)		(4.43	)		(0.06	)		(0.64	)		–		(0.70	)		8.87
R4		14.03		0.08		(4.48	)		(4.40	)		(0.10	)		(0.64	)		–		(0.74	)		8.89
R5		14.07		0.19		(4.56	)		(4.37	)		(0.14	)		(0.64	)		–		(0.78	)		8.92
Y		14.09		0.21		(4.57	)		(4.36	)		(0.16	)		(0.64	)		–		(0.80	)		8.93

(A)	Information presented relates to a share outstanding throughout the indicated period.
(B)	Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.
(C)	Ratios do not include fees paid indirectly (See Expenses in the accompanying Notes to Financial Statements).
(D)	Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.
(E)	Per share amounts have been calculated using average shares outstanding method.

24

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap(C)			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(D)
	15.31	%	$	70,506		1.22	%		1.15	%		1.64	%		24	%
	14.38			2,488		2.24			1.92			0.89			–
	14.38			16,019		1.92			1.88			0.90			–
	15.59			14,059		0.88			0.86			1.93			–
	15.04			2,636		1.49			1.37			1.42			–
	15.37			22,478		1.19			1.06			1.71			–
	15.73			3,031		0.87			0.80			1.98			–
	15.82			147,502		0.75			0.73			2.15			–
	4.41			69,016		1.20			1.15			1.20			16
	3.59			3,409		2.15			1.95			0.39			–
	3.67			15,395		1.91			1.86			0.49			–
	4.75			9,310		0.86			0.81			1.53			–
	4.09			2,288		1.47			1.40			0.98			–
	4.54			8,543		1.15			1.10			1.27			–
	4.73			2,563		0.86			0.80			1.47			–
	4.86			463,414		0.74			0.69			1.65			–
	11.41			65,915		1.30			1.28			0.88			33
	10.59			5,467		2.22			2.09			0.08			–
	10.63			13,276		2.02			2.00			0.15			–
	11.57			4,604		0.92			0.90			1.26			–
	11.22			1,024		1.53			1.50			0.62			–
	11.51			564		1.21			1.19			0.94			–
	11.86			101		0.89			0.87			1.21			–
	12.02			375,692		0.82			0.80			1.36			–
	10.29			57,687		1.41			1.40			1.27			50
	9.61			7,286		2.43			1.89			0.77			–
	9.47			10,591		2.18			2.14			0.49			–
	10.60			2,534		1.00			1.00			1.24			–
	9.92			248		1.63			1.63			0.86			–
	10.26			163		1.29			1.29			1.36			–
	10.65			8		0.97			0.97			1.67			–
	10.74			296,799		0.88			0.88			1.73			–
	(33.00	)		56,864		1.32			1.32			1.32			57
	(33.43	)		7,211		2.27			2.06			0.57			–
	(33.50	)		9,160		2.10			2.10			0.54			–
	(32.67	)		598		0.96			0.96			1.66			–
	(33.14	)		122		1.73			1.65			0.87			–
	(32.93	)		166		1.31			1.31			1.29			–
	(32.71	)		8		0.98			0.98			1.65			–
	(32.65	)		211,366		0.88			0.88			1.76			–

25

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford Value Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford Value Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

26

The Hartford Value Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

27

The Hartford Value Fund

Directors and Officers (Unaudited)  – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

28

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾ Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

29

The Hartford Value Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

30

The Hartford Value Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,020.18	$	5.84	$	1,000.00	$	1,019.35	$	5.84		1.15	%		184		366
Class B	$	1,000.00	$	1,016.46	$	9.63	$	1,000.00	$	1,015.58	$	9.63		1.90			184		366
Class C	$	1,000.00	$	1,015.69	$	9.63	$	1,000.00	$	1,015.58	$	9.63		1.90			184		366
Class I	$	1,000.00	$	1,021.12	$	4.52	$	1,000.00	$	1,020.66	$	4.52		0.89			184		366
Class R3	$	1,000.00	$	1,018.98	$	6.85	$	1,000.00	$	1,018.35	$	6.85		1.35			184		366
Class R4	$	1,000.00	$	1,020.48	$	5.33	$	1,000.00	$	1,019.86	$	5.33		1.05			184		366
Class R5	$	1,000.00	$	1,021.99	$	4.06	$	1,000.00	$	1,021.12	$	4.06		0.80			184		366
Class Y	$	1,000.00	$	1,021.93	$	3.96	$	1,000.00	$	1,021.22	$	3.96		0.78			184		366

31

The Hartford Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford Value Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

32

With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the performance of the Fund was within expectations.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating

33

The Hartford Value Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper. The Board noted that, in connection with The Hartford’s preferred partnership agreement with the Sub-adviser, additional breakpoints had been added to the Fund’s management fee schedule.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time, and noted that additional breakpoints had recently been added to the Fund’s management fee schedule. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

34

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered benefits to the Sub-adviser from its use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

35

This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-V12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

THE HARTFORD MUTUAL FUNDS

2012 Annual Report

The Hartford World Bond Fund

 

A MESSAGE FROM THE PRESIDENT

Dear Fellow Shareholders:

I want to take this opportunity to say thank you for investing with The Hartford Mutual Funds.

Market Review

In the first half of 2012, U.S. equities surged with the S&P 500 Index up 9.49%, as investors worried less about the uncertainty over eurozone sovereign debt and focused instead on improving economic data and strong corporate earnings news.

U.S. equities continued their march higher in the third quarter, as the S&P 500 closed up 16.44% for the year as of September 30, based on favorable policy developments in Europe and the announcement in September of another quantitative easing program (QE3) by the U.S. Federal Reserve. This third round of quantitative easing involves purchasing additional mortgage-backed securities at a pace of $40 billion per month in an effort to boost growth and reduce unemployment.

U.S. consumers strengthened their balance sheets this year as they continued to pay down debt and benefited from rising stock prices and improving home prices. Housing, in particular, has been a bright spot for the U.S. economy, as home prices showed year-over-year price appreciation for the first time in six years.

After a tight race, President Obama was re-elected, and he will have some difficult issues to tackle. These include the “fiscal cliff”��the combination of potential automatic tax increases and across-the-board government spending cuts scheduled to become effective December 31, 2012.

Now that the uncertainty caused by the election is behind us, perhaps now would be a good time to schedule a meeting with your financial adviser to examine your current investment strategy and determine whether you are on the right track:

• Is your portfolio fully diversified with an appropriate mix of stocks and bonds?

• Is your fixed-income portfolio positioned to take advantage of opportunities across the credit spectrum and fulfill your income needs?

• Does your portfolio reflect the global economy including both developed nations and emerging markets?

Your financial professional can help you choose options within our fund family to navigate today’s markets with confidence.

Thank you again for investing with The Hartford Mutual Funds.

 

James Davey
President

The Hartford Mutual Funds

The Hartford World Bond Fund

Table of Contents

Fund Performance (Unaudited)	2
Manager Discussion (Unaudited)	3
Financial Statements
Schedule of Investments at October 31, 2012	6
Investment Valuation Hierarchy Level Summary at October 31, 2012	21
Statement of Assets and Liabilities at October 31, 2012	22
Statement of Operations for the Year Ended October 31, 2012	24
Statement of Changes in Net Assets for the Year Ended October 31, 2012, and the Period May 31, 2011, (commencement of operations) through October 31, 2011	25
Notes to Financial Statements	26
Financial Highlights	44
Report of Independent Registered Public Accounting Firm	46
Directors and Officers (Unaudited)	47
How to Obtain a Copy of the Fund’s Proxy Voting Policies and Voting Records (Unaudited)	49
Quarterly Portfolio Holdings Information (Unaudited)	49
Federal Tax Information (Unaudited)	50
Expense Example (Unaudited)	51
Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)	52

The views expressed in the Fund’s Manager Discussion under ‘‘Why did the Fund perform this way?’’ and ‘‘What is the outlook?’’ are views of the Fund’s sub-adviser and portfolio management team through the end of the period and are subject to change based on market and other conditions.

The Hartford World Bond Fund inception 05/31/2011

(sub-advised by Wellington Management Company, LLP)

Investment objective – Seeks capital appreciation with income as a secondary goal.

Performance Overview 5/31/11 - 10/31/12

The chart above represents the hypothetical growth of a $10,000 investment in Class A which includes a sales charge. Growth results in classes other than Class A will vary from what is seen above due to differences in the expenses charged to those share classes. 

Average Annual Total Returns (as of 10/31/12)

	1 Year			Since Inception
World Bond A#		6.79	%		7.47	%
World Bond A##		1.99	%		4.04	%
World Bond C#		6.12	%		6.70	%
World Bond C##		5.12	%		6.70	%
World Bond I#		7.11	%		7.77	%
World Bond R3#		6.51	%		7.15	%
World Bond R4#		6.82	%		7.46	%
World Bond R5#		7.03	%		7.70	%
World Bond Y#		7.18	%		7.83	%
Citigroup World Government Bond Index		2.08	%		3.70	%

#	Without sales charge
##	With sales charge

PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The investment return and principal value of the investment will fluctuate so that investors’ shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month-end, please visit our website www.thehartfordfunds.com.

All share class returns assume the reinvestment of all distributions at net asset value and the deduction of all fund expenses. The initial investment in Class A shares reflects the maximum sales charge of 4.50% and Class C reflects a contingent deferred sales charge of 1.00%.

Total returns presented above were calculated using the Fund’s net asset value available to shareholders for sale or redemption of Fund shares on October 31, 2012, which may exclude investment transactions as of this date.

Citigroup World Government Bond Index includes the most significant and liquid government bond markets globally that carry at least an investment grade rating. Index weights are based on the market capitalization of qualifying outstanding debt stocks.

You cannot invest directly in an index.

The chart and table do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Performance information may reflect historical or current expense waivers/reimbursements from the investment adviser, without which performance would have been lower. For information on current expense waivers/reimbursements, please see the prospectus.

2

The Hartford World Bond Fund

Manager Discussion

October 31, 2012 (Unaudited)

Portfolio Managers
Robert L. Evans	Mark H. Sullivan, CFA
Director and Fixed Income Portfolio Manager	Vice President and Fixed Income Portfolio Manager

How did the Fund perform?

The Class A shares of The Hartford World Bond Fund returned 6.79%, before sales charge, for the twelve-month period ended October 31, 2012, outperforming its benchmark, the Citigroup World Government Bond Index, which returned 2.08% for the same period. The Fund underperformed the 7.01% return of the average fund in the Lipper Global Income Funds peer group, a group of funds that invests primarily in U.S. dollar and non-U.S. dollar debt securities of issuers located in at least three countries, one of which may be the United States.

Why did the Fund perform this way?

Markets were extremely volatile during the twelve months ended October 31, 2012 due to the eurozone debt crisis and uncertainty over the global growth outlook. Efforts by policy makers to stabilize the situation in Europe along with encouraging U.S. economic data helped lift investor sentiment heading into 2012. However, optimism quickly faded by the second quarter amid renewed anxiety over Europe’s worsening debt crisis and deteriorating global growth. The growing potential for a Greek exit from the eurozone and contagion to other peripheral countries in particular exacerbated market fears. Major central banks - the European Central Bank (ECB) and U.S. Federal Reserve Board (Fed) - responded with bold policy moves. ECB President Mario Draghi’s comments in late July that he would do “whatever it takes” to save the euro zone kicked off a string of positive policy developments that caused spreads in major fixed income sectors to tighten substantially through the remainder of the period.

For the twelve month period, benchmark-relative outperformance was primarily driven by our currency positioning, particularly significant underweights to the euro and the Japanese yen in favor of the U.S. dollar. Our overall cautious duration positioning and the resulting significant exposure to high quality global government bond markets like Australia, Germany, Denmark, Sweden, and Norway were also additive to relative performance. Our opportunistic allocation to emerging market debt and to credit sectors, including investment-grade, high yield corporate credit, securitized and emerging local debt was also additive to relative performance. Note that the Fund is managed in a benchmark-agnostic, total return approach. On an absolute basis, the main driver of return was our allocation to high quality, core government bonds. Other positive contributors to absolute return included duration, currency, country rotation, emerging market and credit strategies.

The Fed remained extremely accommodative throughout the period, which further supported fixed income assets. In September, the Fed announced a third round of quantitative easing involving the purchase of $40 billion of additional mortgage-backed securities per month. Additionally, the central bank extended its rates guidance to the middle of 2015 and further stated that it expected to maintain a highly accommodative stance for a considerable period after the economic recovery strengthens.

Economic data released throughout the period painted a mixed picture of the U.S. economy. Consumer confidence weakened and the labor market remained sluggish. However, there was growing enthusiasm over a recovery in housing as home prices showed their first year-over-year gain in years.

The U.S. Treasury yield curve flattened over the period as longer-term rates declined more than short-term yields. All of the major fixed income sectors posted strong absolute returns driven by the decline in U.S. Treasury yields, and all sectors outperformed U.S. Treasuries on a duration-adjusted basis.

Yields in most high-quality government bond markets ended lower during the period. Short-term yields on peripheral European government bonds particularly fell in response to the ECB’s injection of liquidity through its Long-Term Refinancing Operation (LTRO) program.

The main influences on currency markets during the period were improved growth expectations and supportive policy conditions; however, currency performance was mixed. EM (emerging markets) currencies in particular saw a healthy rally after a challenging 2011. High-yielding and commodity currencies like the New Zealand dollar (6.4%), Canadian dollar (3.4%), Australian dollar (4.7%) and Mexican peso (7.9%) appreciated versus the U.S. dollar. However, majors like the Japanese yen (-1.6%) and the euro (-4.8%) weakened considerably versus the U.S. dollar as global policy and economic uncertainty persisted.

Overall, our currency strategies were strongly additive to relative performance during the period. Our avoidance of Japanese yen exposure helped performance as the yen weakened against the U.S. dollar. Our limited exposure to the euro also helped as the euro continued to weaken due to

3

The Hartford World Bond Fund

Manager Discussion – (continued)

October 31, 2012 (Unaudited)

continued uncertainty in the Eurozone. Our opportunistic exposure to Asian currencies were additive, as Asia outperformed most other advanced economies. However, our currency exposure to the Nordic region detracted on a relative basis. On an absolute basis our currency strategies also contributed positively to total return. Our currency positioning is primarily implemented through the use of currency forward contracts.

Within country strategies, our exposure to core developed government bond markets such as Australia, Germany, Denmark, Sweden, and Norway was a major contributor to relative performance, as interest rates significantly decreased and government bond prices rose during the period. Most high quality, global government bond markets exhibited frequent swings in sentiment, albeit with an overall richening bias. Within our active duration positioning, our tactical overweight to the front-end of the yield curve in countries like Sweden, Germany, and Australia positively contributed to relative results, as yield curves steepened in response to policy tightening expectations in these countries. In addition, our active inter-country rotation strategies, where we were overweight Germany versus the U.S. at the 10-year part of the yield curve, also contributed positively to relative results. On an absolute basis (i.e. total return), our duration exposure to high quality, core developed governments contributed significantly to total return. Our country (duration and yield curve) positioning is primarily implemented through the use of exchange-traded government bond futures and cash bonds.

Credit strategies had a positive impact on both absolute and relative performance during the period, despite our limited and very selective exposure to these sectors. Our opportunistic allocation to the high yield sector, particularly within Industrial issues, was additive to relative performance during the period. Our allocation to global investment grade corporates, particularly U.S. Industrial and Financial issues, was also additive. Our allocation to securitized debt, in particular Agency CMOs and Non-Agency Residential MBS, was additive to relative performance. Within emerging markets debt, our long exposure to Brazilian interest rates was additive but our short exposure to Czech interest rates detracted from relative performance. Our credit positioning is primarily implemented through the use of cash bonds, credit default swaps (index and single name), and interest rate swaps.

What is the outlook?

In summary, at the end of the period our interest rate positioning reflected an aggregate underweight duration bias, but with a level of differentiation across regions. We expect growth to be sluggish and interest rates generally range bound, hence we favor country relative value strategies over outright duration strategies. Looking forward, we expect a lot of noise based on political transitions and developments, and we will increasingly seek to implement strategies to exploit tactical investment opportunities offered by such idiosyncratic volatility. At the end of the period, we maintained exposure to high quality core government bond markets such as Germany, United States, the Nordic countries, Canada, Australia, Singapore, Mexico and Poland.

We expect the North American cycle to outperform many other developed countries primarily driven by improvement in U.S. housing market indicators, supportive macro policy, more progress on deleveraging in the private sector and a better capitalized banking system. Given that the impending fiscal cliff negotiations could lead to heightened volatility in the U.S. dollar, we have expressed this theme through positions favoring the Canadian dollar and the US dollar.

We remained cautious on the Euro at the end of the period, particularly given Greece’s domestic politics and Spain’s delay in requesting official sector support. Although we believe that forward looking indicators are pointing to some stability in first half of 2013, the eurozone area continued to face worsening fiscal dynamics and continued deterioration in cyclical economic data at the end of the period. In the U.K., a lackluster economy, an activist central bank, and a deteriorating fiscal picture continued to suggest a challenging backdrop for the British pound. In line with central banks in most advanced economies, the Bank of Japan has further eased monetary policy but most of these measures will only start to be effective in 2013. Hence we believe the Japanese yen is unlikely to weaken substantively given the greater degree of monetary easing elsewhere. Amongst other peripheral G10 currencies, the Australian economy has significantly benefitted from the industrialization trends in China. However, cyclically, we believe the country faces four major headwinds to growth – a weaker Chinese housing cycle, a persistently strong currency, a weaker domestic housing cycle, and material domestic fiscal tightening. We expect the Australian dollar to underperform other commodity currencies, particularly the New Zealand dollar and the Canadian dollar.

Although emerging market currency fundamentals are no longer as uniform as they were at the early stages of their appreciation trend in the early 2000s, a number of emerging market currencies are still likely to benefit from the support of their external balances and relatively tight monetary policies. We expect emerging market currencies to appreciate versus the Euro and Yen.

At the end of the period we were increasingly positive on global credit markets, based on still-solid corporate

4

fundamentals and continuing accommodation from global central banks. However, we balance these pluses against uncertainty about the fiscal cliff, implementation of policies to address the European crisis, and a weakening global growth outlook. Another risk is if a pick-up in economic growth spurs a rise in shareholder-friendly actions such as mergers and acquisitions, leveraged buyouts, and dividend increases. Nevertheless, fundamentals remain broadly strong as corporations maintain conservative balance sheets by postponing capital expenditures and hiring. We expect shifts in our credit exposure to remain tactical and opportunistic in nature given that we anticipate further market volatility.

Distribution by Credit Quality

as of October 31, 2012

Credit Rating *	Percentage of Net Assets
Aaa / AAA		54.3	%
Aa / AA		0.1
A		3.8
Baa / BBB		4.7
Ba / BB		2.2
B		2.8
Caa / CCC or Lower		1.3
Unrated		0.2
U.S. Government Agencies and Securities		18.3
Non Debt Securities and Other Short-Term Instruments		15.4
Other Assets & Liabilities		(3.1	)
Total		100.0	%

* Does not apply to the Fund itself. Based upon Moody’s and S&P long-term credit ratings for the Fund’s holdings as of the date noted. If Moody's and S&P assign different ratings to a holding, the lower rating is used. "Unrated" includes fixed-income securities (other than cash-like short-term instruments and U.S. Government securities) for which Moody’s and S&P have not issued long-term credit ratings.

Diversification by Industry

as of October 31, 2012

Industry	Percentage of Net Assets
Fixed Income Securities
Accommodation and Food Services		0.0	%
Administrative Waste Management and Remediation		0.1
Agriculture, Forestry, Fishing and Hunting		0.0
Apparel Manufacturing		0.0
Arts, Entertainment and Recreation		0.6
Chemical Manufacturing		0.1
Computer and Electronic Product Manufacturing		0.2
Construction		0.1
Fabricated Metal Product Manufacturing		0.0
Finance and Insurance		4.2
Food Services		0.1
Furniture and Related Product Manufacturing		0.0
Health Care and Social Assistance		1.0
Information		1.0
Machinery Manufacturing		0.0
Mining		0.2
Miscellaneous Manufacturing		0.1
Motor Vehicle and Parts Manufacturing		0.0
Other Services		0.1
Paper Manufacturing		0.0
Petroleum and Coal Products Manufacturing		0.3
Pipeline Transportation		0.1
Plastics and Rubber Products Manufacturing		0.2
Printing and Related Support Activities		0.1
Professional, Scientific and Technical Services		0.1
Rail Transportation		0.2
Real Estate, Rental and Leasing		0.3
Retail Trade		0.3
Soap, Cleaning Compound and Toilet Manufacturing		0.1
Truck Transportation		0.0
Utilities		0.2
Water Transportation		0.0
Wholesale Trade		0.2
Total		9.9	%
Equity Securities
Diversified Financials		0.0
Total		0.0	%
Call Options Purchased		0.0
Foreign Government Obligations		59.5
Put Options Purchased		0.0
U.S. Government Agencies		0.0
U.S. Government Securities		11.7
Short-Term Investments		22.0
Other Assets and Liabilities		(3.1	)
Total		100.0	%

5

The Hartford World Bond Fund

Schedule of Investments

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
ASSET & COMMERCIAL MORTGAGE BACKED SECURITIES - 2.2%
		United Kingdom - 0.3%
		Granite Master Issuer plc
$	1,203	0.29%, 12/20/2054 Δ	$	1,182
	840	0.39%, 12/17/2054 Δ		825
		Motor plc
	315	1.29%, 02/25/2020 ■		316
				2,323
		United States - 1.9%
		Ally Master Owner Trust
	1,245	1.54%, 09/16/2019		1,245
		AmeriCredit Automobile Receivables Trust
	170	3.34%, 04/08/2016		177
		Asset Backed Funding Certificates
	300	0.43%, 10/25/2036 Δ		122
		Banc of America Funding Corp.
	525	5.77%, 05/25/2037		451
		Bank of America Automotive Trust
	34	3.52%, 06/15/2016 ■		34
		Bear Stearns Adjustable Rate Mortgage Trust
	469	2.25%, 08/25/2035 Δ		457
		Bear Stearns Commercial Mortgage Securities, Inc.
	9	5.33%, 01/12/2045		9
		Cal Funding II Ltd.
	660	3.47%, 10/25/2022 ■		660
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	1,580	5.40%, 12/11/2049		893
	10	5.89%, 11/15/2044		12
		CNH Equipment Trust
	144	1.20%, 05/16/2016		145
		Consumer Portfolio Services, Inc.
	186	2.78%, 06/17/2019 ■		187
		DBUBS Mortgage Trust
	3,100	3.57%, 01/01/2021 ■►		156
		Fieldstone Mortgage Investment Corp.
	151	0.55%, 04/25/2047 Δ		78
		First Horizon Alternative Mortgage Securities
	544	2.55%, 04/25/2036 Δ		379
		Ford Credit Automotive Lease Trust
	37	0.74%, 09/15/2013		37
		GMAC Mortgage Corp. Loan Trust
	364	3.71%, 09/19/2035 Δ		341
		Greenwich Capital Commercial Funding Corp.
	150	6.06%, 07/10/2038 Δ		174
		GSAMP Trust
	550	0.33%, 12/25/2036 Δ		231
	554	0.46%, 12/25/2036 Δ		242
		GSR Mortgage Loan Trust
	424	3.08%, 05/25/2047 Δ		304
		Honda Automotive Receivables Owner Trust
	102	0.67%, 04/21/2014		102
		Indymac Index Mortgage Loan Trust
	138	2.62%, 08/25/2035 Δ		89
	441	2.96%, 09/25/2036 Δ		296
		JP Morgan Chase Commercial Mortgage Securities Corp.
	540	2.75%, 10/15/2045 ■		302
	850	4.83%, 10/15/2045 ■Δ		734
		LB-UBS Commercial Mortgage Trust
	310	5.43%, 02/15/2040		357
		Merrill Lynch Mortgage Investors Trust
	46	0.41%, 12/25/2036 Δ		41
		Merrill Lynch Mortgage Trust
	100	5.85%, 05/12/2039 Δ		115
		Merrill Lynch/Countrywide Commercial Mortgage Trust
	400	5.81%, 06/12/2050 Δ		457
	105	6.09%, 06/12/2046 Δ		122
		Morgan Stanley Capital I
	40	5.16%, 10/12/2052 Δ		45
	100	5.42%, 09/15/2047 ■Δ		116
	50	5.82%, 06/11/2042 Δ		59
		Morgan Stanley Capital, Inc.
	840	0.44%, 10/25/2036 Δ		340
		Oaktree Real Estate Investments/Sabal
	1,656	4.00%, 09/25/2044 ■		1,665
		Prestige Automotive Receivables Trust
	274	1.23%, 12/15/2015 ■		275
		Residential Funding Mortgage Securities, Inc.
	837	6.00%, 07/25/2037		779
		Santander Consumer USA, Inc.
	165	2.32%, 04/15/2015 ■		167
		Saxon Asset Securities Trust
	1,800	0.38%, 11/25/2036 Δ		1,086
		Soundview Home Equity Loan Trust, Inc.
	1,750	0.39%, 07/25/2037 Δ		696
	309	0.49%, 06/25/2037 Δ		137
		Springleaf Mortgage Loan Trust
	925	1.57%, 12/25/2059 ■†		925
	696	2.22%, 10/25/2057 ■		700
	510	2.66%, 12/25/2059 ■†		510
		Structured Adjustable Rate Mortgage Loan Trust
	1,379	0.51%, 09/25/2034 Δ		1,105
		UBS-Barclays Commercial Mortgage Trust
	980	4.96%, 08/10/2049 ■		670
		Wells Fargo Mortgage Backed Securities Trust
	149	5.17%, 10/25/2035 Δ		149
		WF-RBS Commercial Mortgage Trust
	515	5.00%, 06/15/2044 ■		398
				18,771
		Total asset & commercial mortgage backed securities
		(cost $20,234)	$	21,094
CORPORATE BONDS - 6.9%
		Australia - 0.1%
		FMG Resources Pty Ltd.
$	35	6.00%, 04/01/2017 ■	$	34
	560	7.00%, 11/01/2015 ■		566

The accompanying notes are an integral part of these financial statements.

6

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 6.9% - (continued)
		Australia - 0.1% - (continued)
		Nufarm Australia Ltd.
$	295	6.38%, 10/15/2019 ■	$	302
				902
		Belgium - 0.0%
		Ontex IV
EUR	275	7.50%, 04/15/2018 §		373
		Brazil - 0.0%
		Fibria Overseas Finance Ltd.
	125	7.50%, 05/04/2020 ■		138
		Canada - 0.5%
		Kinder Morgan Finance Co.
	290	5.70%, 01/05/2016		318
		National Money Mart Co.
	640	10.38%, 12/15/2016		714
		Quebecor Media, Inc.
	180	7.75%, 03/15/2016		185
		Videotron Ltee
	36	5.00%, 07/15/2022		37
	40	9.13%, 04/15/2018		43
		Xstrata Finance Canada Ltd.
	2,066	4.00%, 10/25/2022 ■		2,075
	1,350	5.30%, 10/25/2042 ■		1,353
				4,725
		France - 0.1%
		Banque PSA Finance S.A.
EUR	350	4.88%, 09/25/2015		459
		Caisse D'Amortissement de la Dette Sociale
GBP	75	0.80%, 06/17/2013 Δ		121
				580
		Germany - 0.1%
		Unitymedia Hessen GmbH & Co.
EUR	400	9.63%, 12/01/2019 §		578
		Japan - 0.1%
		Tokyo Electric Power Co., Inc.
EUR	450	4.50%, 03/24/2014		589
		Luxembourg - 0.0%
		Ontex IV S.A.
EUR	100	9.00%, 04/15/2019 §		132
		Telenet Finance V Luxembourg SCA
EUR	110	6.25%, 08/15/2022 ■		147
				279
		Netherlands - 0.2%
		AerCap Aviation Solutions B.V.
	200	6.38%, 05/30/2017		207
		Conti-Gummi Finance B.V.
EUR	50	7.13%, 10/15/2018 §		69
		ING Groep N.V.
EUR	590	8.00%, 04/29/2049		772
		Portugal Telecom SGPS S.A.
EUR	375	5.63%, 02/08/2016		501
		Sensata Technologies B.V.
	300	6.50%, 05/15/2019 §		316
		Volkswagen Financial Services N.V.
EUR	100	0.60%, 11/27/2012 Δ		130
				1,995
		South Korea - 0.0%
		Harvest Operations Corp.
	41	6.88%, 10/01/2017		45
		Switzerland - 0.2%
		UBS AG Jersey Bank
EUR	15	4.28%, 04/15/2015		18
		UBS AG Stamford CT
	1,625	2.25%, 08/12/2013		1,646
				1,664
		United Arab Emirates - 0.0%
		Shelf Drilling Holdings Ltd.
	305	8.63%, 11/01/2018 ■		307
		United Kingdom - 0.4%
		British Telecommunications plc
	1,120	1.50%, 12/20/2013 Δ		1,128
		FCE Bank plc
EUR	300	7.25%, 07/15/2013 §		405
		HSBC Holdings plc
EUR	825	0.52%, 09/30/2020 Δ		989
		Ineos Finance plc
	655	9.00%, 05/15/2015 ■		694
		Nara Cable Funding
EUR	250	8.88%, 12/01/2018 §		305
				3,521
		United States - 5.2%
		99 Cents Only Stores
	135	11.00%, 12/15/2019 ■		153
		ACL I Corp.
	157	10.63%, 02/15/2016 Þ		154
		AES (The) Corp.
	270	7.75%, 10/15/2015		303
	50	8.00%, 10/15/2017		57
		Air Lease Corp.
	346	5.63%, 04/01/2017 ■		355
		Alere, Inc.
	400	9.00%, 05/15/2016		423
		Ally Financial, Inc.
	550	4.63%, 06/26/2015		571
	185	6.75%, 12/01/2014		199
	35	8.00%, 03/15/2020		42
		Alpha Natural Resources, Inc.
	20	6.00%, 06/01/2019		18
		AMC Entertainment, Inc.
	186	8.75%, 06/01/2019		206
	209	9.75%, 12/01/2020		235
		American Rock Salt Co. LLC
	10	8.25%, 05/01/2018 ■		9
		AmeriGas Finance LLC
	10	7.00%, 05/20/2022		11
		Anixter International, Inc.
	20	5.63%, 05/01/2019		21
		Antero Resources Finance Corp.
	10	7.25%, 08/01/2019		11
	110	9.38%, 12/01/2017		121
		ARAMARK Corp.
	175	8.50%, 02/01/2015		178
		ARAMARK Holdings Corp.
	505	8.63%, 05/01/2016 ■Þ		516

The accompanying notes are an integral part of these financial statements.

7

The Hartford World Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 6.9% - (continued)
		United States - 5.2% - (continued)
		Audatex North America, Inc.
$	501	6.75%, 06/15/2018 ■	$	537
		Ball Corp.
	20	7.13%, 09/01/2016		22
		BE Aerospace, Inc.
	275	6.88%, 10/01/2020		305
		Biomet, Inc.
	1,160	6.50%, 08/01/2020 - 10/01/2020 ■		1,194
		BioScrip, Inc.
	125	10.25%, 10/01/2015		134
		Brocade Communications Systems, Inc.
	980	6.63%, 01/15/2018		1,017
		Building Materials Corp.
	430	6.88%, 08/15/2018 ■		461
		Caesars Operating Escrow
	110	8.50%, 02/15/2020 ■		108
		Calpine Corp.
	390	7.25%, 10/15/2017 ■		413
		Case Corp.
	95	7.25%, 01/15/2016		106
		CCO Holdings LLC
	95	5.25%, 09/30/2022		95
	195	7.25%, 10/30/2017		213
	425	8.13%, 04/30/2020		478
		CDW Escrow Corp.
	130	8.50%, 04/01/2019		139
		CenturyTel, Inc.
	55	6.00%, 04/01/2017		61
		Cequel Communications, LLC
	95	6.38%, 09/15/2020 ■		96
		Chesapeake Energy Corp.
	65	2.50%, 05/15/2037 ۞		58
	60	9.50%, 02/15/2015		67
		CIT Group, Inc.
	30	5.00%, 05/15/2017		32
	30	5.25%, 04/01/2014 ■		31
	65	5.25%, 03/15/2018		69
		Clear Channel Worldwide Holdings, Inc.
	200	9.25%, 12/15/2017		215
		CNH Capital LLC
	205	3.88%, 11/01/2015 ■		210
	230	6.25%, 11/01/2016 ■		248
		Community Choice Financial, Inc.
	225	10.75%, 05/01/2019		219
		Community Health Systems, Inc.
	515	5.13%, 08/15/2018		534
		Continental Resources, Inc.
	65	5.00%, 09/15/2022		68
		Continental Rubber of America Corp.
	1,445	4.50%, 09/15/2019 ■		1,476
		Credit Acceptance Corp.
	30	9.13%, 02/01/2017		33
		Cricket Communications, Inc.
	260	7.75%, 05/15/2016		275
		Crown Americas, Inc.
	20	6.25%, 02/01/2021		22
		CSX Corp.
	2,225	4.10%, 03/15/2044		2,255
		DaVita, Inc.
	1,120	5.75%, 08/15/2022		1,170
		Deluxe Corp.
	395	7.00%, 03/15/2019		417
		Deutsche Postbank IV
EUR	200	5.98%, 06/29/2017 ♠Δ		211
		Emdeon, Inc.
	25	11.00%, 12/31/2019		28
		Endeavour International Corp.
	110	12.00%, 03/01/2018 ■		120
		Enterprise Products Operating LLC
	860	1.25%, 08/13/2015		869
		Everest Acquisition LLC
	80	9.38%, 05/01/2020 ■		88
		Express Scripts, Inc.
	2,655	6.25%, 06/15/2014		2,885
		Ferrellgas Partners L.P.
	6	6.50%, 05/01/2021		6
	350	9.13%, 10/01/2017		375
		Ferro Corp.
	335	7.88%, 08/15/2018		309
		Ford Motor Co.
	40	7.45%, 07/16/2031		51
		Freescale Semiconductor, Inc.
	20	8.05%, 02/01/2020		19
	350	10.13%, 03/15/2018 ■		378
		Fresenius Medical Care U.S. Finance II, Inc.
	435	5.63%, 07/31/2019 ■		458
	610	5.88%, 01/31/2022 ■		649
	60	9.00%, 07/15/2015 ■		69
		General Electric Capital Corp.
	1,780	3.15%, 09/07/2022		1,811
		Gray Television, Inc.
	605	10.50%, 06/29/2015		654
		Greektown Superholdings, Inc.
	425	13.00%, 07/01/2015		456
		Harrah's Operating Co., Inc.
	120	11.25%, 06/01/2017		130
		HCA, Inc.
	286	5.88%, 05/01/2023		289
	120	6.38%, 01/15/2015		129
	110	7.50%, 11/15/2095		94
		HDTFS, Inc.
	50	5.88%, 10/15/2020 ■		51
	35	6.25%, 10/15/2022 ■		35
		Hertz Corp.
	430	7.50%, 10/15/2018		467
		Hexion U.S. Finance Corp.
	55	6.63%, 04/15/2020		55
		Huntsman International LLC
	160	5.50%, 06/30/2016		160
		Intel Corp.
	250	3.25%, 08/01/2039 ۞		304
		Intelsat Bermuda Ltd.
	32	11.25%, 06/15/2016		33
	555	11.50%, 02/04/2017 Þ		584
		International Lease Finance Corp.
	215	5.65%, 06/01/2014		226
	75	6.50%, 09/01/2014 ■		81
	190	8.63%, 09/15/2015		214

The accompanying notes are an integral part of these financial statements.

8

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 6.9% - (continued)
		United States - 5.2% - (continued)
		Iron Mountain, Inc.
$	30	7.75%, 10/01/2019	$	34
	610	8.38%, 08/15/2021		674
		Isle of Capri Casinos, Inc.
	255	8.88%, 06/15/2020 ■		268
		J.M. Huber Corp.
	10	9.88%, 11/01/2019 ■		11
		K Hovnanian Enterprises, Inc.
	176	9.13%, 11/15/2020 ■		183
		KB Home
	420	6.25%, 06/15/2015		445
	75	7.50%, 09/15/2022		81
	175	8.00%, 03/15/2020		196
		Ladder Capital Finance Holdings LLC
	450	7.38%, 10/01/2017 ■		456
		Leap Wireless International, Inc.
	30	4.50%, 07/15/2014 ۞		29
		Lender Processing Services, Inc.
	205	5.75%, 04/15/2023		217
		Lennar Corp.
	90	5.60%, 05/31/2015		97
		Level 3 Financing, Inc.
	825	4.47%, 02/15/2015 Δ		823
		MarkWest Energy Partners L.P.
	20	6.25%, 06/15/2022		22
		Masco Corp.
	140	4.80%, 06/15/2015		147
		Mediacom LLC
	315	9.13%, 08/15/2019		349
		Meritor, Inc.
	200	8.13%, 09/15/2015		201
		MetLife, Inc.
	715	4.13%, 08/13/2042		724
		MetroPCS Wireless, Inc.
	110	7.88%, 09/01/2018		120
		MGM Mirage, Inc.
	30	11.13%, 11/15/2017		33
		Michaels Stores, Inc.
	445	7.75%, 11/01/2018		478
		Momentive Performance Materials, Inc.
	200	12.50%, 06/15/2014		207
		Morgan Stanley
	1,385	4.88%, 11/01/2022		1,400
		MPM Escrow LLC/MPM Finance Corp.
	200	8.88%, 10/15/2020 ■		196
		Nationstar Mortgage LLC
	206	7.88%, 10/01/2020 ■		212
		Newfield Exploration Co.
	15	5.75%, 01/30/2022		16
		Newmont Mining Corp.
	62	1.63%, 07/15/2017 ۞		88
		Nortek, Inc.
	100	8.50%, 04/15/2021 ■		107
		Owens Corning, Inc.
	1,230	4.20%, 12/15/2022		1,243
		Owens-Brockway Glass Container, Inc.
	85	7.38%, 05/15/2016		97
		P.H. Glatfelter Co.
	30	5.38%, 10/15/2020 ■		30
		PC Merger Sub, Inc.
	50	8.88%, 08/01/2020 ■		53
		Peabody Energy Corp.
	540	7.38%, 11/01/2016		618
		Pioneer Natural Resources Co.
	40	5.88%, 07/15/2016		45
		Provident Funding Associates L.P.
	55	10.25%, 04/15/2017 ■		60
		Pulte Homes, Inc.
	60	5.20%, 02/15/2015		64
		QVC, Inc.
	65	7.50%, 10/01/2019 ■		72
		Radiation Therapy Services, Inc.
	170	8.88%, 01/15/2017		163
	70	9.88%, 04/15/2017		49
		Range Resources Corp.
	15	6.75%, 08/01/2020		17
		Realogy Corp.
	75	7.63%, 01/15/2020 ■		84
		Revlon Consumer Products
	60	9.75%, 11/15/2015		63
		Reynolds Group Issuer, Inc.
	100	7.13%, 04/15/2019 Δ		107
		Rosetta Resources, Inc.
	85	9.50%, 04/15/2018		94
		Royal Caribbean Cruises Ltd.
	200	7.25%, 06/15/2016		226
		RSC Equipment Rental, Inc./RSC Holdings
	510	10.25%, 11/15/2019		589
		SABMiller Holdings, Inc.
	800	2.45%, 01/15/2017 ■		839
		Savient Pharmaceuticals, Inc.
	205	4.75%, 02/01/2018 ۞		53
		SBA Telecommunications, Inc.
	170	8.25%, 08/15/2019		190
		Service Corp. International
	775	7.00%, 05/15/2019		849
	25	7.38%, 10/01/2014		27
		Sinclair Television Group, Inc.
	400	8.38%, 10/15/2018		446
	145	9.25%, 11/01/2017 ■		161
		SLM Corp.
	235	6.25%, 01/25/2016		254
	100	8.45%, 06/15/2018		119
		Softbrands, Inc.
	475	11.50%, 07/15/2018		550
		Sovereign Capital Trust IV
	125	7.91%, 06/13/2036		131
		Sprint Nextel Corp.
	75	7.00%, 03/01/2020 ■		87
	75	9.00%, 11/15/2018 ■		93
		SunGard Data Systems, Inc.
	220	10.25%, 08/15/2015		225
		Telesat LLC
	1,300	6.00%, 05/15/2017 ■		1,355
		Tenet Healthcare Corp.
	465	9.25%, 02/01/2015		524
		Texas Competitive Electric Co.
	55	11.50%, 10/01/2020 ■		39

The accompanying notes are an integral part of these financial statements.

9

The Hartford World Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Shares or Principal Amount ╬			Market Value ╪
CORPORATE BONDS - 6.9% - (continued)
		United States - 5.2% - (continued)
		TitleMax, Inc.
$	285	13.25%, 07/15/2015	$	316
		TransDigm Group, Inc.
	50	7.75%, 12/15/2018		55
		Transocean, Inc.
	1,060	2.50%, 10/15/2017		1,074
		TRW Automotive, Inc.
	96	8.88%, 12/01/2017 ■		105
		TW Telecom Holdings, Inc.
	120	5.38%, 10/01/2022 ■		123
		United Rental Financing Escrow Corp.
	10	5.75%, 07/15/2018 ■		11
		UnitedHealth Group, Inc.
	1,025	3.95%, 10/15/2042		1,039
		UR Merger Sub Corp.
	70	10.88%, 06/15/2016		78
		Warner Chilcott plc
	745	7.75%, 09/15/2018		786
		Wynn Las Vegas LLC
	20	7.75%, 08/15/2020		22
		XM Satellite Radio, Inc.
	490	7.63%, 11/01/2018 ■		541
		Yankee Acquisition Corp.
	695	9.75%, 02/15/2017		722
				50,951
		Venezuela - 0.0%
		Petroleos de Venezuela S.A.
	525	8.00%, 11/17/2013 §		528
		Total corporate bonds
		(cost $66,021)	$	67,175
FOREIGN GOVERNMENT OBLIGATIONS - 59.5%
		Australia - 4.1%
		Australian Government
AUD	12,555	5.25%, 03/15/2019	$	14,888
AUD	7,495	5.75%, 07/15/2022		9,523
AUD	13,000	6.00%, 02/15/2017		15,350
				39,761
		Brazil - 0.1%
		Brazil (Republic of)
BRL	2,555	10.00%, 01/01/2017		1,322
		Canada - 8.9%
		Canada (Government of)
CAD	46,970	1.50%, 03/01/2017 - 09/01/2017		47,389
CAD	32,720	2.25%, 08/01/2014		33,429
CAD	4,950	2.75%, 06/01/2022		5,380
		Ontario (Province of)
	125	1.88%, 11/19/2012		125
				86,323
		Denmark - 5.3%
		Denmark (Kingdom of)
DKK	43,700	3.00%, 11/15/2021		8,726
DKK	155,675	4.00%, 11/15/2017 - 11/15/2019		31,958
DKK	36,995	7.00%, 11/10/2024		10,362
				51,046
		Finland - 7.6%
		Finland (Republic of)
EUR	15,790	1.75%, 04/15/2016		21,459
EUR	7,340	3.13%, 09/15/2014		10,053
EUR	19,465	3.50%, 04/15/2021		29,109
EUR	8,545	3.88%, 09/15/2017		12,743
				73,364
		Germany - 4.0%
		Bundesobligation
EUR	11,825	0.75%, 02/24/2017		15,583
EUR	6,555	2.25%, 04/10/2015		8,949
		Bundesrepublik Deutschland
EUR	10,650	2.00%, 01/04/2022		14,565
				39,097
		Mexico - 2.5%
		Mexican Bonos
MXN	300,345	6.50%, 06/09/2022 Δ		24,558
		Norway - 8.3%
		Norway (Kingdom of)
NOK	44,580	3.75%, 05/25/2021		8,960
NOK	120,165	4.25%, 05/19/2017		23,551
NOK	84,350	4.50%, 05/22/2019		17,317
NOK	140,060	5.00%, 05/15/2015		26,699
NOK	23,425	6.50%, 05/15/2013		4,209
				80,736
		Poland - 2.7%
		Poland (Republic of)
PLN	77,510	5.75%, 10/25/2021		26,463
		Singapore - 8.1%
		Singapore (Government of)
SGD	24,745	3.25%, 09/01/2020		23,498
SGD	20,710	3.63%, 07/01/2014		17,935
SGD	40,530	3.75%, 09/01/2016		37,587
				79,020
		Spain - 0.2%
		Spain (Kingdom of)
EUR	1,545	5.85%, 01/31/2022		2,032
		Sweden - 7.7%
		Sweden Government
SEK	114,900	3.00%, 07/12/2016		18,623
SEK	110,560	3.50%, 06/01/2022		19,575
SEK	111,750	3.75%, 08/12/2017		18,969
SEK	11,660	4.25%, 03/12/2019		2,085
SEK	92,700	6.75%, 05/05/2014		15,214
				74,466
		Total foreign government obligations
		(cost $564,481)	$	578,188
SENIOR FLOATING RATE INTERESTS ♦ - 0.8%
		Australia - 0.1%
		Fortescue Metals Group Ltd.
$	285	5.54%, 10/18/2017 ☼	$	284

The accompanying notes are an integral part of these financial statements.

10

Shares or Principal Amount ╬			Market Value ╪
SENIOR FLOATING RATE INTERESTS ♦ - 0.8% - (continued)
		Canada - 0.0%
		Telesat Canada
$	219	4.25%, 03/28/2019	$	221
		Germany - 0.0%
		Kabel Deutschland GmbH
	100	4.25%, 02/01/2019		100
		Netherlands - 0.0%
		NXP B.V.
	199	5.25%, 03/19/2019		201
		United States - 0.7%
		Arch Coal, Inc.
	160	5.75%, 05/16/2018		161
		Asurion Corp., 2nd Lien Term Loan
	67	9.00%, 05/24/2019		69
		Asurion Corp., Term Loan
	482	5.50%, 05/24/2018		485
		Bausch & Lomb, Inc.
	135	5.25%, 05/17/2019		136
		Calpine Corp.
	720	4.50%, 10/09/2019		721
		CDW LLC
	322	4.00%, 07/15/2017		319
		Cequel Communications LLC
	378	4.00%, 02/14/2019		378
		Chrysler Group LLC
	99	6.00%, 05/24/2017		101
		Cumulus Media Holdings, Inc.
	99	5.75%, 09/17/2018		100
		Energy Transfer Equity L.P.
	180	3.75%, 03/23/2017		179
		First Data Corp., Extended 1st Lien Term Loan
	290	4.21%, 03/26/2018		276
		Fly Leasing Ltd.
	545	6.75%, 08/08/2018		546
		Flying Fortress, Inc.
	100	5.00%, 06/30/2017		101
		Freescale Semiconductor, Inc.
	405	4.46%, 12/01/2016		392
	144	6.00%, 02/28/2019		143
		Gray Television, Inc.
	185	4.40%, 10/12/2019 ☼		185
		Harbor Freight Tools USA, Inc.
	150	5.50%, 11/14/2017		150
		IMS Health, Inc.
	255	4.50%, 08/26/2017 ☼		256
		J. Crew Group, Inc.
	298	4.75%, 03/07/2018		298
		Lawson Software, Inc.
	100	5.25%, 04/05/2018		101
		Metro PCS Wireless, Inc., Term Loan B3
	99	4.00%, 03/19/2018		99
		Michaels Stores, Inc., B-2 Term Loan
	100	4.91%, 07/31/2016		101
		Nuveen Investments, Inc.
	796	5.84%, 05/13/2017 ☼		793
		Rexnord LLC
	105	4.50%, 04/01/2018		106
		Sorenson Communications, Inc.
	214	6.00%, 08/16/2013		211
		Swift Transportation Co. LLC
	112	5.00%, 12/21/2017		113
		Syniverse Holdings, Inc.
	200	5.00%, 04/23/2019		201
				6,721
		Total senior floating rate interests
		(cost $7,432)	$	7,527
U.S. GOVERNMENT AGENCIES - 0.0%
		United States - 0.0%
		FHLMC
$	1,529	2.46%, 08/25/2016 ►	$	75
		Total U.S. government agencies
		(cost $77)	$	75
U.S. GOVERNMENT SECURITIES - 11.7%
		United States - 11.7%
		U.S. Treasury Bonds
$	9,310	2.75%, 08/15/2042	$	9,121
		U.S. Treasury Notes
	33,700	0.25%, 04/30/2014 - 08/31/2014		33,690
	32,000	0.63%, 01/31/2013 - 02/28/2013		32,043
	1,800	1.63%, 08/15/2022		1,790
	4,835	2.00%, 02/15/2022 ØΘ		5,007
	12,300	3.25%, 05/31/2016 ╦		13,507
	15,715	3.88%, 05/15/2018 ‡		18,316
				104,353
		Total U.S. government securities
		(cost $113,192)	$	113,474

Contracts			Market Value ╪
CALL OPTIONS PURCHASED - 0.0%
		Foreign Exchange Contracts - 0.0%
		USD Call/CAD Put
	279	Expiration: 01/10/2013  и	$	4
		USD Call/CNY Put
	11,362	Expiration: 06/23/2013		23
				27
		Total call options purchased
		(cost $153)	$	27

The accompanying notes are an integral part of these financial statements.

11

The Hartford World Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Contracts			Market Value ╪
PUT OPTIONS PURCHASED - 0.0%
		Credit Contracts - 0.0%
		ITRX.EUR.18
EUR	9,000	Expiration: 11/21/2012, Exercise Rate: 2.80%	$	5
		Foreign Exchange Contracts - 0.0%
		EUR Put/USD Call
EUR	2,039	Expiration: 04/22/2013		29
		USD Put/JPY Call
	6,439	Expiration: 04/23/2013	$	40
				74
		Total put options purchased
		(cost $138)	$	74

Shares or Principal Amount ╬			Market Value ╪
PREFERRED STOCKS - 0.0%
		United States - 0.0%
	7	Citigroup Capital XIII	$	192
	12	GMAC Capital Trust I ۞		314
		Total preferred stocks
		(cost $494)	$	506
		Total long-term investments
		(cost $772,222)	$	788,140
SHORT-TERM INVESTMENTS - 22.0%
		Repurchase Agreements - 15.4%
		Bank of America Merrill Lynch TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $27,040, collateralized by FHLMC 2.46% - 4.50%, 2040 - 2042, FNMA 2.40% - 3.50%, 2027 - 2042, value of $27,580)
$	27,039	0.30%, 10/31/2012	$	27,039
		Bank of Montreal TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $11,010, collateralized by FHLMC 2.50% - 5.11%, 2023 - 2038, FNMA 0.76% - 6.09%, 2015 - 2041, GNMA 5.00%, 2039 - 2040, U.S. Treasury Note 0.63%, 2017, value of $11,230)
	11,010	0.25%, 10/31/2012		11,010
		Barclays Capital TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $18,930, collateralized by FNMA 2.50%, 2027, value of $19,309)
	18,930	0.35%, 10/31/2012		18,930
		Deutsche Bank Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $7,191, collateralized by FNMA 2.50% - 3.50%, 2027 - 2042, value of $7,335)
	7,191	0.35%, 10/31/2012		7,191

	RBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $33,406, collateralized by U.S. Treasury Note 0.63% - 1.50%, 2017 - 2019, value of $34,032)
33,406	0.28%, 10/31/2012				33,406
	TD Securities TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $42,340, collateralized by FFCB 0.23% - 5.70%, 2013 - 2020, FHLB 0.07% - 6.70%, 2012 - 2021, FHLMC 0.09% - 6.00%, 2012 - 2042, FNMA 0.22% - 6.63%, 2013 - 2042, value of $43,186)
42,339	0.25%, 10/31/2012				42,339
	UBS Securities, Inc. Repurchase Agreement (maturing on 11/01/2012 in the amount of $192, collateralized by U.S. Treasury Note 8.13%, 2019, value of $197)
192	0.25%, 10/31/2012				192
	UBS Securities, Inc. TriParty Repurchase Agreement (maturing on 11/01/2012 in the amount of $9,814, collateralized by FNMA 3.50% - 4.00%, 2026 - 2042, value of $10,010)
9,814	0.30%, 10/31/2012				9,814
					149,921
	U.S. Treasury Bills - 6.6%
8,500	0.09%, 11/23/2012 ○				8,500
30,000	0.10%, 11/29/2012 - 12/20/2012 ○				29,997
15,000	0.11%, 1/24/2013 ○				14,997
10,000	0.12%, 12/6/2012 ○				9,999
					63,493
	Total short-term investments
	(cost $213,412)			$	213,414
	Total investments
	(cost $985,634) ▲	103.1	%	$	1,001,554
	Other assets and liabilities	(3.1	)%		(30,340	)
	Total net assets	100.0	%	$	971,214

The accompanying notes are an integral part of these financial statements.

12

The Hartford World Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Note: Percentage of investments as shown is the ratio of the total market value to total net assets.

Prices of foreign equities that are principally traded on certain foreign markets may be adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for factors occurring after the close of certain foreign markets but before the close of the New York Stock Exchange.

▲ At October 31, 2012, the cost of securities for federal income tax purposes was $985,701 and the aggregate gross unrealized appreciation and depreciation based on that cost were:

Unrealized Appreciation	$	17,532
Unrealized Depreciation		(1,679	)
Net Unrealized Appreciation	$	15,853

† These securities were valued in good faith at fair value as determined under policies and procedures established by and under the supervision of the Company's Board of Directors.  At October 31, 2012, the aggregate value of these securities was $1,435, which represents 0.1% of total net assets.

‡ This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future.

Δ Variable rate securities; the rate reported is the coupon rate in effect at October 31, 2012.

■ Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Unless otherwise indicated, these holdings are determined to be liquid. At October 31, 2012, the aggregate value of these securities was $26,253, which represents 2.7% of total net assets.

§ These securities were sold to the Fund under Regulation S, rules governing offers and sales made outside the United States without registration under the Securities Act of 1933.  The Fund may only be able to resell these securities in the United States if an exemption from registration under the federal and state securities laws is available, or the Fund may only be able to sell these securities outside of the United States (such as on a foreign exchange) to a non-U.S. person. Unless otherwise indicated, these holdings are determined to be liquid.  At October 31, 2012, the aggregate value of these securities was $2,706, which represents 0.3% of total net assets.

♠ Perpetual maturity security.  Maturity date shown is the first call date.

۞ Convertible security.

► Securities disclosed are interest-only strips.  The interest rates represent effective yields based upon estimated future cash flows at October 31, 2012.

○ The interest rate disclosed for these securities represents the effective yield on the date of the acquisition.

☼ This security, or a portion of this security, was purchased on a when-issued, delayed-delivery or delayed-draw basis. The cost of these securities was $1,295 at October 31, 2012.

и This security has limitations.  If the Canadian Dollar to U.S. Dollar exchange rate is greater than or equal to 1.12 between trade date and expiration date, the counterparty will be required to pay the Fund the sum of $279.

Þ This security may pay interest in additional principal instead of cash.

╬ All principal amounts are in U.S. dollars unless otherwise indicated.

♦ Senior floating rate interests generally pay interest rates which are periodically adjusted by reference to a base short-term, floating lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the LIBOR, (ii) the prime rate offered by one or more major United States Banks, or (iii) the bank's certificate of deposit rate.  Senior floating rate interests often require prepayments from excess cash flows or permit the borrower to repay at its election.  The rate at which the borrower repays cannot be predicted with accuracy.  As a result, the actual remaining maturity may be substantially less than the stated maturities shown.  Unless otherwise noted, the interest rate disclosed for these securities represents the average coupon as of October 31, 2012.

╦ This security, or a portion of this security, has been pledged as collateral in connection with swap contracts.  In addition, cash of $5,873 was received from broker(s) as collateral in connection with swap contracts.  Securities valued at $4,409, held on behalf of the Fund at the custody bank, were designated by broker(s) as collateral in connection with swap contracts.

The accompanying notes are an integral part of these financial statements.

13

The Hartford World Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Θ At October 31, 2012, this security, or a portion of this security, is designated to cover written call options in the table below:

Description (Counterparty)

Option Type

Exercise Price/ Rate

Expiration Date

Number of Contracts*

Market Value ╪

Premiums Received

Unrealized Appreciation (Depreciation)

USD Call/CNY Put (SCB)

Foreign Exchange

6.78 CNY

06/23/2013

11,362,000

$

8

$

40

$

32

* The number of contracts does not omit 000's.  Number of contracts shown in  U.S. dollars unless otherwise noted.

Ø At October 31, 2012, this security, or a portion of this security, collateralized the written put options in the table below:

Description (Counterparty)	Option Type	Exercise Price/ Rate			Expiration Date	Number of Contracts*		Market Value ╪		Premiums Received		Unrealized Appreciation (Depreciation)
ITRX.EUR.18 (DEUT)	Credit		2.80	%	11/21/2012		EUR   9,000,000	$	1	$	38	$	37

* The number of contracts does not omit 000's.  Number of contracts shown in U.S. dollars unless otherwise noted.

Futures Contracts Outstanding at October 31, 2012

Description	Number of Contracts*		Expiration Date	Notional Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 3-Year Bond Future		365	12/17/2012	$	41,628	$	41,664	$	36
Euro-BOBL Future		1	12/06/2012		162		163		1
Euro-BUND Future		734	12/06/2012		134,327		134,790		463
Euro-Schatz Future		81	12/06/2012		11,619		11,622		3
U.S. Treasury 2-Year Note Future		72	12/31/2012		15,873		15,864		(9	)
								$	494
Short position contracts:
Australian 10-Year Bond Future		93	12/17/2012	$	12,095	$	12,097	$	(2	)
Canadian Government 10-Year Bond Future		62	12/18/2012		8,481		8,509		(28	)
Euro BUXL 30-Year Bond Future		7	12/06/2012		1,193		1,199		(6	)
Euro-BTP Future		6	12/06/2012		845		836		9
Euro-OAT Future		66	12/06/2012		11,387		11,515		(128	)
Japan 10-Year Bond Future		45	12/11/2012		81,142		81,314		(172	)
Long Gilt Future		381	12/27/2012		73,261		73,252		9
U.S. Treasury 10-Year Note Future		502	12/19/2012		66,586		66,782		(196	)
U.S. Treasury 30-Year Bond Future		22	12/19/2012		3,274		3,285		(11	)
U.S. Treasury 5-Year Note Future		356	12/31/2012		44,202		44,233		(31	)
								$	(556	)
								$	(62	)

* The number of contracts does not omit 000's.

Cash of $6,720 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

Foreign Currency Contracts Outstanding at October 31, 2012

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
AUD	Buy	12/19/2012	CSFB	$	165	$	165	$	–
AUD	Buy	11/30/2012	RBC		32,659		32,765		106
AUD	Buy	11/30/2012	UBS		2,097		2,102		5
AUD	Buy	11/30/2012	WEST		33,907		34,079		172
AUD	Sell	11/30/2012	CBA		17,877		18,090		(213	)
AUD	Sell	12/19/2012	CSFB		165		165		–

The accompanying notes are an integral part of these financial statements.

14

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
AUD	Sell	11/30/2012	JPM	$	3,526	$	3,571	$	(45	)
AUD	Sell	11/30/2012	MSC		17,847		18,090		(243	)
AUD	Sell	11/30/2012	WEST		74,325		74,701		(376	)
BRL	Sell	12/19/2012	GSC		160		161		(1	)
BRL	Sell	12/04/2012	MSC		1,096		1,117		(21	)
CAD	Buy	11/30/2012	BNP		452		450		(2	)
CAD	Buy	11/30/2012	BOA		1,723		1,711		(12	)
CAD	Buy	11/30/2012	DEUT		5,773		5,738		(35	)
CAD	Buy	11/30/2012	HSBC		13		13		–
CAD	Buy	11/30/2012	RBC		59,421		59,163		(258	)
CAD	Buy	12/19/2012	RBC		170		165		(5	)
CAD	Sell	11/30/2012	BMO		35,973		35,847		126
CAD	Sell	11/30/2012	DEUT		9,855		9,795		60
CAD	Sell	12/19/2012	GSC		167		165		2
CAD	Sell	11/30/2012	JPM		16,665		16,625		40
CAD	Sell	11/30/2012	RBC		83,480		83,115		365
CAD	Sell	11/30/2012	UBS		833		828		5
CHF	Sell	11/30/2012	UBS		1,833		1,832		1
CNY	Buy	12/05/2012	CSFB		6,605		6,703		98
CNY	Sell	12/05/2012	BCLY		6,582		6,703		(121	)
CZK	Buy	12/19/2012	CSFB		371		375		4
CZK	Sell	11/30/2012	JPM		212		211		1
DKK	Sell	11/30/2012	DEUT		2,441		2,437		4
DKK	Sell	11/30/2012	JPM		50,394		50,386		8
EUR	Buy	11/30/2012	CBK		2,532		2,522		(10	)
EUR	Buy	11/30/2012	JPM		22,935		22,953		18
EUR	Buy	12/19/2012	JPM		999		999		–
EUR	Buy	11/30/2012	RBC		9,157		9,179		22
EUR	Buy	11/30/2012	UBS		1,833		1,828		(5	)
EUR	Sell	11/30/2012	BNP		44,554		44,435		119
EUR	Sell	11/30/2012	BOA		34,088		33,988		100
EUR	Sell	11/30/2012	CBK		34,050		33,989		61
EUR	Sell	11/30/2012	CBK		1,208		1,214		(6	)
EUR	Sell	12/19/2012	CSFB		990		999		(9	)
EUR	Sell	11/30/2012	DEUT		3,113		3,118		(5	)
EUR	Sell	11/30/2012	JPM		1,140		1,143		(3	)
EUR	Sell	11/30/2012	MSC		14,605		14,565		40
EUR	Sell	11/30/2012	NAB		34,080		33,990		90
EUR	Sell	11/30/2012	NAB		457		460		(3	)
EUR	Sell	11/30/2012	SSG		1,375		1,372		3
EUR	Sell	11/15/2012	UBS		4,444		4,449		(5	)
EUR	Sell	11/30/2012	UBS		441		443		(2	)
GBP	Buy	12/19/2012	CSFB		219		218		(1	)
GBP	Buy	11/30/2012	DEUT		1,857		1,864		7
GBP	Buy	11/30/2012	JPM		492		494		2
GBP	Buy	11/30/2012	NAB		463		465		2
GBP	Buy	11/30/2012	UBS		445		447		2
GBP	Sell	12/19/2012	GSC		219		218		1
GBP	Sell	11/30/2012	WEST		9,380		9,441		(61	)
IDR	Buy	12/19/2012	UBS		156		157		1
IDR	Sell	12/19/2012	CSFB		156		157		(1	)
ILS	Sell	12/19/2012	GSC		202		204		(2	)
INR	Buy	12/19/2012	BCLY		226		227		1
INR	Buy	11/30/2012	JPM		3,231		3,233		2
INR	Sell	12/19/2012	CSFB		230		227		3
JPY	Buy	11/30/2012	JPM		1,372		1,373		1
JPY	Buy	11/30/2012	JPM		2,277		2,276		(1	)
JPY	Buy	11/30/2012	SSG		879		878		(1	)

The accompanying notes are an integral part of these financial statements.

15

The Hartford World Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Foreign Currency Contracts Outstanding at October 31, 2012 - (continued)

Currency	Buy / Sell	Delivery Date	Counterparty	Contract Amount		Market Value ╪		Unrealized Appreciation/ (Depreciation)
JPY	Buy	11/30/2012	UBS	$	1,789	$	1,789	$	–
JPY	Buy	12/19/2012	WEST		546		538		(8	)
JPY	Sell	12/19/2012	CSFB		553		538		15
JPY	Sell	11/30/2012	JPM		1,321		1,317		4
JPY	Sell	11/30/2012	SSG		1,543		1,544		(1	)
KRW	Buy	11/30/2012	BCLY		51,656		52,256		600
MXN	Buy	12/19/2012	JPM		167		167		–
MXN	Sell	11/30/2012	DEUT		1,817		1,802		15
MXN	Sell	12/19/2012	GSC		169		167		2
MXN	Sell	11/30/2012	RBC		25,964		25,747		217
MYR	Buy	11/30/2012	JPM		50,500		50,619		119
MYR	Buy	11/30/2012	UBS		2,433		2,430		(3	)
MYR	Buy	12/19/2012	UBS		165		167		2
MYR	Sell	12/19/2012	SCB		165		167		(2	)
NOK	Sell	11/30/2012	DEUT		6,330		6,366		(36	)
NOK	Sell	11/30/2012	MSC		75,370		75,976		(606	)
NOK	Sell	11/30/2012	UBS		900		904		(4	)
NZD	Buy	11/30/2012	NAB		43,148		43,727		579
NZD	Buy	11/30/2012	UBS		1,822		1,823		1
NZD	Sell	11/30/2012	BNP		17,861		18,103		(242	)
NZD	Sell	11/30/2012	JPM		1,381		1,383		(2	)
NZD	Sell	11/30/2012	SCB		17,838		18,103		(265	)
PLN	Buy	11/30/2012	BOA		1,040		1,038		(2	)
PLN	Sell	11/30/2012	JPM		1,026		1,023		3
PLN	Sell	11/30/2012	JPM		1,357		1,364		(7	)
PLN	Sell	01/31/2013	JPM		25,068		24,876		192
RUB	Buy	12/19/2012	CBK		170		167		(3	)
RUB	Sell	12/19/2012	SCB		168		167		1
SEK	Buy	11/30/2012	CBK		1,210		1,220		10
SEK	Buy	11/30/2012	JPM		654		657		3
SEK	Sell	11/30/2012	DEUT		2,602		2,608		(6	)
SEK	Sell	11/30/2012	JPM		72,288		72,908		(620	)
SGD	Buy	11/30/2012	BOA		50,503		50,659		156
SGD	Buy	12/19/2012	GSC		168		168		–
SGD	Buy	11/30/2012	UBS		2,395		2,394		(1	)
SGD	Sell	11/30/2012	BOA		83,074		83,331		(257	)
SGD	Sell	12/19/2012	SCB		167		168		(1	)
THB	Buy	12/19/2012	CBK		162		164		2
THB	Sell	12/19/2012	SCB		162		164		(2	)
TRY	Buy	12/19/2012	BOA		157		158		1
TRY	Sell	11/30/2012	BNP		858		864		(6	)
TRY	Sell	12/19/2012	GSC		157		158		(1	)
								$	(128	)

Credit Default Swap Contracts Outstanding at October 31, 2012

Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)			Expiration Date	Upfront Premiums Paid/ (Received)		Market Value ╪		Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices:
Buy protection:
ABX.HE.AA.06	BCLY	$	943		(0.32	)%	07/25/45	$	532	$	406	$	(126	)
ABX.HE.AAA.06	BCLY		110		(0.18	)%	07/25/45		16		7		(9	)
ABX.HE.AAA.06	BOA		99		(0.18	)%	07/25/45		10		6		(4	)
ABX.HE.AAA.06	GSC		4,807		(0.18	)%	07/25/45		425		291		(134	)
ABX.HE.AAA.06	JPM		914		(0.11	)%	05/25/46		449		369		(80	)

The accompanying notes are an integral part of these financial statements.

16

Credit Default Swap Contracts Outstanding at October 31, 2012 - (continued)

Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)			Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices: - (continued)
Buy protection: - (continued)
ABX.HE.AAA.06	MSC	$	2,302		(0.18	)%	07/25/45	$	233		$	139		$	(94	)
ABX.HE.PENAAA.06	BCLY		1,545		(0.11	)%	05/25/46		440			329			(111	)
ABX.HE.PENAAA.06	CBK		70		(0.11	)%	05/25/46		17			15			(2	)
ABX.HE.PENAAA.06	GSC		364		(0.11	)%	05/25/46		91			77			(14	)
ABX.HE.PENAAA.06	JPM		1,568		(0.11	)%	05/25/46		397			334			(63	)
ABX.HE.PENAAA.06	MSC		2,210		(0.11	)%	05/25/46		586			471			(115	)
ABX.HE.PENAAA.07	BCLY		806		(0.09	)%	08/25/37		313			327			14
ABX.HE.PENAAA.07	BCLY		1,580		(0.09	)%	08/25/37		691			640			(51	)
ABX.HE.PENAAA.07	GSC		197		(0.09	)%	08/25/37		81			80			(1	)
ABX.HE.PENAAA.07	JPM		4,973		(0.09	)%	08/25/37		2,046			2,015			(31	)
CDX.NA.HY.18	BOA		1,054		(5.00	)%	06/20/17		36			(1	)		(37	)
CDX.NA.HY.18	GSC		1,975		(5.00	)%	06/20/17		86			(1	)		(87	)
CDX.NA.HY.18	JPM		2,193		(5.00	)%	06/20/17		92			(1	)		(93	)
CDX.NA.HY.19	BCLY		2,320		(5.00	)%	12/20/17		16			19			3
CMBX.NA.A.1	CBK		295		(0.35	)%	10/12/52		135			128			(7	)
CMBX.NA.A.1	DEUT		490		(0.35	)%	10/12/52		227			212			(15	)
CMBX.NA.A.1	GSC		365		(0.35	)%	10/12/52		165			158			(7	)
CMBX.NA.AA.1	CSI		445		(0.25	)%	10/12/52		111			122			11
CMBX.NA.AA.1	MSC		515		(0.25	)%	10/12/52		171			141			(30	)
CMBX.NA.AJ.4	CSI		1,580		(0.96	)%	02/17/51		630			571			(59	)
CMBX.NA.AJ.4	JPM		585		(0.96	)%	02/17/51		197			212			15
CMBX.NA.AJ.4	MSC		1,080		(0.96	)%	02/17/51		423			391			(32	)
CMBX.NA.AJ.4	UBS		505		(0.96	)%	02/17/51		170			183			13
CMBX.NA.AM.3	CSI		255		(0.50	)%	12/13/49		52			37			(15	)
CMBX.NA.AM.3	GSC		170		(0.50	)%	12/13/49		43			25			(18	)
CMBX.NA.AM.3	JPM		625		(0.50	)%	12/13/49		127			90			(37	)
CMBX.NA.AM.3	MSC		285		(0.50	)%	12/13/49		47			41			(6	)
CMBX.NA.AM.4	CBK		1,110		(0.50	)%	02/17/51		267			174			(93	)
CMBX.NA.AM.4	GSC		5,085		(0.50	)%	02/17/51		798			795			(3	)
CMBX.NA.AM.4	JPM		1,425		(0.50	)%	02/17/51		326			223			(103	)
CMBX.NA.AM.4	MSC		95		(0.50	)%	02/17/51		23			15			(8	)
ITRX.EUR.9	JPM	EUR	1,860		(0.56	)%	06/20/15		–			(11	)		(11	)
ITRX.SNR.FIN.18	JPM	EUR	5,625		(1.00	)%	12/20/17		252			260			8
ITRX.SUB.FIN.16	JPM	EUR	155		(5.00	)%	12/20/16		1			(13	)		(14	)
Total								$	10,722		$	9,276		$	(1,446	)
Sell protection:
ABX.HE.PENAAA.07	CSI	$	32		0.76	%	01/25/38	$	(21	)	$	(16	)	$	5
ABX.HE.PENAAA.07	JPM		268		0.76	%	01/25/38		(169	)		(134	)		35
CDX.NA.HY.19	BCLY		5,780		5.00	%	12/20/17		(22	)		(47	)		(25	)
CDX.NA.HY.19	JPM		5,450		5.00	%	12/20/17		(27	)		(44	)		(17	)
CMBX.NA.AA.4	CSI		190		1.65	%	02/17/51		(108	)		(120	)		(12	)
CMBX.NA.AA.4	DEUT		65		1.65	%	02/17/51		(37	)		(41	)		(4	)
CMBX.NA.AA.4	MSC		870		1.65	%	02/17/51		(582	)		(550	)		32
CMBX.NA.AA.4	MSC		40		1.65	%	02/17/51		(23	)		(25	)		(2	)
CMBX.NA.AA.4	UBS		250		1.65	%	02/17/51		(154	)		(158	)		(4	)
CMBX.NA.AAA.3	CBK		1,125		0.08	%	12/13/49		(98	)		(71	)		27
CMBX.NA.AAA.3	JPM		845		0.08	%	12/13/49		(66	)		(54	)		12
CMBX.NA.AAA.3	MSC		525		0.08	%	12/13/49		(50	)		(33	)		17
CMBX.NA.AAA.3	UBS		1,550		0.08	%	12/13/49		(132	)		(99	)		33
CMBX.NA.AAA.5	DEUT		30		0.35	%	02/15/51		(4	)		(2	)		2
CMBX.NA.AAA.5	GSC		280		0.35	%	02/15/51		(28	)		(16	)		12
CMBX.NA.AAA.5	JPM		15		0.35	%	02/15/51		(2	)		(1	)		1
CMBX.NA.AAA.5	MSC		585		0.35	%	02/15/51		(54	)		(32	)		22
CMBX.NA.AJ.2	CSI		145		1.09	%	03/15/49		(31	)		(31	)		–
CMBX.NA.AJ.2	DEUT		435		1.09	%	03/15/49		(87	)		(92	)		(5	)

The accompanying notes are an integral part of these financial statements.

17

The Hartford World Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Credit Default Swap Contracts Outstanding at October 31, 2012 - (continued)

Reference Entity	Counterparty	Notional Amount (a)		(Pay)/Receive Fixed Rate / Implied Credit Spread (b)			Expiration Date	Upfront Premiums Paid/ (Received)			Market Value ╪			Unrealized Appreciation/ (Depreciation)
Credit default swaps on traded indices: - (continued)
Sell protection: - (continued)
CMBX.NA.AJ.2	JPM	$	300		1.09	%	03/15/49	$	(60	)	$	(64	)	$	(4	)
CMBX.NA.AJ.2	MSC		290		1.09	%	03/15/49		(57	)		(62	)		(5	)
CMBX.NA.AJ.2	MSC		1,045		1.09	%	03/15/49		(280	)		(222	)		58
CMBX.NA.AJ.3	GSC		125		1.47	%	12/13/49		(48	)		(43	)		5
CMBX.NA.AJ.3	JPM		250		1.47	%	12/13/49		(77	)		(85	)		(8	)
CMBX.NA.AJ.3	MSC		430		1.47	%	12/13/49		(173	)		(147	)		26
PrimeX.ARM.1	CSI		78		4.42	%	06/25/36		(1	)		7			8
PrimeX.ARM.1	MSC		66		4.42	%	06/25/36		(1	)		6			7
PrimeX.ARM.1	MSC		260		4.42	%	06/25/36		9			23			14
PrimeX.ARM.2	BCLY		85		4.58	%	12/25/37		(10	)		–			10
PrimeX.ARM.2	CBK		381		4.58	%	12/25/37		(67	)		(1	)		66
PrimeX.ARM.2	CSI		70		4.58	%	12/25/37		(10	)		–			10
PrimeX.ARM.2	JPM		36		4.58	%	12/25/37		(5	)		–			5
PrimeX.ARM.2	MSC		895		4.58	%	12/25/37		(74	)		(3	)		71
Total								$	(2,549	)	$	(2,157	)	$	392
Total traded indices								$	8,173		$	7,119		$	(1,054	)
Credit default swaps on single-name issues:
Buy protection:
Avis Budget Group, Inc.	BOA	$	75		(5.00)% / 4.50	%	03/20/17	$	2		$	(2	)	$	(4	)
Barclays Bank plc	BOA	EUR	1,155		(3.00)% / 3.28	%	12/20/17		55			20			(35	)
Credit Agricole SA	CBK	EUR	710		(3.00)% / 1.82	%	12/20/17		(30	)		(53	)		(23	)
Credit Agricole SA	JPM	EUR	1,340		(3.00)% / 1.82	%	12/20/17		(60	)		(100	)		(40	)
Domtar Corp.	GSC		55		(1.00)% / 1.62	%	12/20/16		2			1			(1	)
Frontier Communications	BOA		625		(5.00)% / 4.51	%	09/20/17		19			(13	)		(32	)
GDF Suez	CSI	EUR	1,625		(1.00)% / 1.11	%	12/20/17		(7	)		12			19
Lafarge S.A.	CBK	EUR	70		(1.00)% / 2.48	%	12/20/16		13			5			(8	)
NRG Energy, Inc.	GSC		65		(5.00)% / 3.61	%	12/20/16		2			(3	)		(5	)
Peugeot S.A.	CBK	EUR	70		(1.00)% / 6.78	%	12/20/16		18			18			–
PostNL N.V.	BCLY	EUR	300		(1.00)% / 1.80	%	12/20/17		19			15			(4	)
PostNL N.V.	CSI	EUR	495		(1.00)% / 1.80	%	12/20/17		32			25			(7	)
PostNL N.V.	DEUT	EUR	105		(1.00)% / 1.80	%	12/20/17		7			5			(2	)
Rite Aid Corp.	GSC		40		(5.00)% / 7.09	%	03/20/17		5			3			(2	)
Rite Aid Corp.	GSC		105		(5.00)% / 7.31	%	06/20/17		8			9			1
Volvo AB	BOA	EUR	1,050		(1.00)% / 1.99	%	12/20/17		49			65			16
Wolters Kluwer N.V.	CBK	EUR	555		(1.00)% / 0.70	%	12/20/17		(13	)		(11	)		2
Wolters Kluwer N.V.	DEUT	EUR	145		(1.00)% / 0.70	%	12/20/17		(3	)		(3	)		–
Total								$	118		$	(7	)	$	(125	)
Sell protection:
Barclays Bank plc	BOA	EUR	1,070		1.00% / 1.62	%	12/20/17	$	(64	)	$	(42	)	$	22
Commerzbank AG	BOA	EUR	755		1.00% / 1.92	%	12/20/17		(57	)		(44	)		13
Commerzbank AG	JPM	EUR	1,545		1.00% / 1.92	%	12/20/17		(128	)		(90	)		38
Neiman Marcus Group, Inc.	JPM		25		5.00% / 2.85	%	09/20/16		2			2			–
RWE AG	CSI	EUR	1,600		1.00% / 1.01	%	12/20/17		4			(1	)		(5	)
Total								$	(243	)	$	(175	)	$	68
Total single name issues								$	(125	)	$	(182	)	$	(57	)
								$	8,048		$	6,937		$	(1,111	)

The accompanying notes are an integral part of these financial statements.

18

Credit Default Swap Contracts Outstanding at October 31, 2012 - (continued)

(a) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.  Notional shown in U.S. dollars unless otherwise noted.

(b) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, U.S. municipal issues or sovereign government issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative.  The implied credit spread of a particular entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement.  Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  The percentage shown is the implied credit spread on October 31, 2012.  For credit default swap agreements on indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.

Interest Rate Swap Contracts Outstanding at October 31, 2012

Counterparty	Payments made by Fund	Payments received by Fund	Notional Amount *		Expiration Date	Upfront Premiums Paid/ (Received)		Market Value ╪			Unrealized Appreciation/ (Depreciation)
BCLY	2.99% Fixed	KRW CD KSDA	KRW	516,034	07/31/22	$	–	$	(2	)	$	(2	)
BCLY	3M TELBOR	3.70% Fixed	ILS	1,335	03/22/17		–		17			17
CBK	3M TELBOR	3.24% Fixed	ILS	2,365	05/17/17		–		18			18
CBK	3M TELBOR	3.24% Fixed	ILS	2,870	06/01/17		–		15			15
CBK	3M TELBOR	3.45% Fixed	ILS	1,320	04/16/17		–		13			13
CBK	3M TELBOR	3.92% Fixed	ILS	5,130	10/02/22		–		21			21
CBK	3M TELBOR	4.02% Fixed	ILS	20,475	12/19/22		–		112			112
CBK	6M WIBOR PLN	4.33% Fixed	PLN	4,212	07/31/17		–		8			8
DEUT	0.59% Fixed	3M LIBOR		12,965	04/12/14		–		(46	)		(46	)
DEUT	0.63% Fixed	3M LIBOR		12,960	06/20/14		–		(58	)		(58	)
DEUT	2.42% Fixed	3M LIBOR		2,315	06/20/22		–		(157	)		(157	)
DEUT	3M TELBOR	3.25% Fixed	ILS	13,490	02/20/17		–		108			108
DEUT	3M TELBOR	3.47% Fixed	ILS	1,580	03/05/17		–		16			16
GSC	2.21% Fixed	6M CZK PRIBOR Reference Banks	CZK	33,110	10/16/22		–		(7	)		(7	)
GSC	3M TELBOR	3.83% Fixed	ILS	1,662	10/16/22		–		3			3
GSC	6M WIBOR PLN	4.47% Fixed	PLN	7,491	07/16/17		–		28			28
GSC	6M WIBOR PLN	4.47% Fixed	PLN	5,281	10/16/22		–		(7	)		(7	)
GSC	6M WIBOR PLN	4.70% Fixed	PLN	2,640	06/21/17		–		18			18
GSC	7.40% Fixed	BZDIOVRA	BRL	161,769	01/02/14		–		(86	)		(86	)
GSC	BZDIOVRA	9.09% Fixed	BRL	24,117	01/04/21		–		233			233
JPM	1.74% Fixed	6M CZK PRIBOR Reference Banks	CZK	93,595	12/19/22		–		(70	)		(70	)
JPM	2.18% Fixed	6M CZK PRIBOR Reference Banks	CZK	72,850	08/21/22		–		(15	)		(15	)
JPM	2.23% Fixed	6M CZK PRIBOR Reference Banks	CZK	190,595	08/21/22		–		(63	)		(63	)
JPM	2.25% Fixed	6M CZK PRIBOR Reference Banks	CZK	109,275	08/21/22		–		(41	)		(41	)
JPM	2.30% Fixed	6M CZK PRIBOR Reference Banks	CZK	94,250	08/21/22		–		(47	)		(47	)
JPM	2.31% Fixed	6M CZK PRIBOR Reference Banks	CZK	32,225	10/09/22		–		(14	)		(14	)
JPM	2.34% fixed	6M CZK PRIBOR Reference Banks	CZK	17,795	05/21/22		–		(13	)		(13	)
JPM	2.39% Fixed	6M CZK PRIBOR Reference Banks	CZK	13,010	05/21/22		–		(11	)		(11	)
JPM	2.42% Fixed	3M LIBOR		2,310	06/20/22		–		(157	)		(157	)
JPM	3M TELBOR	3.47% Fixed	ILS	1,265	04/27/17		–		13			13

The accompanying notes are an integral part of these financial statements.

19

The Hartford World Bond Fund

Schedule of Investments – (continued)

October 31, 2012

(000’s Omitted)

Interest Rate Swap Contracts Outstanding at October 31, 2012 - (continued)

Counterparty

Payments made by Fund

Payments received by Fund

Notional Amount *

Expiration Date

Upfront Premiums Paid/ (Received)

Market Value ╪

Unrealized Appreciation/ (Depreciation)

JPM

3M TELBOR

3.53% Fixed

ILS

1,135

03/12/17

$

–

$

12

$

12

JPM

3M TELBOR

3.55% Fixed

ILS

925

04/02/17

–

10

10

JPM

6M WIBOR PLN

4.55% Fixed

PLN

19,540

08/21/22

–

(6

)

(6

)

JPM

6M WIBOR PLN

4.64% Fixed

PLN

13,860

08/21/22

–

10

10

JPM

6M WIBOR PLN

4.77% Fixed

PLN

20,955

06/12/17

–

162

162

$

–

$

17

$

17

* Notional shown in U.S. dollars unless otherwise noted.

╪ See Significant Accounting Policies of accompanying Notes to Financial Statements regarding valuation of securities.

GLOSSARY: (abbreviations used in preceding Schedule of Investments)
Counterparty Abbreviations:
BCLY	Barclays
BMO	Bank of Montreal
BNP	BNP Paribas Securities
BOA	Banc of America Securities LLC
CBA	Commonwealth Bank of Australia
CBK	Citibank NA
CSFB	Credit Suisse First Boston Corp.
CSI	Credit Suisse International
DEUT	Deutsche Bank Securities, Inc.
GSC	Goldman Sachs & Co.
HSBC	HSBC Bank USA
JPM	JP Morgan Chase & Co.
MSC	Morgan Stanley
NAB	National Australia Bank
RBC	RBC Dominion Securities
SCB	Standard Chartered Bank
SSG	State Street Global Markets LLC
UBS	UBS AG
WEST	Westpac International

Currency Abbreviations:
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNY	Chinese Yuan Renminbi
CZK	Czech Koruna
DKK	Denmark Krone
EUR	EURO
GBP	British Pound
IDR	Indonesian New Rupiah
ILS	Israeli New Shekel
INR	Indian Rupee
JPY	Japanese Yen

Currency Abbreviations- (continued):
KRW	South Korean Won
MXN	Mexican New Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish New Zloty
RUB	New Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
THB	Thai Baht
TRY	Turkish New Lira
USD	U.S. Dollar
Index Abbreviations:
ABX.HE	Markit Asset Backed Security Home Equity
ABX.HE.PEN	Markit Asset Backed Security Home Equity Penultimate
CDX.NA.HY	Credit Derivatives North American High Yield
CMBX.NA	Markit Commercial Mortgage Backed North American
ITRX.EUR	Markit iTraxx - Europe
ITRX.SNR.FIN	Markit iTraxx - Europe Senior Financials
ITRX.SUB.FIN	Markit iTraxx - Europe Sub Financials
PrimeX.ARM	Markit PrimeX Mortgage Backed Security
Other Abbreviations:
BZDIOVRA	Brazil Cetip Interbank Deposit Rate
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
KSDA	Korea Securities Dealers Association
LIBOR	London Interbank Offered Rate
PRIBOR	Prague Interbank Offered Rate
TELBOR	Tel Aviv Interbank Offered Rate
WIBOR	Warsaw Interbank Offered Rate

The accompanying notes are an integral part of these financial statements.

20

The Hartford World Bond Fund

Investment Valuation Hierarchy Level Summary

October 31, 2012

(000’s Omitted)

	Total		Level 1 ♦		Level 2 ♦		Level 3
Assets:
Asset & Commercial Mortgage Backed Securities	$	21,094	$	–	$	16,247	$	4,847
Call Options Purchased		27		–		27		–
Corporate Bonds		67,175		–		67,175		–
Foreign Government Obligations		578,188		–		578,188		–
Preferred Stocks		506		506		–		–
Put Options Purchased		74		–		74		–
Senior Floating Rate Interests		7,527		–		7,527		–
U.S. Government Agencies		75		–		75		–
U.S. Government Securities		113,474		10,911		102,563		–
Short-Term Investments		213,414		–		213,414		–
Total	$	1,001,554	$	11,417	$	985,290	$	4,847
Credit Default Swaps *		653		–		653		–
Foreign Currency Contracts *		3,394		–		3,394		–
Futures *		521		521		–		–
Interest Rate Swaps *		817		–		817		–
Written Options *		69		–		69		–
Total	$	5,454	$	521	$	4,933	$	–
Liabilities:
Credit Default Swaps *		1,764		–		1,764		–
Foreign Currency Contracts *		3,522		–		3,522		–
Futures *		583		583		–		–
Interest Rate Swaps *		800		–		800		–
Total	$	6,669	$	583	$	6,086	$	–

♦ For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2.

* Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/depreciation on the investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Balance as of October 31, 2011			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Net Amortization		Purchases		Sales			Transfers Into Level 3 *		Transfers Out of Level 3 *			Balance as of October 31, 2012
Assets:
Asset & Commercial Mortgage Backed Securities	$	61		$	23		$	209	†	$	159	$	4,568	$	(173	)	$	—	$	—		$	4,847
Corporate Bonds		35			—			—			—		—		—			—		(35	)		—
Total	$	96		$	23		$	209		$	159	$	4,568	$	(173	)	$	—	$	(35	)	$	4,847
Swaps‡	$	60		$	—	§	$	—		$	—	$	—	$	(36	)	$	—	$	(24	)	$	—
Total	$	60		$	—		$	—		$	—	$	—	$	(36	)	$	—	$	(24	)	$	—
Liabilities:
Swaps‡	$	(50	)	$	—	§	$	—		$	—	$	—	$	38		$	—	$	12		$	—
Total	$	(50	)	$	—		$	—		$	—	$	—	$	38		$	—	$	12		$	—

* Investments are transferred into and out of Level 3 for a variety of reasons including, but not limited to:

1) Investments where trading has been halted (transfer into Level 3) or investments where trading has resumed (transfer out of Level 3).

2) Broker quoted investments (transfer into Level 3) or quoted prices in active markets (transfer out of Level 3).

3) Investments that have certain restrictions on trading (transfer into Level 3) or investments where trading restrictions have expired (transfer out of Level 3).

† Change in unrealized appreciation (depreciation) in the current period relating to assets still held at October 31, 2012 was $196.

‡ Derivative instruments not reflected in the Schedule of Investments are valued at the unrealized appreciation/ depreciation on the investment.

§ The realized gain (loss) earned for swaps during the period ended October 31, 2012 was $(24).

The accompanying notes are an integral part of these financial statements.

21

The Hartford World Bond Fund

Statement of Assets and Liabilities

April 30, 2012 (Unaudited)

(000’s Omitted)

Assets:
Investments in securities, at market value (cost $835,713)	$	851,633
Investments in repurchase agreements, at market value (cost $149,921)		149,921
Cash		6,720	*
Foreign currency on deposit with custodian (cost $10)		10
Unrealized appreciation on foreign currency contracts		3,394
Unrealized appreciation on swap contracts		1,470
Receivables:
Investment securities sold		2,726
Fund shares sold		40,256
Dividends and interest		9,228
Variation margin		507
Swap premiums paid		10,968
Other assets		154
Total assets		1,076,987
Liabilities:
Unrealized depreciation on foreign currency contracts		3,522
Unrealized depreciation on swap contracts		2,564
Bank overdraft		87,122
Payables:
Investment securities purchased		1,695
Fund shares redeemed		1,242
Investment management fees		131
Dividends		99
Administrative fees		—
Distribution fees		35
Collateral received from broker		5,873
Variation margin		447
Accrued expenses		114
Swap premiums received		2,920
Written options (proceeds $78)		9
Total liabilities		105,773
Net assets	$	971,214
Summary of Net Assets:
Capital stock and paid-in-capital	$	946,553
Distributions in excess of net investment loss		(538	)
Accumulated net realized gain		10,392
Unrealized appreciation of investments and the translation of assets and liabilities denominated in foreign currency		14,807
Net assets	$	971,214

^* Cash of $6,720 was pledged as initial margin deposit and collateral for daily variation margin loss on open futures contracts at October 31, 2012.

The accompanying notes are an integral part of these financial statements.

22

Shares authorized		450,000
Par value	$	0.001
Class A: Net asset value per share/Maximum offering price per share		$10.77/$11.28
Shares outstanding		23,290
Net assets	$	250,916
Class C: Net asset value per share	$	10.76
Shares outstanding		9,037
Net assets	$	97,235
Class I: Net asset value per share	$	10.78
Shares outstanding		39,087
Net assets	$	421,508
Class R3: Net asset value per share	$	10.78
Shares outstanding		120
Net assets	$	1,297
Class R4: Net asset value per share	$	10.78
Shares outstanding		125
Net assets	$	1,345
Class R5: Net asset value per share	$	10.77
Shares outstanding		118
Net assets	$	1,276
Class Y: Net asset value per share	$	10.78
Shares outstanding		18,328
Net assets	$	197,637

The accompanying notes are an integral part of these financial statements.

23

The Hartford World Bond Fund

Statement of Operations

For the Year Ended October 31, 2012

(000’s Omitted)

Investment Income:
Dividends	$	13
Interest		7,013
Less: Foreign tax withheld		(25	)
Total investment income		7,001
Expenses:
Investment management fees		2,550
Administrative services fees		8
Transfer agent fees		303
Distribution fees
Class A		244
Class C		440
Class R3		9
Class R4		4
Custodian fees		39
Accounting services fees		77
Registration and filing fees		161
Board of Directors' fees		5
Audit fees		13
Other expenses		36
Total expenses (before waivers)		3,889
Expense waivers		(629	)
Total waivers		(629	)
Total expenses, net		3,260
Net Investment Income		3,741
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions:
Net realized gain on investments in securities		6,079
Net realized loss on purchased options		(138	)
Net realized gain on futures		3,583
Net realized gain on written options		87
Net realized gain on swap contracts		158
Net realized gain on foreign currency contracts		657
Net realized gain on other foreign currency transactions		259
Net Realized Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		10,685
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions:
Net unrealized appreciation of investments		15,732
Net unrealized depreciation of purchased options		(188	)
Net unrealized depreciation of futures		(72	)
Net unrealized appreciation of written options		69
Net unrealized depreciation of swap contracts		(1,134	)
Net unrealized depreciation of foreign currency contracts		(458	)
Net unrealized appreciation on translation of other assets and liabilities in foreign currencies		122
Net Changes in Unrealized Appreciation of Investments, Other Financial Instruments and Foreign Currency Transactions		14,071
Net Gain on Investments, Other Financial Instruments and Foreign Currency Transactions		24,756
Net Increase in Net Assets Resulting from Operations	$	28,497

The accompanying notes are an integral part of these financial statements.

24

The Hartford World Bond Fund

Statement of Changes in Net Assets

(000’s Omitted)

	For the Year Ended October 31, 2012			For the Period May 31, 2011* through October 31, 2011
Operations:
Net investment income	$	3,741		$	294
Net realized gain on investments, other financial instruments and foreign currency transactions		10,685			27
Net unrealized appreciation of investments, other financial instruments and foreign currency transactions		14,071			736
Net Increase In Net Assets Resulting From Operations		28,497			1,057
Distributions to Shareholders:
From net investment income
Class A		(1,203	)		(63	)
Class C		(239	)		(10	)
Class I		(1,838	)		(27	)
Class R3		(33	)		(8	)
Class R4		(36	)		(10	)
Class R5		(41	)		(12	)
Class Y		(949	)		(58	)
Total from net investment income		(4,339	)		(188	)
From net realized gain on investments
Class A		(157	)		—
Class C		(44	)		—
Class I		(112	)		—
Class R3		(8	)		—
Class R4		(8	)		—
Class R5		(8	)		—
Class Y		(35	)		—
Total from net realized gain on investments		(372	)		—
Total distributions		(4,711	)		(188	)
Capital Share Transactions:
Class A		212,029			33,101
Class C		85,469			9,123
Class I		387,492			24,457
Class R3		(844	)		2,007
Class R4		(795	)		2,010
Class R5		(865	)		2,012
Class Y		182,305			9,058
Net increase from capital share transactions		864,791			81,768
Net Increase In Net Assets		888,577			82,637
Net Assets:
Beginning of period		82,637			—
End of period	$	971,214		$	82,637
Undistributed (distribution in excess of) net investment income (loss)	$	(538	)	$	(209	)

^* Commencement of operations.

The accompanying notes are an integral part of these financial statements.

25

The Hartford World Bond Fund

Notes to Financial Statements

October 31, 2012

(000’s Omitted)

1. Organization:

The Hartford Mutual Funds, Inc. (“Company”) is an open-end management investment company comprised of forty-nine portfolios. Financial statements for The Hartford World Bond Fund (the “Fund”), a series of the Company, are included in this report.

The Company is organized under the laws of the State of Maryland and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”). The Fund is a non-diversified open-end management investment company.

Class A shares are sold with a front-end sales charge of up to 4.50%. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within twelve months of purchase. Class I shares are sold without sales charges to certain eligible investors primarily through advisory fee-based wrap programs. Class R3, R4 and R5 shares, which are offered to employer-sponsored retirement plans, and Class Y shares, which are sold to certain eligible institutional investors, are sold without a sales charge. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, with the exceptions that each class may have different expenses, which may affect performance.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies of the Fund in the preparation of its financial statements, which are in accordance with the United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of financial statements in accordance with U.S. GAAP may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

a) Determination of Net Asset Value – The per share net asset value ("NAV") of each class of the Fund’s shares is determined as of the close of regular trading (normally 4:00 p.m. Eastern Time) (the “NYSE Close”) on each day that the New York Stock Exchange (the “Exchange”) is open (“Valuation Date”). Information that becomes known to the Fund after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the NAV determined earlier that day.

b) Investment Valuation and Fair Value Measurements – For purposes of calculating the NAV, portfolio investments and other assets held by the Fund's portfolio for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of last reported sales prices or official close price. If no sales are reported, market value is based on quotes obtained from a quotation reporting system, established market makers, or independent pricing services. If market prices are not readily available or are deemed unreliable, the Fund will use the fair value of the investment as determined in good faith under policies and procedures established by and under the supervision of the Company’s Board of Directors. Market quotes are considered not readily available where there is an absence of current or reliable market-based data (e.g., trade information or indicative market quotes), including where events occur after the close of the relevant market, but prior to the NYSE Close that materially affect the values of the Fund’s portfolio investments or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the investments trade do not open for trading for the entire day and no other market prices are available. In addition, prices of foreign equities that are principally traded on certain foreign markets are adjusted daily pursuant to a fair value pricing service approved by the Board of Directors in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close. Investments that are primarily traded on foreign markets may trade on days that are not business days of the Fund. The value of the foreign investments in which the Fund invests may change on days when a shareholder will not be able to purchase or

26

redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio investment is primarily traded. There can be no assurance that the Fund could obtain the fair market value assigned to an investment if the Fund were to sell the investment at approximately the time at which the Fund determines its NAV.

Fixed income investments (other than short term obligations) and non-exchange traded derivatives held by the Fund are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services in accordance with procedures established by the Company’s Board of Directors. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments with similar characteristics. Generally, the Fund may use fair valuation in regard to fixed income investments when the Fund holds defaulted or distressed investments or investments in a company in which a reorganization is pending. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. A composite bid price is used, which averages the dealer marks and dealer runs. Short-term investments maturing in 60 days or less are generally valued at amortized cost, if their original term to maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days.

Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange as of the NYSE Close. If such instruments do not trade on an exchange, values may be supplied by an independent pricing service using a formula or other objective method that may take into consideration the style, direction, expiration, strike price, notional value and volatility or other adjustments.

Investments valued in currencies other than U.S. dollars are converted to U.S. dollars using exchange rates obtained from independent pricing services for calculation of the NAV. As a result, the NAV of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and the market value may change on days when an investor is not able to purchase, redeem or exchange shares of the Fund.

Foreign currency contracts represent agreements to exchange currencies on specific future dates at predetermined rates. Foreign currency contracts are valued using foreign currency exchange rates and forward rates as provided by an independent pricing service on the Valuation Date.

Financial instruments for which prices are not available from an independent pricing service may be valued using market quotations obtained from one or more dealers that make markets in the respective financial instrument in accordance with procedures established by the Company’s Board of Directors.

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants. The U.S. GAAP fair value measurement standards require disclosure of a fair value hierarchy for each major category of assets and liabilities. Various inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized into three broad hierarchy levels. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

· Level 1 – Quoted prices in active markets for identical investments. Level 1 may include exchange traded instruments, such as domestic equities, some foreign equities, options, futures, mutual funds, exchange traded funds, rights and warrants.

· Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar investments; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable

27

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

market data. Level 2 may include debt investments that are traded less frequently than exchange traded instruments and which are valued using independent pricing services; foreign equities, which are principally traded on certain foreign markets and are adjusted daily pursuant to a fair value pricing service in order to reflect an adjustment for the factors occurring after the close of certain foreign markets but before the NYSE Close; and short-term investments, which are valued at amortized cost.

· Level 3 – Significant unobservable inputs that are supported by limited or no market activity. Level 3 may include financial instruments whose values are determined using indicative market quotes or require significant management judgment or estimation. These unobservable valuation inputs may include estimates for current yields, maturity/duration, prepayment speed, and indicative market quotes for comparable investments along with other assumptions relating to credit quality, collateral value, complexity of the investment structure, general market conditions and liquidity. This category may include investments where trading has been halted or there are certain restrictions on trading. While these investments are priced using unobservable inputs, the valuation of these investments reflects the best available data and management believes the prices are a reasonable representation of exit price.

The Board of Directors of the Company generally reviews and approves the “Procedures for Valuation of Portfolio Securities” on an annual basis. These procedures define how investments are to be valued, including the formation and activities of a Valuation Committee. The Valuation Committee is responsible for determining in good faith the fair value of investments when the value cannot be obtained from primary pricing services or alternative sources or if the valuation of an investment as provided by the primary pricing service or alternative source is believed not to reflect the investment’s fair value as of the Valuation Date. Members of the Valuation Committee include the Fund’s Treasurer or designee, a Vice President of the Funds with legal expertise or designee, and a Vice President of the investment manager or designee. In addition, the Fund’s Chief Compliance Officer shall designate a member of the compliance group to attend Valuation Committee meetings as a non-voting resource, to monitor for and provide guidance with respect to compliance with these procedures. Two members of the Valuation Committee or their designees, representing different departments, shall constitute a quorum for purposes of permitting the Valuation Committee to take action. The Valuation Committee will consider all relevant factors in determining an investment’s fair value, and may seek the advice of the Fund’s sub-adviser, knowledgeable brokers, and legal counsel in making such determination. The Valuation Committee reports to the Audit Committee of the Company’s Board of Directors. The Audit Committee receives quarterly written reports which include details of all fair-valued investments, including the reason for the fair valuation, and an indication, when possible, of the accuracy of the valuation by disclosing the next available reliable public price quotation or the disposition price of such investments (the “look-back” test). The Board of Directors then must consider for ratification all of the fair value determinations made during the previous quarter.

Valuation levels are not necessarily indicative of the risk associated with investing in such investments. Individual investments within any of the above mentioned asset classes may be assigned a different hierarchical level than those presented above, as individual circumstances dictate.

For additional information, refer to the Investment Valuation Hierarchy Level Summary and the Level 3 roll-forward reconciliation, if applicable, which follow the Schedule of Investments.

For purposes of reporting transfers between different hierarchy levels, both transfers in and out of each level, as applicable, are shown as if they occurred at the beginning of the period.

c) Investment Transactions and Investment Income – Investment transactions are recorded as of the trade date (the date the order to buy or sell is executed) for financial reporting purposes. Investments purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after the trade date. Realized gains and losses are determined on the basis of identified cost.

28

Dividend income from domestic securities is accrued on the ex-dividend date. In general, dividend income from foreign securities is recorded on the ex-date; however, dividend notifications in certain foreign jurisdictions may not be available in a timely manner and as a result, the Fund will record the dividend as soon as the relevant details (i.e., rate per share, payment date, shareholders of record, etc.) are publicly available. Interest income, including amortization of premium and accretion of discounts, is accrued on a daily basis. Paydown gains and losses on mortgage-related and other asset-backed securities are included in interest income in the Statement of Operations.

d) Foreign Currency Transactions – Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates in effect on the valuation date. Purchases and sales of investments, income, and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The Fund does not isolate that portion of portfolio investment valuation resulting from fluctuations in the foreign currency exchange rates from the fluctuations arising from changes in the market prices of investments held. Exchange rate fluctuations are included with the net realized and unrealized gain or loss on investments in the accompanying financial statements.

Net realized foreign exchange gains or losses arise from sales of foreign currencies and the difference between asset and liability amounts initially stated in foreign currencies and the U.S. dollar value of the amounts actually received or paid. Net unrealized foreign exchange gains or losses arise from changes in the value of other assets and liabilities at the end of the reporting period, resulting from changes in the exchange rates.

e) Joint Trading Account – The Fund may invest cash balances into a joint trading account that may be invested in one or more repurchase agreements.

f) Fund Share Valuation and Dividend Distributions to Shareholders – Orders for the Fund’s shares are executed in accordance with the investment instructions of the shareholders. The NAV of the Fund’s shares is determined as of the close of business on each business day of the Exchange. The NAV is determined separately for each class of shares of the Fund by dividing the Fund’s net assets attributable to that class by the number of shares of the class outstanding. Each class of shares offered by the Fund has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets of the class. Realized and unrealized capital gains and losses are allocated daily based on the relative net assets of each class of shares of the Fund.

Orders for the purchase of the Fund’s shares received prior to the close of the Exchange on any day the Exchange is open for business are priced at the NAV determined as of the close of the Exchange. Orders received after the close of the Exchange, or on a day on which the Exchange and/or the Fund is not open for business, are priced at the next determined NAV.

Dividends are declared pursuant to a policy adopted by the Company’s Board of Directors based upon the investment performance of the Fund. As of March 2012, dividends from net investment income are declared and paid monthly. Prior to March 2012, dividends were declared daily and paid monthly. Dividends from realized capital gains, if any, are paid at least once a year.

Distributions from net investment income, net realized capital gains and capital are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP with respect to character and timing. These differences may include but are not limited to losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to Passive Foreign Investment Companies (“PFICs”), Real Estate Investment Trusts (“REITs”), Regulated Investment Companies (“RICs”), certain derivatives and partnerships. Permanent book and federal

29

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

income tax basis differences relating to shareholder distributions will result in reclassifications to certain of the Fund’s capital accounts (see Federal Income Taxes: Reclassification of Capital Accounts note).

3. Securities and Other Investments:

a) Repurchase Agreements – A repurchase agreement is an agreement by which a counterparty agrees to sell an investment and agrees to repurchase the investment sold from the buyer at a mutually agreed upon time and price. At the time the Fund enters into a repurchase agreement, the value of the underlying collateral, including accrued interest, will be equal to or exceed the value of the repurchase agreement. Repurchase agreements expose the Fund to counterparty risk - that is, the risk that the counterparty will not fulfill its obligations. To minimize counterparty risk, the investments that serve to collateralize the repurchase agreement are held by the Fund’s custodian in book entry or physical form in the custodial account of the Fund or in a third party custodial account. Repurchase agreements are valued at cost plus accrued interest. The Fund, as shown on the Schedule of Investments, had outstanding repurchase agreements as of October 31, 2012.

b) Illiquid and Restricted Investments – The Fund is permitted to invest up to 15% of its net assets in illiquid investments. Illiquid investments are those that may not be sold or disposed of in the ordinary course of business within seven days, at approximately the price used to determine the Fund’s NAV. The Fund may not be able to sell illiquid investments when its sub-adviser considers it desirable to do so or may have to sell such investments at a price that is lower than the price that could be obtained if the investments were more liquid. A sale of illiquid investments may require more time and may result in higher dealer discounts and other selling expenses than does the sale of those that are liquid. Illiquid investments also may be more difficult to value due to the unavailability of reliable market quotations for such investments, and an investment in them may have an adverse impact on the Fund’s NAV. The Fund may also purchase certain restricted investments that can only be resold to certain qualified investors and may be determined to be liquid pursuant to policies and guidelines established by the Company’s Board of Directors. The Fund, as shown on the  Schedule of Investments, had illiquid and/or restricted investments as of October 31, 2012.

c) Investments Purchased on a When-Issued or Delayed-Delivery Basis – Delivery and payment for investments that have been purchased by the Fund on a forward commitment, or when-issued or delayed-delivery basis, take place beyond the customary settlement period. A fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery investments before they are delivered, which may result in a realized gain or loss. During this period, such investments are subject to market fluctuations, and the Fund identifies investments segregated in its records with a value at least equal to the amount of the commitment. The Fund, as shown on the Schedule of Investments, had when-issued or delayed-delivery investments as of October 31, 2012.

d) Senior Floating Rate Interests – The Fund, as shown on the Schedule of Investments, invests in senior floating rate interests. Senior floating rate interests hold the most senior position in the capital structure of a business entity (the “Borrower”), are typically secured by specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debtholders and stockholders of the Borrower. Senior floating rate interests are typically structured and administered by a financial institution that acts as the agent of the lenders participating in the senior floating rate interest. The Fund may invest in multiple series or tranches of a senior floating rate interest, which may have varying terms and carry different associated risks. The Fund may also enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a senior floating rate interest. In certain circumstances, the Fund may receive various fees upon the restructure of a senior floating rate interest by a borrower. Fees earned/paid may be recorded as a component of income or realized gain/loss in the Statement of Operations.

Senior floating rate interests are typically rated below-investment-grade, which suggests they are more likely to default and generally pay higher interest rates than investment-grade loans. A default could lead to non-payment of income,

30

which would result in a reduction of income to the Fund, and there can be no assurance that the liquidation of any collateral would satisfy the Borrower’s obligation in the event of non-payment of scheduled interest or principal payments, or that such collateral could be readily liquidated.

e) Mortgage Related and Other Asset Backed Securities – The Fund may invest in mortgage related and other asset backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage backed securities, stripped mortgage backed securities, asset backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment that consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage related securities is guaranteed by the full faith and credit of the United States Government. Mortgage related and other asset backed securities created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The Fund, as shown on the  Schedule of Investments, had mortgage related and other asset backed securities as of October 31, 2012.

4. Financial Derivative Instruments:

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit-risk-related contingent features in certain derivative instruments, and how derivative instruments affect the Fund’s financial position and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the realized gains and losses and changes in unrealized gains and losses on the Statement of Operations, each categorized by type of derivative contract, are included in the following Additional Derivative Instrument Information footnote. The derivative instruments outstanding as of period-end are disclosed in the notes to the Schedule of Investments or within the Schedule of Investments for purchased options, if applicable. The amounts of realized gains and losses and changes in unrealized gains and losses on derivative instruments during the period are disclosed in the Statement of Operations.

a) Foreign Currency Contracts – The Fund may enter into foreign currency contracts that obligate the Fund to purchase or sell currencies at specified future dates. Foreign currency contracts are used to hedge the currency exposure associated with some or all of the Fund’s investments and/or as part of an investment strategy. Foreign currency contracts are marked to market daily and the change in value is recorded by the Fund as an unrealized gain or loss. The Fund will record a realized gain or loss when the foreign currency contract is settled.

Foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. In addition, risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of the contracts and from unanticipated movements in the value of the foreign currencies relative to the U.S. dollar. The Fund had outstanding foreign currency contracts as shown on the  Schedule of Investments as of October 31, 2012.

b) Futures Contracts – The Fund may enter into futures contracts. A futures contract is an agreement between two parties to buy or sell an asset at a set price on a future date. The Fund uses futures contracts to manage or obtain exposure to the investment markets, commodities, or movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the investments held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Upon entering into a futures

31

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

contract, the Fund is required to deposit with a futures commission merchant (“FCM”) an amount of cash or U.S. Government or Agency Obligations in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily at the most recent settlement price reported by an exchange on which, over time, they are traded most extensively, and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by the Fund. Gains or losses are recognized but not considered realized until the contracts expire or are closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities; however, the Fund seeks to reduce this risk through the use of an FCM. The Fund, as shown on the  Schedule of Investments, had outstanding futures contracts as of October 31, 2012.

c) Options Contracts – An option contract is a contract sold by one party to another party that offers the buyer the right, but not the obligation, to buy (call) or sell (put) an investment or other financial asset at an agreed-upon price during a specific period of time or on a specific date. The Fund may write (sell) covered call and put options on futures, swaps (“swaptions”), securities, commodities or currencies. “Covered” means that so long as the Fund is obligated as the writer of an option, it will own either the underlying investments or currency or an option to purchase the same underlying investments or currency having an expiration date of the covered option and an exercise price equal to or less than the exercise price of the covered option, or will pledge cash or other liquid investments having a value equal to or greater than the fluctuating market value of the option investment or currency. Writing put options increases the Fund’s exposure to the underlying instrument. Writing call options decreases the Fund’s exposure to the underlying instrument. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset amounts paid on the underlying futures, swap, investment or currency transaction to determine the realized gain or loss. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market. The Fund may also purchase put and call options. Purchasing call options increases the Fund’s exposure to the underlying instrument. Purchasing put options decreases the Fund’s exposure to the underlying instrument. The Fund pays a premium, which is included on the Fund’s Statement of Assets and Liabilities as an investment and is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is generally limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. Entering into over-the-counter options also exposes the Fund to counterparty risk. Counterparty risk is the possibility that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements. The Fund, as shown on the  Schedule of Investments, had outstanding purchased options contracts as of October 31, 2012. Transactions involving written options contracts during the year ended October 31, 2012, are summarized below:

32

Options Contract Activity During the Year Ended October 31, 2012:

Call Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		—		$	—
Written		12,182,000			44
Expired		(820,000	)		(4	)
Closed		—			—
Exercised		—			—
End of period		11,362,000		$	40

Put Options Written During the Period	Number of Contracts*			Premium Amounts
Beginning of the period		—		$	—
Written		15,550,060			164
Expired		(600,000	)		(3	)
Closed		(5,950,060	)		(123	)
Exercised		—			—
End of period		9,000,000		$	38

* The number of contracts does not omit 000's and are shown in local currency.

d) Swap Contracts – The Fund may invest in swap contracts. Swap contracts are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified future intervals. The Fund may enter into credit default, total return, cross-currency, interest rate, inflation and other forms of swap contracts to manage its exposure to credit, currency, interest rate, commodity and inflation risk. Swap contracts are also used to gain exposure to certain markets. In connection with these contracts, investments or cash may be identified as collateral in accordance with the terms of the respective swap contracts to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Company’s Board of Directors, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of Assets and Liabilities. Payments received or made at the beginning of the measurement period are reflected as such on the Statement of Assets and Liabilities and represent payments made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap contract and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap and some net periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. Net periodic payments received or paid by the Fund with regard to interest rate swaps are recorded as increases or decreases to income on the Statement of Operations. Entering into these contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contracts may default on its obligation to perform or disagree as to the meaning of contractual terms in the contracts, and that there may be unfavorable changes in interest rates. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The risk is mitigated by having a master netting arrangement between the Fund and the counterparty, which allows for the netting of payments made or received (although such amounts are presented on a gross basis within the Statement of Assets and Liabilities, as applicable) as well as the posting of collateral to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swap Contracts – The credit default swap market allows the Fund to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and sovereign issuers, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. Certain credit default swaps involve the

33

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

exchange of a fixed rate premium for protection against the loss in value of an underlying investment or index in the event of a credit event, such as payment default or bankruptcy.

Under a credit default swap contract, one party acts as guarantor by receiving the fixed periodic payment in exchange for the commitment to purchase the underlying investment at par if the defined credit event occurs. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain or loss on swap transactions in the Statement of Operations. A “buyer” of credit protection agrees to pay a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of the protection receives periodic payments and agrees to assume the credit risk of an issuer upon the occurrence of certain events. Although specified events are contract specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. A “seller’s” exposure is limited to the total notional amount of the credit default swap contract. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or upfront payments received upon entering into the contract.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap contracts on corporate issues, sovereign government issues or U.S. municipal issues as of period end are disclosed in the notes to the Schedule of Investments, as applicable, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the contract. Wider credit spreads represent a deterioration of the referenced entity’s soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. For credit default swap contracts on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced equity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the contract. The Fund, as shown on the Schedule of Investments, had outstanding credit default swaps as of October 31, 2012.

Interest Rate Swap Contracts – The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap contracts. In a typical interest rate swap, one party agrees to make regular payments equal to a floating interest rate, based on a specified interest rate or inflation benchmark (e.g. London Interbank Offered Rate (“LIBOR”)), multiplied by a “notional principal amount”, in return for payments equal to a fixed rate multiplied by the same amount, for a specific period of time. The net interest received or paid on interest rate swap contracts is accrued daily as interest income/expense. Interest rate swaps are marked to market daily and the change, if any, is recorded as an unrealized gain or loss in the Statement of Operations. When the interest rate swap contract is terminated early, the Fund records a realized gain or loss equal to the difference between the current realized value and the expected cash flows.

If an interest rate swap contract provides for payments in different currencies, the parties might agree to exchange the notional principal amount as well. Interest rate swaps may also depend on other prices or rates, such as the value of an index or mortgage prepayment rates. The risks of interest rate swaps include changes in market conditions which will affect the value of the contract or the cash flows and the possible inability of the counterparty to fulfill its obligations under the contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive. The Fund, as shown on the Schedule of Investments, had outstanding interest rate swaps as of October 31, 2012.

34

e) Additional Derivative Instrument Information:

Fair Value of Derivative Instruments on the Statement of Assets and Liabilities as of October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts		Foreign Exchange Contracts		Credit Contracts		Equity Contracts		Commodity Contracts		Other Contracts		Total
Assets:
Investments in securities, at value (purchased options), market value	$	—	$	96	$	5	$	—	$	—	$	—	$	101
Unrealized appreciation on foreign currency contracts		—		3,394		—		—		—		—		3,394
Unrealized appreciation on swap contracts		817		—		653		—		—		—		1,470
Variation margin receivable *		507		—		—		—		—		—		507
Total	$	1,324	$	3,490	$	658	$	—	$	—	$	—	$	5,472
Liabilities:
Unrealized depreciation on foreign currency contracts	$	—	$	3,522	$	—	$	—	$	—	$	—	$	3,522
Unrealized depreciation on swap contracts		800		—		1,764		—		—		—		2,564
Variation margin payable *		447		—		—		—		—		—		447
Written options, market value		—		8		1		—		—		—		9
Total	$	1,247	$	3,530	$	1,765	$	—	$	—	$	—	$	6,542

* Only current day's variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation (depreciation) of $(62) as reported in the Schedule of Investments.

The volume of derivatives that is presented in the Schedule of Investments is consistent with the derivative activity during the year ended October 31, 2012.

The Effect of Derivative Instruments on the Statement of Operations for the year ended October 31, 2012:

	Risk Exposure Category
	Interest Rate Contracts			Foreign Exchange Contracts			Credit Contracts			Equity Contracts		Commodity Contracts		Other Contracts		Total
Realized Gain (Loss) on Derivatives Recognized as a Result of Operations:
Net realized loss on purchased options	$	(41	)	$	(48	)	$	(49	)	$	—	$	—	$	—	$	(138	)
Net realized gain on futures		3,583			—			—			—		—		—		3,583
Net realized gain on written options		43			5			39			—		—		—		87
Net realized gain (loss) on swap contracts		587			—			(429	)		—		—		—		158
Net realized gain on foreign currency contracts		—			657			—			—		—		—		657
Total	$	4,172		$	614		$	(439	)	$	—	$	—	$	—	$	4,347
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Net change in unrealized depreciation of purchased options	$	—		$	(129	)	$	(59	)	$	—	$	—	$	—	$	(188	)
Net change in unrealized depreciation of futures		(72	)		—			—			—		—		—		(72	)
Net change in unrealized appreciation of written options		—			32			37			—		—		—		69
Net change in unrealized depreciation of swap contracts		(22	)		—			(1,112	)		—		—		—		(1,134	)
Net change in unrealized depreciation of foreign currency contracts		—			(458	)		—			—		—		—		(458	)
Total	$	(94	)	$	(555	)	$	(1,134	)	$	—	$	—	$	—	$	(1,783	)

35

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

5. Principal Risks:

a) Credit and Counterparty Risks – Credit risk depends largely on the perceived financial health of bond issuers. In general, the credit rating is inversely related to the credit risk of the issuer. Higher rated bonds generally are deemed to have less credit risk, while lower or unrated bonds are deemed to have higher risk of default. The share price, yield and total return of a fund that holds securities with higher credit risk may be more volatile than those of a fund that holds bonds with lower credit risk. Similar to credit risk, the Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default.

b) Market Risks – The Fund’s investments expose the Fund to various risks including, but not limited to, interest rate, prepayment, extension, foreign currency, and equity risks. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the values of certain fixed income securities held by the Fund are likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Duration is useful primarily as a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements. In addition, securities are subject to extension risk. Rising interest rates may cause prepayments to occur at a slower than expected rate, thereby effectively lengthening the maturity of the security and making the security more sensitive to interest rate changes. Prepayment and extension risk are major risks of mortgage-backed securities and certain asset-backed securities. For certain asset-backed securities, the actual maturity may be less than the stated maturity shown in the Schedule of Investments, if applicable. As a result, the timing of income recognition relating to these securities may vary based upon the actual maturity. If the Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund, or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities, such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, the Fund’s investments in foreign currency denominated securities may reduce the returns of the Fund. The market values of equity securities, such as common stocks and preferred stocks, or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of equity securities may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

6. Federal Income Taxes:

a) Federal Income Taxes – For federal income tax purposes, the Fund intends to continue to qualify as a RIC under Subchapter M of the Internal Revenue Code (“IRC”) by distributing substantially all of its taxable net investment income and net realized capital gains to its shareholders and otherwise complying with the requirements of RICs. The Fund has distributed substantially all of its income and capital gains in prior years, if applicable, and intends to distribute substantially all of its income and capital gains during the calendar year ending December 31, 2012. Accordingly, no provision for federal income or excise taxes has been made in the accompanying financial statements. Distributions from short-term capital gains are treated as ordinary income distributions for federal income tax purposes.

b) Net Investment Income (Loss), Net Realized Gains (Losses), and Distributions – Net investment income (loss) and net realized gains (losses) may differ for financial statement and tax purposes primarily because of losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships. The character of distributions made during the year from net investment income or net realized gains

36

may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Fund.

c) Distributions and Components of Distributable Earnings – The tax character of distributions paid by the Fund for the periods indicated is as follows (as adjusted for dividends payable, if applicable):

	For the Year Ended October 31, 2012		For the Year Ended October 31, 2011 *
Ordinary Income	$	4,521	$	186
Long-Term Capital Gains ‡		93		—

* The Fund commenced operations on May 31, 2011

‡ The Fund designates these distributions as long-term capital gain dividends pursuant to IRC Sec. 852(b)(3)(C).

As of October 31, 2012, the Fund’s components of distributable earnings (deficit) on a tax basis were as follows:

	Amount
Undistributed Ordinary Income	$	17,609
Undistributed Long-Term Capital Gain		3,681
Unrealized Appreciation *		3,470
Total Accumulated Earnings	$	24,760

* Differences between book-basis and tax-basis unrealized appreciation (depreciation) may be attributable to the losses deferred due to wash sale adjustments, foreign currency gains and losses, adjustments related to PFICs, REITs, RICs, certain derivatives and partnerships.

d) Reclassification of Capital Accounts – The Fund may record reclassifications in its capital accounts. These reclassifications have no impact on the total net assets of the Fund. The reclassifications are a result of permanent differences between U.S. GAAP and tax accounting for such items as foreign currency, PFICs, expiration or utilization of capital loss carryforwards or net operating losses. Adjustments are made to reflect the impact these items have on current and future distributions to shareholders. Therefore, the source of the Fund’s distributions may be shown in the accompanying Statement of Changes in Net Assets as from undistributed net investment income, from accumulated net realized gains on investments or from capital depending on the type of book and tax differences that exist. For the year ended October 31, 2012, the Fund recorded reclassifications to increase (decrease) the accounts listed below:

	Amount
Undistributed Net Investment Income	$	269
Accumulated Net Realized Gain (Loss)		(269	)

e) Capital Loss Carryforward – On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which made changes to the capital loss carryforward rules. The changes are effective for taxable years beginning after the date of enactment. Under the Act, funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital loss carryforwards retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under prior regulation.

The Fund had no capital loss carryforward for U.S. federal income tax purposes as of October 31, 2012.

37

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

f) Accounting for Uncertainty in Income Taxes – The Fund has adopted financial reporting rules that require the Fund to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions. Generally, tax authorities can examine all tax returns filed for the last three years. The Fund does not have an examination in progress.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions expected to be taken on the tax return for the fiscal year ended October 31, 2012. The Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

7. Expenses:

a) Investment Management Agreement – Hartford Investment Financial Services, LLC (“HIFSCO”), a wholly-owned indirect subsidiary of The Hartford Financial Services Group, Inc. (“The Hartford”), serves as investment manager to the Fund pursuant to an Investment Management Agreement with the Company. As investment manager, HIFSCO has overall investment supervisory responsibility for the Fund. In addition, HIFSCO provides administrative personnel, services, equipment, facilities and office space for proper operation of the Fund. HIFSCO has contracted with Wellington Management Company, LLP (“Wellington Management”) under a sub-advisory agreement for the provision of day-to-day investment management services to the Fund in accordance with the Fund’s investment objective and policies. The Fund pays a fee to HIFSCO, a portion of which may be used to compensate Wellington Management.

The schedule below reflects the rates of compensation paid to HIFSCO for investment management services rendered during the year ended October 31, 2012; the rates are accrued daily and paid monthly:

Average Daily Net Assets	Annual Fee
On first $250 million		0.7000%
On next $250 million		0.6500%
On next $4.5 billion		0.6000%
On next $5 billion		0.5750%
Over $10 billion		0.5725%

HIFSCO contractually agreed to waive investment management fees of 0.10% of average daily net assets until February 28, 2014.

b) Accounting Services Agreement – Pursuant to the Fund Accounting Agreement between Hartford Life Insurance Company (“HLIC”) and the Company, on behalf of the Fund, HLIC provides accounting services to the Fund and receives monthly compensation based on the Fund’s average net assets at the rates set forth below. The Fund’s accounting services fees are accrued daily and paid monthly.

Average Daily Net Assets	Annual Fee
On first $5 billion		0.020%
On next $5 billion		0.018%
Over $10 billion		0.016%

c) Operating Expenses – Allocable expenses incurred by the Company are allocated to each Fund and allocated to classes within the Fund in proportion to the average daily net assets of the Fund and each class, except where allocation of certain expenses is more fairly made directly to the Fund or to specific classes within a Fund. As of October 31, 2012, HIFSCO contractually limited the total operating expenses of this Fund, exclusive of taxes, interest expense, brokerage commissions and extraordinary expenses, through February 28, 2014 as follows:

Class A		Class C		Class I		Class R3		Class R4		Class R5		Class Y
	0.95%		1.70%		0.70%		1.25%		0.95%		0.65%		0.60%

38

d) Distribution and Service Plan for Class A, C, R3 and R4 Shares – HIFSCO is the principal underwriter and distributor of the Fund. HIFSCO is engaged in distribution activities, which include marketing and distribution of shares through broker-dealers, financing distribution costs and maintaining financial books and records. For the year ended October 31, 2012, HIFSCO received front-end load sales charges of $1,110 and contingent deferred sales charges of $20 from the Fund.

The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the 1940 Act to compensate the distributor (HIFSCO) for activities intended to result in the sale and distribution of Class A, C, R3 and R4 shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of 0.25% of average daily net assets. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Under the Class C Plan, the Fund pays the distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class R3 shares have a distribution fee of 0.50% of average daily net assets and Class R4 shares have a distribution fee of 0.25% of average daily net assets. For Class R3 and R4 shares, some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. The Fund’s 12b-1 fees are accrued daily and paid monthly.

For the year ended October 31, 2012, total sales commissions paid to affiliated brokers/dealers of The Hartford for distributing the Fund's shares were $19.  These commissions are in turn paid to sales representatives of the broker/dealers.

e) Other Related Party Transactions – Certain officers of the Fund are directors and/or officers of HIFSCO and/or The Hartford or its subsidiaries. For the year ended October 31, 2012, a portion of the Fund’s chief compliance officer’s compensation was paid by all of the investment companies in the Hartford fund complex. The portion allocated to the Fund rounds to zero. Hartford Administrative Services Company (“HASCO”), an indirect wholly-owned subsidiary of The Hartford, provides transfer agent services to the Fund. HASCO has contractually agreed to reimburse any portion of the transfer agency fees over 0.30% of average daily net assets per fiscal year for each class. For providing such services, HASCO is compensated on a per account basis that varies by account type, except with respect to Class Y, for which it is compensated based on average daily net assets. The amount paid to HASCO and any related contractual reimbursement amounts, if applicable, can be found in the Statement of Operations. These fees are accrued daily and paid monthly.

Administrative services fees are paid to HASCO for third-party recordkeeping services that are payable as a percentage of net assets in the amount of 0.20%, 0.15% and 0.10% for Classes R3, R4 and R5 shares, respectively. The total administrative services fees are shown on the Statement of Operations. These fees are accrued daily and paid monthly.

8. Affiliate Holdings:

As of October 31, 2012, affiliates of The Hartford had ownership of shares in the Fund as follows:

	Shares		Percentage of Class
Class R3		105		88	%
Class R4		105		84
Class R5		106		90

As of October 31, 2012, 20% of the Fund’s shares were owned in aggregate by affiliated Fund of Funds. Therefore, the Fund may experience relatively large purchases or redemptions from affiliated Fund of Funds.

39

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

9. Investment Transactions:

For the year ended October 31, 2012, the Fund's aggregate purchases and sales of investment securities (excluding short-term investments) were as follows:

	Amount
Cost of Purchases Excluding U.S. Government Obligations	$	1,183,092
Sales Proceeds Excluding U.S. Government Obligations		588,849
Cost of Purchases for U.S. Government Obligations		144,317
Sales Proceeds for U.S. Government Obligations		36,764

10. Capital Share Transactions:

The following information is for the year ended October 31, 2012, and for the period May 31, 2011, (commencement of operations) through ended October 31, 2011:

	For the Year Ended October 31, 2012												For the Period Ended October 31, 2011
	Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares			Shares Sold		Shares Issued for Reinvested Dividends		Shares Redeemed			Shares Issued from Merger		Net Increase (Decrease) of Shares
Class A
Shares		24,020		125		(4,087	)		—		20,058			3,329		6		(103	)		—		3,232
Amount	$	253,311	$	1,295	$	(42,577	)	$	—	$	212,029		$	34,105	$	60	$	(1,064	)	$	—	$	33,101
Class C
Shares		8,822		25		(700	)		—		8,147			922		1		(33	)		—		890
Amount	$	92,550	$	252	$	(7,333	)	$	—	$	85,469		$	9,452	$	10	$	(339	)	$	—	$	9,123
Class I
Shares		41,842		154		(5,288	)		—		36,708			2,388		3		(12	)		—		2,379
Amount	$	441,796	$	1,611	$	(55,915	)	$	—	$	387,492		$	24,555	$	26	$	(124	)	$	—	$	24,457
Class R3
Shares		16		4		(101	)		—		(81	)		200		1		—			—		201
Amount	$	161	$	41	$	(1,046	)	$	—	$	(844	)	$	2,000	$	7	$	—		$	—	$	2,007
Class R4
Shares		20		4		(100	)		—		(76	)		200		1		—			—		201
Amount	$	207	$	44	$	(1,046	)	$	—	$	(795	)	$	2,000	$	10	$	—		$	—	$	2,010
Class R5
Shares		14		5		(102	)		—		(83	)		200		1		—			—		201
Amount	$	148	$	49	$	(1,062	)	$	—	$	(865	)	$	2,000	$	12	$	—		$	—	$	2,012
Class Y
Shares		19,997		94		(2,669	)		—		17,422			900		6		—			—		906
Amount	$	209,587	$	984	$	(28,266	)	$	—	$	182,305		$	9,000	$	58	$	—		$	—	$	9,058
Total
Shares		94,731		411		(13,047	)		—		82,095			8,139		19		(148	)		—		8,010
Amount	$	997,760	$	4,276	$	(137,245	)	$	—	$	864,791		$	83,112	$	183	$	(1,527	)	$	—	$	81,768

11. Line of Credit:

The Fund is one of several Hartford funds that participate in a $500 million committed revolving line of credit facility. The facility is to be used for temporary or emergency purposes. Under the arrangement, the funds are required to own securities having a market value in excess of 300% of the total bank borrowings. The interest rate on borrowings varies depending on the nature of the loan. The facility also requires a fee to be paid based on the amount of the commitment. This commitment fee is allocated to all of the funds participating in the line of credit based on the average net assets of the funds. During the year ended October 31, 2012, the Fund did not have any borrowings under this facility.

40

12. Industry Classifications:

Other than the industry classifications “Other Investment Pools and Funds” and “Exchange Traded Funds,” equity industry classifications used in this report are the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI, Inc. and Standard & Poor’s.

13. Pending Legal Proceedings:

On February 25, 2011, Jennifer L. Kasilag, Louis Mellinger, Judith M. Menendez, Jacqueline M. Robinson, and Linda A. Russell filed a derivative lawsuit against HIFSCO on behalf of six funds: The Hartford Global Health Fund (now known as The Hartford Healthcare Fund), The Hartford Conservative Allocation Fund, The Hartford Growth Opportunities Fund, The Hartford Inflation Plus Fund, The Hartford Advisers Fund (now known as The Hartford Balanced Fund) and The Hartford Money Market Fund. The lawsuit, which was filed in the United States District Court for the District of New Jersey, seeks recovery under Section 36(b) of the 1940 Act for the alleged overpayment of investment management and 12b-1 distribution fees to HIFSCO. The plaintiffs seek recovery of the alleged overpayments or, alternatively, rescission of the contracts and restitution of all fees paid, together with lost earnings. On November 14, 2011, the plaintiffs filed an amended complaint, which dropped The Hartford Money Market Fund and added The Hartford Capital Appreciation Fund as a plaintiff. The Hartford intends to vigorously defend the action.

Although this action was purportedly filed on behalf of certain of the Hartford Mutual Funds, none of the Hartford Mutual Funds is itself a party to the suit. For this reason, no accrual for litigation relating to this matter has been recorded in the financial statements of the Fund because the Fund is not party to the suit.

14. Indemnifications:

Under the Company’s organizational documents, the Company shall indemnify its officers and directors to the full extent required or permitted under Maryland General Corporation Law and the federal securities laws. In addition, the Company, on behalf of the Fund, may enter into contracts that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, as of the date of these financial statements, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

15. Recent Accounting Pronouncement:

Disclosures about Offsetting Assets and Liabilities-In December 2011, the Financial Accounting Standards Board (FASB) issued ASU No. 2011-11, Disclosures aboutOffsetting Assets and Liabilities. The objective of the FASB is to enhance current disclosure requirements on offsetting of certain assets and liabilities and to enable financial statement users to compare financial statements prepared under U.S. GAAPand International Financial Reporting Standards.

Specifically, ASU No. 2011-11 requires an entity to disclose both gross and net information for derivatives and other financial instruments that are subject to a master netting arrangement or similar agreement. The standard requires disclosure of collateral received in connection with the masternetting agreements or similar agreements. The effective date of ASU No. 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidanceand the impact it will have on the financial statement amounts and footnote disclosures, if any.

41

The Hartford World Bond Fund

Notes to Financial Statements – (continued)

October 31, 2012

(000’s Omitted)

16. Subsequent Events:

At its meeting held on November 8, 2012, the Board of Directors of the Company, including each of the directors who are not “interested persons” of the Fund, unanimously voted to terminate the existing investment management and investment sub-advisory agreements for the Fund (the “Existing Agreements”) and approve a new investment management agreement for the Fund with Hartford Funds Management Company, LLC (“HFMC”), a wholly-owned indirect subsidiary of The Hartford, and a new investment sub-advisory agreement between HFMC and the Fund’s existing sub-adviser, Wellington Management (the “New Agreements”). The termination of the Existing Agreements and implementation of the New Agreements are expected to occur on or about December 31, 2012 and will result in no changes to (i) the contractual terms of, including the fees payable under, the Fund’s investment management and investment sub-advisory agreements; and (ii) the day-to-day management of the Fund.

42

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43

The Hartford World Bond Fund

Financial Highlights

- Selected Per-Share Data (A) -

Class	Net Asset Value at Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments		Total from Investment Operations		Dividends from Net Investment Income			Distributions from Realized Capital Gains			Distributions from Capital		Total Distributions			Net Asset Value at End of Period
For the Year Ended October 31, 2012 (D)
A	$	10.32	$	0.10	$	0.59	$	0.69	$	(0.20	)	$	(0.04	)	$	–	$	(0.24	)	$	10.77
C		10.31		0.02		0.60		0.62		(0.13	)		(0.04	)		–		(0.17	)		10.76
I		10.32		0.12		0.60		0.72		(0.22	)		(0.04	)		–		(0.26	)		10.78
R3		10.32		0.09		0.57		0.66		(0.16	)		(0.04	)		–		(0.20	)		10.78
R4		10.32		0.12		0.57		0.69		(0.19	)		(0.04	)		–		(0.23	)		10.78
R5		10.32		0.15		0.56		0.71		(0.22	)		(0.04	)		–		(0.26	)		10.77
Y		10.32		0.12		0.61		0.73		(0.23	)		(0.04	)		–		(0.27	)		10.78
From May 31, 2011 (commencement of operations), through October 31, 2011  (D)
A(E)		10.00		0.09		0.28		0.37		(0.05	)		–			–		(0.05	)		10.32
C(E)		10.00		0.05		0.28		0.33		(0.02	)		–			–		(0.02	)		10.31
I(E)		10.00		0.09		0.29		0.38		(0.06	)		–			–		(0.06	)		10.32
R3(E)		10.00		0.07		0.29		0.36		(0.04	)		–			–		(0.04	)		10.32
R4(E)		10.00		0.09		0.28		0.37		(0.05	)		–			–		(0.05	)		10.32
R5(E)		10.00		0.10		0.28		0.38		(0.06	)		–			–		(0.06	)		10.32
Y(E)		10.00		0.10		0.28		0.38		(0.06	)		–			–		(0.06	)		10.32

(A) Information presented relates to a share outstanding throughout the indicated period.

(B) Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge.  Total return would be reduced if sales charges were taken into account.

(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(D) Per share amounts have been calculated using average shares outstanding method.

(E) Commenced operations on May 31, 2011.

(F) Not annualized.

(G) Annualized.

44

- Ratios and Supplemental Data -

Total Return(B)			Net Assets at End of Period (000's)		Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses not Subject to Cap			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate(C)
	6.79	%	$	250,916		1.11	%		0.95	%		0.95	%		191	%
	6.12			97,235		1.83			1.67			0.19			–
	7.11			421,508		0.86			0.70			1.14			–
	6.51			1,297		1.51			1.25			0.85			–
	6.82			1,345		1.21			0.95			1.15			–
	7.03			1,276		0.91			0.65			1.45			–
	7.18			197,637		0.73			0.57			1.12			–
	3.74	(F)		33,346		1.27	(G)		0.85	(G)		1.93	(G)		50
	3.33	(F)		9,175		2.03	(G)		1.61	(G)		1.18	(G)		–
	3.84	(F)		24,552		1.01	(G)		0.59	(G)		2.10	(G)		–
	3.58	(F)		2,071		1.72	(G)		1.25	(G)		1.64	(G)		–
	3.70	(F)		2,073		1.42	(G)		0.95	(G)		1.94	(G)		–
	3.83	(F)		2,076		1.12	(G)		0.65	(G)		2.24	(G)		–
	3.85	(F)		9,344		1.02	(G)		0.60	(G)		2.29	(G)		–

45

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of

The Hartford Mutual Funds, Inc.

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of The Hartford World Bond Fund (one of the portfolios constituting The Hartford Mutual Funds, Inc. (the Funds)) as of October 31, 2012, and the related statement of operations, the statements of changes in net assets, and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodians, agent banks, and brokers or by other appropriate auditing procedures where replies from agent banks and brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hartford World Bond Fund of The Hartford Mutual Funds, Inc. at October 31, 2012, the results of its operations, the changes in its net assets, and the financial highlights for the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Minneapolis, MN
December 17, 2012

46

The Hartford World Bond Fund

Directors and Officers (Unaudited)

The Board of Directors of the Company appoints officers who are responsible for the day-to-day operations of the Fund and who execute policies formulated by the Directors. Each director serves until his or her death, resignation, or retirement or until the next annual meeting of shareholders is held or until his or her successor is elected and qualifies.

Directors and officers who are employed by or who have a financial interest in The Hartford are considered “interested” persons of the Fund pursuant to the 1940 Act. Each officer and two of the Company’s directors, as noted in the chart below, are “interested” persons of the Fund. Each director serves as a director for The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., Hartford Series Fund, Inc., and Hartford HLS Series Fund II, Inc., and as a trustee for The Hartford Alternative Strategies Fund, which, as of October 31, 2012, collectively consist of 89 funds. Correspondence may be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999, Hartford, Connecticut 06104-2999, except that correspondence to Mr. Annoni, Mr. Dressen, and Ms. Fagely may be sent to 500 Bielenberg Drive, Woodbury, Minnesota 55125.

The table below sets forth, for each director and officer, his or her name, year of birth, current position with the Company and date first elected or appointed to The Hartford Mutual Funds, Inc. (“MF”) and The Hartford Mutual Funds II, Inc. (“MF2”), principal occupation, and, for directors, other directorships held. The Fund’s statement of additional information contains further information on the directors and is available free of charge by calling 1-888-843-7824 or writing to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.

Information on the aggregate remuneration paid to the directors of the Company can be found in the Statement of Operations herein. The Fund pays to The Hartford a portion of the Chief Compliance Officer’s compensation, but does not pay salaries or compensation to any of its other officers or directors who are employed by The Hartford.

Non-Interested Directors

Lynn S. Birdsong (1946) Director since 2003, Co-Chairman of the Investment Committee

Mr. Birdsong is a private investor. Mr. Birdsong currently serves as a Director of the Sovereign High Yield Investment Company (April 2010 to current). Mr. Birdsong currently serves as an Independent Director of Nomura Partners Funds, Inc. (formerly, The Japan Fund) (March 2003 to current). From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder Investments, an investment management firm. During his employment with Scudder, Mr. Birdsong was an Interested Director of The Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong Company, an advertising specialty firm.

Robert M. Gavin, Jr. (1940) Director since 2002 (MF) and 1986 (MF2), Chairman of the Board since 2004

Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was President of Cranbrook Education Community and prior to July 1996, he was President of Macalester College, St. Paul, Minnesota.

Duane E. Hill (1945) Director since 2001 (MF) and 2002 (MF2), Chairman of the Nominating Committee

Mr. Hill is Partner of TSG Ventures L.P., a private equity investment company. Mr. Hill is a former partner of TSG Capital Group, a private equity investment firm that served as sponsor and lead investor in leveraged buyouts of middle market companies.

Sandra S. Jaffee (1941) Director since 2005

Ms. Jaffee is the founder and Chief Executive Officer of a private company, Homeworks Concierge, LLC, which provides residential property management services in Westchester County, New York (January 2012 to present). Ms. Jaffee served as Chairman (2008 to 2009) and Chief Executive Officer of Fortent (formerly Searchspace Group), a leading provider of compliance/regulatory technology to financial institutions from August 2005 to August 2009. Ms. Jaffe currently serves as a member of the Board of Directors of Broadridge Financial Solutions as well as a Trustee of Muhlenberg College.

William P. Johnston (1944) Director since 2005, Chairman of the Compliance Committee

In June 2006, Mr. Johnston was appointed as Senior Advisor to The Carlyle Group, a global private equity investment firm. In August 2007, Mr. Johnston was elected to the Board of Directors of LifeCare Holdings, Inc. In February 2008, Mr. Johnston was elected to the Board of Directors of HCR-ManorCare, Inc. In May 2006, Mr. Johnston was elected to the Supervisory Board of Fresenius Medical Care AG & Co. KGaA, after its acquisition of Renal Care Group, Inc. in March 2006.

Phillip O. Peterson (1944) Director since 2002, (MF) and 2000 (MF2), Chairman of the Audit Committee

Mr. Peterson is a mutual fund industry consultant. He was a partner of KPMG LLP (an accounting firm) until July 1999. Mr. Peterson joined William Blair Funds in February 2007 as a member of the Board of Trustees. Mr. Peterson also joined the Board of Trustees of Symetra Variable Mutual Funds Trust as a trustee in February 2012.

47

The Hartford World Bond Fund

Directors and Officers (Unaudited) – (continued)

Lemma W. Senbet (1946) Director since 2005

Dr. Senbet is the William E. Mayer Chair Professor of Finance and Director, Center for Financial Policy, at the University of Maryland, Robert H. Smith School of Business. He was chair of the Finance Department from 1998 to 2006. Previously he was a chaired professor of finance at the University of Wisconsin-Madison. Also, he was director of the Fortis Funds from March 2000 to July 2002. Dr. Senbet served the finance profession in various capacities, including as director of the American Finance Association and President of the Western Finance Association. In 2006, Dr. Senbet was inducted Fellow of Financial Management Association International for his career-long distinguished scholarship and professional service.

Interested Directors and Officers

James E. Davey (1964) Director since 2012, President and Chief Executive Officer since 2010

Mr. Davey serves as Executive Vice President of HLIC and The Hartford Financial Services Group, Inc. Additionally, Mr. Davey serves as President, Chairman of the Board, Chief Executive Officer and Manager of HIFSCO and President, Chief Executive Officer and Manager of HL Investment Advisors, LLC (“HL Advisors”). Mr. Davey joined The Hartford in 2002.

Lowndes A. Smith (1939) Director since 1996, (MF) and 2002 (MF2), Co-Chairman of the Investment Committee

Mr. Smith served as Vice Chairman of The Hartford from February 1997 to January 2002, as President and Chief Executive Officer of HL Inc. from February 1997 to January 2002, and as President and Chief Operating Officer of The Hartford Life Insurance Companies from January 1989 to January 2002. Mr. Smith serves as a Director of White Mountains Insurance Group, Ltd., One Beacon Insurance and Symetra Financial and as Managing Director of Whittington Gray Associates.

Other Officers

Mark A. Annoni (1964) Vice President, Controller and Treasurer since 2012⁽¹⁾

Mr. Annoni serves as the Assistant Vice President and Director of HLIC (February 2004 to present). Mr. Annoni joined The Hartford in April 2001 as part of The Hartford’s acquisition of Fortis Financial Group (“Fortis”). Prior to joining The Hartford, Mr. Annoni served as Manager of Mutual Fund Accounting at Fortis (July 1997 to April 2001).

⁽¹⁾ Mr. Annoni was named Vice President, Controller and Treasurer on May 8, 2012.

Michael R. Dressen (1963) AML Compliance Officer since 2011

Mr. Dressen currently serves as Assistant Vice President of HLIC. He also serves as Chief Compliance Officer and AML Compliance Officer of Hartford Administrative Services Company (“HASCO”) and as Assistant Secretary and Compliance Officer of HIFSCO. Mr. Dressen joined The Hartford in 2005 from State Farm Insurance Companies where he held various positions related to mutual funds, variable products, and property casualty insurance.

Tamara L. Fagely (1958) Vice President since 2002 (MF) and 1993 (MF2) ⁽²⁾

Ms. Fagely has been a Vice President of HASCO since 1998 and Chief Financial Officer since 2006. Currently Ms. Fagely is a Vice President of HLIC. She served as Assistant Vice President of HLIC from December 2001 through March 2005. In addition, Ms. Fagely is Controller and Chief Financial Officer of HIFSCO.

⁽²⁾ Ms. Fagely served as Vice President, Controller and Treasurer until May 8, 2012.

Edward P. Macdonald (1967) Vice President, Secretary and Chief Legal Officer since 2005

Mr. Macdonald serves as Vice President of HLIC and Chief Legal Officer of Mutual Funds and Vice President of HIFSCO. He also serves as Vice President and Secretary of HASCO, and Chief Legal Officer, Secretary and Vice President of HL Advisors. Mr. Macdonald joined The Hartford in 2005.

Vernon J. Meyer (1964) Vice President since 2006

Mr. Meyer serves as Senior Vice President of HLIC. He also serves as Senior Vice President of HIFSCO and HL Advisors. Mr. Meyer joined The Hartford in 2004.

Colleen B. Pernerewski (1969) Vice President and Chief Compliance Officer since 2010

Ms. Pernerewski serves as Vice President and Chief Investment Advisor Compliance Officer of HIFSCO and as Vice President and Chief Compliance Officerof HL Advisors. Ms. Pernerewski serves as Vice President and Chief Compliance Officer of Individual Annuity of HLIC. Ms. Pernerewski joined The Hartford in 2005 from Travelers Life and Annuity where she served as Counsel (2004-2005). Prior to Travelers Life and Annuity, Ms. Pernerewski held the position of Counsel at The Hartford (1998-2004).

48

Elizabeth L. Schroeder (1966) Vice President since 2010

Ms. Schroeder currently serves as Assistant Vice President of HLIC. Ms. Schroeder joined HLIC in 1991. She is also an Assistant Vice President of HASCO, HIFSCO and HL Advisors.

Martin Swanson (1962) Vice President since 2010

Mr. Swanson is a Vice President of HLIC. Mr. Swanson also serves as Vice President/Marketing for HIFSCO. Prior to joining HLIC in 1998, Mr. Swanson was a Vice President at PaineWebber, Inc.

Jane Wolak (1961) Vice President since 2009⁽³⁾

Ms. Wolak currently serves as Senior Vice President of HLIC. Ms. Wolak joined HLIC as Vice President, Retail Product Services in May 2007. She is also Vice President of HASCO. Previously, Ms. Wolak was with Sun Life Financial where she held the position of Vice President, Service Center Operations from 2001-2007.

⁽³⁾  Ms. Wolak served as a Vice President of the Fund until November 8, 2012. Effective November 8, 2012, Laura S. Quade was named a Vice President of the Fund.

HOW TO OBTAIN A COPY OF THE FUND’S PROXY VOTING POLICIES AND VOTING RECORDS (UNAUDITED)

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and a record of how the Fund voted any proxies for the twelve-month period ended June 30, 2012 are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION (UNAUDITED)

The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms are available (1) without charge, upon request, by calling 888-843-7824 and (2) on the SEC’s website at http://www.sec.gov. The Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

49

The Hartford World Bond Fund

Federal Tax Information (Unaudited)

For the fiscal year ended October 31, 2012, there is no further federal tax information required for this Fund.

50

The Hartford World Bond Fund

Expense Example (Unaudited)

Your Fund's Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and contingent deferred sales charges (CDSC) and (2) ongoing costs, including investment management fees, distribution fees, and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the period of April 30, 2012 through October 31, 2012.

Actual Expenses

The first set of columns of the table below provides information about actual account values and actual expenses. You may use the information in this column, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second set of columns of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) and CDSC. Therefore, the second set of columns of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher. Expenses are equal to the Fund's annualized expense ratios multiplied by average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

	Actual return						Hypothetical (5% return before expenses)
	Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Beginning Account Value April 30, 2012		Ending Account Value October 31, 2012		Expenses paid during the period April 30, 2012 through October 31, 2012		Annualized expense ratio			Days in the current 1/2 year		Days in the full year
Class A	$	1,000.00	$	1,032.73	$	4.85	$	1,000.00	$	1,020.36	$	4.82		0.95	%		184		366
Class C	$	1,000.00	$	1,029.87	$	8.57	$	1,000.00	$	1,016.69	$	8.52		1.68			184		366
Class I	$	1,000.00	$	1,034.65	$	3.58	$	1,000.00	$	1,021.62	$	3.56		0.70			184		366
Class R3	$	1,000.00	$	1,032.76	$	6.39	$	1,000.00	$	1,018.85	$	6.34		1.25			184		366
Class R4	$	1,000.00	$	1,034.24	$	4.86	$	1,000.00	$	1,020.36	$	4.82		0.95			184		366
Class R5	$	1,000.00	$	1,034.75	$	3.32	$	1,000.00	$	1,021.87	$	3.30		0.65			184		366
Class Y	$	1,000.00	$	1,035.96	$	2.92	$	1,000.00	$	1,022.27	$	2.90		0.57			184		366

51

The Hartford World Bond Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that each mutual fund’s board of directors, including a majority of those directors who are not “interested persons” of the mutual fund, as defined in the 1940 Act (the “Independent Directors”), annually review and consider the continuation of the mutual fund’s investment advisory and sub-advisory agreements. At its meeting held on July 31-August 1, 2012, the Board of Directors (the “Board”) of The Hartford Mutual Funds, Inc., including each of the Independent Directors, unanimously voted to approve the continuation of the investment management agreement for The Hartford World Bond Fund (the “Fund”) with Hartford Investment Financial Services, LLC (“HIFSCO”) and the continuation of the investment sub-advisory agreement between HIFSCO and the Fund’s sub-adviser, Wellington Management Company, LLP (the “Sub-adviser,” and together with HIFSCO, the “Advisers”) (collectively, the “Agreements”).

In the months preceding the July 31-August 1, 2012 meeting, the Board requested, received, and reviewed written responses from the Advisers to questions posed to them on behalf of the Independent Directors and supporting materials relating to those questions and responses. The Board considered information furnished to the Board at its meetings throughout the year, as well as information specifically prepared in connection with the annual approval of the Agreements at the Board’s meetings held on June 19-20, 2012 and July 31-August 1, 2012. Information provided to the Board at its meetings throughout the year included, among other things, reports on Fund performance, legal and compliance matters, sales and marketing activity, shareholder services, and the other services provided to the Fund by the Advisers and their affiliates. In addition, the Board received in-person presentations by Fund officers and representatives of HIFSCO at the Board’s meetings on June 19-20, 2012 and July 31-August 1, 2012 concerning the Agreements.

The Independent Directors, advised by independent legal counsel, engaged two service providers to assist them with evaluating the Agreements with respect to the Fund. Lipper Inc. (“Lipper”), an independent provider of investment company data, was retained to provide the Board with reports on how the Fund’s contractual management fees, actual management fees, other non-management fees, overall expense ratios and investment performance compared to those of mutual funds with similar investment objectives. The Independent Directors also engaged an independent financial services consulting firm (the “Consultant”) to assist them in evaluating the Fund’s management fees, sub-advisory fees, other non-management fees, overall expense ratios and investment performance. In addition, the Consultant reviewed the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement.

In determining to continue the Agreements for the Fund, the members of the Board reviewed and evaluated information and factors they believed to be relevant and appropriate in light of the information that the Board deemed necessary and appropriate through the exercise of its reasonable business judgment. While individual members of the Board may have weighed certain factors differently, the Board’s determination to continue the Agreements was based on a comprehensive consideration of all information provided to the Board throughout the year and specifically with respect to the continuation of the Agreements. A more detailed discussion of the factors the Board considered with respect to its approval of the Agreements is provided below.

Nature, Extent, and Quality of Services Provided by the Advisers

The Board requested and considered information concerning the nature, extent, and quality of the services provided to the Fund by the Advisers. The Board considered, among other things, the terms of the Agreements and the range of services provided by the Advisers. The Board considered the Advisers’ professional personnel who provide services to the Fund, including each Adviser’s ability and experience in attracting and retaining qualified personnel to service the Fund. The Board considered each Adviser’s reputation and overall financial strength, as well as its willingness to consider and implement organizational and operational changes designed to improve services to the Fund. In addition, the Board considered the quality of each Adviser’s communications with the Board and responsiveness to Board inquiries.

The Board also requested and evaluated information concerning each Adviser’s regulatory and compliance environment. In this regard, the Board requested and reviewed information on each Adviser’s compliance policies and procedures, compliance history, and a report from the Fund’s Chief Compliance Officer on each Adviser’s compliance with applicable laws and regulations, including responses to regulatory developments and compliance issues raised by regulators. The Board also noted the Advisers’ support of the Fund’s compliance control structure, particularly the resources devoted by the Advisers in support of the Fund’s obligations pursuant to Rule 38a-1 under the 1940 Act.

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With respect to HIFSCO, the Board noted that under the Agreements, HIFSCO is responsible for the management of the Fund, including overseeing fund operations and service providers, and provides administrative services to the Fund as well as investment advisory services in connection with selecting, monitoring and supervising the Sub-adviser. The Board considered HIFSCO’s ongoing monitoring of people, process and performance, including its quarterly reviews of each of the Hartford Mutual Funds, semi-annual meetings with the leaders of each Fund’s portfolio management team, and oversight of the Funds’ approximately 60 portfolio managers. The Board recognized that HIFSCO has demonstrated a record of making changes to the management and/or strategies of the Funds when warranted. The Board considered HIFSCO’s oversight of the Sub-adviser’s investment approach and results, process for monitoring best execution of portfolio trades by the Sub-adviser, and approach to risk management with respect to the Fund and the service providers to the Fund. The Board also considered HIFSCO’s oversight of compliance with the Fund’s objective and policies as well as with applicable laws and regulations, noting that regulatory and other developments had over time led to an increase in the scope of HIFSCO’s services in this regard.

In addition, the Board considered HIFSCO’s ongoing commitment to review and rationalize the Hartford fund family’s product line-up and the expenses that HIFSCO had incurred in connection with fund combinations in recent years. The Board considered that HIFSCO or its affiliates are responsible for providing the Fund’s officers.

With respect to the Sub-adviser, who provides day-to-day portfolio management services, the Board considered the quality of the Fund’s portfolio managers, the Sub-adviser’s other investment personnel, its investment philosophy and process, investment research capabilities and resources, performance record, trade execution capabilities and experience. The Board considered the experience of the Fund’s portfolio managers, the number of accounts managed by the portfolio managers, and the Sub-adviser’s method for compensating the portfolio managers.

Based on these considerations, the Board concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by HIFSCO and the Sub-adviser.

Performance of the Fund and the Advisers

The Board considered the investment performance of the Fund. In this regard, the Board reviewed the performance of the Fund over different time periods presented in the materials and evaluated HIFSCO’s analysis of the Fund’s performance for these time periods. The Board considered information and materials provided to the Board by the Advisers concerning Fund performance, as well as information from Lipper comparing the investment performance of the Fund to an appropriate benchmark and universe of peer funds. The Board noted that the Fund has a limited performance history.

The Board considered the detailed investment analytics reports provided by The Hartford’s Investment Advisory Group throughout the year. These reports include, among other things, information on the Fund’s gross and net returns, the Fund’s investment performance relative to an appropriate benchmark and peer group, various statistics concerning the Fund’s portfolio, and a narrative summary of various factors affecting Fund performance. The Board considered the Advisers’ cooperation with the Investment Committee, which assists the Board in evaluating the performance of the Fund at periodic meetings throughout the year. The Board also considered the analysis provided by the Consultant relating to the Fund’s performance track record.

In light of all the considerations noted above, the Board concluded that it had continued confidence in HIFSCO’s and the Sub-adviser’s overall capabilities to manage the Fund.

Costs of the Services and Profitability of the Advisers

The Board reviewed information regarding HIFSCO’s cost to provide investment management and related services to the Fund and HIFSCO’s profitability, both overall and for the Fund, on a pre-tax basis without regard to distribution expenses. The Board also requested and reviewed information about the profitability to HIFSCO and its affiliates from all services provided to the Fund and all aspects of their relationship with the Fund. The Board also requested and received information relating to the operations and profitability of the Sub-adviser.

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The Hartford World Bond Fund

Approval of Investment Management and Investment Sub-Advisory Agreements (Unaudited) – (continued)

The Board considered the Consultant’s review of the profitability calculations utilized by HIFSCO in connection with the continuation of the investment management agreement, noting the Consultant’s view that The Hartford’s process for calculating and reporting Fund profitability is reasonable. In this regard, the Board noted that the Consultant had previously performed a full review of this process and reported that such process is sound and well within common industry practice.

Based on these considerations, the Board concluded that the profits anticipated to be realized by the Advisers and their affiliates from their relationships with the Fund would not be excessive.

Comparison of Fees and Services Provided by the Advisers

The Board considered comparative information with respect to the management fees to be paid by the Fund to HIFSCO and the total expense ratios of the Fund. The Board also considered comparative information with respect to the sub-advisory fees to be paid by HIFSCO to the Sub-adviser, to the extent applicable. In this regard, the Board requested and reviewed information from HIFSCO and the Sub-adviser relating to the management and sub-advisory fees, including the sub-advisory fee schedule for the Fund, and total operating expenses for the Fund. With respect to the sub-advisory fee schedule, the Board considered representations from HIFSCO and the Sub-adviser that the Sub-adviser’s fees were negotiated at arm’s length. The Board also reviewed information from Lipper comparing the Fund’s contractual management fees, actual management fees and overall expense ratios relative to a group of funds selected by Lipper, in consultation with the Consultant, and a broader universe of funds selected by Lipper.

While the Board recognized that comparisons between the Fund and peer funds are imprecise, given the differing service levels and characteristics of mutual funds and the different business models and cost structures of the Advisers, the comparative information provided by Lipper assisted the Board in evaluating the reasonableness of the Fund’s management and sub-advisory fees and total operating expenses. In addition, the Board considered the analysis and recommendations of the Consultant relating to the Fund’s management and sub-advisory fees and total operating expenses.

Based on these considerations, the Board concluded that the Fund’s fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.

Economies of Scale

The Board requested and considered information regarding the Advisers’ realization of economies of scale with respect to the Fund and whether the fee levels reflect these economies of scale for the benefit of the Fund’s shareholders. The Board reviewed the breakpoints in the management fee schedule for the Fund, which reduce fee rates as Fund assets grow over time. The Board recognized that a fund with assets beyond the last breakpoint level will continue to benefit from economies of scale because additional assets are charged the lowest breakpoint fee resulting in lower overall effective management fee rates. The Board also considered that expense limitations and fee waivers that reduce the Fund’s expenses at all asset levels can have the same effect as breakpoints in sharing economies of scale with shareholders and provide protection from an increase in expenses if Fund assets decline. The Board recognized that a fee schedule that reaches a lower breakpoint quickly provides shareholders with the benefit of anticipated or potential economies of scale. The Board also considered that HIFSCO has been active in managing expenses, which has resulted in benefits being realized by shareholders as assets within the Hartford fund family have grown over time, including through lower transfer agent costs and other operating expenses.

The Board reviewed and evaluated materials from Lipper showing how management fee schedules of peer funds reflect economies of scale for the benefit of shareholders as a peer fund’s assets hypothetically increase over time. Based on information provided by HIFSCO, Lipper, and the Consultant, the Board recognized that there is no uniform methodology for establishing breakpoints or uniform pattern in asset levels that trigger breakpoints or the amounts of breakpoints triggered.

After considering all of the information available to it, the Board concluded that it was satisfied with the extent to which economies of scale would be shared for the benefit of the Fund’s shareholders based on currently available information and the

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effective advisory fees and expense ratios for the Fund at its current and reasonably anticipated asset levels. The Board noted, however, that it would continue to monitor future growth in Fund assets and the appropriateness of additional breakpoints.

Other Benefits

The Board considered other benefits to the Advisers and their affiliates from their relationships with the Fund.

The Board reviewed information noting that Hartford Life Insurance Company (“Hartford Life”), an affiliate of HIFSCO, receives fees for fund accounting and related services from the Fund, and the Board considered information on profits to Hartford Life or its affiliates for such services. The Board also considered that Hartford Administrative Services Company (“HASCO”), the Fund’s transfer agent and an affiliate of HIFSCO, receives transfer agency compensation from the Fund, and the Board reviewed information on the profitability of the Fund’s transfer agency function to HASCO. The Board considered information provided by HASCO indicating that the transfer agent fees charged by HASCO to the Fund were fair and reasonable based on publicly available information.

The Board also considered that, as principal underwriter of the Fund, HIFSCO receives 12b-1 fees from the Fund and receives all or a portion of the sales charges on sales or redemptions of certain classes of shares. The Board also noted that certain affiliates of HIFSCO distribute shares of the Fund and receive compensation in that connection.

The Board considered the benefits, if any, to the Sub-adviser from any use of the Fund’s brokerage commissions to obtain soft dollar research, and representations from HIFSCO and the Sub-adviser that the Sub-adviser would not make any revenue-sharing payments or any other type of distribution payments to HIFSCO or its affiliates.

The Board considered the benefits to shareholders of being part of the Hartford family of funds, including the right to exchange investments between the same class of funds without a sales charge, the ability to reinvest Fund dividends into other funds in the family, and the ability to combine holdings in the Fund with holdings in other funds to obtain a reduced sales charge. The Board considered HIFSCO’s efforts to provide investors in the family with a broad range of investment styles and asset classes and its entrepreneurial risk in initiating new funds to expand these opportunities for shareholders.

* * * *

Based upon its review of these various factors, among others, the Board concluded that it is in the best interests of the Fund and its shareholders for the Board to approve the Agreements for an additional year. In reaching this decision, the Board did not assign relative weights to the factors discussed above or deem any one or group of them to be controlling in and of themselves. In connection with their deliberations, the Independent Directors met separately in executive session on several occasions, with independent legal counsel, to review the relevant materials and consider their responsibilities under relevant laws and regulations.

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This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.   You should carefully consider investment objectives, risks, and charges and expenses of The Hartford Mutual Funds before investing. This and other information can be found in the Fund’s prospectus or summary prospectus, which can be obtained from your investment representative or by calling 888-843-7824. Please read them carefully before you invest or send money.   The Hartford Mutual Funds are underwritten and distributed by Hartford Investment Financial Services LLC.   “The Hartford” is The Hartford Financial Services Group, Inc., and its subsidiaries.     MFAR-WB12 12/12 113290 Printed in U.S.A. ©2012 The Hartford, Hartford, CT 06155

Item 2.   Code of Ethics.

Registrant has adopted a code of ethics that applies to Registrant’s principal executive officer, principal financial officer, and controller, which is attached as an exhibit.

Item 3.  Audit Committee Financial Expert.

The Board of Directors of the Registrant has designated Phillip O. Peterson as an Audit Committee Financial Expert. Mr. Peterson is considered by the Board to be an independent director.

Item 4.   Principal Accountant Fees and Services.

(a) Audit Fees: $691,000 for the fiscal year ended October 31, 2011; $695,079 for the fiscal year ended October 31, 2012.

(b) Audit Related Fees: $36,013 for the fiscal year ended October 31, 2011; $35,859 for the fiscal year ended October 31, 2012. Audit-related services principally in connection with SEC Rule 17Ad-13 report.

(c) Tax Fees: $176,565 for the fiscal year ended October 31, 2011; $174,995 for the fiscal year ended October 31, 2012.

(d) All Other Fees: $0 for the fiscal year ended October 31, 2011; $0 for the fiscal year ended October 31, 2012.

(e) (1) A copy of the Audit Committee’s pre-approval policies and procedures is attached as an exhibit.

(e) (2) One hundred percent of the services described in items 4(b) through 4(d) were approved in accordance with the Audit Committee's Pre-Approval Policy. As a result, none of such services was approved pursuant to paragraph (c) (7) (i) (c) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the year ended October 31, 2012, were attributed to work performed by persons other than the principal accountant's full-time employees.

(g) Non-Audit Fees: $1,413,181 for the fiscal year ended October 31, 2011; $1,515,695 for the fiscal year ended October 31, 2012.

(h) The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5.   Audit Committee of Listed Registrants.

Not applicable to this Annual filing.

Item 6.   Schedule of Investments

The Schedule of Investments is included as part of the Annual report filed under Item 1 of this form.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors since registrant last provided disclosure in response to this requirement.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant's Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report, the Disclosure Controls and Procedures are effectively designed to ensure that information required to be disclosed by the Registrant is recorded, processed, summarized and reported by the date of this report, including ensuring that information required to be disclosed in the report is accumulated and communicated to the Registrant's management, including the Registrant's officers, as appropriate, to allow timely decisions regarding required disclosure.

(b) There was no change in the Registrant's internal control over financial reporting that occurred during the Registrant’s last fiscal half year that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

11(a) (2) Section 302 certifications of the principal executive officer and principal financial officer of Registrant.

    (b)      Section 906 certification.

12(a)(1)  Code of Ethics

12(a)(2)  Audit Committee Pre-Approval Policies and Procedures

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	THE HARTFORD MUTUAL FUNDS, INC.
Date: December 12, 2012	By:	/s/ James E. Davey
		James E. Davey
		Its: President

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: December 12, 2012	By:	/s/ James E. Davey
		James E. Davey
		Its: President
Date: December 12, 2012	By:	/s/ Mark A. Annoni
		Mark A. Annoni
		Its: Vice President, Controller and Treasurer

EXHIBIT LIST

99.CERT                   11(a)(2)       Certifications

                                        (i) Section 302 certification of principal executive officer

                                        (ii) Section 302 certification of principal financial officer

99.906CERT             11(b)            Section 906 certification of principal executive officer and principal financial officer

                                  12(a)(1)       Code of Ethics

                                  12(a)(2)       Audit Committee Pre-Approval Policies and Procedures