The Plans were adopted by a majority vote of the Board of Directors of the applicable Company, including at least a majority of directors who are not interested persons of the applicable Funds as defined in the 1940 Act. A Plan may be terminated at any time by vote of the majority of the directors of the applicable board who are not interested persons of the Funds. A Plan will automatically terminate in the event of its assignment.
This section includes additional information about commissions and other payments made by HIFSCO and its affiliates to other entities.
HIFSCO and its affiliates make a variety of payments to broker-dealers and financial institutions (“Financial Intermediaries”) that sell shares of the Funds. HIFSCO pays commissions and Rule 12b-1 payments to Financial Intermediaries. The Funds’ SAI includes information regarding commission payments and Rule 12b-1 payments by share class.
As explained in more detail below, HIFSCO and its affiliates make additional payments to Financial Intermediaries and intermediaries that provide subaccounting, administrative and/or shareholder processing services (“Servicing Intermediaries”).
Commissions and other payments received by Financial Intermediaries and their affiliates can vary from one investment product to another, and therefore your Financial Intermediary may have a greater incentive to sell certain products, such as the Funds, rather than other products.
HIFSCO and its affiliates make additional compensation payments out of their own assets to Financial Intermediaries to encourage the sale of the funds’ shares (“Additional Payments”). These payments, which are in addition to commissions and Rule 12b-1 fees, may create an incentive for your Financial Intermediary to sell and recommend certain investment products, including the funds, over other products for which it may receive less compensation. You may contact your Financial Intermediary if you want information regarding the payments it receives.
Additional Payments to a Financial Intermediary are generally based on the average net assets of the funds attributable to that Financial Intermediary, assets held over one year by customers of that Financial Intermediary, and/or sales of the fund shares through that Financial Intermediary. Additional Payments may, but are normally not expected to, exceed 0.22% of the average net assets of the funds attributable to a particular Financial Intermediary. For the calendar year ended December 31, 2008, HIFSCO and its affiliates incurred approximately $39.5 million in total Additional Payments to Financial Intermediaries.
Additional Payments may be used for various purposes and take various forms, such as:
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| • | Sponsorships of sales contests and promotions where participants receive prizes such as travel awards, merchandise, cash or recognition; |
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| • | Provision of educational programs, including information and related support materials; |
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| • | Hardware and software; and |
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| • | Occasional meals and entertainment, tickets to sporting events, nominal gifts and travel and lodging (subject to applicable rules and regulations). |
As of January 1, 2009, HIFSCO has entered into ongoing contractual arrangements to make Additional Payments to the Financial Intermediaries listed below. HIFSCO may enter into ongoing contractual arrangement with other Financial Intermediaries. Financial Intermediaries that received Additional Payments in 2008 for items such as sponsorship of meetings, education seminars and travel and entertainment, but do not have an ongoing contractual relationship, are listed in the SAI. A.G. Edwards & Sons, Inc., AIG Advisors Group, Inc., (Advantage Capital Corp., AIG Financial Advisors, American General, FSC Securities Corp., Royal Alliance Associates, Inc.), Associated Securities, Banc of America Investment Svcs., Inc. Banc West Investment Services, Cadaret Grant & Co., Inc., Cambridge Investment Research Inc., CCO Investment Services Corp., Centaurus Financial Inc., Charles Schwab & Co., Inc., Citigroup Global Markets, Inc., Comerica Securities, Commonwealth Financial Network, Compass Brokerage Inc., Crown Capital Securities, LP, Cuna Brokerage Services, CUSO Financial Services, L.P., Edward D. Jones & Co., FFP Securities, Inc., First Allied Securities, Inc., First Citizens Investor Services, Inc., Frost Brokerage Services, Inc., H. Beck, Inc., H.D. Vest Investments Securities Inc., Hilliard Lyons, Huntington Investment Co., IFMG Securities, Inc., ING Advisor Network (Financial Network Investment Corporation, Inc., ING Financial Partners, Inc., Multi-Financial Securities Corporation, Inc., PrimeVest Financial Services, Inc.), Inter-Securities Incorporated, Investment Professionals, Inc., Janney Montgomery Scott, Jefferson Pilot Securities Corp, LaSalle Financial Services, Lincoln Financial Advisors Group, Lincoln Financial Securities Corp., Lincoln Investment Planning, LPL Financial Corp., M&T Securities Inc., Merrill Lynch Pierce Fenner & Smith, MML Investor Services, Morgan Keegan & Company, Inc., Morgan Stanley DW Inc., Mutual Service Corporation, NatCity Investments Inc., National Planning Holdings, Inc. (Invest Financial Corporation, Investment Centers of America, National Planning Corporation, SII Investments Inc.), Newbridge Securities, NEXT Financial Group, Inc., Oppenheimer & Co, Inc., Prime Capital Services, Inc., Raymond James & Associates Inc., Raymond James Financial Services (IM&R), RBC Capital Markets, RDM Investment Services, Robert W. Baird, Securities America, Inc., Sorrento Pacific Financial, Stifel, Nicolaus & Company, Inc., Summit Brokerage Services, Suntrust Investment Services, Triad Advisors, Inc., UBS Financial Services Inc., U.S. Bancorp Investments Inc., Uvest Financial Services Group, Inc., Wachovia Securities, LLC, Waterstone Financial Group, Wells Fargo Investments, WM Financial Services, Inc., and Woodbury Financial Services, Inc. (an indirect wholly-owned subsidiary of The Hartford).
Servicing Compensation to Servicing Intermediaries HIFSCO or its affiliates pay Servicing Intermediaries compensation for subaccounting, administrative and/or shareholder processing services (“Servicing Payments”). Servicing Payments may act as a financial incentive for a Servicing Intermediary in choosing to provide services to one investment product, such as the funds, over other products for which it may receive a lower payment. You may contact your Servicing Intermediary if you want additional information regarding any Servicing Payments it receives.
Servicing Payments are generally based on average net assets of the funds attributable to the Servicing Intermediary. With certain limited exceptions, Servicing Payments are not expected to exceed 0.20% of the average net assets of the funds attributable to a particular Servicing Intermediary. For the year ended December 31, 2008, HIFSCO incurred approximately $850,000 in total Servicing Payments to Servicing Intermediaries and incurred Servicing Payments did not exceed $565,000 for any Servicing Intermediary.
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Servicing Payments are also paid to certain Servicing Intermediaries by HASCO out of the transfer agency fees it receives from the Funds. Although some arrangements are based on average net assets attributable to the Servicing Intermediary, Servicing Intermediaries are generally paid a per account fee ranging to no more than $19 per account.
As of January 1, 2009, HIFSCO has entered into arrangements to pay Servicing Compensation to: 401k ASP, Inc.; The 401(k) Company; ACS HR Solutions, LLC; ADP Broker Dealer, Inc., American Century Investment Management, Inc.; AmeriMutual Funds Distributor, Inc.; Ameriprise Financial Services, Inc.; Ascensus, Inc.; Benefit Plans Administrative Services, LLC; BenefitStreet, Inc.; Capital Research and Management Company; Charles Schwab and Co., Inc.; Charles Schwab Trust Company; CitiStreet, LLC; CPI Qualified Plan Consultants, Inc.; Diversified Investment Advisors, Inc.; Expert Plan, Inc.; Fidelity Investments Institutional Operations Company, Inc. & Fidelity Investments Institutional Services Company, Inc. (“Fidelity”); Fiserv Trust Company; Gold Trust Company; GWFS Equities, Inc.; ING Life Insurance and Annuity Co.; International Clearing Trust Company; J.P. Morgan Retirement Plan Services, LLC; Lincoln Retirement Services Company, LLC & AMG Service Corp; Merrill Lynch Pierce Fenner & Smith Incorporated; Mercer HR Services, LLC; Mid Atlantic Capital Corporation; MSCS Financial Services, LLC; Nationwide Financial Services, Inc.; Newport Retirement Services, Inc.; New York Life Distributors, LLC.; Plan Administrators, Inc. (PAi); Principal Life Insurance Company; Prudential Insurance Company of America; Reliance Trust Company; Standard Retirement Services, Inc.; StanCorp Equities, Inc.; T. Rowe Price Retirement Plan Services, Inc. & T. Rowe Price Investment Services, Inc.; The Retirement Plan Company, LLC; The Vanguard Group; Upromise Investments, Inc; Wachovia Bank, N.A.; Wells Fargo Bank, N.A.; and Wilmington Trust Company. HIFSCO may enter into arrangements with other Servicing Intermediaries to pay such Servicing Compensation.
As of January 1, 2009, Servicing Intermediaries paid by HASCO are: ADP Broker-Dealer, Inc.; Alerus Financial; American Stock Transfer and Trust Company; CPI Qualified Plan Consultants, Inc; Expert Plan, Inc.; Hand Benefits & Trust, Inc.; Hewitt Associates LLC; Legette Actuaries, Inc.; Mid Atlantic Capital Corporation; MSCS Financial Services, LLC; The Newport Group.; Prudential Investment Management Services LLC & Prudential Investments LLC; QBC, Inc.; Reliance Trust company, A.G. Edwards & Sons, Inc; Charles Schwab & Co Inc; D.A. Davidson & Co; Davenport & Company LLC; First Clearing LLC; J.J.B. Hilliard W.L Lyons LLC; Janney Montgomery Scott LLC; LPL Financial Corporation; Morgan Keegan & Company Inc; Morgan Stanley & Co Inc; National Financial Services LLC; Oppenheimer & Co Inc; Pershing LLC; Primevest Financial Services Inc; RBC Capital Markers Corporation, Raymond James & Associates Inc; Ridge Clearing & Outsourcing Solutions Inc; Robert W Baird & Co Inc; Scott & Stringfellow Inc; Southwest Securities Inc; Stifel, Nicolaus & Company Inc; UBS Financial Services Inc, Wells Fargo Investments LLC, Edward D. Jones & Co, Citigroup Global Markets, Inc; and Merrill Lynch Pierce Fenner & Smith. Other Servicing Intermediaries may be paid by HASCO in the future.
TRANSACTION POLICIES
EXECUTION OF REQUESTS
Each Fund is open on those days when the New York Stock Exchange (“NYSE”) is open, typically Monday through Friday. Buy and sell requests are executed at the next NAV calculated after your request is received, if your order is in “good order” (has all required information), by the transfer agent, authorized broker-dealers or their authorized designee, or third-party administrators.
At times of peak activity, it may be difficult to place requests by phone. During these times, visit www.hartfordinvestor.com or consider sending your request in writing.
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In unusual circumstances, a Fund may temporarily suspend the processing of sell requests, or may postpone payment of redemption proceeds for up to three business days or longer, as allowed by federal securities laws.
REQUESTS IN “GOOD ORDER”
All purchase and redemption requests must be received by the Funds in “good order.” This means that your request must include:
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– | Name, date of birth, residential address, and social security number. |
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– | The Fund name, share class and account number. |
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– | The amount of the transaction (in dollars or shares). |
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– | Signatures of all owners exactly as registered on the account (for mail requests). |
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– | Medallion signature guarantee or Signature Validation Program stamp (if required). |
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– | Any supporting legal documentation that may be required. |
TELEPHONE TRANSACTIONS
For your protection, telephone requests may be recorded in order to verify their accuracy. Proceeds from telephone transactions may be either mailed to the address of record, or sent electronically to a bank account on file. Also, for your protection, telephone redemptions are limited on accounts whose addresses have changed within the past 30 days.
EXCHANGES
You may exchange shares of one Fund for shares of the same class of any other Fund. The registration for both accounts involved must be identical. You may be subject to tax liability or sales charges as a result of your exchange. The Funds reserve the right to amend or terminate the exchange privilege at any time, for any reason.
VALUATION OF SHARES
The net asset value per share (NAV) is determined for each Fund and each class as of the close of regular trading on the NYSE (the “Exchange”) (typically 4:00 p.m. Eastern Time, referred to as the “Valuation Time”) on each business day that the Exchange is open. The net asset value for each class of shares is determined by dividing the value of that Fund’s net assets attributable to a class of shares by the number of shares outstanding for that class.
The Funds generally use market prices in valuing portfolio securities. If market prices are not readily available or are deemed unreliable, a Fund will use the fair value of the security as determined in good faith under policies and procedures established by and under the supervision of that Fund’s Board of Directors. Market prices may be deemed unreliable, for example, if a security is thinly traded or if an event has occurred after the close of the security’s primary markets, but before the close of the Exchange that is expected to affect the value of the portfolio security. The circumstances in which a Fund may use fair value pricing include, among others: (i) the occurrence of events that are significant to a particular issuer, such as mergers, restructuring or defaults; (ii) the occurrence of events that are significant to an entire market, such as natural disasters in a particular
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region or governmental actions; (iii) trading restrictions on securities; (iv) for thinly traded securities and (v) market events such as trading halts and early market closings. In addition, with respect to the valuation of securities primarily traded on foreign markets, each Fund uses a fair value pricing service approved by that Fund’s Board of Directors, which employs quantitative models which evaluate changes in the value of the foreign market proxies (for example; futures contracts, ADR’s, exchange traded funds) after the close of the foreign exchanges but before the close of the Exchange. Securities that are primarily traded on foreign markets may trade on days that are not business days of the Funds. The value of the portfolio securities of a Fund that invests in foreign securities may change on days when a shareholder will not be able to purchase or redeem shares of the Fund. Fair value pricing is subjective in nature and the use of fair value pricing by the Funds may cause the NAV of their respective shares to differ significantly from the NAV that would have been calculated using market prices at the close of the exchange on which a portfolio security is primarily traded but before the close of the Exchange. There can be no assurance that any Fund could obtain the fair value assigned to a security if the Fund were to sell the security at approximately the time at which that Fund determines its NAV per share.
Debt securities (other than short-term obligations and floating rate loans) held by the Fund are valued on the basis of valuations furnished by an independent pricing service, which determines valuations for normal institutional size trading units of debt securities. Senior floating rate interests generally trade in over-the-counter (“OTC”) markets and are priced through an independent pricing service utilizing independent market quotations from loan dealers or financial institutions. Securities for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by that Fund’s Board of Directors. Generally, each Fund may use fair valuation in regards to debt securities when a Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity become less than 61 days. Investments of the Funds that mature in 60 days or less are valued at amortized cost, which approximates market value.
Exchange traded equity securities shall be valued at the last reported sale price on the exchange on which the security is primarily traded (the “Primary Market”) at the Valuation Time. If the security did not trade on the Primary Market, it may be valued at the Valuation Time at the last reported sale price on another exchange where it trades. The value of an equity security not traded on any exchange but traded on the Nasdaq Stock Market, Inc. System (“Nasdaq”) or another over-the-counter (“OTC”) market shall be valued at the last reported sale price or official closing price on the exchange or market on which the security is traded as of the Valuation Time. If it is not possible to determine the last reported sale price or official closing price on the relevant exchange or market at the Valuation Time, the value of the security shall be taken to be the most recent mean between bid and asked prices on such exchange or market at the Valuation Time.
Securities of foreign issuers and non-dollar securities are translated from the local currency into U.S. dollars using prevailing exchange rates.
Options contracts on securities, currencies, indexes, futures contracts, commodities and other instruments shall be valued at their most recent sales price at the Valuation Time on the Primary Market on which the instrument is traded. If the instrument did not trade on the Primary Market, it may be valued at the most recent sales price at the Valuation Time on another exchange or market where it did trade.
Futures contracts are valued at the most recent settlement price reported by an exchange on which over time they are traded most extensively. If a settlement price is not available, the futures contracts will be valued at the most recent trade price as of the Valuation Time. If there were no trades, the contract shall be valued at the
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mean of the closing bid/asked prices as of the Valuation Time.
Financial instruments for which prices are not available from an independent pricing service, but where an active market exists, are valued using market quotations obtained from one or more dealers that make markets in securities in accordance with procedures established by the Fund’s Board of Directors.
A forward currency contract shall be valued based on the price of the underlying currency at the prevailing interpolated exchange rate, which is a combination of the spot currency rate and the forward currency rate. Spot currency rates and forward currency rates are obtained from an independent pricing service on a daily basis not more than one hour before the Valuation Time.
Swaps are valued based on custom valuations furnished by an independent pricing service. Swaps for which prices are not available from an independent pricing service are valued in accordance with procedures established by the Fund’s Board of Directors.
Other derivative or contractual type instruments shall be valued using market prices if such instruments trade on an exchange or market. If such instruments do not trade on an exchange or market, such instruments shall be valued at a price at which the counterparty to such contract would repurchase the instrument. In the event that the counterparty cannot provide a price, such valuation may be determined in accordance with procedures established by the Fund’s Board of Directors.
Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date.
TAXES
TAXABILITY OF DIVIDENDS
Dividends and distributions you receive from a Fund, whether reinvested or taken as cash, are generally considered taxable. Distributions from a Fund’s long-term capital gains are taxable as long-term capital gains, regardless of how long you held your shares. Distributions from short-term capital gains and from ordinary income (other than certain qualified dividend income) are generally taxable as ordinary income. A portion of dividends from ordinary income may qualify for the dividends-received deduction for corporations. Distributions from certain qualified dividend income generally are taxable to individuals at the same rates that apply to long-term capital gains, if certain holding period and other requirements are met. The lower tax rates on qualified dividend income and long-term capital gains are currently scheduled to expire after 2010. Some dividends paid in January may be taxable as if they had been paid the previous December.
TAXABILITY OF TRANSACTIONS
Unless your shares are held in a qualified retirement account, any time you sell or exchange shares, it is considered a taxable event for you. You may have a capital gain or a loss on the transaction which will be long-term or short-term, depending upon how long you held your shares. You are responsible for any tax liabilities generated by your transactions. See your tax advisor if you sell shares held for less than six months at a loss within 60 days of receiving a long-term capital gain distribution from the Fund.
A Fund may be required to withhold U.S. federal income tax at the rate of 28% of all taxable distributions payable to you if you fail to provide the Fund with your correct taxpayer identification number or to make required certifications, or if you have been notified by the IRS that you are subject to backup withholding.
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Backup withholding is not an additional tax. Any amounts withheld may be credited against your U.S. federal income tax liability. Non-resident aliens and other foreign shareholders will generally be subject to U.S. tax withholding on distributions paid to a Fund.
A Fund may be required to withhold U.S. federal income tax at the rate of 30% of all taxable distributions to you if you are a non-resident alien and you are claiming reduced withholding under a tax treaty and there is no applicable tax treaty, if you have not properly completed and signed the appropriate IRS Form W-8, or you do not provide us with your Individual Taxpayer Identification Number (“ITIN”). If you are a non-resident alien and you are requesting a reduced tax withholding rate, you must give us your ITIN. You also must complete and send to us the appropriate IRS Form W-8 to certify your foreign status.
TAXES ON DISTRIBUTIONS The Funds intend to meet certain federal tax requirements so that distributions of tax-exempt income may be treated as “exempt-interest dividends.” These dividends are not subject to regular federal income tax. However, each Fund may invest up to 20% of its assets in tax-exempt obligations subject to the Alternative Minimum Tax. Any portion of exempt-interest dividends attributable to interest on these obligations may increase some shareholders’ Alternative Minimum Tax. The Funds expect that their distributions will consist primarily of exempt-interest dividends. Tax-Free National Fund’s exempt-interest dividends may be subject to state or local taxes. Distributions paid from any interest income that is not tax-exempt and from any short-term or long-term capital gains will be taxable whether you reinvest those distributions or receive them in cash.
CALIFORNIA INCOME TAXATION (TAX-FREE CALIFORNIA FUND) Tax-Free California Fund complies with certain state tax requirements so that at least a portion of the dividends it pays are “exempt-interest dividends” as defined under California law. To be qualified to pay exempt-interest dividends under California law, at the close of each quarter of its taxable year, at least 50% percent of the value of the Tax-Free California Fund’s total assets must consist of obligations which, when held by an individual, the interest therefore is exempt from taxation by California. Exempt-interest dividends from Tax-Free California Fund may be subject to California taxes imposed on corporations when distributed to shareholders subject to those taxes.
FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES
The Funds are intended to be long-term investment vehicles and are not designed to provide investors with a means of speculating on short-term market movements (market timing). Frequent purchases and redemptions of Fund shares by a Fund’s shareholder can disrupt the management of the Fund, negatively affect the Fund’s performance, and increase expenses for all Fund shareholders. In particular, frequent trading (i) can force a Fund’s portfolio manager to hold larger cash positions than desired instead of fully investing the Funds, which can result in lost investment opportunities; (ii) can cause unplanned and inopportune portfolio turnover in order to meet redemption requests; (iii) can increase broker-dealer commissions and other transaction costs as well as administrative costs for the Fund; and (iv) can trigger taxable gains for other shareholders. Also, some frequent traders engage in arbitrage strategies, by which these traders seek to exploit pricing anomalies that can occur when a Fund invests in securities that are thinly traded (for example some high yield bonds and small capitalization stocks) or are traded primarily in markets outside of the United States. Frequent traders, and in particular those using arbitrage strategies, can dilute a Fund’s NAV for long-term shareholders.
If you intend to trade frequently or use market timing investment strategies, you should not purchase the Funds.
The Boards of Directors of the Funds have adopted policies and procedures with respect to frequent purchases and redemptions of Fund shares by Fund shareholders. The Funds’ policy is to discourage investors from trading in a Fund’s shares in an excessive manner that would be harmful to long-term investors and to make reasonable efforts to detect and deter excessive trading. The Funds reserve the right to reject any purchase order
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at any time and for any reason, without prior written notice. The Funds also reserve the right to revoke the exchange privileges of any person at any time and for any reason. In making determinations concerning the revocation of exchange privileges, the Funds may consider an investor’s trading history in any of the Funds, including the person’s trading history in any accounts under a person’s common ownership or control.
It is the policy of the Funds to permit only two “substantive round trips” by an investor within any single Fund within a 90-day period.
A substantive round trip is a purchase of or an exchange into the same Fund and a redemption of or an exchange out of the same Fund in a dollar amount that the Fund’s transfer agent determines, in the reasonable exercise of its discretion, could adversely affect the management of the Fund. When an additional transaction request for the Fund is received within the 90-day period, the requested transaction will be rejected and the person requesting such transaction will be deemed an “Excessive Trader.” All exchange and purchase privileges of an Excessive Trader shall be suspended within such Fund for the first violation of the policy for a period of 90 days. For a second violation of the policy, the exchange and purchase privileges of the Excessive Trader will be suspended indefinitely. If an Excessive Trader makes exchanges through a registered representative, in appropriate circumstances the Funds’ transfer agent may terminate the registered representative’s exchange and purchase privileges in the Funds. Automatic programs offered by the Funds such as dollar cost averaging and dividend diversification are exempt from the policy described above.
The Funds’ policies for deterring frequent purchases and redemptions of Fund shares by a Fund shareholder are intended to be applied uniformly to all Fund shareholders to the extent practicable. Some financial intermediaries, such as broker-dealers, investment advisors, plan administrators, and third-party transfer agents, however, maintain omnibus accounts in which they aggregate orders of multiple investors and forward the aggregated orders to the Funds. Because the Funds receive these orders on an aggregated basis and because these omnibus accounts may trade with numerous fund families with differing market timing policies, the Funds are limited in their ability to identify or deter Excessive Traders or other abusive traders. The Funds’ procedures with respect to omnibus accounts are as follows: (1) Where HASCO is provided individual shareholder level transaction detail on a daily basis, HASCO shall monitor the daily trade activity of individual shareholders and apply the Policy. (2) Where an intermediary will implement the Policy on behalf of HASCO, HASCO shall obtain an appropriate annual certification from such intermediary. (3) Where an intermediary has established reasonable internal controls and procedures (which may be more or less restrictive then those of the Funds) for limiting exchange activity in a manner that serves the purposes of the Funds’ policy as determined by the Frequent Trading Review Committee (comprised of the Funds’ Chief Compliance Officer, Chief Legal Officer and a senior business leader of The Hartford), HASCO shall permit such intermediary to apply its procedures in lieu of those of the Funds and obtain an appropriate annual certification. Finally, (4) where none of the foregoing occurs, HASCO shall monitor the accounts at an omnibus level and apply detection tools designed to determine whether shareholder transactions violating the Policy may be occurring. In such cases, HASCO shall request and evaluate individual shareholder level transaction detail and seek to impose restrictions in accordance with the Policy. In October 2007, new SEC rules became effective which require funds and intermediaries to enter into written agreements intended to promote transparency in omnibus accounts. As funds and intermediaries implement the requirements of the new rules, it is expected that the Funds will be able to apply the frequent trading policies to omnibus accounts. Nonetheless, the Funds’ ability to identify and deter frequent purchases and redemptions of a Fund’s shares through omnibus accounts is limited, and the Funds’ success in accomplishing the objectives of the policies concerning frequent purchases and redemptions of Fund shares in this context depends significantly upon the cooperation of the financial intermediaries.
The use of fair value pricing can serve both to make the Funds less attractive to market timers and to reduce the potential adverse consequences of market timing or abusive trading to other investors. Certain market timers
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seek to take advantage of pricing anomalies that can occur in Fund shares resulting from the manner in which the NAV of the Funds’ shares is determined each day. Frequent trading in Fund shares can dilute the value of long-term shareholders’ interests in a Fund if the Fund calculates its NAV using closing prices that are no longer accurate. This can happen particularly in Funds that invest in overseas markets or that invest in securities of smaller issuers or thinly traded securities. The Funds’ pricing procedures, particularly those procedures governing the determination of the “fair value” of securities for which market prices are not readily available (or are unreliable) for foreign securities may serve as a deterrent against harmful excessive trading in Fund shares. For additional information concerning the Funds’ fair value procedures, please refer to “Valuation of Shares.”
INVESTMENT POLICY CHANGES
Tax-Free California Fund and Tax-Free National Fund each has a name which suggests a focus on a particular type of investment. In accordance with Rule 35d-1 under the 1940 Act, each of the Funds has adopted a policy that it will, under normal circumstances, invest at least 80% of the value of its assets in investments the income from which is exempt from federal income tax and, with respect to Tax-Free California Fund, the income tax of California. For this policy, “assets” means net assets plus the amount of any borrowings for investment purposes. In addition, in appropriate circumstances, synthetic investments may be included in the 80% basket if they have economic characteristics similar to the other investments included in the basket. A Fund’s policy to invest at least 80% of its assets in such a manner is a “fundamental” one for each of Tax-Free California Fund and Tax-Free National Fund, which means that it may not be changed without the vote of a majority of the Fund’s outstanding shares as defined in the 1940 Act.
NOTE: Unless expressly designated as fundamental, all policies and procedures of the Funds may be changed by that respective Fund’s Board without shareholder approval. To the extent authorized by law, Hartford Mutual Funds, Hartford Mutual Funds II and each of the Funds reserve the right to discontinue offering shares at any time, or to cease operations entirely.
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FINANCIAL HIGHLIGHTS FOR THE ACQUIRING FUND
The financial highlights table for the Acquiring Fund is intended to help you understand the fund’s financial performance for the past five years. Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned, or lost, on an investment in the fund (assuming reinvestment of all dividends and distributions). The information for the fiscal years ended October 31, 2008, October 31, 2007, October 31, 2006, October 31, 2005 and October 31, 2004 has been derived from the financial statements audited by [ ________ ], independent registered public accounting firm, whose report, along with the fund’s financial statements and financial highlights, is included in the Hartford Mutual Funds II 2008 Annual Report which is available upon request.
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| | Net Asset Value at Beginning of Period | | Net Investment Income (Loss) | | Payments from (to) Affiliate | | Net Realized and Unrealized Gain (Loss) on Investments | | Total from Investment Operations | | Dividends from Net Investment Income | | Distributions from Realized Capital Gains | | Distributions from Capital | | Total Distributions | | Net Increase (Decrease) in Net Asset Value | | Net Asset Value at End of Period | |
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The Hartford Tax-Free National Fund | | | | | | | | | | | | | | | | | | | | | | |
For the Year Ended October 31, 2008(e) | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 10.88 | | | 0.48 | | | — | | | (2.21 | ) | | (1.73 | ) | | (0.48 | ) | | — | | | — | | | (0.48 | ) | | (2.21 | ) | | 8.67 | |
Class B | | | 10.80 | | | 0.39 | | | — | | | (2.17 | ) | | (1.78 | ) | | (0.41 | ) | | — | | | — | | | (0.41 | ) | | (2.19 | ) | | 8.61 | |
Class C | | | 10.83 | | | 0.39 | | | — | | | (2.18 | ) | | (1.79 | ) | | (0.41 | ) | | — | | | — | | | (0.41 | ) | | (2.20 | ) | | 8.63 | |
For the Year Ended October 31, 2007 | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 11.34 | | | 0.47 | | | — | | | (0.44 | ) | | 0.03 | | | (0.46 | ) | | (0.03 | ) | | — | | | (0.49 | ) | | (0.46 | ) | | 10.88 | |
Class B | | | 11.26 | | | 0.38 | | | — | | | (0.43 | ) | | (0.05 | ) | | (0.38 | ) | | (0.03 | ) | | — | | | (0.41 | ) | | (0.46 | ) | | 10.80 | |
Class C | | | 11.29 | | | 0.38 | | | — | | | (0.43 | ) | | (0.05 | ) | | (0.38 | ) | | (0.03 | ) | | — | | | (0.41 | ) | | (0.46 | ) | | 10.83 | |
For the Year Ended October 31, 2006 | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 11.13 | | | 0.45 | | | — | | | 0.29 | | | 0.74 | | | (0.45 | ) | | (0.08 | ) | | — | | | (0.53 | ) | | 0.21 | | | 11.34 | |
Class B | | | 11.06 | | | 0.37 | | | — | | | 0.28 | | | 0.65 | | | (0.37 | ) | | (0.08 | ) | | — | | | (0.45 | ) | | 0.20 | | | 11.26 | |
Class C | | | 11.09 | | | 0.37 | | | — | | | 0.28 | | | 0.65 | | | (0.37 | ) | | (0.08 | ) | | — | | | (0.45 | ) | | 0.20 | | | 11.29 | |
For the Year Ended October 31, 2005(e) | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 11.22 | | | 0.43 | | | — | | | (0.09 | ) | | 0.34 | | | (0.43 | ) | | — | | | — | | | (0.43 | ) | | (0.09 | ) | | 11.13 | |
Class B | | | 11.15 | | | 0.35 | | | — | | | (0.09 | ) | | 0.26 | | | (0.35 | ) | | — | | | — | | | (0.35 | ) | | (0.09 | ) | | 11.06 | |
Class C | | | 11.18 | | | 0.35 | | | — | | | (0.09 | ) | | 0.26 | | | (0.35 | ) | | — | | | — | | | (0.35 | ) | | (0.09 | ) | | 11.09 | |
For the Year Ended October 31, 2004 | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | 11.07 | | | 0.45 | | | — | | | 0.32 | | | 0.77 | | | (0.45 | ) | | (0.17 | ) | | — | | | (0.62 | ) | | 0.15 | | | 11.22 | |
Class B | | | 11.00 | | | 0.37 | | | — | | | 0.32 | | | 0.69 | | | (0.37 | ) | | (0.17 | ) | | — | | | (0.54 | ) | | 0.15 | | | 11.15 | |
Class C | | | 11.02 | | | 0.37 | | | — | | | 0.33 | | | 0.70 | | | (0.37 | ) | | (0.17 | ) | | — | | | (0.54 | ) | | 0.16 | | | 11.18 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | — Ratios and Supplemental Data — | |
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| | Total Return (b) | | Net Assets at End of Period (000's) | | Ratio of Expenses to Average Net Assets Before Waivers and Reimbursements and Including Expenses Not Subject to Cap (d) | | Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Including Expenses Not Subject to Cap (d) | | Ratio of Expenses to Average Net Assets After Waivers and Reimbursements and Excluding Expenses Not Subject to Cap (d) | | Ratio of Net Investment Income to Average Net Assets | | Portfolio Turnover Rate (c) | |
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The Hartford Tax-Free National Fund | | | | | | | | | | | | | | | | |
For the Year Ended October 31, 2008(e) | | | | | | | | | | | | | | | | |
Class A | | | (16.40 | ) | | 113,542 | | | 0.94 | | | 0.85 | | | 0.85 | | | 4.63 | | | 77 | |
Class B | | | (16.97 | ) | | 5,223 | | | 1.75 | | | 1.60 | | | 1.60 | | | 3.87 | | | — | |
Class C | | | (17.02 | ) | | 27,234 | | | 1.70 | | | 1.60 | | | 1.60 | | | 3.89 | | | — | |
For the Year Ended October 31, 2007 | | | | | | | | | | | | | | | | |
Class A | | | 0.30 | | | 115,459 | | | 1.15 | | | 0.85 | | | 0.85 | | | 4.20 | | | 43 | |
Class B | | | (0.45 | ) | | 6,839 | | | 1.95 | | | 1.60 | | | 1.60 | | | 3.43 | | | — | |
Class C | | | (0.45 | ) | | 22,467 | | | 1.90 | | | 1.60 | | | 1.60 | | | 3.45 | | | — | |
For the Year Ended October 31, 2006 | | | | | | | | | | | | | | | | |
Class A | | | 6.82 | | | 71,876 | | | 1.22 | | | 1.00 | | | 1.00 | | | 4.06 | | | 14 | |
Class B | | | 5.97 | | | 6,746 | | | 2.00 | | | 1.75 | | | 1.75 | | | 3.31 | | | — | |
Class C | | | 5.95 | | | 12,889 | | | 1.97 | | | 1.75 | | | 1.75 | | | 3.31 | | | — | |
For the Year Ended October 31, 2005(e) | | | | | | | | | | | | | | | | |
Class A | | | 3.10 | | | 46,163 | | | 1.26 | | | 1.00 | | | 1.00 | | | 3.88 | | | 22 | |
Class B | | | 2.36 | | | 6,889 | | | 2.03 | | | 1.75 | | | 1.75 | | | 3.13 | | | — | |
Class C | | | 2.35 | | | 8,496 | | | 1.99 | | | 1.75 | | | 1.75 | | | 3.13 | | | — | |
For the Year Ended October 31, 2004 | | | | | | | | | | | | | | | | |
Class A | | | 7.10 | | | 35,210 | | | 1.30 | | | 1.08 | | | 1.08 | | | 4.04 | | | 18 | |
Class B | | | 6.39 | | | 6,236 | | | 2.01 | | | 1.78 | | | 1.78 | | | 3.32 | | | — | |
Class C | | | 6.47 | | | 8,357 | | | 1.98 | | | 1.78 | | | 1.78 | | | 3.33 | | | — | |
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(a) | Information presented relates to a share of capital share outstanding throughout the indicated period. |
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(b) | Assumes initial investment at net asset value at the beginning of each period, reinvestment of all distributions, the complete redemption of the investment at net asset value at the end of each period and no sales charge. Total return would be reduced if sales charges were taken into account. |
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(c) | Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. |
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(d) | Ratios do not include fees paid indirectly. Had the fees paid indirectly been included the annualized expense ratios for the periods listed below would have been as follows: |
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| | Year ended October 31, 2008 | | Year ended October 31, 2007 | | Year ended October 31, 2006 | | Year ended October 31, 2005 | | Year ended October 31, 2004 | |
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Tax-Free National Fund | | | | | | | | | | | | | | | | |
Class A Shares | | 0.85 | % | | 0.85 | % | | 1.00 | % | | 1.01 | % | | 1.08 | % | |
Class B Shares | | 1.60 | % | | 1.60 | % | | 1.75 | % | | 1.75 | % | | 1.78 | % | |
Class C Shares | | 1.60 | % | | 1.60 | % | | 1.75 | % | | 1.75 | % | | 1.78 | % | |
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(e) | Per share amounts have been calculated using average shares outstanding method. |
36
INDEX OF APPENDICES
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Appendix A: | Form of Agreement and Plan of Reorganization |
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Appendix B: | Explanation of Strategies and Risks |
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Appendix C: | Beneficial Owners |
APPENDIX A: FORM OF AGREEMENT AND PLAN OF REORGANIZATION
FORM OF AGREEMENT AND PLAN REORGANIZATION
THIS AGREEMENT AND PLAN OF REORGANIZATION (“Agreement”) is made as of this [___] day of [_______], 2009, by and between Hartford Mutual Funds II, Inc., a Maryland corporation (“Hartford Mutual Funds II”), with its principal place of business at 200 Hopmeadow Street, Simsbury, Connecticut 06089, on behalf of Hartford Tax-Free National Fund (“Acquiring Fund”), a separate series of Hartford Mutual Funds II, and Hartford Mutual Funds, Inc., a Maryland corporation (“Hartford Mutual Funds,” together with Hartford Mutual Funds II, the “Companies”), with its principal place of business at 200 Hopmeadow Street, Simsbury, Connecticut 06089, on behalf of Hartford Tax-Free California Fund (“Acquired Fund”), a separate series of Hartford Mutual Funds.
This Agreement is intended to be and is adopted as a plan of reorganization and liquidation within the meaning of Section 368(a)(1) of the United States Internal Revenue Code of 1986, as amended (the “Code”). The reorganization and liquidation will consist of (1) the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the Acquired Fund to the Acquiring Fund in exchange solely for shares of common stock of the Acquiring Fund (“Acquiring Fund Shares”) corresponding to the class of outstanding shares of common stock of the Acquired Fund (“Acquired Fund Shares”), as described herein, (2) the assumption by the Acquiring Fund of all liabilities of the Acquired Fund, and (3) the distribution of the Acquiring Fund Shares to the shareholders of the Acquired Fund in complete liquidation of the Acquired Fund, as provided herein (the “Reorganization”), all upon the terms and conditions hereinafter set forth in this Agreement.
WHEREAS, the Acquired Fund and the Acquiring Fund are series of Hartford Mutual Funds and Hartford Mutual Funds II, respectively, each a registered investment company classified as a management company of the open-end type, and the Acquired Fund owns securities that generally are assets of the character in which the Acquiring Fund is permitted to invest;
WHEREAS, the Directors of Hartford Mutual Funds II have determined, with respect to the Acquiring Fund, that the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the Acquired Fund for Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund by the Acquiring Fund is in the best interests of the Acquiring Fund and that the interests of the existing shareholders of the Acquiring Fund would not be diluted as a result of this transaction; and
WHEREAS, the Directors of Hartford Mutual Funds have determined, with respect to the Acquired Fund, that the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the Acquired Fund for Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund by the Acquiring Fund is in the best interests of the Acquired Fund and that the interests of the existing shareholders of the Acquired Fund would not be diluted as a result of this transaction.
NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:
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1. | TRANSFER OF ASSETS OF THE ACQUIRED FUND TO THE ACQUIRING FUND IN EXCHANGE FOR ACQUIRING FUND SHARES, THE ASSUMPTION OF ALL ACQUIRED FUND LIABILITIES AND THE LIQUIDATION OF THE ACQUIRED FUND |
1.1. Subject to the requisite approval of the Acquired Fund shareholders and the other terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Acquired Fund agrees to sell, assign, convey, transfer and deliver all of the property and assets of the Acquired Fund, as set forth in paragraph 1.2 herein, to the Acquiring Fund, and the Acquiring Fund agrees in exchange therefor: (i) to deliver to the Acquired Fund the number of full and fractional Class A, Class B and Class C Acquiring Fund Shares determined by dividing the value of the Acquired Fund’s net assets with respect to the corresponding class of Acquired Fund Shares, computed in the manner and as of the time and date set forth in paragraph 2.1 herein, by the net asset value of one Acquiring Fund Share of the corresponding class, computed in the manner and as of the time and date set forth in paragraph 2.2 herein; and (ii) to assume all liabilities of the Acquired Fund, as set forth in paragraph 1.3 herein. Such transactions shall take place on the date of the closing provided for in paragraph 3.1 herein (the “Closing Date”).
1.2. The property and assets of Hartford Mutual Funds attributable to the Acquired Fund to be acquired by the Acquiring Fund shall consist of all property and assets, including, without limitation, all rights, cash, securities, commodities and futures interests and dividends or interests receivable that are owned by the Acquired Fund and any deferred or prepaid expenses shown as an asset on the books of the Acquired Fund on the Valuation Date as defined in paragraph 2.1 (collectively, “Assets”). The Acquired Fund will sell, assign, convey, transfer and deliver to the Acquiring Fund any rights, stock dividends, or other securities received by the Acquired Fund after the Closing Date as stock dividends or other distributions on or with respect to the property and assets transferred, which rights, stock dividends, and other securities shall be deemed included in the property and assets transferred to the Acquiring Fund at the Closing Date and shall not be separately valued, in which case any such distribution that remains unpaid as of the Closing Date shall be included in the determination of the value of the assets of the Acquired Fund acquired by the Acquiring Fund.
1.3. The Acquired Fund will make reasonable efforts to discharge all of its known liabilities and obligations prior to the Valuation Date. The Acquiring Fund shall assume all of the liabilities of the Acquired Fund, whether accrued or contingent, known or unknown, existing at the Valuation Date (collectively, “Liabilities”). On or as soon as practicable prior to the Closing Date, the Acquired Fund will declare and pay to its shareholders of record one or more dividends and/or other distributions so that it will have distributed substantially all (and in no event less than 98%) of its investment company taxable income (computed without regard to any deduction for dividends paid) and realized net capital gain, if any, for the current taxable year through the Closing Date.
1.4. Immediately following the actions contemplated by paragraph 1.1 herein, Hartford Mutual Funds shall take such actions necessary to complete the liquidation of the Acquired Fund. To complete the liquidation, Hartford Mutual Funds, on behalf of the Acquired
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Fund, shall (a) distribute to the Acquired Fund’s shareholders of record with respect to each class of its shares as of the Closing as defined in paragraph 3.1 herein (“Acquired Fund Shareholders”), on a pro rata basis within the class, the Acquiring Fund Shares of the corresponding class received by the Acquired Fund pursuant to paragraph 1.1 herein, and (b) completely liquidate. Such distribution and liquidation will be accomplished, with respect to each class of Acquired Fund shares, by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of Class A, Class B and Class C Acquiring Fund Shares to be so credited to the Class A, Class B and Class C Acquired Fund Shareholders, respectively, shall, with respect to the class, be equal to the aggregate net asset value of the Acquired Fund Shares of the corresponding class owned by Acquired Fund Shareholders on the Closing Date. All issued and outstanding Acquired Fund Shares will simultaneously be canceled on the books of the Acquired Fund, although shares certificates representing interests in Class A, Class B and Class C Acquired Fund Shares will thereafter represent interests in the corresponding class of Acquiring Fund Shares after the Closing Date, as determined in accordance with paragraph 2.3. The Acquiring Fund shall not issue certificates representing the Class A, Class B and Class C Acquiring Fund Shares in connection with the Reorganization.
1.5. Ownership of Acquiring Fund Shares will be shown on the books of the Acquiring Fund’s Transfer Agent, as defined in paragraph 3.3 herein.
1.6. Any reporting responsibility of the Acquired Fund, including, but not limited to, the responsibility for filing regulatory reports, tax returns, or other documents with the Securities and Exchange Commission (the “Commission”), any state securities commission, and any Federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Acquired Fund.
2.1. The value of the Assets shall be the value of such Assets as of the close of business of the New York Stock Exchange and after the declaration of any dividends on the Closing Date (such time and date being hereinafter called the “Valuation Date”), computed using the valuation procedures set forth in the then-current prospectus and statement of additional information with respect to the Acquired Fund and valuation procedures established by Hartford Mutual Funds’ Board of Directors.
2.2. The net asset value of each Acquiring Fund Share shall be the net asset value per share computed with respect to the corresponding class as of the Valuation Date, using the valuation procedures set forth in the Acquiring Fund’s then-current prospectus and statement of additional information, and valuation procedures established by the Hartford Mutual Funds II’s Board of Directors.
2.3. The number of the Acquiring Fund Shares to be issued (including fractional shares, if any) in exchange for the Acquired Fund’s Assets shall be determined by dividing the value of the net assets with respect to the Acquired Fund Shares determined using the same
A-3
valuation procedures referred to in paragraph 2.1 herein, by the net asset value of the corresponding class of Acquiring Fund Shares, determined in accordance with paragraph 2.2 herein.
2.4. All computations of value shall be made by Hartford Life Insurance Company, in its capacity as Fund Accountant for the Companies, and shall be subject to confirmation by the Companies’ Treasurer.
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3. | CLOSING AND CLOSING DATE |
3.1. The Closing Date shall be [ ], 2009, or such other date as the parties may agree. All acts taking place at the closing of the transactions provided for in this Agreement (the “Closing”) shall be deemed to take place simultaneously as of the close of business on the Closing Date unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of 4:00 p.m., Eastern Time. The Closing shall be held at the offices of the Companies.
3.2. Hartford Mutual Funds shall direct State Street Bank and Trust Company, as custodian for the Acquired Fund (the “Custodian”), to deliver to the Companies at the Closing a certificate of an authorized officer of the Custodian stating that (i) the Assets of the Acquired Fund have been delivered in proper form to the Acquiring Fund within two business days prior to or on the Closing Date, and (ii) all necessary taxes in connection with the delivery of the Assets, including all applicable Federal and state stock transfer stamps, if any, have been paid or provision for payment has been made. The Acquired Fund’s portfolio securities represented by a certificate or other written instrument shall be presented by the Custodian to those persons at the Custodian who have primary responsibility for the safekeeping of the assets of the Acquiring Fund, as the Custodian also serves as the custodian for the Acquiring Fund. Such presentation shall be made for examination no later than five (5) business days preceding the Closing Date, and such certificates and other written instruments shall be transferred and delivered by the Acquired Fund as of the Closing Date for the account of the Acquiring Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof. The Custodian shall deliver to those persons at the Custodian who have primary responsibility for the safekeeping of the assets of the Acquiring Fund as of the Closing Date by book entry, in accordance with the customary practices of the Custodian and of each securities depository, as defined in Rule 17f-4 under the Investment Company Act of 1940, as amended (the “1940 Act”), in which the Acquired Fund’s Assets are deposited, the Acquired Fund’s Assets deposited with such depositories. The cash to be transferred by the Acquired Fund shall be delivered by wire transfer of Federal funds on the Closing Date.
3.3. The Companies shall direct Hartford Administrative Services Company, in its capacity as transfer agent for the Companies (the “Transfer Agent”), to deliver to the Companies at the Closing a certificate of an authorized officer of the Transfer Agent stating that its records contain the names and addresses of the Acquired Fund Shareholders and the number and percentage ownership of outstanding shares owned by each such shareholder immediately prior to the Closing. The Secretary of the Companies shall confirm that (a) the appropriate number of Acquiring Fund Shares have been credited to the Acquired Fund’s account on the books of the
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Acquiring Fund pursuant to paragraph 1.1 herein prior to the actions contemplated by paragraph 1.4 herein, and (b) the appropriate number of Acquiring Fund Shares have been credited to the accounts of the Acquired Fund Shareholders on the books of the Acquiring Fund pursuant to paragraph 1.4 herein. At the Closing, the Companies shall execute such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as necessary to effect the Reorganization.
3.4. In the event that on the Valuation Date (a) the New York Stock Exchange or another primary trading market for portfolio securities of the Acquiring Fund or the Acquired Fund (each, an “Exchange”) shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that, in the judgment of the Board of Directors of Hartford Mutual Funds II or Hartford Mutual Funds, accurate appraisal of the value of the net assets of the Acquiring Fund or the Acquired Fund, respectively, is impracticable, the Closing Date shall be postponed until the first business day after the day when trading shall have been fully resumed and reporting shall have been restored.
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4. | REPRESENTATIONS AND WARRANTIES |
4.1. Except as has been fully disclosed to the Acquiring Fund prior to the date of this Agreement in a written instrument executed by an officer of Hartford Mutual Funds, Hartford Mutual Funds, on behalf of the Acquired Fund, represents and warrants to the Acquiring Fund as follows:
(a) The Acquired Fund is duly organized as a series of Hartford Mutual Funds, which is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland, with power under Hartford Mutual Funds’ Articles of Incorporation, as amended from time to time, to own all of its Assets and to carry on its business as it is now being conducted;
(b) Hartford Mutual Funds is a registered investment company classified as a management company of the open-end type, and its registration with the Commission as an investment company under the 1940 Act, and the registration of the Class A, Class B and Class C Acquired Fund Shares under the Securities Act of 1933, as amended (the “1933 Act”), is in full force and effect;
(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Fund of the transactions contemplated herein, except such as may be required under the 1933 Act, the Securities Exchange Act of 1934, as amended (the “1934 Act”), the 1940 Act and state securities laws;
(d) The current prospectus and statement of additional information of the Acquired Fund and each prospectus and statement of additional information of the Acquired Fund used at all times prior to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder; and does not or did not at the time of its use include any untrue statement of a material fact or omit to state any material fact
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required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;
(e) On the Valuation Date, Hartford Mutual Funds, on behalf of the Acquired Fund, will have good and marketable title to the Assets of the Acquired Fund and full right, power, and authority to sell, assign, transfer and deliver such Assets hereunder free of any liens or other encumbrances, and upon delivery and payment for such Assets, Hartford Mutual Funds II, on behalf of the Acquiring Fund, will acquire good and marketable title thereto, subject to no restrictions on the full transfer thereof, including such restrictions as might arise under the 1933 Act;
(f) The Acquired Fund is not engaged currently, and the execution, delivery and performance of this Agreement will not result, in (i) a material violation of the Hartford Mutual Funds’ Articles of Incorporation, as amended from time to time, or By-Laws or of any agreement, indenture, instrument, contract, lease or other undertaking to which Hartford Mutual Funds, on behalf of the Acquired Fund, is a party or by which it is bound, or (ii) the acceleration of any material obligation, or the imposition of any material penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which Hartford Mutual Funds, on behalf of the Acquired Fund, is a party or by which it is bound;
(g) All material contracts or other commitments of the Acquired Fund (other than this Agreement and certain investment contracts including options, futures, and forward contracts) will terminate without liability to the Acquired Fund on or prior to the Closing Date;
(h) No litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to Hartford Mutual Funds’ knowledge, threatened against Hartford Mutual Funds, with respect to the Acquired Fund or any of its properties or assets, that, if adversely determined, would materially and adversely affect its financial condition or the conduct of its business. Hartford Mutual Funds, on behalf of the Acquired Fund, knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects its business or its ability to consummate the transactions herein contemplated;
(i) The Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets, and Schedule of Investments of the Acquired Fund at October 31, 2008 have been audited by Ernst & Young LLP, public accounting firm, who issued an unqualified opinion thereon;
(j) Since October 31, 2008, there has not been any material adverse change in the Acquired Fund’s financial condition, assets, liabilities or business, other than changes occurring in the ordinary course of business, or any incurrence by the Acquired Fund of indebtedness other than in the ordinary course in accordance with the Acquired Fund’s investment restrictions. For the purposes of this subparagraph (j), a decline in net asset value per share of Acquired Fund Shares due to declines in market values of securities held by the
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Acquired Fund, the discharge of Acquired Fund liabilities, or the redemption of Acquired Fund Shares by shareholders of the Acquired Fund shall not constitute a material adverse change;
(k) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquired Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof and, to the best knowledge of Hartford Mutual Funds, no such return is currently under audit and no assessment has been asserted with respect to such returns;
(l) For each taxable year of its operation (including the taxable year ending on the Closing Date), the Acquired Fund has met (or will meet) the requirements of Subchapter M of the Code for qualification as a regulated investment company, has been (or will be) eligible to and has computed (or will compute) its Federal income tax under Section 852 of the Code, and will have distributed all of its investment company taxable income (computed without regard to any deduction for dividends paid) and net capital gain (as defined in the Code) that has accrued through the Closing Date, and before the Closing Date will have declared dividends sufficient to distribute all of its investment company taxable income (computed without regard to any deduction for dividends paid) and net capital gain (after reduction for any available capital loss carryover) for the period ending on the Closing Date;
(m) All issued and outstanding Acquired Fund Shares are, and on the Closing Date will be, duly and validly issued and outstanding, fully paid and non-assessable by Hartford Mutual Funds and have been offered and sold in every state, territory and the District of Columbia in compliance in all material respects with applicable registration requirements of the 1933 Act and other securities laws. All of the issued and outstanding Acquired Fund Shares will, at the time of Closing, be held by the persons and in the amounts set forth in the records of the Transfer Agent, on behalf of the Acquired Fund, as provided in paragraph 3.3 herein. The Acquired Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase any of the Acquired Fund Shares, nor is there outstanding any security convertible into any of the Acquired Fund Shares;
(n) The execution, delivery and performance of this Agreement and the transactions contemplated herein have been duly authorized by all necessary action, if any, on the part of the Directors of Hartford Mutual Funds, on behalf of the Acquired Fund, and subject to the approval of the shareholders of the Acquired Fund, this Agreement constitutes a valid and binding obligation of Hartford Mutual Funds, on behalf of the Acquired Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles;
(o) The information to be furnished by the Acquired Fund for use in registration statements, proxy materials and other documents filed or to be filed with any Federal, state or local regulatory authority (including the Financial Industry Regulatory Authority), which may be necessary in connection with the transactions contemplated hereby,
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shall be accurate and complete in all material respects and shall comply in all material respects with Federal securities and other laws and regulations thereunder applicable thereto; and
(p) The combined proxy statement and prospectus (the “Proxy Statement”) to be included in the Registration Statement referred to in paragraph 5.5 herein (and any amendment and supplement thereto), insofar as it relates to the Acquired Fund, will, on the effective date of the Registration Statement and on the Closing Date (i) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not materially misleading, provided, however, that the representations and warranties of this subparagraph (p) shall not apply to statements in or omissions from the Proxy Statement and the Registration Statement made in reliance upon and in conformity with information that was furnished by the Acquiring Fund for use therein, and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act, and the 1940 Act and the rules and regulations thereunder.
4.2. Except as has been fully disclosed to the Acquired Fund prior to the date of this Agreement in a written instrument executed by an officer of Hartford Mutual Funds II, Hartford Mutual Funds II, on behalf of the Acquiring Fund, represents and warrants to the Acquired Fund as follows:
(a) The Acquiring Fund is duly organized as a series of Hartford Mutual Funds II, which is a corporation duly organized, validly existing, and in good standing under the laws of the State of Maryland, with power under Hartford Mutual Funds II’s Articles of Incorporation, as amended from time to time, to own all of its properties and assets and to carry on its business as it is now being conducted;
(b) The Hartford Mutual Funds II is a registered investment company classified as a management company of the open-end type, and its registration with the Commission as an investment company under the 1940 Act and the registration of the Class A, Class B and Class C Acquiring Fund Shares under the 1933 Act, is in full force and effect;
(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquiring Fund of the transactions contemplated herein, except such as may be required under the 1933 Act, the 1934 Act, the 1940 Act and state securities laws;
(d) The current prospectus and statement of additional information of the Acquiring Fund and each prospectus and statement of additional information of the Acquiring Fund used at all times prior to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not or did not at the time of its use include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading;
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(e) The Acquiring Fund is not engaged currently, and the execution, delivery and performance of this Agreement will not result, in (i) a material violation of Hartford Mutual Funds II’s Articles of Incorporation, as amended from time to time, or By-Laws or of any agreement, indenture, instrument, contract, lease or other undertaking to which Hartford Mutual Funds II, on behalf of the Acquiring Fund, is a party or by which it is bound, or (ii) the acceleration of any material obligation, or the imposition of any material penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which Hartford Mutual Funds II, on behalf of the Acquiring Fund, is a party or by which it is bound;
(f) No litigation or administrative proceeding or investigation of or before any court or governmental body is presently pending or, to its knowledge, threatened against Hartford Mutual Funds II, with respect to the Acquiring Fund or any of the Acquiring Fund’s properties or assets, that, if adversely determined, would materially and adversely affect the Acquiring Fund’s financial condition or the conduct of its business. Hartford Mutual Funds II, on behalf of the Acquiring Fund, knows of no facts which might form the basis for the institution of such proceedings and is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body which materially and adversely affects the Acquiring Fund’s business or its ability to consummate the transactions herein contemplated;
(g) The Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets and Schedule of Investments of the Acquiring Fund at October 31, 2008 have been audited by Ernst & Young LLP, public accounting firm, who issued an unqualified opinion thereon;
(h) Since October 31, 2008, there has not been any material adverse change in the Acquiring Fund’s financial condition, assets, liabilities or business, other than changes occurring in the ordinary course of business, or any incurrence by the Acquiring Fund of indebtedness other than in the ordinary course in accordance with the Acquiring Fund’s investment restrictions. For purposes of this subparagraph (h), a decline in net asset value per share of the Acquiring Fund Shares due to declines in market values of securities held by the Acquiring Fund, the discharge of Acquiring Fund liabilities, or the redemption of Acquiring Fund Shares by shareholders of the Acquiring Fund, shall not constitute a material adverse change;
(i) On the Closing Date, all Federal and other tax returns, dividend reporting forms, and other tax-related reports of the Acquiring Fund required by law to have been filed by such date (including any extensions) shall have been filed and are or will be correct in all material respects, and all Federal and other taxes shown as due or required to be shown as due on said returns and reports shall have been paid or provision shall have been made for the payment thereof, and to the best knowledge of Hartford Mutual Funds II no such return is currently under audit and no assessment has been asserted with respect to such returns;
(j) For each taxable year of its operation (including the taxable year that includes the Closing Date), the Acquiring Fund has met (or will meet) the requirements of Subchapter M of the Code for qualification as a regulated investment company, has been eligible
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to (or will be eligible to) and has computed (or will compute) its Federal income tax under Section 852 of the Code;
(k) All issued and outstanding Acquiring Fund Shares are, and on the Closing Date will be, duly and validly issued and outstanding, fully paid and non-assessable by Hartford Mutual Funds II and have been offered and sold in every state, territory and the District of Columbia in compliance in all material respects with applicable registration requirements of the 1933 Act and other securities laws. The Acquiring Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase any Acquiring Fund Shares, nor is there outstanding any security convertible into any Acquiring Fund Shares;
(l) The execution, delivery and performance of this Agreement and the transactions contemplated herein, have been duly authorized by all necessary action, if any, on the part of the Directors of Hartford Mutual Funds II, on behalf of the Acquiring Fund, and this Agreement constitutes a valid and binding obligation of Hartford Mutual Funds II, on behalf of the Acquiring Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles;
(m) The Class A, Class B and Class C Acquiring Fund Shares to be issued and delivered to the Acquired Fund, for the account of the Acquired Fund Shareholders, pursuant to the terms of this Agreement, will on the Closing Date have been duly authorized and, when so issued and delivered, will be duly and validly issued Acquiring Fund Shares, and will be fully paid and non-assessable by the Acquiring Fund;
(n) The information to be furnished by the Acquiring Fund for use in the registration statements, proxy materials and other documents that may be necessary in connection with the transactions contemplated hereby shall be accurate and complete in all material respects and shall comply in all material respects with Federal securities and other laws and regulations applicable thereto; and
(o) The Proxy Statement to be included in the Registration Statement referred to in paragraph 5.5 herein (and any amendment or supplement thereto), insofar as it relates to the Acquiring Fund and the Acquiring Fund Shares, will, from the effective date of the Registration Statement through the date of the meeting of shareholders of the Acquired Fund contemplated therein and on the Closing Date (i) not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not materially misleading, provided, however, that the representations and warranties of this subparagraph (o) shall not apply to statements in or omissions from the Proxy Statement and the Registration Statement made in reliance upon and in conformity with information that was furnished by the Acquired Fund for use therein, and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act, and the 1940 Act and the rules and regulations thereunder.
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5. | COVENANTS OF THE ACQUIRING FUND AND THE ACQUIRED FUND |
5.1. The Acquiring Fund and the Acquired Fund each will operate its business in the ordinary course between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the declaration and payment of customary dividends and distributions, and any other distribution that may be advisable.
5.2. Hartford Mutual Funds will call a meeting of the shareholders of the Acquired Fund to consider and act upon this Agreement and to take all other action necessary to obtain approval of the transactions contemplated herein.
5.3. The Acquired Fund covenants that the Class A, Class B and Class C Acquiring Fund Shares to be issued hereunder are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms of this Agreement.
5.4. Subject to the provisions of this Agreement, the Acquiring Fund and the Acquired Fund will each take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement.
5.5. Hartford Mutual Funds, on behalf of the Acquired Fund, will prepare and file a Proxy Statement (referred to in paragraph 4.1(p) herein) to be included in a Registration Statement on Form N-14 (the “Registration Statement”), in compliance with the 1933 Act, the 1934 Act and the 1940 Act. The Acquired Fund will provide to the Acquiring Fund such information regarding the Acquired Fund as may be reasonably necessary for the preparation of the Registration Statement.
5.6. The Acquiring Fund and the Acquired Fund shall each use its reasonable best efforts to fulfill or obtain the fulfillment of the conditions precedent to effect the transactions contemplated by this Agreement as promptly as practicable.
5.7. Hartford Mutual Funds, on behalf of the Acquired Fund, shall execute and deliver or cause to be executed and delivered all such assignments and other instruments, and will take or cause to be taken such further action as may be necessary or desirable in order to (1) vest in and confirm (a) the title and possession of Hartford Mutual Funds, on behalf of the Acquired Fund, of the Acquiring Fund Shares to be delivered hereunder and (b) the title and possession of Hartford Mutual Funds II, on behalf of the Acquiring Fund, of all the Assets and (2) otherwise to carry out the intent and purpose of this Agreement.
5.8. The Acquiring Fund will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to continue its operations after the Closing Date.
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6. | CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRED FUND |
The obligations of Hartford Mutual Funds, on behalf of the Acquired Fund, to consummate the transactions provided for herein shall be subject, at Hartford Mutual Funds’ election, to the performance by Hartford Mutual Funds II, on behalf of the Acquiring Fund, of all the obligations to be performed by it hereunder on or before the Closing Date, and, in addition thereto, the following further conditions:
6.1. All representations and warranties of Hartford Mutual Funds II, on behalf of the Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;
6.2. Hartford Mutual Funds II, on behalf of the Acquiring Fund, shall have delivered to the Acquired Fund a certificate executed by the Hartford Mutual Funds II’s President or Vice President and its Treasurer or Assistant Treasurer, and dated as of the Closing Date, to the effect that the representations and warranties of Hartford Mutual Funds II, on behalf of the Acquiring Fund, made in this Agreement are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement;
6.3. Hartford Mutual Funds II, on behalf of the Acquiring Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by Hartford Mutual Funds II, on behalf of the Acquiring Fund, on or before the Closing Date; and
6.4. The number of full and fractional Acquiring Fund Shares to be issued in connection with the Reorganization shall have been calculated in accordance with paragraph 1.1 herein.
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7. | CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND |
The obligations of Hartford Mutual Funds II, on behalf of the Acquiring Fund, to complete the transactions provided for herein shall be subject, at Hartford Mutual Funds II’s election, to the performance by Hartford Mutual Funds, on behalf of the Acquired Fund, of all of the obligations to be performed by it hereunder on or before the Closing Date and, in addition thereto, the following conditions:
7.1. All representations and warranties of Hartford Mutual Funds, on behalf of the Acquired Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date;
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7.2. Hartford Mutual Funds shall have delivered to the Acquiring Fund a statement of the Acquired Fund’s Assets and Liabilities, as of the Closing Date, certified by the Treasurer of Hartford Mutual Funds;
7.3. Hartford Mutual Funds, on behalf of the Acquired Fund, shall have delivered to the Acquiring Fund a certificate executed in the name of the Acquired Fund by its President or Vice President and its Treasurer or Assistant Treasurer and dated as of the Closing Date to the effect that the representations and warranties of Hartford Mutual Funds, on behalf of the Acquired Fund, made in this Agreement are true and correct at and as of the Closing Date, except as they may be affected by the transactions contemplated by this Agreement;
7.4. Hartford Mutual Funds, on behalf of the Acquired Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by Hartford Mutual Funds, on behalf of the Acquired Fund, on or before the Closing Date;
7.5. The number of full and fractional Acquiring Fund Shares to be issued in connection with the Reorganization shall have been calculated in accordance with paragraph 1.1 herein; and
7.6. The Acquired Fund shall have declared and paid a distribution or distributions prior to the Closing that, together with all previous distributions, shall have the effect of distributing to its shareholders (i) all of its investment company taxable income and all of its net realized capital gains, if any, for the period from the close of its last fiscal year to 4:00 p.m. Eastern Time on the Closing Date; and (ii) any undistributed investment company taxable income and net realized capital gains from any period to the extent not otherwise already distributed.
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8. | FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND AND THE ACQUIRED FUND |
If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to Hartford Mutual Funds, on behalf of the Acquired Fund, Hartford Mutual Funds II may, at its option, refuse to consummate the transactions contemplated by this Agreement. If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to Hartford Mutual Funds II, on behalf of the Acquiring Fund, Hartford Mutual Funds may, at its option, refuse to consummate the transactions contemplated by this Agreement:
8.1. The Agreement and the transactions contemplated herein shall have been approved by the requisite vote of the holders of the outstanding shares of the Acquired Fund in accordance with the provisions of Hartford Mutual Funds’ Articles of Incorporation, as amended from time to time, and By-Laws, applicable Maryland law and the 1940 Act, and certified copies of the resolutions evidencing such approval shall have been delivered to the Acquiring Fund. Notwithstanding anything herein to the contrary, the Companies may not waive the conditions set forth in this paragraph 8.1;
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8.2. On the Closing Date no action, suit or other proceeding shall be pending or, to the Companies’ knowledge, threatened before any court or governmental agency in which it is sought to restrain or prohibit, or obtain damages or other relief in connection with, this Agreement or the transactions contemplated herein;
8.3. All consents of other parties and all other consents, orders and permits of Federal, state and local regulatory authorities deemed necessary by the Companies to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a risk of a material adverse effect on the assets or properties of the Acquiring Fund or the Acquired Fund;
8.4. The Registration Statement shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated under the 1933 Act; and
8.5. The Companies shall have requested the opinion of counsel to the Companies addressed to the Companies substantially to the effect that, based upon certain facts, assumptions, and representations, the transaction contemplated by this Agreement shall constitute a tax-free reorganization for Federal income tax purposes. The delivery of such opinion is conditioned upon receipt by counsel to the Companies of representations it shall request of the Companies. Notwithstanding anything herein to the contrary, the Companies may not consummate such transactions contemplated by the Agreement if this condition is not satisfied.
9.1. Hartford Mutual Funds II, out of the Acquiring Fund’s assets and property (including any amounts paid to the Acquiring Fund pursuant to any applicable liability insurance policies or indemnification agreements), agrees to indemnify and hold harmless the Acquired Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Acquired Fund may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on any breach by the Acquiring Fund of any of its representations, warranties, covenants or agreements set forth in this Agreement, provided that such indemnification by the Acquiring Fund is not in violation of any applicable law.
9.2. Hartford Mutual Funds, out of the Acquired Fund’s assets and property (including any amounts paid to the Acquired Fund pursuant to any applicable liability insurance policies or indemnification agreements), agrees to indemnify and hold harmless the Acquiring Fund from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Acquiring Fund may become subject, insofar as such loss, claim, damage, liability or expense
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(or actions with respect thereto) arises out of or is based on any breach by the Acquired Fund of any of its representations, warranties, covenants or agreements set forth in this Agreement, provided that such indemnification by the Acquired Fund is not in violation of any applicable law.
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10. | BROKERAGE FEES AND EXPENSES |
10.1. Hartford Mutual Funds II, on behalf of the Acquiring Fund and on behalf of the Acquired Fund, represents and warrants that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.
10.2. The expenses relating to the proposed Reorganization will be borne solely by Hartford Investment Financial Services, LLC. No such expenses shall be borne by the Acquired Fund or the Acquiring Fund, except for brokerage fees and expenses incurred in connection with the Reorganization. The costs of the Reorganization shall include, but not be limited to, costs associated with obtaining any necessary order of exemption from the 1940 Act, if any, preparation of the Registration Statement, printing and distributing the Proxy Statement, legal fees, accounting fees, securities registration fees, and expenses of holding shareholders’ meetings. Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in the disqualification of such party as a “regulated investment company” within the meaning of Section 851 of the Code.
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11. | ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES |
11.1. The Companies have not made any representation, warranty or covenant, on behalf of either the Acquired Fund or the Acquiring Fund, as applicable, not set forth herein, and this Agreement constitutes the entire agreement between the Acquiring Fund and Acquired Fund with respect to the Reorganization.
11.2. The representations, warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing and the obligations of each of the Acquired Fund and Acquiring Fund in paragraphs 9.1 and 9.2 shall survive the Closing.
This Agreement may be terminated and the transactions contemplated hereby may be abandoned by resolution of Hartford Mutual Funds II’s or Hartford Mutual Funds’ Board of Directors, at any time prior to the Closing Date, if circumstances should develop that, in its opinion, make proceeding with the Agreement inadvisable.
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This Agreement may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of the Companies; provided, however, that following the meeting of the shareholders of the Acquired Fund called by Hartford Mutual Funds pursuant to paragraph 5.2 herein, no such amendment may have the effect of changing the provisions for determining the number of Acquiring Fund Shares to be issued to the Acquired Fund Shareholders under this Agreement to the detriment of such shareholders without their further approval.
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14. | HEADINGS; GOVERNING LAW; ASSIGNMENT; LIMITATION OF LIABILITY |
14.1. The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
14.2. This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland without regard to its principles of conflicts of laws.
14.3. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its duly authorized officer.
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| HARTFORD MUTUAL FUNDS II, INC., on behalf of its series, HARTFORD TAX-FREE NATIONAL FUND |
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| By: | |
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| HARTFORD MUTUAL FUNDS, INC., on behalf of its series, HARTFORD TAX-FREE CALIFORNIA FUND |
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| By: | |
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| With respect to Paragraph 10.2 of this Agreement, Accepted and Acknowledged by: |
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| HARTFORD INVESTMENT FINANCIAL SERVICES, LLC |
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| By: | |
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APPENDIX B: EXPLANATION OF STRATEGIES AND RISKS
INVESTMENT RISKS GENERALLY
Many factors affect each Fund’s performance. There is no assurance that a Fund will achieve its investment goal, and you should not consider any one Fund alone to be a complete investment program. The different types of securities, investments, and investment techniques used by each Fund all have attendant risks of varying degrees. As with all mutual funds, you could lose money by investing in a Fund.
FIXED-INCOME SECURITIES
An investment in any fixed income security is subject to the following risks:
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| • | Credit Risk: The risk that the issuer of a security may not be able to meet its obligations on interest or principal payments at the time required by the instrument. |
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| • | Interest Rate Risk: The risk that the value of the security will fall as interest rates rise. |
Also, securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury.
OPTIONS, FUTURES AND OTHER DERIVATIVES
The Funds may purchase and sell options, enter into futures contracts and/or utilize other derivative contracts and securities with respect to stocks, bonds, groups of securities (such as financial indices), foreign currencies, interest rates or inflation indices. Derivatives permit a Fund to gain exposure to a particular security, group of securities, interest rate, foreign currency or index, and thereby have the potential for a Fund to earn returns that are similar to those which would be earned by direct investments in those securities or instruments. Derivatives are also used to seek to manage risk by hedging a Fund’s portfolio investments. Hedging techniques may not always be available, and it may not always be feasible to use hedging techniques even when they are available. Also, even if used, hedging techniques may not be successful. Risks of investing in derivatives:
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| • | If the issuer of the derivative instrument does not pay the amount due, a Fund could lose money. |
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| • | The underlying security or investment on which the derivative is based, or the derivative itself, may not perform the way a Fund’s manager expected, which could result in losses to a Fund or increase volatility in a Fund’s performance. |
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| • | Some derivatives are sophisticated instruments that typically involve a small investment of cash relative to the magnitude of risks assumed (i.e., they result in leverage). |
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| • | Derivative securities are subject to market risk (the risk that the market as a whole may decline, thereby depressing the derivative’s price), which could be significant for derivatives that have a leveraging effect. |
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| • | Investments in derivatives may subject the Fund to income that is taxable when distributed to shareholders. |
OTHER INVESTMENT COMPANIES
Restrictions on Investments: Investments in securities of other investment companies, including exchange traded funds (“ETFs”), are subject to the following statutory limitations prescribed by the Investment Company Act of 1940, as amended (the “1940 Act”): Absent an available exemption, a Fund may not
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| • | acquire more than 3% of the voting shares of any other investment company, |
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| • | invest more than 5% of a Fund’s total assets in securities of any one investment company, and |
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| • | invest more than 10% of its total assets in securities of all investment companies. |
ETFs: Most ETFs are investment companies whose shares are purchased and sold on a securities exchange. An ETF represents a portfolio of securities designed to track a particular market segment or index. Many ETFs have obtained exemptive relief from the SEC to permit unaffiliated funds to invest in the ETFs’ shares beyond the statutory limitations discussed above, subject to certain conditions. A Fund may rely on these exemptive orders to invest in unaffiliated ETFs. An investment in an ETF generally presents the following risks:
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| • | the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies |
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| • | the risk that an ETF may fail to accurately track the market segment or index that underlies its investment objective |
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| • | price fluctuation, resulting in a loss to the Fund |
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| • | the risk that an ETF may trade at a discount to its NAV |
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| • | the risk that an active market for an ETF’s shares may not develop or be maintained |
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| • | the risk that an ETF may no longer meet the listing requirements of any applicable exchanges on which that ETF is listed. |
In addition, as with traditional mutual funds, ETFs charge asset-based fees. The Funds will indirectly pay a proportional share of the asset-based fees of the ETFs in which the Funds invest.
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ILLIQUID SECURITIES
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| • | In General. Securities purchased by a Fund that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions or investor perceptions. Domestic and foreign markets are becoming more and more complex and interrelated, so that events in one sector of the market or the economy, or in one geographical region, can reverberate and have negative consequences for other market, economic or regional sectors in a manner that may not be reasonably foreseen. With respect to over-the-counter traded securities, the continued viability of any over-the-counter secondary market depends on the continued willingness of dealers and other participants to purchase the securities. |
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| • | Limitation on Illiquid Investments. If one or more instruments in a Fund’s portfolio become illiquid, a Fund may exceed its limit on illiquid instruments. In the event that this occurs, the Fund must take steps to bring the aggregate amount of illiquid instruments back within the prescribed limitations as soon as reasonably practicable. This requirement would not force a Fund to liquidate any portfolio instrument where the Fund would suffer a loss on the sale of that instrument. |
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| • | Valuation of Illiquid Investments. Where no clear indication of the value of a particular investment is available, the investment will be valued at its fair value according to the valuation procedures approved by the Boards of Directors. These cases include, among others, situations where the secondary markets on which a security has previously been traded are no longer viable for lack of liquidity. The value of illiquid securities may reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists, and thus negatively affect a Fund’s NAV. For more information on fair valuation, please see “Valuation of Shares.” |
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APPENDIX C: BENEFICIAL OWNERS
The name, address, and share ownership of persons who owned of record or beneficially 5% or more of the outstanding shares of either party to the Reorganization as of [ ] are set forth below:
The Hartford Tax-Free California Fund
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BENEFICIAL OR RECORD OWNER OF SECURITIES AND ADDRESS | | SHARES OWNED | | % OWNED |
[* Hartford Life Insurance Company intends to vote shares held in seed accounts in the same proportion as the vote of all of the other holders of the Acquired Fund’s shares.]
The Hartford Tax-Free National Fund
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BENEFICIAL OR RECORD OWNER OF SECURITIES AND ADDRESS | | SHARES OWNED | | % OWNED |
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PART B
The Hartford Mutual Funds II, Inc.
P.O. Box 64387
St. Paul, Minnesota 55164-0387
Statement of Additional Information
[May ___], 2009
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Acquisition of the Assets and Liabilities of: | By and in Exchange for Shares of: |
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The Hartford Tax-Free California Fund | The Hartford Tax-Free National Fund |
This Statement of Additional Information is available to the shareholders of The Hartford Tax-Free California Fund (the “Acquired Fund”) in connection with the proposed transaction whereby all of the assets and liabilities of the Acquired Fund will be transferred to The Hartford Tax-Free National Fund in exchange for shares of The Hartford Tax-Free National Fund (the “Acquiring Fund”).
This Statement of Additional Information of the Acquiring Fund consists of this cover page, the accompanying pro forma financial statements and related notes, and the following documents, each of which was filed electronically with the Securities and Exchange Commission and is incorporated by reference herein:
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1. | The Statement of Additional Information for The Hartford Mutual Funds, Inc. (“Hartford Mutual Funds”) and The Hartford Mutual Funds II, Inc. (“Hartford Mutual Funds II”) dated March 1, 2009 (File Nos. 333-02381/811-07589 and 002-11387/811-00558, respectively); and |
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2. | The Financial Statements of the Acquired Fund and the Acquiring Fund as included in the Hartford Mutual Funds and Hartford Mutual Funds II Annual Report filed for the year ended October 31, 2008 (File Nos. 811-07589 and 811-00558, respectively). |
This Statement of Additional Information is not a prospectus. A Proxy Statement/Prospectus dated [May ___], 2009 relating to the transaction may be obtained, without charge, by writing to The Hartford Mutual Funds II, Inc., P.O. Box 64387, St. Paul, MN 55164-0387 or calling 1-888-843-7824. This Statement of Additional Information should be read in conjunction with the Proxy Statement/Prospectus.
Shown below are financial statements for the Acquired Fund and the Acquiring Fund, as well as the Pro Forma Financial Statements for the combined The Hartford Tax-Free National Fund (the “Combined Fund”), assuming the Reorganization is consummated, as of [July 24, 2009]. The first table presents Statements of Assets and Liabilities for each Fund and estimated Pro Forma figures for the Combined Fund. The second table presents the Schedule of Investments for each Fund and estimated Pro Forma figures for the Combined Fund. The third table presents Statements of Operations for each Fund and estimated Pro Forma figures for the Combined Fund. The tables are followed by the Notes to the Pro Forma Financial Statements.
Part B-1
PROFORMA STATEMENT OF ASSETS AND LIABILITIES
As of October 31, 2008
The Hartford Tax-Free National Fund (Acquiring)
The Hartford Tax-Free California Fund (Target)
(Unaudited)
(000’s omitted)
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| | The Hartford Tax-Free National Fund | | The Hartford Tax-Free California Fund | | Proforma Adjustments | | | | | Proforma Combined | |
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Assets: | | | | | | | | | | | | | | | | |
Investments in securities, at value @ | | $ | 169,705 | | $ | 35,467 | | $ | — | | | | | $ | 205,172 | |
Receivables: | | | | | | | | | | | | | | | | |
Investment securities sold | | | 4,019 | | | — | | | — | | | | | | 4,019 | |
Fund shares sold | | | 631 | | | 1,639 | | | — | | | | | | 2,270 | |
Dividends and interest | | | 3,107 | | | 568 | | | — | | | | | | 3,675 | |
Other assets | | | 97 | | | 14 | | | — | | | | | | 111 | |
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Total assets | | | 177,559 | | | 37,688 | | | — | | | | | | 215,247 | |
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Liabilities: | | | | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | | | | |
Investment securities purchased | | | 1,532 | | | — | | | — | | | | | | 1,532 | |
Fund shares redeemed | | | 1,067 | | | — | | | — | | | | | | 1,067 | |
Investment advisory and management fees | | | 13 | | | 3 | | | — | | | | | | 16 | |
Dividends | | | 176 | | | 66 | | | — | | | | | | 242 | |
Distribution fees | | | 9 | | | 2 | | | — | | | | | | 11 | |
Accrued expenses | | | 30 | | | 10 | | | — | | | | | | 40 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
Total liabilities | | | 2,827 | | | 81 | | | — | | | | | | 2,908 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
Net assets | | $ | 174,732 | | $ | 37,607 | | $ | — | | | | | $ | 212,339 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | |
Summary of Net Assets: | | | | | | | | | | | | | | | | |
Capital stock and paid-in-capital | | $ | 219,771 | | $ | 47,640 | | $ | — | | | | | | 267,411 | |
Accumulated undistributed (net investment income) | | | 154 | | | 32 | | | — | | | | | | 186 | |
Accumulated net realized gain (loss) on investments | | | (18,170 | ) | | (2,029 | ) | | — | | | | | | (20,199 | ) |
Unrealized depreciation of investments | | | (27,023 | ) | | (8,036 | ) | | — | | | | | | (35,059 | ) |
| |
|
| |
|
| |
|
| | | | |
|
| |
Net assets | | $ | 174,732 | | $ | 37,607 | | $ | — | | | | | $ | 212,339 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | |
Shares authorized | | | 19,300,000 | | | 250,000 | | | | | | | | | 19,300,000 | |
| |
|
| |
|
| | | | | | | |
|
| |
Par value | | | 0.0001 | | | 0.001 | | | | | | | | | 0.0001 | |
| |
|
| |
|
| | | | | | | |
|
| |
| | | | | | | | | | | | | | | | |
Class A: Net asset value per share | | $ | 8.67 | | $ | 8.17 | | | | | | | | $ | 8.67 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
Shares outstanding | | | 13,092 | | | 3,740 | | | (214 | ) | | A | | | 16,618 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
Net assets | | $ | 113,542 | | $ | 30,538 | | $ | — | | | | | $ | 144,080 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | |
Class B: Net asset value per share | | $ | 8.61 | | $ | 8.15 | | | | | | | | $ | 8.61 | |
| |
|
| |
|
| | | | | | | |
|
| |
Shares outstanding | | | 607 | | | 164 | | | (9 | ) | | A | | | 762 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
Net assets | | $ | 5,223 | | $ | 1,338 | | $ | — | | | | | $ | 6,561 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | |
Class C: Net asset value per share | | $ | 8.63 | | $ | 8.18 | | | | | | | | $ | 8.63 | |
| |
|
| |
|
| | | | | | | |
|
| |
Shares outstanding | | | 3,155 | | | 701 | | | (36 | ) | | A | | | 3,820 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
Net assets | | $ | 27,234 | | $ | 5,731 | | $ | — | | | | | $ | 32,965 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | |
@ Cost of securities | | $ | 196,728 | | $ | 43,503 | | $ | — | | | | | $ | 240,231 | |
| |
|
| |
|
| |
|
| | | | |
|
| |
A Reflects decrease in shares due to differences in the net asset values of the funds.
THE NOTES OF THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE PRO FORMA FINANCIAL STATEMENTS.
Part B-2
|
The Hartford Tax-Free National Fund |
(Acquiring Fund) |
Proforma |
Combined Schedule of Investments |
October 31, 2008 (Unaudited) |
(000’s Omitted) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Percent | | The Hartford Tax-Free National Fund Acquiring Fund | | The Hartford Tax-Free California Fund Target Fund | | Proforma Combined | |
Security Description | | Coupon Rate | | Maturity Date | | of Net Assets | | Principal Amount | | Market Value + | | Principal Amount | | Market Value+ | | Principal Amount | | Market Value + | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Municipal Bonds | | | | | | 91.6 | % | | | | | | | | | | | | | | | | | | |
Alabama | | | | | | 0.9 | % | | | | | | | | | | | | | | | | | | |
Huntsville, AL, GO | | 5.25 | % | 5/1/2022 | | | | $ | 1,885 | | $ | 1,897 | | $ | — | | $ | — | | $ | 1,885 | | | 1,897 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Arizona | | | | | | 1.2 | % | | | | | | | | | | | | | | | | | | |
Arizona Sundance Community Fac Dist, Special Assess Rev #2 | | 7.13 | % | 7/1/2027 | | | | | 381 | | | 333 | | | — | | | — | | | 381 | | | 333 | B |
Estrella Mountain Ranch Community GO | | 6.20 | % | 7/15/2032 | | | | | 265 | | | 209 | | | — | | | — | | | 265 | | | 209 | E |
Pima County, AZ, Charter Schools Proj | | 5.75 | % | 7/1/2016 | | | | | 1,100 | | | 1,006 | | | — | | | — | | | 1,100 | | | 1,006 | |
Pima County, AZ, Noah Webster Basic School | | 5.60 | % | 12/15/2019 | | | | | 1,000 | | | 880 | | | — | | | — | | | 1,000 | | | 880 | |
Vistancia, AZ, Community Fac Dist GO | | 6.75 | % | 7/15/2022 | | | | | 200 | | | 193 | | | — | | | — | | | 200 | | | 193 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 2,621 | | | | | | — | | | | | | 2,621 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
California | | | | | | 22.6 | % | | | | | | | | | | | | | | | | | | |
Aliso Viejo, CA, Community Fac Dist Special Tax | | 6.00 | % | 9/1/2038 | | | | | — | | | — | | | 500 | | | 386 | | | 500 | | | 386 | |
Azusa, CA, Special Tax Community Fac Dist Mountain Cove | | 5.75 | % | 9/1/2021 | | | | | — | | | — | | | 100 | | | 86 | | | 100 | | | 86 | |
Beaumont, CA, FA Improvement Area #8 | | 5.05 | % | 9/1/2037 | | | | | — | | | — | | | 250 | | | 167 | | | 250 | | | 167 | E |
Beaumont, CA, FA Local Agency Rev Ser A (Prefunded with State and Local Gov’t Securities) | | 7.25 | % | 9/1/2020 | | | | | — | | | — | | | 50 | | | 55 | | | 50 | | | 55 | |
Big Bear Municipal Water Dist,Ref Lake Improvements | | 5.00 | % | 11/1/2024 | | | | | — | | | — | | | 250 | | | 227 | | | 250 | | | 227 | |
Burbank, CA, FA Rev South San Fernando Redev Proj | | 5.50 | % | 12/1/2023 | | | | | — | | | — | | | 350 | | | 325 | | | 350 | | | 325 | |
California ABAG FA for Non-Profit Corps, San Diego Hospital Assoc | | 5.38 | % | 3/1/2021 | | | | | — | | | — | | | 200 | | | 170 | | | 200 | | | 170 | |
California Educational Fac Auth, Dominican University | | 5.00 | % | 12/1/2025 | | | | | — | | | — | | | 300 | | | 229 | | | 300 | | | 229 | |
California Educational Fac Auth, Golden Gate Univ. | | 5.00 | % | 10/1/2025 | | | | | — | | | — | | | 455 | | | 346 | | | 455 | | | 346 | |
California Educational Fac Auth, La Verne University | | 5.00 | % | 6/1/2031 | | | | | — | | | — | | | 180 | | | 131 | | | 180 | | | 131 | |
California Educational Fac Auth, Pitzer College | | 5.00 | % | 4/1/2030 | | | | | — | | | — | | | 630 | | | 554 | | | 630 | | | 554 | |
California Educational Fac Auth, Woodbury University | | 5.00 | % | 1/1/2025 | | | | | — | | | — | | | 200 | | | 155 | | | 200 | | | 155 | |
Part B-3
| | | | | | | | | | | | | | | | | | | | | | | | | |
California Health Fac FA, Catholic Healthcare West | | 5.63 | % | 7/1/2032 | | | | | — | | | — | | | 1,000 | | | 842 | | | 1,000 | | | 842 | |
California Health Fac FA, Catholic Healthcare West | | 5.25 | % | 7/1/2023 | | | | | — | | | — | | | 250 | | | 218 | | | 250 | | | 218 | |
California Municipal FA, Biola University | | 5.80 | % | 10/1/2028 | | | | | 1,665 | | | 1,267 | | | 335 | | | 255 | | | 2,000 | | | 1,522 | |
California Municipal FA, University Students Coop Assoc | | 4.75 | % | 4/1/2027 | | | | | — | | | — | | | 250 | | | 172 | | | 250 | | | 172 | |
California Public Works Board, Dept of Health Services Richmond Lab | | 5.00 | % | 11/1/2030 | | | | | — | | | — | | | 300 | | | 268 | | | 300 | | | 268 | |
California Public Works Board, Dept of Mental Health Patton | | 5.38 | % | 4/1/2028 | | | | | — | | | — | | | 200 | | | 191 | | | 200 | | | 191 | |
California State Enterprise Auth, Sewer FA Rev AMT | | 5.30 | % | 9/1/2047 | | | | | — | | | — | | | 500 | | | 331 | | | 500 | | | 331 | |
California Statewide Community DA | | 5.50 | % | 8/15/2023 | | | | | — | | | — | | | 500 | | | 481 | | | 500 | | | 481 | |
California Statewide Community DA | | 5.75 | % | 5/15/2032 | | | | | — | | | — | | | 700 | | | 541 | | | 700 | | | 541 | |
California Statewide Community DA | | 7.25 | % | 10/1/2032 | | | | | — | | | — | | | 500 | | | 413 | | | 500 | | | 413 | |
California Statewide Community DA | | 5.13 | % | 7/1/2024 | | | | | — | | | — | | | 1,500 | | | 1,378 | | | 1,500 | | | 1,378 | |
California Statewide Community DA Front Porch Communities & Services | | 5.13 | % | 4/1/2037 | | | | | — | | | — | | | 500 | | | 350 | | | 500 | | | 350 | E |
California Statewide Community DA, California Baptist University | | 5.50 | % | 11/1/2038 | | | | | — | | | — | | | 1,000 | | | 626 | | | 1,000 | | | 626 | E |
California Statewide Community DA, Drew School | | 5.30 | % | 10/1/2037 | | | | | — | | | — | | | 750 | | | 519 | | | 750 | | | 519 | |
California Statewide Community DA, Health Services Rev | | 6.00 | % | 10/1/2023 | | | | | — | | | — | | | 250 | | | 248 | | | 250 | | | 248 | |
California Statewide Community DA, Huntington Park Rev | | 5.15 | % | 7/1/2030 | | | | | — | | | — | | | 600 | | | 424 | | | 600 | | | 424 | |
California Statewide Community DA, John F Kennedy University Rev | | 6.75 | % | 10/1/2033 | | | | | — | | | — | | | 250 | | | 208 | | | 250 | | | 208 | |
California Statewide Community DA, Thomas Jefferson School of Law (Prerefunded with US Gov’t Securities) | | 4.88 | % | 10/1/2035 | | | | | — | | | — | | | 175 | | | 181 | | | 175 | | | 181 | |
California Statewide Community DA, Windrush School | | 5.50 | % | 7/1/2037 | | | | | — | | | — | | | 250 | | | 172 | | | 250 | | | 172 | |
Capistrano, CA, USD Community Fac Dist Special Tax #90-2 Talega (Prefunded with State and Local Gov’t Securities) | | 5.90 | % | 9/1/2020 | | | | | 250 | | | 279 | | | — | | | — | | | 250 | | | 279 | |
Carlsbad, CA, Special Tax | | 6.05 | % | 9/1/2028 | | | | | — | | | — | | | 260 | | | 217 | | | 260 | | | 217 | |
Chabot-Las Positas, CA, Community College Dist | | 5.05 | % | 8/1/2033 | | | | | — | | | — | | | 1,895 | | | 380 | | | 1,895 | | | 380 | |
Chino, CA, Community Fac Dist Special Tax B | | 5.00 | % | 9/1/2036 | | | | | — | | | — | | | 500 | | | 330 | | | 500 | | | 330 | E |
Chino, CA, Community Fac Dist Special Tax #2 | | 5.00 | % | 9/1/2036 | | | | | — | | | — | | | 225 | | | 149 | | | 225 | | | 149 | E |
Chula Vista, CA, IDR Daily San Diego Gas | | 5.30 | % | 7/1/2021 | | | | | — | | | — | | | 300 | | | 266 | | | 300 | | | 266 | |
Contra Costa County, CA, Public FA Tax Allocation (Prerefondea) | | 5.63 | % | 8/1/2033 | | | | | — | | | — | | | 330 | | | 361 | | | 330 | | | 361 | |
Contra Costa County, CA, Public FA Tax Allocation | | 5.63 | % | 8/1/2033 | | | | | — | | | — | | | 70 | | | 63 | | | 70 | | | 63 | |
Corona, CA, Redev Agency Tax Allocation | | 4.50 | % | 11/1/2032 | | | | | — | | | — | | | 300 | | | 236 | | | 300 | | | 236 | |
Part B-4
| | | | | | | | | | | | | | | | | | | | | | | | | |
Folsom, CA, Public FA Special Tax Rev | | 5.20 | % | 9/1/2032 | | | | | — | | | — | | | 250 | | | 173 | | | 250 | | | 173 | E |
Fontana, CA, Redev Agency Tax Allocation Ref, Jurupa Hills Redev Proj | | 5.50 | % | 10/1/2027 | | | | | — | | | — | | | 400 | | | 403 | | | 400 | | | 403 | |
Golden State Tobacco Securitization Agency | | 5.75 | % | 6/1/2047 | | | | | — | | | — | | | 3,000 | | | 1,976 | | | 3,000 | | | 1,976 | |
Hemet, CA, USD Community Fac Dist Special Tax #2005-1 | | 5.13 | % | 9/1/2036 | | | | | — | | | — | | | 250 | | | 172 | | | 250 | | | 172 | |
Hemet, CA, USD Community Fac Dist Special Tax #2005-3 | | 5.75 | % | 9/1/2039 | | | | | — | | | — | | | 500 | | | 369 | | | 500 | | | 369 | |
Huntington Park, CA, Public FA Rev Ref | | 5.25 | % | 9/1/2019 | | | | | — | | | — | | | 400 | | | 413 | | | 400 | | | 413 | |
Imperial, CA, Irrigation Dist Electric Rev | | 5.00 | % | 11/1/2033 | | | | | — | | | — | | | 900 | | | 827 | | | 900 | | | 827 | |
Imperial, CA, Special Tax Community Fac | | 5.00 | % | 9/1/2026 | | | | | — | | | — | | | 325 | | | 236 | | | 325 | | | 236 | E |
Indio, CA, Community Fac Dist Special Tax | | 5.05 | % | 9/1/2026 | | | | | — | | | — | | | 300 | | | 224 | | | 300 | | | 224 | E |
Indio, CA, Public FA Rev Local Agency | | 5.00 | % | 9/2/2014 | | | | | — | | | — | | | 135 | | | 124 | | | 135 | | | 124 | |
Indio, CA, Public FA Rev Local Agency | | 5.63 | % | 9/2/2018 | | | | | 625 | | | 554 | | | — | | | — | | | 625 | | | 554 | |
Indio, CA, Public Inprovement Act Special Assessment #2002-3 GO | | 6.35 | % | 9/2/2027 | | | | | 38 | | | 33 | | | 57 | | | 49 | | | 95 | | | 82 | |
Irivine, CA, Improvement Bond Act 1915 | | 5.00 | % | 9/2/2030 | | | | | — | | | — | | | 300 | | | 219 | | | 300 | | | 219 | E |
Jurupa, CA, Community Services Dist Special Tax #30 | | 5.60 | % | 9/1/2037 | | | | | — | | | — | | | 500 | | | 374 | | | 500 | | | 374 | E |
Jurupa, CA, Community Services Dist Special Tax #06 | | 5.88 | % | 9/1/2032 | | | | | 400 | | | 306 | | | 100 | | | 76 | | | 500 | | | 382 | E |
Jurupa, CA, Community Services Dist Special Tax #17 | | 5.20 | % | 9/1/2036 | | | | | — | | | — | | | 250 | | | 176 | | | 250 | | | 176 | |
Kern County, CA, Tobacco Securitization Agency | | 6.00 | % | 6/1/2029 | | | | | — | | | — | | | 1,000 | | | 829 | | | 1,000 | | | 829 | |
Lake Elsinore, CA, Special Tax Community Fac Dist #2005-1A | | 5.35 | % | 9/1/2036 | | | | | — | | | — | | | 200 | | | 141 | | | 200 | | | 141 | E |
Lake Elsinore, CA, Special Tax Community Fac Dist #2005-6 | | 5.00 | % | 9/1/2030 | | | | | — | | | — | | | 150 | | | 104 | | | 150 | | | 104 | E |
Lake Elsinore, CA, Special Tax Community Fac Dist #2-A | | 5.85 | % | 9/1/2024 | | | | | — | | | — | | | 100 | | | 85 | | | 100 | | | 85 | E |
Lake Elsinore, CA, Special Tax Community Fac Dist #3 | | 5.15 | % | 9/1/2025 | | | | | — | | | — | | | 250 | | | 194 | | | 250 | | | 194 | |
Lathrop, CA, FA Rev Water Supply Proj | | 6.00 | % | 6/1/2035 | | | | | 750 | | | 596 | | | 250 | | | 199 | | | 1,000 | | | 795 | |
Lee Lake, CA, Water Dist Community Fac Dist #3 Special Tax Retreat | | 5.75 | % | 9/1/2023 | | | | | — | | | — | | | 150 | | | 127 | | | 150 | | | 127 | E |
Long Beach, CA, Bond FA Natural Gas Purchase Rev Ser A | | 5.50 | % | 11/15/2037 | | | | | — | | | — | | | 1,000 | | | 739 | | | 1,000 | | | 739 | |
Los Angeles, CA, Community College District | | 5.00 | % | 8/1/2033 | | | | | — | | | — | | | 1,000 | | | 925 | | | 1,000 | | | 925 | |
Madera, CA, Redev Agency Tax Rev | | 5.25 | % | 9/1/2030 | | | | | — | | | — | | | 750 | | | 659 | | | 750 | | | 659 | |
Modesto, CA, Irrigation Dist | | 5.50 | % | 7/1/2035 | | | | | — | | | — | | | 500 | | | 469 | | | 500 | | | 469 | |
Monterey County, CA, Certificate of Participation | | 4.50 | % | 8/1/2037 | | | | | — | | | — | | | 500 | | | 374 | | | 500 | | | 374 | |
Moreno Valley, CA, USD Community Fac Dist Special Tax #2002-1 | | 6.00 | % | 9/1/2022 | | | | | 500 | | | 433 | | | — | | | — | | | 500 | | | 433 | |
Moreno Valley, CA, USD Community Fac Special Tax #2002-1 | | 5.60 | % | 9/1/2017 | | | | | — | | | — | | | 110 | | | 98 | | | 110 | | | 98 | |
Part B-5
| | | | | | | | | | | | | | | | | | | | | | | | | |
Morongo Band of Mission Indians Enterprise Rev | | 6.50 | % | 3/1/2028 | | | | | 2,655 | | | 2,285 | | | — | | | — | | | 2,655 | | | 2,285 | B |
Oakland, CA, Redev Agency Tax Allocation, Coliseum Area Redev (Prefunded with State and Local Gov’t Securities) | | 5.25 | % | 9/1/2033 | | | | | — | | | — | | | 250 | | | 272 | | | 250 | | | 272 | |
Oceanside, CA, Community Development Committee, Downtown Redev Proj | | 5.70 | % | 9/1/2025 | | | | | 700 | | | 650 | | | 300 | | | 279 | | | 1,000 | | | 929 | |
Palm Springs, CA, Community Redev Agency | | 5.50 | % | 9/1/2023 | | | | | 535 | | | 520 | | | — | | | — | | | 535 | | | 520 | |
Perris, CA, Public FA Local Agency Rev | | 6.25 | % | 9/1/2033 | | | | | 495 | | | 409 | | | 100 | | | 83 | | | 595 | | | 492 | |
Perris, CA, Public FA Local Agency Rev | | 5.80 | % | 9/1/2038 | | | | | — | | | — | | | 1,000 | | | 740 | | | 1,000 | | | 740 | E |
Rancho Mirage, CA, Joint Powers FA Rev, Eisenhower Medical Center | | 5.00 | % | 7/1/2038 | | | | | — | | | — | | | 500 | | | 357 | | | 500 | | | 357 | E |
Riverside County, CA, Public FA Tax Allocation, Jurupa Desert & Interstate 215 | | 4.50 | % | 10/1/2037 | | | | | — | | | — | | | 200 | | | 148 | | | 200 | | | 148 | |
Roseville, CA, FA Special Tax Rev | | 5.00 | % | 9/1/2033 | | | | | — | | | — | | | 500 | | | 344 | | | 500 | | | 344 | |
Roseville, CA, Special Tax | | 6.00 | % | 9/1/2028 | | | | | — | | | — | | | 1,140 | | | 931 | | | 1,140 | | | 931 | |
Roseville, CA, Special Tax Dist Westpark | | 5.25 | % | 9/1/2025 | | | | | — | | | — | | | 200 | | | 154 | | | 200 | | | 154 | |
Sacramento, CA, FA Lease Rev MBIA AMT | | 5.00 | % | 7/15/2027 | | | | | — | | | — | | | 345 | | | 299 | | | 345 | | | 299 | C |
Sacramento, CA, Pollution Control FA AMT | | 4.75 | % | 12/1/2023 | | | | | — | | | — | | | 500 | | | 378 | | | 500 | | | 378 | |
San Diego, CA, Redev Agency, Centre City Sub Pkg | | 5.25 | % | 9/1/2026 | | | | | 500 | | | 443 | | | 200 | | | 177 | | | 700 | | | 620 | |
San Diego, CA, Redev Agency Tax Allocation, North Park Redev Proj | | 5.30 | % | 9/1/2016 | | | | | — | | | — | | | 175 | | | 177 | | | 175 | | | 177 | |
San Jose, CA, Airport Revenue AMT | | 5.00 | % | 3/1/2037 | | | | | — | | | — | | | 1,000 | | | 759 | | | 1,000 | | | 759 | |
San Jose, CA, Santa Clara County University | | 4.91 | % | 8/1/2027 | | | | | 1,800 | | | 556 | | | — | | | — | | | 1,800 | | | 556 | |
San Manuel, CA, Entertainment Auth Public Improvement | | 4.50 | % | 12/1/2016 | | | | | 1,000 | | | 877 | | | — | | | — | | | 1,000 | | | 877 | E |
Santa Margarita, CA, Water Dist Special Tax Community Fac Dist (Prefunded with State and Local Gov’t Securities) | | 6.00 | % | 9/1/2030 | | | | | — | | | — | | | 200 | | | 222 | | | 200 | | | 222 | |
Sierra View, CA, Local Health Care Dist | | 5.25 | % | 7/1/2032 | | | | | — | | | — | | | 1,000 | | | 776 | | | 1,000 | | | 776 | |
Stockton, CA, Wastewater Sys Proj MBIA | | 5.20 | % | 9/1/2029 | | | | | — | | | — | | | 375 | | | 337 | | | 375 | | | 337 | |
Sun Ranch, CA, Municipal Water Dist | | 5.00 | % | 9/1/2036 | | | | | — | | | — | | | 200 | | | 133 | | | 200 | | | 133 | E |
Temecula, CA, Redev Agency Tax Allocation Rev | | 5.63 | % | 12/15/2038 | | | | | — | | | — | | | 250 | | | 182 | | | 250 | | | 182 | E |
Turlock, CA, Health Fac Rev, Emanual Medical Center | | 5.13 | % | 10/15/2037 | | | | | — | | | — | | | 500 | | | 330 | | | 500 | | | 330 | |
Tustin, CA, Community Fac Special Tax B | | 6.00 | % | 9/1/2036 | | | | | — | | | — | | | 500 | | | 391 | | | 500 | | | 391 | |
Val Verde, CA, USD FA Special Tax Rev Jr Lien | | 6.00 | % | 10/1/2021 | | | | | 800 | | | 722 | | | 200 | | | 181 | | | 1,000 | | | 903 | |
Vernon, CA, Natural Gas FA | | 5.00 | % | 8/1/2021 | | | | | 5,455 | | | 5,431 | | | 945 | | | 941 | | | 6,400 | | | 6,372 | |
Washington Township, CA, Health Care Dist Rev | | 5.00 | % | 7/1/2037 | | | | | — | | | — | | | 500 | | | 356 | | | 500 | | | 356 | |
William S Hart USD Special Tax | | 5.85 | % | 9/1/2022 | | | | | — | | | — | | | 125 | | | 110 | | | 125 | | | 110 | |
William S Hart USD Special Tax | | 5.25 | % | 9/1/2026 | | | | | — | | | — | | | 300 | | | 228 | | | 300 | | | 228 | E |
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| | | | | | | | | | | $ | 15,361 | | | | | $ | 32,690 | | | | | $ | 48,051 | |
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Part B-6
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Colorado | | | | | | 4.9 | % | | | | | | | | | | | | | | | | | | �� |
Antelope Heights Metro Dist GO | | 5.00 | % | 12/1/2037 | | | | | 1,125 | | | 778 | | | — | | | — | | | 1,125 | | | 778 | |
Arapaho County, CO, Conservatory Metro Dist | | 5.13 | % | 12/1/2037 | | | | | 2,000 | | | 1,551 | | | — | | | — | | | 2,000 | | | 1,551 | |
Bromley Park, CO, Metro Dist #2 GO | | 5.13 | % | 12/1/2037 | | | | | 2,000 | | | 1,551 | | | — | | | — | | | 2,000 | | | 1,551 | |
Colorado E-470 Public Highway Auth Rev | | 5.50 | % | 9/1/2024 | | | | | 1,125 | | | 1,058 | | | — | | | — | | | 1,125 | | | 1,058 | |
Colorado Educational & Cultural Fac Auth, Charter School Banning Lewis | | 6.13 | % | 12/15/2035 | | | | | 1,000 | | | 747 | | | — | | | — | | | 1,000 | | | 747 | E |
Denver, CO, Rendezvous Residental Metro Dist GO | | 5.38 | % | 12/1/2021 | | | | | 600 | | | 476 | | | — | | | — | | | 600 | | | 476 | |
Ebert Metropolitan Dist | | 5.35 | % | 12/1/2037 | | | | | 3,000 | | | 2,226 | | | — | | | — | | | 3,000 | | | 2,226 | |
Fort Collins, CO, PCR Ref, Anheuser Busch Proj | | 4.70 | % | 9/1/2040 | | | | | 1,000 | | | 637 | | | — | | | — | | | 1,000 | | | 637 | |
Pinery West, CO, Metro Dist #2 GO | | 4.50 | % | 12/1/2032 | | | | | 1,000 | | | 648 | | | — | | | — | | | 1,000 | | | 648 | E |
Reata, CO, North Metro Dist GO | | 5.50 | % | 12/1/2032 | | | | | 1,000 | | | 662 | | | — | | | — | | | 1,000 | | | 662 | E |
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|
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|
| |
| | | | | | | | | | | | 10,334 | | | | | | — | | | | | | 10,334 | |
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|
| |
District of Columbia | | | | | | 1.3 | % | | | | | | | | | | | | | | | | | | |
Dist of Columbia University Rev | | 5.25 | % | 4/1/2034 | | | | $ | 3,000 | | $ | 2,732 | | $ | — | | $ | — | | $ | 3,000 | | | 2,732 | |
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Florida | | | | | | 8.3 | % | | | | | | | | | | | | | | | | | | |
Amelia Walk Community Development | | 5.50 | % | 5/1/2037 | | | | | 980 | | | 651 | | | — | | | — | | | 980 | | | 651 | E |
Bellalgo, FL, Education Fac Benefits Dist Capital | | 5.85 | % | 5/1/2022 | | | | | 885 | | | 721 | | | — | | | — | | | 885 | | | 721 | |
Brevard County, FL, Health Facilities Auth | | 5.00 | % | 4/1/2034 | | | | | 2,500 | | | 1,734 | | | — | | | — | | | 2,500 | | | 1,734 | |
Colonial Country Club Community Development Dist, Capital Inprovement Rev | | 6.40 | % | 5/1/2033 | | | | | 475 | | | 390 | | | — | | | — | | | 475 | | | 390 | |
Florida Gateway Services Community Development Dist, Special Assessment Sun City Center Fort Meyers Proj | | 5.50 | % | 5/1/2010 | | | | | 135 | | | 135 | | | — | | | — | | | 135 | | | 135 | |
Florida Village Community Development Dist No 8 | | 6.38 | % | 5/1/2038 | | | | | 1,145 | | | 946 | | | — | | | — | | | 1,145 | | | 946 | |
Jacksonville, FL, Econ Development Community Health Care Facilities | | 6.25 | % | 9/1/2027 | | | | | 5,000 | | | 3,986 | | | — | | | — | | | 5,000 | | | 3,986 | |
Jacksonville, FL, Econ Development Rev AMT | | 4.75 | % | 3/1/2047 | | | | | 2,000 | | | 1,194 | | | — | | | — | | | 2,000 | | | 1,194 | |
Lee County, FL, IDA | | 5.25 | % | 6/15/2027 | | | | | 1,500 | | | 1,030 | | | — | | | — | | | 1,500 | | | 1,030 | |
Miami-Dade County, FL, Educational Facilities Auth | | 5.75 | % | 4/1/2028 | | | | | 2,000 | | | 1,950 | | | — | | | — | | | 2,000 | | | 1,950 | |
Palm Beach County, FL, Health FA Rev Waterford Proj | | 5.75 | % | 11/15/2026 | | | | | 3,300 | | | 2,619 | | | — | | | — | | | 3,300 | | | 2,619 | |
River Bend Community Development Dist, Capital Inprovement Rev | | 7.13 | % | 11/1/2015 | | | | | 1,000 | | | 897 | | | — | | | — | | | 1,000 | | | 897 | |
Rolling Hills Community Development Dist | | 5.45 | % | 5/1/2037 | | | | | 100 | | | 66 | | | — | | | — | | | 100 | | | 66 | E |
Tolomato, FL, Community Development Dist | | 6.65 | % | 5/1/2040 | | | | | 1,200 | | | 977 | | | — | | | — | | | 1,200 | | | 977 | |
University Square Community Development | | 5.88 | % | 5/1/2038 | | | | | 500 | | | 361 | | | — | | | — | | | 500 | | | 361 | E |
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|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 17,657 | | | | | | — | | | | | | 17,657 | |
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| | | | | | | | | | | | | | | | | | | | | | | | | |
Georgia | | | | | | 2.4 | % | | | | | | | | | | | | | | | | | | |
Fulton County, GA, School Dist GO | | 5.38 | % | 1/1/2018 | | | | | 1,105 | | | 1,185 | | | — | | | — | | | 1,105 | | | 1,185 | |
Part B-7
| | | | | | | | | | | | | | | | | | | | | | | | | |
Fulton County, GA, Water & Sewer Rev FGIC | | 6.38 | % | 1/1/2014 | | | | | 35 | | | 38 | | | — | | | — | | | 35 | | | 38 | |
Fulton County, GA, Water & Sewer Rev FGIC Part (Prerefunded with State and Local Gov’t Securities) | | 6.38 | % | 1/1/2014 | | | | | 1,765 | | | 1,914 | | | — | | | — | | | 1,765 | | | 1,914 | |
Georgia Municipal Electric Auth, Power Rev | | 6.50 | % | 1/1/2017 | | | | | 945 | | | 1,061 | | | — | | | — | | | 945 | | | 1,061 | |
Georgia Municipal Electric Auth, Power Rev (Prerefunded with US Gov’t Securities) | | 6.50 | % | 1/1/2017 | | | | | 55 | | | 62 | | | — | | | — | | | 55 | | | 62 | |
Marietta, GA, DA | | 7.00 | % | 6/15/2030 | | | | | 1,000 | | | 845 | | | — | | | — | | | 1,000 | | | 845 | |
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|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 5,105 | | | | | | — | | | | | | 5,105 | |
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| | | | | | | | | | | | | | | | | | | | | | | | | |
Idaho | | | | | | 0.7 | % | | | | | | | | | | | | | | | | | | |
Idaho Board Bank Auth | | 5.63 | % | 9/15/2026 | | | | | 1,470 | | | 1,528 | | $ | — | | $ | — | | $ | 1,470 | | | 1,528 | D |
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Illinois | | | | | | 6.2 | % | | | | | | | | | | | | | | | | | | |
Bolingbrook, IL, Sales Tax Rev | | 6.25 | % | 1/1/2024 | | | | | 445 | | | 385 | | | — | | | — | | | 445 | | | 385 | |
Chicago, IL, O’Hare International Airport Special Fac Rev, American Airlines, Inc. | | 5.50 | % | 12/1/2030 | | | | | 750 | | | 299 | | | — | | | — | | | 750 | | | 299 | |
Chicago, IL, Tax Increment Allocation Jr Lien Pilsen Redev B | | 6.75 | % | 6/1/2022 | | | | | 1,000 | | | 933 | | | — | | | — | | | 1,000 | | | 933 | E |
Hampshire, IL, Special Service Area #13, Tuscany Woods Proj | | 5.75 | % | 3/1/2037 | | | | | 1,800 | | | 1,254 | | | — | | | — | | | 1,800 | | | 1,254 | E |
Hampshire, IL, Special Service Area #16, Prairie Ridge Proj | | 6.00 | % | 3/1/2046 | | | | | 800 | | | 567 | | | — | | | — | | | 800 | | | 567 | E |
Huntley, IL, Special Service Area #9 | | 5.10 | % | 3/1/2028 | | | | | 1,500 | | | 1,396 | | | — | | | — | | | 1,500 | | | 1,396 | |
Illinois Education FA, Augustana College Ser A | | 5.70 | % | 10/1/2032 | | | | | 1,000 | | | 830 | | | — | | | — | | | 1,000 | | | 830 | |
Illinois FA Rev | | 5.38 | % | 7/1/2033 | | | | | 1,430 | | | 1,204 | | | — | | | — | | | 1,430 | | | 1,204 | |
Illinois FA, Children’s Memorial Hospital | | 5.38 | % | 8/15/2039 | | | | | 1,500 | | | 1,164 | | | | | | | | | 1,500 | | | 1,164 | |
Illinois FA, Children’s Memorial Hospital Ser B | | 5.50 | % | 8/15/2028 | | | | | 1,500 | | | 1,276 | | | — | | | — | | | 1,500 | | | 1,276 | |
Illinois FA, Edward Hospital | | 6.25 | % | 2/1/2033 | | | | | 310 | | | 316 | | | — | | | — | | | 310 | | | 316 | |
Plano, IL, Lakewood Springs Proj Special Services Area | | 6.10 | % | 3/1/2035 | | | | | 497 | | | 384 | | | — | | | — | | | 497 | | | 384 | |
Round Lake, IL, Special Tax Rev | | 4.70 | % | 3/1/2033 | | | | | 965 | | | 797 | | | — | | | — | | | 965 | | | 797 | E |
Round Lake, IL, Special Tax Rev (Prerefunded with State and Local Gov’t Securities) | | 6.70 | % | 3/1/2033 | | | | | 498 | | | 556 | | | — | | | — | | | 498 | | | 556 | |
Wauconda, IL, Special Service Area #1 Special Tax Liberty Lakes Proj | | 6.63 | % | 3/1/2033 | | | | | 1,000 | | | 869 | | | — | | | — | | | 1,000 | | | 869 | |
Yorkville, IL, United City Special Service Area Tax Raintree Village Proj | | 6.88 | % | 3/1/2033 | | | | | 947 | | | 819 | | | — | | | — | | | 947 | | | 819 | E |
| | | | | | | | | | |
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|
| | | | |
|
| |
| | | | | | | | | | | | 13,049 | | | | | | — | | | | | | 13,049 | |
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| | | | | | | | | | | | | | | | | | | | | | | | | |
Indiana | | | | | | 0.2 | % | | | | | | | | | | | | | | | | | | |
East Chicago, IN, Industrial Solid Waste Disposal AMT | | 5.50 | % | 9/1/2028 | | | | | 700 | | | 448 | | | — | | | — | | | 700 | | | 448 | E |
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Iowa | | | | | | 0.3 | % | | | | | | | | | | | | | | | | | | |
Iowa FA, Single Family Mortgage Rev AMT | | 4.80 | % | 1/1/2037 | | | | | 980 | | | 692 | | | — | | | — | | | 980 | | | 692 | |
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| | | | |
|
| |
Part B-8
| | | | | | | | | | | | | | | | | | | | | | | | | |
Kansas | | | | | | 0.5 | % | | | | | | | | | | | | | | | | | | |
La Cygne, KS, Kansas City Power & Light | | 4.65 | % | 9/1/2035 | | | | | 260 | | | 195 | | | — | | | — | | | 260 | | | 195 | |
Lawrence, KS, Lawrence Memorial Hospital | | 5.13 | % | 7/1/2036 | | | | | 500 | | | 367 | | | — | | | — | | | 500 | | | 367 | |
Salina, KS, Salina Regional Health Hospital Rev | | 4.63 | % | 10/1/2031 | | | | | 750 | | | 561 | | | — | | | — | | | 750 | | | 561 | |
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|
| | | | |
|
| |
| | | | | | | | | | | | 1,123 | | | | | | — | | | | | | 1,123 | |
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| | | | | | | | | | | | | | | | | | | | | | | | | |
Louisiana | | | | | | 1.3 | % | | | | | | | | | | | | | | | | | | |
Louisiana Public Fac Auth, Ochsner Clinic Foundation Proj | | 5.50 | % | 5/15/2047 | | | | | 2,000 | | | 1,499 | | | — | | | — | | | 2,000 | | | 1,499 | |
Louisiana Public Fac Auth, Ochsner Clinic Foundation Proj (Prerefunded with US Gov’t Securities) | | 5.50 | % | 5/15/2027 | | | | | 500 | | | 515 | | | — | | | — | | | 500 | | | 515 | |
Louisiana Public Fac Auth, Susla Fac Inc | | 5.75 | % | 7/1/2039 | | | | | 1,000 | | | 734 | | | — | | | — | | | 1,000 | | | 734 | E |
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| | | | | | | | | | | | 2,748 | | | | | | — | | | | | | 2,748 | |
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Maryland | | | | | | 0.5 | % | | | | | | | | | | | | | | | | | | |
Maryland State Health & Higher Education FA Rev | | 6.00 | % | 1/1/2028 | | | | | 1,385 | | | 1,076 | | | — | | | — | | | 1,385 | | | 1,076 | |
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|
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|
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|
| |
| | | | | | | | | | | | 1,076 | | | | | | — | | | | | | 1,076 | |
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Michigan | | | | | | 7.1 | % | | | | | | | | | | | | | | | | | | |
Detroit, MI, GO | | 5.00 | % | 4/1/2016 | | | | | 10,000 | | | 9,548 | | | — | | | — | | | 10,000 | | | 9,548 | E |
Detroit, MI, Water Supply System Ref Rev FGIC | | 6.50 | % | 7/1/2015 | | | | | 1,750 | | | 1,867 | | | — | | | — | | | 1,750 | | | 1,867 | |
Michigan Hospital FA, Rev Ref Henry Ford Health System (Prerefunded with State and Local Gov’t Securities) | | 5.63 | % | 3/1/2017 | | | | | 500 | | | 543 | | | — | | | — | | | 500 | | | 543 | |
Michigan State Hospital FA, McLaren Health Care | | 5.63 | % | 5/15/2028 | | | | | 2,000 | | | 1,814 | | | | | | | | | 2,000 | | | 1,814 | |
Michigan Strategic Fund Ltd, Rev Ref Dow Chemical Proj AMT | | 5.50 | % | 12/1/2028 | | | | | 750 | | | 722 | | | — | | | — | | | 750 | | | 722 | |
Michigan Tobacco Settlement Fin | | 6.88 | % | 6/1/2042 | | | | | 835 | | | 630 | | | | | | | | | 835 | | | 630 | |
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|
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| | | | | | | | | | | | 15,124 | | | | | | — | | | | | | 15,124 | |
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Minnesota | | | | | | 1.3 | % | | | | | | | | | | | | | | | | | | |
Ramsey, MN, Lease Rev Pact Charter School Proj | | 6.50 | % | 12/1/2022 | | | | | 500 | | | 434 | | | | | | | | | 500 | | | 434 | |
Rochester, MN, Health Care Fac Rev | | 5.70 | % | 5/1/2022 | | | | | 790 | | | 628 | | | | | | | | | 790 | | | 628 | E |
St Paul, MN, Housing & Redev Auth Lease Rev | | 6.00 | % | 12/1/2018 | | | | | 860 | | | 770 | | | | | | | | | 860 | | | 770 | |
St Paul, MN, Housing & Redev Auth, Achieve Language Academy | | 6.75 | % | 12/1/2022 | | | | | 500 | | | 434 | | | | | | | | | 500 | | | 434 | |
St Paul, MN, Housing & Redev Auth, Hmong Academy Proj | | 6.00 | % | 9/1/2036 | | | | | 740 | | | 547 | | | | | | | | | 740 | | | 547 | |
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| | | | | | | | | | | | 2,813 | | | | | | — | | | | | | 2,813 | |
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Mississippi | | | | | | 0.1 | % | | | | | | | | | | | | | | | | | | |
Lowndes County, MS, Solid Waste Disposal & Pollution Control Rev Ref Weyerhaeuser Co Proj | | 6.80 | % | 4/1/2022 | | | | | 250 | | | 215 | | | — | | | — | | | 250 | | | 215 | |
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Part B-9
| | | | | | | | | | | | | | | | | | | | | | | | | |
Missouri | | | | | | 1.1 | % | | | | | | | | | | | | | | | | | | |
Branson Hills, MO, Infrastructure Fac | | 5.50 | % | 4/1/2027 | | | | | 650 | | | 482 | | | — | | | — | | | 650 | | | 482 | E |
Lees Summit, MO, Industrial DA, Kensington Farms Improvement Proj | | 5.75 | % | 3/1/2029 | | | | | 1,000 | | | 759 | | | — | | | — | | | 1,000 | | | 759 | |
St Louis, MO, Industrial DA, Confluence Academy Proj | | 5.35 | % | 6/15/2032 | | | | | 550 | | | 379 | | | — | | | — | | | 550 | | | 379 | |
Stone Canyon, MO, Community Improvement Proj | | 5.75 | % | 4/1/2027 | | | | | 1,000 | | | 759 | | | — | | | — | | | 1,000 | | | 759 | |
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|
| |
| | | | | | | | | | | | 2,379 | | | | | | — | | | | | | 2,379 | |
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Nebraska | | | | | | 1.1 | % | | | | | | | | | | | | | | | | | | |
Nebraska Public Power Dist Rev | | 5.00 | % | 1/1/2033 | | | | | 2,500 | | | 2,228 | | | — | | | — | | | 2,500 | | | 2,228 | |
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|
| |
| | | | | | | | | | | | 2,228 | | | | | | — | | | | | | 2,228 | |
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Nevada | | | | | | 1.6 | % | | | | | | | | | | | | | | | | | | |
Clark County, NV, Improvement Dist #142 | | 6.38 | % | 8/1/2023 | | | | | 980 | | | 819 | | | — | | | — | | | 980 | | | 819 | |
Reno, NV, Hospital Rev | | 5.50 | % | 6/1/2028 | | | | | 1,500 | | | 1,366 | | | | | | | | | 1,500 | | | 1,366 | |
Reno, NV, Renown Regional Medical Center Proj | | 5.25 | % | 6/1/2032 | | | | | 1,485 | | | 1,114 | | | — | | | — | | | 1,485 | | | 1,114 | |
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| |
| | | | | | | | | | | | 3,299 | | | | | | — | | | | | | 3,299 | |
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New Hampshire | | | | | | 0.3 | % | | | | | | | | | | | | | | | | | | |
New Hampshire Health & Education Fac, Elliot Hospital | | 5.60 | % | 10/1/2022 | | | | | 750 | | | 692 | | | — | | | — | | | 750 | | | 692 | |
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New Jersey | | | | | | 0.1 | % | | | | | | | | | | | | | | | | | | |
New Jersey Education Fac, Fairleigh Dickinson University | | 6.00 | % | 7/1/2025 | | | | | 275 | | | 227 | | | — | | | — | | | 275 | | | 227 | |
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|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | 227 | | | | | | — | | | | | | 227 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
New Mexico | | | | | | 1.6 | % | | | | | | | | | | | | | | | | | | |
Cabezon, NM, Public Improvement Dist | | 5.20 | % | 9/1/2015 | | | | | 665 | | | 603 | | | — | | | — | | | 665 | | | 603 | |
New Mexico Mortgage FA AMT | | 6.15 | % | 7/1/2037 | | | | | 2,460 | | | 2,408 | | | — | | | — | | | 2,460 | | | 2,408 | |
Otero County, NM, Jail Proj | | 6.00 | % | 4/1/2023 | | | | | 400 | | | 334 | | | — | | | — | | | 400 | | | 334 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 3,345 | | | | | | — | | | | | | 3,345 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
New York | | | | | | 5.1 | % | | | | | | | | | | | | | | | | | | |
Erie County, NY, IDA Applied Tech Charter School Proj | | 6.75 | % | 6/1/2025 | | | | | 550 | | | 446 | | | — | | | — | | | 550 | | | 446 | |
Nassau County, NY, IDA Continuing Care Retirement, Amsterdam at Harborside Ser A | | 6.50 | % | 1/1/2027 | | | | | 1,000 | | | 829 | | | — | | | — | | | 1,000 | | | 829 | |
New York State Dormitory Auth Non State Supported Debt, Orange Regional Med Center | | 6.13 | % | 12/1/2029 | | | | | 3,125 | | | 2,525 | | | — | | | — | | | 3,125 | | | 2,525 | |
New York, NY, GO | | 5.75 | % | 3/1/2019 | | | | | 30 | | | 31 | | | — | | | — | | | 30 | | | 31 | |
New York, NY, GO | | 6.25 | % | 10/15/2028 | | | | | 1,000 | | | 1,047 | | | — | | | — | | | 1,000 | | | 1,047 | |
New York, NY, IDA American Airlines JFK International Airport AMT | | 7.13 | % | 8/1/2011 | | | | | 1,060 | | | 901 | | | — | | | — | | | 1,060 | | | 901 | |
New York, NY, IDA Terminal One Group Assoc Proj AMT | | 5.50 | % | 1/1/2024 | | | | | 1,000 | | | 899 | | | — | | | — | | | 1,000 | | | 899 | |
Part B-10
| | | | | | | | | | | | | | | | | | | | | | | | | |
Seneca Nation Indians Capital Improvement Special Tax | | 5.00 | % | 12/1/2023 | | | | | 1,000 | | | 736 | | | — | | | — | | | 1,000 | | | 736 | B |
Ulster County, NY, IDA Kingston Regional Senior Living Proj | | 6.00 | % | 9/15/2027 | | | | | 3,975 | | | 3,098 | | | — | | | — | | | 3,975 | | | 3,098 | |
Utica, NY, IDA Civic Fac Rev, Utica College (Prerefunded with State and Local Gov’t Securities) | | 6.88 | % | 12/1/2014 | | | | | 65 | | | 67 | | | — | | | — | | | 65 | | | 67 | |
Westchester County, NY, IDA Continuing Care Retirement, Kendal on Hudson Proj | | 6.38 | % | 1/1/2024 | | | | | 400 | | | 336 | | | — | | | — | | | 400 | | | 336 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 10,915 | | | | | | — | | | | | | 10,915 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
North Carolina | | | | | | 0.6 | % | | | | | | | | | | | | | | | | | | |
Raleigh, NC, Medical Care Commission Retirement Fac Rev | | 5.25 | % | 1/1/2032 | | | | | 2,000 | | | 1,323 | | | — | | | — | | | 2,000 | | | 1,323 | E |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 1,323 | | | | | | — | | | | | | 1,323 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Ohio | | | | | | 0.7 | % | | | | | | | | | | | | | | | | | | |
Hamilton, OH, School Dist Improvement | | 6.15 | % | 12/1/2016 | | | | | 1,270 | | | 1,440 | | | — | | | — | | | 1,270 | | | 1,440 | A |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 1,440 | | | | | | — | | | | | | 1,440 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Oklahoma | | | | | | 0.5 | % | | | | | | | | | | | | | | | | | | |
Tulsa County, OK, St Francis Health Care System | | 5.00 | % | 12/15/2029 | | | | | 1,210 | | | 1,003 | | | — | | | — | | | 1,210 | | | 1,003 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Other U.S. Territories | | | | | | 1.0 | % | | | | | | | | | | | | | | | | | | |
Puerto Rico Commonwealth | | 5.50 | % | 7/1/2032 | | | | | — | | | — | | | 500 | | | 436 | | | 500 | | | 436 | |
Puerto Rico Housing FA | | 5.13 | % | 12/1/2027 | | | | | — | | | — | | | 665 | | | 626 | | | 665 | | | 626 | |
Virgin Island Public FA Rev AMT | | 4.70 | % | 7/1/2022 | | | | | — | | | — | | | 250 | | | 165 | | | 250 | | | 165 | |
Virgin Islands Public FA Rev | | 4.25 | % | 10/1/2029 | | | | | — | | | — | | | 300 | | | 220 | | | 300 | | | 220 | |
Virgin Islands Public FA, Revhovenska Refinery | | 6.13 | % | 7/1/2022 | | | | | 750 | | | 584 | | | 250 | | | 195 | | | 1,000 | | | 779 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 584 | | | | | $ | 1,642 | | | | | | 2,226 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Pennsylvania | | | | | | 2.2 | % | | | | | | | | | | | | | | | | | | |
Montgomery County, PA, IDA Whitemarsh Continuing Care Proj | | 6.13 | % | 2/1/2028 | | | | | 800 | | | 601 | | | — | | | — | | | 800 | | | 601 | E |
Pennsylvania State Higher Educational FA Rev | | 5.75 | % | 7/1/2028 | | | | | 2,145 | | | 1,730 | | | — | | | — | | | 2,145 | | | 1,730 | |
Pennsylvania Turnpike Commission | | 6.00 | % | 6/1/2028 | | | | | 665 | | | 696 | | | — | | | — | | | 665 | | | 696 | |
Scranton, PA, Parking Auth | | 5.25 | % | 6/1/2034 | | | | | 1,825 | | | 1,578 | | | — | | | — | | | 1,825 | | | 1,578 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 4,605 | | | | | | — | | | | | | 4,605 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Rhode Island | | | | | | 0.5 | % | | | | | | | | | | | | | | | | | | |
Central Falls, RI, Detention FA Fac Rev | | 6.75 | % | 1/15/2013 | | | | | 1,000 | | | 989 | | | — | | | — | | | 1,000 | | | 989 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 989 | | | | | | — | | | | | | 989 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
South Carolina | | | | | | 3.9 | % | | | | | | | | | | | | | | | | | | |
Lancaster County, SC, Sun City Carolina Lakes Improvement | | 5.45 | % | 12/1/2037 | | | | | 750 | | | 488 | | | — | | | — | | | 750 | | | 488 | E |
South Carolina Jobs Econ DA Rev | | 4.70 | % | 4/1/2035 | | | | | 2,000 | | | 1,457 | | | — | | | — | | | 2,000 | | | 1,457 | E |
Part B-11
| | | | | | | | | | | | | | | | | | | | | | | | | |
Tobacco Settlement Rev Management Auth | | 6.38 | % | 5/15/2028 | | | | | 6,000 | | | 6,382 | | | — | | | — | | | 6,000 | | | 6,382 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 8,327 | | | | | | — | | | | | | 8,327 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Tennessee | | | | | | 0.1 | % | | | | | | | | | | | | | | | | | | |
McMinn County, TN, IDA PCR Calhoun Newsprint Co Proj | | 7.63 | % | 3/1/2016 | | | | | 500 | | | 282 | | | — | | | — | | | 500 | | | 282 | E |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Texas | | | | | | 4.8 | % | | | | | | | | | | | | | | | | | | |
Brazoria, TX, Brazos River Habor Navigation Dow Chemical Co | | 4.95 | % | 5/15/2033 | | | | | 1,500 | | | 1,061 | | | — | | | — | | | 1,500 | | | 1,061 | A |
Harris County, TX, Cultural Education Fac Baylor CLG Medicine | | 5.63 | % | 11/15/2032 | | | | | 2,145 | | | 1,926 | | | | | | | | | 2,145 | | | 1,926 | |
Houston, TX, Airport System Rev | | 6.75 | % | 7/1/2021 | | | | | 1,500 | | | 900 | | | | | | | | | 1,500 | | | 900 | |
Maverick County, TX, Public Fac Corp Proj Rev | | 6.25 | % | 2/1/2024 | | | | | 490 | | | 388 | | | — | | | — | | | 490 | | | 388 | |
North Texas Tollway Auth | | 6.00 | % | 1/1/2025 | | | | | 4,000 | | | 3,995 | | | — | | | — | | | 4,000 | | | 3,995 | |
Travis County, TX, Health Fac, Querencia Barton Creek Project | | 5.65 | % | 11/15/2035 | | | | | 1,000 | | | 705 | | | — | | | — | | | 1,000 | | | 705 | E |
Willacy County, TX, Corp Revival Proj (Prerefunded with State & US Gov’t Securities) | | 6.00 | % | 3/1/2009 | | | | | 540 | | | 546 | | | — | | | — | | | 540 | | | 546 | |
Willacy County, TX, GO | | 6.88 | % | 9/1/2028 | | | | | 1,000 | | | 748 | | | — | | | — | | | 1,000 | | | 748 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 10,269 | | | | | | — | | | | | | 10,269 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Virginia | | | | | | 2.5 | % | | | | | | | | | | | | | | | | | | |
James City County, VA, Econ DA Residential Care Fac | | 5.40 | % | 7/1/2027 | | | | | 840 | | | 582 | | | — | | | — | | | 840 | | | 582 | E |
James City County, VA, Econ DA Residential Care Fac | | 5.50 | % | 7/1/2037 | | | | | 2,000 | | | 1,291 | | | — | | | — | | | 2,000 | | | 1,291 | E |
Norfolk, VA, Redev & Housing Auth First Mortgage Retirement Community | | 6.00 | % | 1/1/2025 | | | | | 500 | | | 400 | | | — | | | — | | | 500 | | | 400 | E |
Peninsula, VA, PA Fac, CSX Transport Proj Rev | | 6.00 | % | 12/15/2012 | | | | | 1,000 | | | 941 | | | — | | | — | | | 1,000 | | | 941 | |
Peninsula, VA, Turn Center Community Dev DA | | 6.45 | % | 9/1/2037 | | | | | 700 | | | 538 | | | — | | | — | | | 700 | | | 538 | |
Virginia Tobacco Settlement Funding Corp (Prerefunded with US Gov’t Securities) | | 5.50 | % | 6/1/2026 | | | | | 1,455 | | | 1,518 | | | — | | | — | | | 1,455 | | | 1,518 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 5,270 | | | | | | — | | | | | | 5,270 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
Washington | | | | | | 1.2 | % | | | | | | | | | | | | | | | | | | |
King County, WA, ISD #210GO | | 5.00 | % | 6/1/2019 | | | | | 670 | | | 679 | | | — | | | — | | | 670 | | | 679 | |
Washington State Health Care FA Rev | | 6.13 | % | 8/15/2037 | | | | | 2,400 | | | 1,792 | | | — | | | — | | | 2,400 | | | 1,792 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 2,471 | | | | | | — | | | | | | 2,471 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Wisconsin | | | | | | 2.8 | % | | | | | | | | | | | | | | | | | | |
Wisconsin Badger Tobacco Asset Securitization Corp. | | 6.13 | % | 6/1/2027 | | | | | 2,800 | | | 2,643 | | | | | | | | | 2,800 | | | 2,643 | |
Wisconsin Badger Tobacco Asset Securitization Corp. | | 6.38 | % | 6/1/2032 | | | | | 1,000 | | | 895 | | | — | | | — | | | 1,000 | | | 895 | |
Wisconsin State Health Care FA Rev | | 5.50 | % | 8/15/2023 | | | | | 2,500 | | | 2,503 | | | — | | | — | | | 2,500 | | | 2,503 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | 6,041 | | | | | | — | | | | | | 6,041 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
Total Municipal Bonds | | | | | | | | | | | $ | 160,212 | | | | | $ | 34,332 | | | | | | 194,544 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
Part B-12
| | | | | | | | | | | | | | | | | | | | | | | | | |
Short-Term Investments | | | | | | 5.0 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Shares | | | | | Shares | | | | | | | | | | |
| | | | | | | |
| | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
State Stret Bank Tax Free Money Market Fund | | | | | | | | | 9,493 | | $ | 9,493 | | | — | | | — | | | 9,493 | | | 9,493 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Dreyfus Basic California Municipal Money Market Fund | | | | | | | | | — | | | — | | | 1,135 | | | 1,135 | | | 1,135 | | | 1,135 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
Total short-term investments | | | | | | | | | | | $ | 9,493 | | | | | | 1,135 | | | | | | 10,628 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total investments | | | | | | 96.6 | % | | | | $ | 169,705 | | | | | | 35,467 | | | | | | 205,172 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Total cost of securities | | | | | | | | | | | $ | 196,728 | | | | | | 43,503 | | | | | | 240,231 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | 3.4 | % | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
|
| |
Other assets and liabilities | | | | | | | | | | | $ | 5,027 | | | | | | 2,140 | | | | | | 7,167 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
|
| |
Total net assets | | | | | | 100.0 | % | | | | $ | 174,732 | | | | | | 37,607 | | | | | | 212,339 | |
| | | | | | | | | | |
|
| | | | |
|
| | | | |
|
| |
| |
|
Note: | Percentage of investments as shown is the ratio of total market value to total net assets. |
| |
A | This security, or a portion of this security, has been segregated to cover funding requirements on investment transactions settling in the future. |
| |
B | Securities issued within terms of a private placement memorandum, exempt from registration under Rule 144A under the Securities Act of 1933, as amended, and may be sold only to qualified institutional buyers. Pursuant to guidelines adopted by the Board of Directors, these issues are determined to be liquid. The aggregate value of these securities at October 31, 2008, was $3,354, which represents 1.58% of total net assets. |
| |
C | Variable rate securities; the rate reported is the coupon in effect at October 31, 2008. |
| |
D | The cost of securities purchased on a when-issued or delayed delivery basis at October 31, 2008 was $1,532. |
| |
E | The following securities are considered illiquid. Illiquid securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933 and may have contractual restrictions on resale. A security may also be considered illiquid if the security lacks a readily available market or if its valuation has not changed for a certain period of time. |
| | | | | | | | | |
Period Acquired | | Par | | Security | | Cost Basis | |
|
|
|
|
|
|
|
|
|
|
06/2006 | | $ | 980 | | Amelia Walk Community Development, 5.50%, 05/01/2037 | | $ | 980 | |
11/2006 | | | 250 | | Beaumont, CA, FA Improvement Area #8, 5.05%, 09/01/2037 | | | 250 | |
05/2007 | | | 650 | | Branson Hills, MO, Infrastructure Fac 5.50%, 4/01/2027 | | | 652 | |
06/2007 | | | 1,000 | | California Statewide Community DA, California Baptist University, 5.50%, 11/01/2038 | | | 1,000 | |
05/2007 | | | 500 | | California Statewide Community DA, Front Porch Communities & Services 5.13%, 04/01/2037 - 144A | | | 505 | |
Part B-13
| | | | | | | | | |
07/2004 | | | 1,000 | | Chicago, IL, Tax Increment Allocation Jr Lien Pilsen Redev B, 6.75%, 06/01/2022 | | | 1,000 | |
10/2006 | | | 225 | | Chino, CA, Community Fac Dist Special Tax #2, 5.00%, 09/01/2036 | | | 224 | |
05/2007 | | | 500 | | Chino, CA, Community Fac Dist Special Tax B, 5.00%, 09/01/2036 | | | 493 | |
06/2006 | | | 1,000 | | Colorado Educational & Cultural Fac Auth, Charter School Banning Lewis, 6.13%, 12/15/2035 - 144A | | | 1,000 | |
06/2008 | | | 10,000 | | Detroit, MI, GO, 5.00%, 04/01/2016 | | | 9,999 | |
09/2007 | | | 700 | | East Chicago, IN, Industrial Solid Waste Disposal AMT, 5.50%, 09/01/2028 | | | 676 | |
11/2007 | | | 265 | | Estrella Mountain Ranch Community GO, 6.20%, 07/15/2032 | | | 265 | |
06/2007 | | | 250 | | Folsom, CA, Public FA Speical Tax Rev, 5.20%, 09/01/2032 | | | 249 | |
05/2007 | | | 1,800 | | Hampshire, IL, Special Service Area #13, Tuscany Woods Proj. 5.75%, 3/1/2037 | | | 1,800 | |
07/2007 | | | 800 | | Hampshire, IL, Special Service Area #16, Prairie Ridge Proj. 6.00% 3/1/2046 | | | 803 | |
11/2006 | | | 325 | | Imperial, CA, Special Tax Community Fac, 5.00%, 09/01/2006 | | | 325 | |
10/2006 | | | 300 | | Indio, CA, Community Fac Dist Speical Tax, 5.05%, 09/01/2026 | | | 299 | |
06/2007 | | | 300 | | Irvine, CA, Improvement Bond Act 1915, 5.00%, 09/02/2030 | | | 296 | |
09/2007 | | | 840 | | James City County, VA, Econ DA Residential Care Fac, 5.40% 07/01/2027 | | | 817 | |
07/2007 | | | 2,000 | | James City County, VA, Econ DA Residential Care Fac, 5.50% 07/01/2037 | | | 1,986 | |
11/2002 | | | 100 | | Jurupa, CA, Community Services Dist Special Tax Dist #06, 5.88% 09/01/2032 | | | 97 | |
10/2007 | | | 500 | | Jurupa, CA, Community Services Dist Special Tax Dist #30, 5.60% 09/01/2037 | | | 500 | |
01/2006 | | | 200 | | Lake Elsinore, CA, Special Tax Community Fac Dist #2005-1A, 5.35%, 09/01/2036 | | | 200 | |
04/2007 | | | 150 | | Lake Elsinore, CA, Special Tax Community Fac Dist #2005-6, 5.00%, 09/01/2030 | | | 150 | |
02/2004 | | | 100 | | Lake Elsinore, CA, Special Tax Community Fac Dist #2-A, 5.85%, 09/01/2024 | | | 100 | |
02/2006 | | | 750 | | Lancaster County, SC, Sun City Carolina Lakes Improvement, 5.45%, 12/01/2037 | | | 750 | |
02/2004 | | | 150 | | Lee Lake, CA, Water Dist Community Fac Dist #3 Special Tax Retreat, 5.75%, 09/01/2023 | | | 150 | |
07/2007 | | | 1,000 | | Louisiana Public Fac Auth, Susla Fac Inc, 5.75%, 07/01/2039 - 144A | | | 1,007 | |
Part B-14
| | | | | | | | | |
01/2003 | | | 500 | | McMinn County, TN, IDA PCR Calhoun Newsprint Co Proj, 7.63%, 03/01/2016 | | | 496 | |
01/2005 | | | 800 | | Montgomery County, PA, IDA Whitemarsh Continuing Care Proj, 6.13%, 02/01/2028 | | | 789 | |
11/2004 | | | 500 | | Norfolk, VA, Redev & Housing Auth First Mortgage Retirement Community 6.00%, 01/01/2025 | | | 496 | |
11/2007 | | | 1,000 | | Perris, CA, Public FA Local Agency Rev, 5.80%, 09/01/2038 | | | 1,000 | |
04/2007 | | | 1,000 | | Pinery West, CO, Metro Dist #2 GO, 4.50%, 12/01/2032 | | | 974 | |
05/2007 | | | 2,000 | | Raleigh, NC, Medical Care Commission Retirement Fac Rev, 5.25%, 01/01/2032 | | | 1,989 | |
07/2007 | | | 500 | | Rancho Mirage, CA, Joint Powers FA Rev, Eisenhower Medical Center, 5.00%, 07/01/2038 | | | 499 | |
04/2007 | | | 1,000 | | Reata, CO, North Metro Dist GO, 5.50%, 12/01/2032 - 144A | | | 1,000 | |
11/2007 | | | 790 | | Rochester, MN, Health Care Fac Rev, 5.70%, 05/01/2022 | | | 790 | |
11/2006 | | | 100 | | Rolling Hills Community Development Dist, 5.45%, 05,01/2037 | | | 100 | |
03/2007 | | | 965 | | Round Lake, IL, Special Tax Rev, 4.70%, 03/01/2033 | | | 965 | |
11/2004 | | | 1,000 | | San Manuel, CA, Entertainment Auth Public Inprovement, 4.50%, 12/01/2016 - 144A | | | 1,000 | |
02/2007 | | | 2,000 | | South Carolina Jobs Econ DA Rev 4.70%, 04/01/2035 | | | 2,000 | |
08/2006 | | | 200 | | Sun Ranch, CA, Municipal Water Dist, 5.00%, 09/01/2036 | | | 199 | |
10/2007 | | | 250 | | Temecula, CA, Redev Agency Tax Allocation Rev, 5.63%, 12/15/2038 | | | 250 | |
08/2007 | | | 1,000 | | Travis County, TX, Health Fac, Querencia Barton Creek Project, 5.65%, 11/15/2035 | | | 946 | |
09/2007 | | | 500 | | University Square Community Development, 5.88%, 05/01/2038 | | | 495 | |
01/2006 | | | 300 | | William S Hart USD Special Tax, 5.25%, 09/01/2026 | | | 299 | |
08/2003 | | | 947 | | Yorkville, IL, United City Special Service Area Tax Raintree Village Proj, 6.88%, 03/01/2033 | | | 947 | |
The aggregate value of these securities at October 31, 2008 was $32,887 which represents 15.49% of total net assets.
|
AMT - Alternative Minimum Tax |
DA - Development Authority |
FA - Finance Authority |
FGIC - Financial Guaranty Insurance Company |
FSA - Finance Security Assurance |
GO - General Obligations |
Part B-15
|
IDA - Industrial Development Authority |
IDR - Industrial Development Revenue |
ISD - Independent School District |
MBIA - Municipal Bond Insurance Association |
PA - Port Authority |
PCR - Pollution Controll Revenue |
USD - United School District |
Part B-16
PROFORMA STATEMENT OF OPERATIONS
For the Year Ended October 31, 2008
The Hartford Tax-Free National Fund (Acquiring)
The Hartford Tax-Free California Fund (Target)
(Unaudited)
(000’s omitted)
| | | | | | | | | | | | | |
| | The Hartford Tax-Free National Fund | | The Hartford Tax-Free California Fund | | Proforma Adjustments | | Proforma Combined | |
| |
| |
| |
| |
| |
Investment Income: | | | | | | | | | | | | | |
Interest | | $ | 10,991 | | $ | 2,331 | | $ | — | | $ | 13,322 | |
Securities lending | | | — | | | — | | | — | | | — | |
Less: Foreign tax withheld | | | — | | | — | | | — | | | — | |
| |
|
| |
|
| |
|
| |
|
| |
Total investment income, net | | | 10,991 | | | 2,331 | | | — | | | 13,322 | |
| |
|
| |
|
| |
|
| |
|
| |
Expenses: | | | | | | | | | | | | — | |
Investment management and advisory fees | | | 1,103 | | | 236 | | | (122 | ) A | | 1,217 | |
Transfer agent fees | | | 70 | | | 11 | | | — | | | 81 | |
Distribution fees - Class A | | | 334 | | | 89 | | | — | | | 423 | |
Distribution fees - Class B | | | 64 | | | 17 | | | — | | | 81 | |
Distribution fees - Class C | | | 266 | | | 56 | | | — | | | 322 | |
Distribution fees - Class L | | | 19 | | | — | | | — | | | 19 | |
Custodian fees | | | 3 | | | 2 | | | (2 | ) B | | 3 | |
Accounting services | | | 28 | | | 6 | | | — | | | 34 | |
Registration and filing fees | | | 87 | | | 5 | | | (5 | ) B | | 87 | |
Board of Directors’ fees | | | 4 | | | 1 | | | — | | | 5 | |
Other expenses | | | 77 | | | 25 | | | (14 | ) B | | 88 | |
| |
|
| |
|
| |
|
| |
|
| |
Total expenses (before fees paid indirectly) | | | 2,055 | | | 448 | | | (143 | ) | | 2,360 | |
Expense waivers | | | (172 | ) | | (29 | ) | | 149 | | | (52 | ) |
Custodian fee offset | | | (3 | ) | | (1 | ) | | — | | | (4 | ) |
| |
|
|
|
|
| |
|
| |
|
| |
Total fees paid indirectly | | | (175 | ) | | (30 | ) | | 149 | | | (56 | ) |
| |
|
|
|
|
| |
|
| |
|
| |
Total expenses, net | | | 1,880 | | | 418 | | | 6 | | | 2,304 | |
| |
|
| |
|
| |
|
| |
|
| |
Net investment income | | | 9,111 | | | 1,913 | | | (6 | ) | | 11,018 | |
| |
|
| |
|
| |
|
| |
|
| |
Net Realized Loss on Investments: | | | | | | | | | | | | — | |
Net realized loss on investments | | | (17,046 | ) | | (1,757 | ) | | — | | | (18,803 | ) |
| |
|
| |
|
| |
|
| |
|
| |
Net Realized Loss on Investments: | | | (17,046 | ) | | (1,757 | ) | | — | | | (18,803 | ) |
| |
|
| |
|
| |
|
| |
|
| |
Net Changes in Unrealized Depreciation of Investments: | | | | | | | | | | | | — | |
Net unrealized depreciation of investments | | | (27,659 | ) | | (7,734 | ) | | — | | | (35,393 | ) |
| |
|
| |
|
| |
|
| |
|
| |
Net Changes in Unrealized Depreciation of Investments: | | | (27,659 | ) | | (7,734 | ) | | — | | | (35,393 | ) |
| |
|
| |
|
| |
|
| |
|
| |
Net Gain on Investments: | | | (44,705 | ) | | (9,491 | ) | | — | | | (54,196 | ) |
| |
|
| |
|
| |
|
| |
|
| |
Net Decrease in Net Assets Resulting from Operations | | $ | (35,594 | ) | $ | (7,578 | ) | $ | (6 | ) | $ | (43,178 | ) |
| |
|
| |
|
| |
|
| |
|
| |
A Decrease due to the reduction of management fees on November 1, 2008.
B Decrease due to the elimination of duplicative expenses achieved by merging the funds.
THE NOTES OF THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE PRO FORMA FINANCIAL STATEMENTS.
Part B-17
ACQUIRING FUND
PRO FORMA NOTES TO COMBINING FINANCIAL STATEMENTS
October 31, 2008
(Unaudited)
(000’s omitted)
| |
1) | Description of the Fund |
| |
| The Acquiring Fund, The Hartford Tax-Free National Fund, (“Acquiring Fund”) a fund within The Hartford Mutual Fund II, Inc. (“Corporation”), is registered under the Investment Company Act of 1940, as amended, as an open-end, diversified investment company. |
| |
| Acquiring Fund consists of six classes of shares: Class A, B, C, I, L and Y. Class A and L shares are sold with a front-end sales charge of up to 4.50%. Class B shares are sold with a contingent deferred sales charge which is assessed on the lesser of the net asset value (“NAV”) of the shares at the time of redemption or the original purchase price, and declines from up to 5.00% to zero depending on the period of time held. Class C shares are sold with a contingent deferred sales charge of up to 1.00% on shares redeemed within 12 months of purchase. Class I shares are sold without sales charges to certain investors through advisory fee-wrap programs. Class Y shares are sold without sales charges and sold to certain eligible institutional investors. All classes of shares have identical voting, redemption, dividend, liquidation and other rights and the same terms and conditions, except that each class may have different expenses, which may affect performance, and except that Class B shares automatically converts to Class A shares after 8 years. |
| |
| The Fund has adopted a Distribution and Service Plan in accordance with Rule 12b-1 of the Investment Company Act of 1940, as amended, to compensate the Distributor (HIFSCO) for activities intended to result in the sale and distribution of Classes A, B, C and L shares and for providing services for shareholders. The Rule 12b-1 plan applicable to Class A shares of the Fund provides for payment of a Rule 12b-1 fee of up to 0.35% of average daily net assets; however, the Board of Directors has currently authorized 12b-1 payments of only up to 0.25%. Some or all of the fee may be used for shareholder servicing expenses with the remainder used for distribution expenses. Some or the entire Rule 12b-1 fee for Class B shares may be remitted to broker-dealers for distribution and/or shareholder account services. Under the Class B Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class B shares that are outstanding for 8 years or less, 0.25% of which is a fee for service provided to existing shareholders with the remainder used for distribution expenses. After eight years, Class B shares convert to Class A shares. Upon conversion to Class A shares, the Class A plan described above will apply to those shares. Under the Class C Plan, the Fund pays the Distributor 1.00% of the average daily net assets of Class C shares outstanding, 0.25% of which is intended as a fee for services provided to existing shareholders with the remainder used for distribution expenses. For Class C shares, some or the entire fee may be remitted to broker-dealers for distribution and/or shareholder account services. Class L has a distribution fee of 0.25%. Some or the entire fee may be remitted to broker dealers for distribution and/or shareholder account services. |
| |
2) | Basis of Combination |
| |
| The accompanying pro forma financial statements are presented to show the effect of the proposed acquisition of Target Fund, The Hartford Tax-Free California Fund, a fund of The Hartford Mutual Fund II, Inc. by the Acquiring Fund as if such acquisition had taken place as of October 31, 2008. |
Part B-18
| | |
| Under the terms of the Plan of Reorganization, the combination of Target Fund and Acquiring Fund will be accounted for by the method of accounting for tax-free mergers of investment companies. The acquisition would be accomplished by an acquisition of the net assets of Target Fund in exchange for shares of Acquiring Fund at net asset value. The statement of assets and liabilities and the related statement of operations of Target Fund and Acquiring Fund have been combined as of and for the twelve months ended October 31, 2008. Following the acquisition, the Acquiring Fund will be the accounting survivor. In accordance with accounting principles generally accepted in the United States of America, the historical cost of investment securities will be carried forward to the surviving fund and the results of operations for precombination periods of the surviving fund will not be restated. |
| |
| The accompanying pro forma financial statements should be read in conjunction with the financial statements of Acquiring Fund and Target Fund included in their respective annual reports dated October 31, 2008. |
| |
| The following notes refer to the accompanying pro forma financial statements as if the above-mentioned acquisition of Target Fund by Acquiring Fund had taken place as of October 31, 2008. |
| |
3) | Significant Accounting Policies |
| | |
| a) | SECURITY TRANSACTIONS AND INVESTMENT INCOME - Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Security gains and losses are determined on the basis of identified cost. |
| | |
| | Interest income, including amortization or premium and accretion of discounts, is accrued on a daily basis. |
| | |
| b) | SECURITY VALUATION - |
| | |
| | Debt securities (other than short-term obligations) held by a Fund are valued on the basis of valuations furnished by independent pricing service which determines valuations for normal institutional size trading units of debt securities. Securities for which prices are not available from an independent pricing service are valued using market quotations obtained from one or more dealers that make markets in the securities in accordance with procedures established by that Fund’s Board of Directors. Generally, each Fund may use fair valuation in regards to debt securities when a Fund holds defaulted or distressed securities or securities in a company in which a reorganization is pending. Short term investments with a maturity of more than 60 days when purchased are valued based on market quotations until the remaining days to maturity becomes less than 61 days. Investments in open-end mutual funds are valued at the respective NAV of each open-end mutual fund on the valuation date. |
| | |
4) | Capital Shares |
| |
| The pro forma net asset value per share assumes the issuance of shares of Acquiring Fund that would have been issued at October 31, 2008, in connection with the proposed reorganization. The number of shares assumed to be issued is equal to the net asset value of shares of Target Fund, as of October 31, 2008, divided by the net asset value per share of the shares of Acquiring Fund as of October 31, 2008. The pro forma number of shares outstanding, by class, for the combined fund consists of the following at October 31, 2008: |
Part B-19
| | | | | | | | | | |
Class of Shares | | Shares of Acquiring Fund Pre-Combination | | Additional Shares Assumed Issued In Reorganization from Hartford Tax-Free CA Fund | | Total Outstanding Shares Post- Combination | |
| |
| |
| |
| |
|
Class A | | | 13,092 | | | 3,526 | | | 16,618 | |
Class B | | | 607 | | | 155 | | | 762 | |
Class C | | | 3,155 | | | 665 | | | 3,820 | |
Class I | | | 542 | | | — | | | 542 | |
Class L | | | 670 | | | — | | | 670 | |
Class Y | | | 2,108 | | | — | | | 2,108 | |
| |
5) | Federal Income Taxes |
| |
| Each fund has elected to be taxed as a “regulated investment company” under the Internal Revenue Code. After the acquisition, the Acquiring Fund intends to continue to qualify as a regulated investment company, if such qualification is in the best interests of its shareholders, by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of taxable income sufficient to relieve it from all, or substantially all, Federal income taxes. |
| |
| The identified cost of investments for the funds is substantially the same for both financial accounting and Federal income tax purposes. The tax cost of investments will remain unchanged for the combined fund. |
Part B-20
PART C
OTHER INFORMATION
| |
| Article V of the Registrant’s Articles of Incorporation dated March 19, 1996 and incorporated herein by reference to Registrant’s initial registration statement on April 9, 1996 provides in effect that the Registrant will indemnify its officers and directors under certain circumstances. However, in accordance with Section 17(h) and 17(i) of the Investment Company Act of 1940 and its own terms, Article V does not protect any person against liability to the Registrant or its shareholders to which such Director would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his office. The rights of indemnification contained in Article V are not exclusive to any other rights to which any officer, director or employee seeking indemnification may be entitled. |
| |
| Subsection (b) of Section 2-418 of the General Corporation Law of Maryland permits a corporation to indemnify any person who was or is party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that he is or was a director, officer, employee or agent of the corporation or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise, against reasonable expenses (including attorneys’ fees), judgments, penalties, fines and amounts paid in settlement actually incurred by him in connection with such action, suit or proceeding unless it is proved that: (i) the act or omission of the person was material to the cause of action adjudicated in the proceeding and was committed in bad faith or was the result of active and deliberate dishonesty; (ii) the person actually received an improper personal benefit of money, property or services; or (iii) with respect to any criminal action or proceeding, the person had reasonable cause to believe his act or omission was unlawful. |
| |
| Indemnification under subsection (b) of Section 2-418 may not be made by a corporation unless authorized for a specific proceeding after a determination has been made that indemnification is permissible in the circumstances because the party to be indemnified has met the standard of conduct set forth in subsection (b). This determination shall be made (i) by the Board of Directors by a majority vote of a quorum consisting of directors not, at the time, parties to the proceeding, or, if such quorum cannot be obtained, then by a majority vote of a committee of the Board consisting solely of two or more directors not, at the time, parties to such proceeding and who were duly designated to act in the matter by a majority vote of the full Board in which the designated directors who are parties may participate; (ii) by special legal counsel selected by the Board of Directors or a committee of the Board by vote as set forth in subparagraph (i), or, if the requisite quorum of the full Board cannot be obtained therefor and the committee cannot be established, by a majority vote of the full Board in which any director who is a party may participate; or (iii) by the stockholders (except that shares held by directors who are |
| |
| parties to the specific proceeding may not be voted). A court of appropriate jurisdiction may also order indemnification if the court determines that a person seeking indemnification is entitled to reimbursement under subsection (b). |
| |
| Section 2-418 further provides that indemnification provided for by Section 2-418 shall not be deemed exclusive of any rights to which the indemnified party may be entitled; and permits a corporation to purchase and maintain insurance on behalf of a director, officer, employee or agent of the corporation against any liability asserted against or incurred by such person in any such capacity or arising out of such person’s status as such whether or not the corporation would have the power to indemnify such person against such liabilities under Section 2-418. |
| |
| Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the “Act”) may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person in connection with the securities being registered), the Registrant undertakes that it will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the questions whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
| | | | |
Item 16. | | Exhibits | | |
| | | | |
| | 1.(i) | | Articles of Incorporation dated March 19, 1996 (incorporated by reference to Initial Registration Statement filed on April 9, 1996) |
| | | | |
| | 1.(ii) | | Articles Supplementary dated August 30, 2002 (incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement on Form N-1A (File No. 333-02381) filed on October 25, 2002) |
| | | | |
| | 1.(iii) | | Articles Supplementary dated September 12, 2002 (incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement on Form N-1A (File No. 333-02381) filed on October 25, 2002) |
| | | | |
| | 1.(iv) | | Articles of Amendment to the Articles of Incorporation (incorporated by reference to Post-Effective Amendment No. 24 to Registration Statement on Form N-1A (File No. 333-02381) filed on December 16, 2002) |
| | | | |
| | 1.(v) | | Articles Supplementary dated June 10, 2003 (incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-1A |
| | | | |
| | | | (File No. 333-02381) filed on August 19, 2003) |
| | | | |
| | 1.(vi) | | Articles of Amendment dated June 10, 2003 (incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-1A (File No. 333-02381) filed on August 19, 2003) |
| | | | |
| | 1.(vii) | | Articles Supplementary dated August 26, 2003 (incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-1A (File No. 333-02381) filed on December 15, 2003) |
| | | | |
| | 1.(viii) | | Articles Supplementary dated March 10, 2004 (incorporated by reference to Post-Effective Amendment No. 35 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 19, 2004) |
| | | | |
| | 1.(ix) | | Articles Supplementary dated August 19, 2004 (incorporated by reference to Post-Effective Amendment No. 37 to Registration Statement on Form N-1A (File No. 333-02381) filed on December 23, 2004) |
| | | | |
| | 1.(x) | | Articles Supplementary dated February 3, 2005 (incorporated by reference to Post-Effective Amendment No. 39 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 11, 2005) |
| | | | |
| | 1.(xi) | | Articles Supplementary dated June 28, 2005 (incorporated by reference to Post-Effective Amendment No. 42 to Registration Statement on Form N-1A (File No. 333-02381) filed on July 15, 2005) |
| | | | |
| | 1.(xii) | | Articles Supplementary dated April 11, 2006 (incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 17, 2006) |
| | | | |
| | 1.(xiii) | | Articles Supplementary dated June 14, 2006 (incorporated by reference to Post-Effective Amendment No. 50 filed to Registration Statement on Form N-1A (File No. 333-02381) on July 31, 2006) |
| | | | |
| | 1.(xiv) | | Articles Supplementary dated October 25, 2006 (incorporated by reference to Post-Effective Amendment No. 54 to Registration Statement on Form N-1A (File No. 333-02381) filed on November 29, 2006) |
| | | | |
| | 1.(xv) | | Articles Supplementary dated February 27, 2007 (incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 30, 2007) |
| | | | |
| | 1.(xvi) | | Articles Supplementary dated May 25, 2007 (incorporated by reference to Post-Effective Amendment No. 62 to Registration Statement on Form N-1A (File No. 333-02381) filed on September 14, 2007) |
| | | | |
| | 1.(xvii) | | Articles of Amendment dated May 25, 2007 (incorporated by reference to Post-Effective Amendment No. 62 to Registration Statement on Form N-1A |
| | | | |
| | | | (File No. 333-02381) filed on September 14, 2007) |
| | | | |
| | 1.(xviii) | | Articles of Amendment dated May 25, 2007 (incorporated by reference to Post-Effective Amendment No. 62 to Registration Statement on Form N-1A (File No. 333-02381) filed on September 14, 2007) |
| | | | |
| | 1.(xix) | | Articles Supplementary dated August 15, 2007 (incorporated by reference to Post-Effective Amendment No. 61 to Registration Statement on Form N-1A (File No. 333-02381) filed on August 30, 2007) |
| | | | |
| | 1.(xx) | | Articles of Amendment dated August 15, 2007 (incorporated by reference to Post-Effective Amendment No. 61 to Registration Statement on Form N-1A (File No. 333-02381) filed on August 30, 2007) |
| | | | |
| | 1.(xxi) | | Articles of Amendment dated August 15, 2007 (incorporated by reference to Post-Effective Amendment No. 61 to Registration Statement on Form N-1A (File No. 333-02381) filed on August 30, 2007) |
| | | | |
| | 1.(xxii) | | Articles Supplementary dated September 14, 2007 (incorporated by reference to Post-Effective Amendment No. 63 to Registration Statement on Form N-1A (File No. 333-02381) filed on November 29, 2007) |
| | | | |
| | 1.(xxiii) | | Articles Supplementary dated November 30, 2007 (incorporated by reference to Post-Effective Amendment No. 66 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2008) |
| | | | |
| | 1.(xxiv) | | Articles Supplementary dated February 28, 2008 (incorporated by reference to Post-Effective Amendment No. 68 to Registration Statement on Form N-1A (File No. 333-02381) filed on April 15, 2008) |
| | | | |
| | 1.(xxv) | | Articles Supplementary dated May 30, 2008 (incorporated by reference to Post-Effective Amendment No. 71 to Registration Statement on Form N-1A (File No. 333-02381) filed on June 27, 2008) |
| | | | |
| | 1.(xxvi) | | Articles Supplementary dated August 6, 2008 (incorporated by reference to Post-Effective Amendment No. 74 to Registration Statement on Form N-1A (File No. 333-02381) filed on October 29, 2008) |
| | | | |
| | 1.(xxvii) | | Articles Supplementary dated November 25, 2008 (incorporated by reference to Post-Effective Amendment No. 76 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 26, 2009) |
|
| | 1.(xxviii) | | Articles Supplementary Dated December 18, 2008 (incorporated by reference to Post-Effective Amendment No. 76 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 26, 2009) |
| | | | |
| | 2. | | By-Laws adopted January 24, 1996, last amended May 13, 2003 (incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-1A (File No. 333-02381) filed on August 19, 2003) |
| | | | |
| | 3. | | Not Applicable |
| | | | |
| | 4. | | Form of Agreement and Plan of Reorganization is incorporated herein as Appendix A to the combined Proxy Statement/Prospectus |
| | | | |
| | 5. | | Not Applicable |
| | | | |
| | 6.(i) | | Investment Management Agreement with Hartford Investment Financial Services Company dated March 3, 1997 (incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-1A (File No. 333-02381) filed on June 20, 1997) |
| | | | |
| | 6.(ii) | | Amendment No. 1 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 6.(iii) | | Amendment No. 2 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 6.(iv) | | Amendment No. 3 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 6.(v) | | Amendment No. 4 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 6.(vi) | | Amendment No. 5 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 6.(vii) | | Amendment No. 6 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 6.(viii) | | Amendment No. 7 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 6.(ix) | | Amendment No. 8 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-1A (File No. 333-02381) filed on December 15, 2003) |
| | | | |
| | 6.(x) | | Amendment No. 9 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 39 to Registration Statement on |
| | | | |
| | | | Form N-1A (File No. 333-02381) filed on February 11, 2005) |
| | | | |
| | 6.(xi) | | Amendment No. 10 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 39 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 11, 2005) |
| | | | |
| | 6,(xii) | | Amendment No. 11 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 41 to Registration Statement on Form N-1A (File No. 333-02381) filed on April 29, 2005) |
| | | | |
| | 6.(xiii) | | Amendment No. 12 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 44 to Registration Statement on Form N-1A (File No. 333-02381) filed on September 29, 2005) |
| | | | |
| | 6.(xiv) | | Amendment No. 13 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 17, 2006) |
| | | | |
| | 6.(xv) | | Amendment No. 14 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-1A (File No. 333-02381) filed on July 31, 2006) |
| | | | |
| | 6.(xvi) | | Amendment No. 15 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-1A (File No. 333-02381) filed on July 31, 2006) |
|
| | 6.(xvii) | | Amendment No. 16 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 30, 2007) |
| | | | |
| | 6.(xviii) | | Amendment No. 17 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 30, 2007) |
| | | | |
| | 6.(xix) | | Amendment No. 18 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 30, 2007) |
| | | | |
| | 6.(xx) | | Amendment No. 19 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 30, 2007) |
| | | | |
| | 6.(xxi) | | Amendment No. 20 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 63 to Registration Statement on Form N-1A (File No. 333-02381) filed on November 29, 2007) |
| | | | |
| | 6.(xxii) | | Amendment No. 21 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 66 to Registration Statement on |
| | | | |
| | | | Form N-1A (File No. 333-02381) filed on February 28, 2008) |
| | | | |
| | 6.(xxiii) | | Amendment No. 22 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 70 to Registration Statement on Form N-1A (File No. 333-02381) filed on June 27, 2008) |
| | | | |
| | 6.(xxiv) | | Amendment No. 23 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 74 to Registration Statement on Form N-1A (File No. 333-02381) filed on October 29, 2008) |
| | | | |
| | 6.(xxv) | | Amendment No. 24 to Investment Management Agreement (incorporated by reference to Post-Effective Amendment No. 76 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 26, 2009) |
| | | | |
| | 6.(xxvi) | | Investment Services Agreement with Hartford Investment Management Company dated as of March 3, 1997 (incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-1A (File No. 333-02381) filed on June 20, 1997) |
| | | | |
| | 6.(xxvii) | | Amendment No. 1 to Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 6.(xxviii) | | Amendment No. 2 to Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 6.(xxix) | | Amendment No. 3 to Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 41 to Registration Statement on Form N-1A (File No. 333-02381) filed on April 29, 2005) |
| | | | |
| | 6.(xxx) | | Amendment No. 4 to Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 44 to Registration Statement on Form N-1A (File No. 333-02381) filed on September 29, 2005) |
| | | | |
| | 6.(xxxi) | | Amendment No. 5 Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-1A (File No. 333-02381) filed on July 31, 2006) |
| | | | |
| | 6.(xxxii) | | Amendment No. 6 Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-1A (File No. 333- |
| | | | |
| | | | 02381) filed on July 31, 2006) |
| | | | |
| | 6.(xxxiii) | | Amendment No. 7 Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 54 to Registration Statement on Form N-1A (File No. 333-02381) filed on November 29, 2006) |
| | | | |
| | 6.(xxxiv) | | Amendment No. 8 Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 55 to Registration Statement on Form N-1A (File No. 333-02381) filed on December 15, 2006) |
| | | | |
| | 6.(xxxv) | | Amendment No. 9 Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 30, 2007) |
| | | | |
| | 6.(xxxvi) | | Amendment No. 10 Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 61 to Registration Statement on Form N-1A (File No. 333-02381) filed on August 30, 2007) |
| | | | |
| | 6.(xxxvii) | | Amendment No. 11 Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 63 to Registration Statement on Form N-1A (File No. 333-02381) filed on November 29, 2007) |
| | | | |
| | 6.(xxxviii) | | Amendment No. 12 Investment Services Agreement with Hartford Investment Management Company (incorporated by reference to Post-Effective Amendment No. 74 to Registration Statement on Form N-1A (File No. 333-02381) filed on October 29, 2008) |
| | | | |
| | 7.(i) | | Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 7.(ii) | | Amendment No. 1 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 7.(iii) | | Amendment No. 2 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 7.(iv) | | Amendment No. 3 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 7.(v) | | Assignment of Principal Underwriting Agreement from Hartford Securities Distribution Company, Inc. to Hartford Investment Financial Services Company dated November 1, 1998 (incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 15, 2002) |
| | | | |
| | 7.(vi) | | Amendment No. 4 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 7.(vii) | | Amendment No. 5 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 7.(viii) | | Amendment No. 6 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 7.(ix) | | Amendment No. 7 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 25 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2003) |
| | | | |
| | 7.(x) | | Amendment No. 8 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-1A (File No. 333-02381) filed on December 15, 2003) |
| | | | |
| | 7.(xi) | | Amendment No. 9 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 39 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 11, 2005) |
| | | | |
| | 7.(xii) | | Amendment No. 10 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 39 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 11, 2005) |
| | | | |
| | 7.(xiii) | | Amendment No. 11 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 41 to Registration Statement on Form N-1A (File No. 333-02381) filed on April 29, 2005) |
| | | | |
| | 7.(xiv) | | Amendment No. 12 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 44 to Registration Statement on Form N-1A (File No. 333-02381) filed on September 29, 2005) |
| | | | |
| | 7.(xv) | | Amendment No. 13 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-1A (File No. 333-02381) filed on July 31, 2006) |
| | | | |
| | 7.(xvi) | | Amendment No. 14 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 54 to Registration Statement on |
| | | | |
| | | | Form N-1A (File No. 333-02381) filed on November 29, 2006) |
| | | | |
| | 7.(xvii) | | Amendment No. 15 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 30, 2007) |
| | | | |
| | 7.(xviii) | | Amendment No. 16 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 63 to Registration Statement on Form N-1A (File No. 333-02381) filed on November 29, 2007) |
| | | | |
| | 7.(xix) | | Amendment No. 17 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 66 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2008) |
| | | | |
| | 7.(xx) | | Amendment No. 18 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 70 to Registration Statement on Form N-1A (File No. 333-02381) filed on June 27, 2008) |
| | | | |
| | 7.(xxi) | | Amendment No. 19 to Principal Underwriting Agreement (incorporated by reference to Post-Effective Amendment No. 74 to Registration Statement on Form N-1A (File No. 333-02381) filed on October 29, 2008) |
| | | | |
| | 8. | | Not Applicable |
| | | | |
| | 9. | | Master Custodian Agreement (incorporated by reference to Post-Effective Amendment No. 58 to Registration Statement on Form N-1A (File No. 333-02381) filed on March 15, 2007) |
| | | | |
| | 10.(i) | | Amended and Restated Rule 12b-1 Distribution Plan for Class A, Class B, Class C, Class R3, Class R4 and Class R5 Shares (incorporated by reference to Post-Effective Amendment No. 66 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2008) |
| | | | |
| | 10.(ii) | | Multiple Class Plan Pursuant to Rule 18f-3 (incorporated by reference to Post-Effective Amendment No. 66 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2008) |
| | | | |
| | 11. | | Opinion and Consent of Counsel as to legality of the securities being registered (to be filed by post effective amendment) |
| | | | |
| | 12. | | Opinion and Consent of Dechert LLP as to tax matter (to be filed by post effective amendment) |
| | | | |
| | 13.(i) | | Transfer Agency and Service Agreement between The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc, and Hartford Administrative Services Company dated February 1, 2006 (incorporated by reference to Post-Effective Amendment No. 52 to Registration Statement on Form N-1A (File |
| | | | |
| | | | No. 333-02381) filed on September 15, 2006) |
| | | | |
| | 13.(ii) | | Amendment No. 1 to Transfer Agency and Service Agreement between The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc, and Hartford Administrative Services Company (incorporated by reference to Post-Effective Amendment No. 54 to Registration Statement on Form N-1A (File No. 333-02381) filed on November 29, 2006) |
| | | | |
| | 13.(iii) | | Amendment No. 2 to Transfer Agency and Service Agreement between The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc, and Hartford Administrative Services Company (incorporated by reference to Post-Effective Amendment No. 55 to Registration Statement on Form N-1A (File No. 333-02381) filed on December 15, 2006) |
| | | | |
| | 13.(iv) | | Amendment No. 3 to Transfer Agency and Service Agreement between The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc, and Hartford Administrative Services Company (incorporated by reference to Post-Effective Amendment No. 66 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2008) |
| | | | |
| | 13.(v) | | Amendment No. 4 to Transfer Agency and Service Agreement between The Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc, and Hartford Administrative Services Company (incorporated by reference to Post-Effective Amendment No. 74 to Registration Statement on Form N-1A (File No. 333-02381) filed on October 29, 2008) |
| | | | |
| | 13.(vi) | | Share Purchase Agreement (incorporated by reference to Post-Effective Amendment No. 35 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 19, 2004) |
| | | | |
| | 13.(vii) | | Fund Accounting Agreement dated January 3, 2000 (incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 17, 2006) |
| | | | |
| | 13.(viii) | | Amendment No. 1 to the Fund Accounting Agreement, dated July 23, 2001 (incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 17, 2006) |
| | | | |
| | 13.(ix) | | Second Amendment to the Fund Accounting Agreement, dated October 31, 2002 (incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 17, 2006) |
| | | | |
| | 13.(x) | | Third Amendment to the Fund Accounting Agreement, dated August 25, 2003 (incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 17, 2006) |
| | | | |
| | 13.(xi) | | Fourth Amendment to the Fund Accounting Agreement, dated September 27, 2005 (incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 17, 2006) |
| | | | |
| | 13.(xii) | | Fifth Amendment to the Fund Accounting Agreement, dated January 1, 2006 (incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 17, 2006) |
| | | | |
| | 13.(xiii) | | Sixth Amendment to the Fund Accounting Agreement, July 31, 2006 (incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-1A (File No. 333-02381) filed on July 31, 2006) |
| | | | |
| | 13.(xiv) | | Seventh Amendment to the Fund Accounting Agreement, November 30, 2006 (incorporated by reference to Post-Effective Amendment No. 54 to Registration Statement on Form N-1A (File No. 333-02381) filed on November 29, 2006 |
| | | | |
| | 13.(xv) | | Eighth Amendment to the Fund Accounting Agreement, May 31, 2007 (incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-1A (File No. 333-02381) filed on May 30, 2007) |
| | | | |
| | 13.(xvi) | | Ninth Amendment to the Fund Accounting Agreement, November 30, 2007 (incorporated by reference to Post-Effective Amendment No. 63 to Registration Statement on Form N-1A (File No. 333-02381) filed on November 29, 2007) |
| | | | |
| | 13.(xvii) | | Tenth Amendment to the Fund Accounting Agreement, November 30, 2007 (incorporated by reference to Post-Effective Amendment No. 66 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2008) |
| | | | |
| | 13.(xviii) | | Eleventh Amendment to the Fund Accounting Agreement, March 1, 2008 (incorporated by reference to Post-Effective Amendment No. 66 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2008) |
| | | | |
| | 13.(xix) | | Twelfth Amendment to the Fund Accounting Agreement, March 1, 2008 (incorporated by reference to Post-Effective Amendment No. 70 to Registration Statement on Form N-1A (File No. 333-02381) filed on June 27, 2008) |
| | | | |
| | 13.(xx) | | Thirteenth Amendment to the Fund Accounting Agreement, October 1, 2008 |
| | | | |
| | | | (incorporated by reference to Post-Effective Amendment No. 74 to Registration Statement on Form N-1A (File No. 333-02381) filed on October 29, 2008) |
| | | | |
| | 13.(xxi) | | Expense Limitation Agreement Dated as of November 1, 2008 (incorporated by reference to Post-Effective Amendment No. 76 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 26, 2009) |
| | | | |
| | 13.(xxii) | | Expense Limitation Agreement Dated as of November 1, 2008 – Target Retirement Funds (incorporated by reference to Post-Effective Amendment No. 76 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 26, 2009) |
| | | | |
| | 13.(xxiii) | | Transfer Agency Fee Waiver Agreement (incorporated by reference to Post-Effective Amendment No. 66 to Registration Statement on Form N-1A (File No. 333-02381) filed on February 28, 2008) |
| | | | |
| | 14. | | Consent of Independent Registered Public Accounting Firm (to be filed by post effective amendment) |
| | | | |
| | 15. | | Not Applicable |
| | | | |
| | 16. | | Power of Attorney dated August 6, 2008 (filed herewith) |
| | | | |
| | 17. | | Form of Proxy Card (filed herewith) |
| |
1. | The undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act [17 CFR 230.145c], the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. |
| |
2. | The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. |
| |
3. | The undersigned registrant undertakes to file a post-effective amendment to this registration statement that contains an opinion of counsel supporting the two matters described in this registration statement. |
SIGNATURES
As required by the Securities Act of 1933, this registration statement has signed on behalf by the Registrant, in the City of Hartford, State of Connecticut, on the 1st day of April, 2009.
| | |
| THE HARTFORD MUTUAL FUNDS II, INC. |
|
| By: | /s/ John C. Walters |
| |
|
| John C. Walters |
| Its: President |
As require by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.
| | | | | |
Signature | | Title | | Date | |
| |
| |
| |
| | | | | |
/s/ Tamara L. Fagely | | Controller & Treasurer | | April 1, 2009 | |
| | (Chief Accounting Officer & | | | |
Tamara L. Fagely | | Chief Financial Officer) | | | |
| | | | | |
* | | Director | | April 1, 2009 | |
| | | | | |
Lynn S. Birdsong | | | | | |
| | | | | |
* | | Chairman of the Board | | April 1, 2009 | |
| | and Director | | | |
Robert M. Gavin, Jr. | | | | | |
| | | | | |
* | | Director | | April 1, 2009 | |
| | | | | |
Duane E. Hill | | | | | |
| | | | | |
* | | Director | | April 1, 2009 | |
| | | | | |
Sandra S. Jaffee | | | | | |
| | | | | |
* | | Director | | April 1, 2009 | |
| | | | | |
William P. Johnston | | | | | |
| | | | | |
* | | Director | | April 1, 2009 | |
| | | | | |
Lemma W. Senbet | | | | | |
| | | | | |
* | | Director | | April 1, 2009 | |
| | | | | |
Thomas M. Marra | | | | | |
| | | | | |
* | | Director | | April 1, 2009 | |
| | | | | |
Phillip O. Peterson | | | | | |
| | | | | |
* | | Director | | April 1, 2009 | |
| | | | | |
Lowndes A. Smith | | | | | |
| | |
/s/ Edward P. Macdonald | | April 1, 2009 | |
| | | |
* By Edward P. Macdonald | | |
Attorney-in-fact | | |
| | |
* Pursuant to Power of Attorney dated August 6. 2008. | | |
EXHIBIT INDEX
| |
Exhibit No. | |
| |
| |
16. | Power of Attorney |
| |
17. | Form of Proxy Card |
| |