UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-07589
THE HARTFORD MUTUAL FUNDS, INC.
(Exact name of registrant as specified in charter)
P. O. Box 2999, Hartford, Connecticut 06104-2999
(Address of Principal Executive Offices)
Kevin J. Carr, Esquire
Investment Law Unit
The Hartford Financial Services Group, Inc.
55 Farmington Avenue
Hartford, Connecticut 06105
(Name and Address of Agent for Service)
Registrant's telephone number, including area code: (860) 297-6443
Date of fiscal year end: October 31st
Date of reporting period: November 1, 2003-April 30, 2004
Form N-CSRS is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSRS in its
regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSRS,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSRS
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Dear Fellow Shareholders,
The momentum we saw in the equity market at the end of last year carried over to
the first two months of this year. Since then, the market has experienced
increased volatility and its advance has slowed due to concerns over rising
energy prices, negative employment reports and a renewed fear of terrorist
attacks. Nevertheless, the market as measured by the S&P 500 Index(1) returned
6.3% for the 6-month period and 22.9% for the 12-month period ending April 30,
2004.
The past several months have also been favorable for The Hartford Mutual Funds.
Over the six months covered by this report, 33 of the 34 Hartford Mutual Funds
reported positive returns, with many posting double-digit 12-month returns as of
April 30, 2004.
This market resurgence appears to have boosted investor confidence. As of March
2004, $85 billion of new net cash flows were directed to stock mutual funds
versus $11 billion in net outflows for the same period last year(2). While it's
encouraging to see investors moving back into the equity market, it's important
to remember to keep a long-term perspective when investing in mutual funds.
There is no guarantee that the strong market performance we saw in 2003 will be
duplicated in 2004. That's why we recommend working with an investment
professional. He or she can help take the emotion out of investing and keep you
focused on your long-term investment plan.
In addition to performance, The Hartford Mutual Funds has received other good
news within the past six months. Lipper, a respected mutual fund research firm,
awarded THE HARTFORD GROWTH FUND its Lipper Fund Award 2004 for the Large-Cap
Growth Funds Category(3). The Hartford Growth Fund was ranked #1 out of 474
Funds for achieving the highest Consistent Return scores within its category for
an overall time period ending 12/31/03.
Furthermore, Dalbar, Inc., a financial services market research and consulting
firm, announced The Hartford Mutual Funds won its Mutual Fund Service Award for
2003 for customer service to mutual fund investors.
While we're proud of these honors, excellent performance and award winning
customer service are goals we strive for every day. You can be assured these are
goals we will continue to work hard to achieve.
Thank you for investing in The Hartford Mutual Funds.
TOM MARRA
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
(1) The S&P 500 is an unmanaged index which measures broad-based changes in
stock market conditions based on the average performance of 500 widely held
common stocks. It does not represent the performance of a specific
investment. This index is not available for direct investment.
(2) Investment Company Institute, April 2004.
(3) Lipper presents the award annually to the fund in each Lipper
classification that achieved the highest Consistent Return scores. A fund's
Consistent Return score evaluates its risk-adjusted returns, adjusted for
volatility, relative to peers, for the overall period ended December 31,
2003. The fund was chosen from among 474 funds. Lipper Fund Awards are not
intended to predict future results, and Lipper does not guarantee the
accuracy of this information. Prior to April 2, 2001, the Fund was managed
by Fortis Advisors, Inc. The Lipper Fund Award 2004 is based on the
Consistent Return scores of Class H shares, which are no longer available
for new investors. Class A shares, which have different operating expenses,
were offered beginning February 19, 2002. Performance prior to that date
would have been lower if Class A shares expenses were applied. Lipper is a
leading global mutual fund research firm.
<Table>
Semi-Annual Report
April 30, 2004 (ELK PHOTO)
</Table>
- Manager Discussions
- Financials
Please note that the responses to the
questions: How did the Fund perform?,
Why did the Fund perform this way? and
What is your outlook? represent the
views of the portfolio manager(s) of the
applicable fund.
(THE HARTFORD LOGO)
THE HARTFORD MUTUAL FUNDS, INC.
THE HARTFORD MUTUAL FUNDS II, INC.
TABLE
OF
CONTENTS
Manager Discussions (Unaudited) 1
The Hartford Mutual Funds, Inc. and The Hartford Mutual Funds II, Inc.
Financial Statements
Schedule of Investments as of April 30, 2004 (Unaudited):
The Hartford Advisers Fund 36
The Hartford Capital Appreciation Fund 41
The Hartford Disciplined Equity Fund (formerly the Hartford Growth
and Income Fund) 44
The Hartford Dividend and Growth Fund 46
The Hartford Equity Income Fund 48
The Hartford Focus Fund 50
The Hartford Global Communications Fund 51
The Hartford Global Financial Services Fund 52
The Hartford Global Health Fund 54
The Hartford Global Leaders Fund 56
The Hartford Global Technology Fund 59
The Hartford Growth Fund 61
The Hartford Growth Opportunities Fund 62
The Hartford High Yield Fund 64
The Hartford Income Fund 73
The Hartford Inflation Plus Fund 80
The Hartford International Capital Appreciation Fund 81
The Hartford International Opportunities Fund 83
The Hartford International Small Company Fund 86
The Hartford MidCap Fund 90
The Hartford MidCap Value Fund 92
The Hartford Money Market Fund 94
The Hartford Short Duration Fund 96
The Hartford Small Company Fund 102
The Hartford SmallCap Growth Fund 104
The Hartford Stock Fund 107
The Hartford Tax-Free California Fund 109
The Hartford Tax-Free Minnesota Fund 112
The Hartford Tax-Free National Fund 115
The Hartford Tax-Free New York Fund 122
The Hartford Total Return Bond Fund 124
The Hartford U.S. Government Securities Fund 131
The Hartford Value Fund 133
The Hartford Value Opportunities Fund 135
Statement of Assets and Liabilities as of April 30, 2004
(Unaudited) 138
Statements of Operations for the Period Ended April 30, 2004
(Unaudited) 146
Statements of Changes in Net Assets for the Periods Ended April 30,
2004 (Unaudited) and October 31, 2003 154
Notes to Financial Statements (Unaudited) 166
Financial Highlights 185
Directors and Officers (Unaudited) 212
Privacy Policy 215
IMPORTANT FUND INFORMATION
The following disclosure applies to all of The Hartford Mutual Funds:
The graphs on the following pages represent hypothetical investments in The
Hartford Mutual Funds. Past performance does not guarantee future results.
The value of shares will fluctuate so that, when redeemed, shares may be worth
more or less than their original cost. The chart and table do not reflect the
deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares.
Performance information may reflect historical or current expense
waivers/reimbursements from an affiliate of the investment adviser, without
which performance would have been lower. For information on current expense
waivers/reimbursements, please see the prospectus.
<Table>
The Hartford Advisers Fund (1,2,3) The Hartford International Opportunities Fund
The Hartford Capital Appreciation Fund (1,2,3) (1,2,3)
The Hartford Disciplined Equity Fund (1,2,3) The Hartford International Small Company Fund
The Hartford Dividend and Growth Fund (1,2,3) (2,3)
The Hartford Equity Income Fund (2,3) The Hartford MidCap Fund (1,2,3)
The Hartford Focus Fund (2,3) The Hartford MidCap Value Fund (2,3)
The Hartford Global Communications Fund (2,3) The Hartford Short Duration Fund (2,3)
The Hartford Global Financial Services Fund The Hartford Small Company Fund (1,2,3)
(2,3) The Hartford SmallCap Growth Fund (4,5,6)
The Hartford Global Health Fund (2,3) The Hartford Stock Fund (1,2,3)
The Hartford Global Leaders Fund (2,3) The Hartford Tax-Free California Fund (2,3)
The Hartford Global Technology Fund (2,3) The Hartford Tax-Free Minnesota Fund (7,8,9)
The Hartford Growth Fund (4,5,6) The Hartford Tax-Free National Fund (7,8,9)
The Hartford Growth Opportunities (4,5,6) The Hartford Tax-Free New York Fund (2,3)
The Hartford High Yield Fund (2,3) The Hartford Total Return Bond Fund (1,2,3)
The Hartford Income Fund (2,3) The Hartford U.S. Government Securities Fund
The Hartford Inflation Plus Fund (2,3) (7,8,9)
The Hartford International Capital Appreciation The Hartford Value Fund (2,3)
Fund (2,3) The Hartford Value Opportunities Fund (4,5,6)
</Table>
( 1) Class C shares commenced operations on 7/31/98. Performance prior to
7/31/98 reflects Class B performance less Class C sales charges where
applicable.
( 2) The initial investment in Class A and C shares reflects the maximum sales
charge and Class B shares reflect a CDSC.
( 3) Growth of a $10,000 investment in Class B, C and Y shares will vary from
the results seen on the following pages due to differences in the expenses
charged to these share classes.
( 4) New Class A, B and C shares were offered beginning on February 19, 2002.
Performance prior to that date is that of the fund's Class L, M and N
shares, respectively, which have lower operating expenses. Performance
prior to February 19, 2002 would have been lower if Class A, B and C share
expenses were applied during that period.
( 5) The initial investment in Class A, C and L shares reflects the maximum
sales charges and B, H, M and N shares reflect a CDSC.
( 6) Growth of a $10,000 investment in Class B, C, H, L, M, N, Y and Z shares
will vary from the results seen on the following pages due to differences
in expenses charged to these share classes.
( 7) New Class A, B and C shares were offered beginning on February 19, 2002.
Performance prior to that date is of the fund's Class E, M and N shares,
respectively, which have lower operating expenses. Performance prior to
February 19, 2002 would have been lower if Class A, B and C share expenses
were applied during that period.
( 8) The initial investment in Class A, C, E and L shares reflects the maximum
sales charge and B, H, M and N shares reflect a CDSC.
( 9) Growth of a $10,000 investment in Class B, C, E, H, L, M, N and Y shares
will vary from the results seen on the following pages due to differences
in expenses charged to these share classes.
(10) New Class Y shares were offered beginning on February 19, 2002.
Performance prior to that date is that of the fund's Class L shares.
Performance prior to February 19, 2002 would have been lower if Class Y
share expenses were applied during that period.
(11) New Class Y shares were offered beginning on February 19, 2002.
Performance prior to that date is that of the fund's Class E shares.
Performance prior to February 19, 2002 would have been lower if Class Y
share expenses were applied during that period.
1
COMPARATIVE BENCHMARKS appear throughout the fund commentary as a measure of
fund performance.
S & P 500 INDEX is a market capitalization weighted price index composed of 500
widely held common stocks.
S & P MIDCAP 400 INDEX is an unmanaged index measuring the performance of the
mid-size company segment of the U.S. market.
MSCI AC (ALL COUNTRY) WORLD FREE TELECOMMUNICATIONS SERVICES INDEX is a free
float-adjusted market capitalization index of developed and emerging market
countries that is designed to measure international equity market performance.
MSCI AC WORLD FREE EX U.S. INDEX is a broad based, unmanaged, market
capitalization weighted, total return index that measures the performance of
both developed and emerging stock markets, excluding the U.S.
MSCI WORLD INDEX is a broad based, unmanaged, market capitalization weighted,
total return index that measures the performance of 23 developed country global
stock markets, including the United States, Canada, Europe, Australia, New
Zealand and the Far East.
MSCI FINANCE EX-REAL ESTATE INDEX is a cap-weighted index that measures the
performance of financial stocks from around the world. This index excludes real
estate.
MSCI EAFE - the Morgan Stanley Capital International Europe, Australia and Far
East Index is a free float-adjusted capitalization index that is designed to
measure developed market equity performance, excluding the U.S. and Canada.
GOLDMAN SACHS HEALTH CARE INDEX is an unmanaged index designed to measure the
performance of companies in the health care sector. Issues in the index include
providers of health care related services including long-term care and
hospitalization facilities, health care management organizations and continuing
care services.
GOLDMAN SACHS TECHNOLOGY COMPOSITE INDEX is an unmanaged index designed to
measure performance of companies in the technology sector. Issues in the index
include producers of sophisticated devices, services and software related to the
fields of computers, electronics, networking and Internet services.
CITIGROUP BROAD MARKET EURO-PACIFIC <$2B INDEX takes the entire international
universe of all stocks, and divides it evenly each year to include only those
companies with a market cap between $100m and $2b regardless of country or
industry. This represents roughly the bottom 20% of the international equity
market.
RUSSELL 1000 GROWTH INDEX is an unmanaged index that measures the performance of
those Russell 1000 Index companies with higher price-to-book ratios and higher
forecasted growth values.
RUSSELL 2000 GROWTH INDEX is an unmanaged index of those Russell 2000 Index
growth companies with higher price-to-book ratios and higher forecasted growth
values.
RUSSELL 3000 GROWTH INDEX is an unmanaged index that measures the performance of
those Russell 3000 Index companies with higher price-to-book ratios and higher
forecasted growth values.
RUSSELL 1000 VALUE INDEX measures the performance of those Russell 1000 Index
companies with lower price-to-book ratios and lower forecasted growth values.
RUSSELL 2500 VALUE INDEX measures the performance of those Russell 2500 Index
companies with lower price-to-book ratios and lower forecasted growth values.
RUSSELL 3000 VALUE INDEX is an unmanaged index measuring the performance of
those Russell 3000 Index companies with lower price-to-book ratios and lower
forecasted growth values.
LEHMAN BROTHERS GOVERNMENT / CREDIT BOND INDEX is a broad based unmanaged,
market value-weighted index of all debt obligations of the U.S. Treasury and
U.S. Government agencies (excluding mortgage-backed securities) and of all
publicly issued fixed-rate, nonconvertible, investment grade domestic corporate
debt.
LEHMAN BROTHERS CORPORATE HIGH YIELD INDEX is an unmanaged broad-based market
value-weighted index that tracks the total return performance of non-investment
grade, fixed-rate, publicly placed, dollar denominated and nonconvertible debt
registered with the SEC.
LEHMAN BROTHERS INTERMEDIATE GOVERNMENT INDEX is an unmanaged index of
government bonds with maturities of between one and ten years.
LEHMAN BROTHERS MUNICIPAL BOND INDEX is an unmanaged index of municipal bonds
with maturities greater than two years.
LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX is an unmanaged index and is composed
of securities from the Lehman Brothers Government / Credit Bond Index,
Mortgage-Backed Securities Index, Asset-Backed Securities Index and Commercial
Mortgage-Backed Securities Index.
LEHMAN BROTHERS CALIFORNIA EXEMPT INDEX is an unmanaged index of municipal bonds
issued by the State of California with maturities greater than two years.
LEHMAN BROTHERS NEW YORK EXEMPT INDEX is an unmanaged index of municipal bonds
issued by the State of New York with maturities greater than two years.
LEHMAN BROTHERS U.S. GOVERNMENT INDEX is an unmanaged index of government bonds
with maturities of one year or more.
LEHMAN BROTHERS U.S. TIPS INDEX represents securities that protect against
adverse inflation and provide a minimum level of real return. To be included in
this index, bonds must have cash flows linked to an inflation index, be
sovereign issues denominated in U.S. currency, and have more than one year to
maturity.
LEHMAN BROTHERS U.S. GOVERNMENT/CREDIT 1-5 YEAR INDEX is an unmanaged index
comprised of the U.S. Government/Credit component of the U.S. Aggregate Index.
The Government/Credit Index includes securities in the 1-5 year maturity range
in the Government and Credit Indices.
2
The Hartford Advisers Fund (subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS
GOVERNMENT/CREDIT BOND
ADVISERS FUND S&P 500 INDEX INDEX
------------- ------------- ----------------------
7/22/96 9450 10000 10000
9516 10102 10020
9583 10317 10014
9952 10897 10192
10/96 10188 11198 10430
10773 12043 10622
10543 11805 10504
10923 12542 10517
10971 12641 10539
10705 12122 10413
11123 12845 10565
11589 13630 10664
12031 14236 10792
12750 15368 11122
12156 14507 10997
12667 15301 11170
10/97 12484 14790 11349
12889 15475 11409
13001 15741 11529
13127 15914 11691
13700 17061 11668
14179 17935 11704
14383 18118 11762
14247 17806 11888
14809 18529 12009
14907 18333 12019
13667 15684 12253
14226 16689 12604
10/98 14766 18044 12514
15258 19138 12590
15742 20240 12621
16063 21086 12711
15713 20430 12408
16195 21248 12470
16678 22070 12501
16296 21549 12373
16936 22745 12334
16633 22035 12300
16462 21925 12290
16243 21324 12400
10/99 16771 22674 12432
16953 23134 12425
17643 24495 12349
17074 23265 12346
17157 22825 12500
18317 25058 12681
17964 24304 12619
17692 23805 12608
17998 24391 12865
17840 24010 13001
18525 25501 13185
18034 24155 13235
10/00 18086 24054 13318
17538 22158 13546
17801 22267 13813
18111 23057 14045
17403 20957 14189
16719 19630 14255
17388 21153 14147
17510 21295 14229
17067 20777 14297
17079 20574 14653
16464 19288 14841
15820 17731 14977
10/01 16157 18070 15358
16808 19456 15106
16874 19627 14987
16648 19341 15096
16546 18967 15224
16822 19680 14915
15951 18488 15205
15860 18352 15345
15199 17045 15475
14721 15717 15661
14744 15820 16012
13812 14102 16356
10/02 14475 15342 16199
15126 16244 16208
14645 15290 16638
14381 14891 16638
14289 14668 16934
14314 14810 16912
15028 16029 17093
15638 16872 17621
15760 17088 17551
15818 17389 16815
15980 17728 16926
15925 17540 17419
10/03 16448 18531 17198
16563 18694 17244
17260 19674 17414
17353 20036 17573
17492 20314 17787
17317 20008 17951
4/04 17002 19693 17400
</Table>
<Table>
--- ADVISERS FUND -- LEHMAN BROTHERS GOVERNMENT/ --- S&P 500 INDEX
$9,450 starting value CREDIT BOND INDEX $10,000 starting value
$17,002 ending value $10,000 starting value $19,693 ending value
$17,400 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- ----------------------------------------------------------
Advisers A# 7/22/1996 13.13% 0.39% 7.84%
- ----------------------------------------------------------
Advisers A## 7/22/1996 6.90% -0.75% 7.06%
- ----------------------------------------------------------
Advisers B# 7/22/1996 12.28% -0.33% 7.08%
- ----------------------------------------------------------
Advisers B## 7/22/1996 7.28% -0.69% 7.08%
- ----------------------------------------------------------
Advisers C# 7/22/1996 12.44% -0.28% 7.11%
- ----------------------------------------------------------
Advisers C## 7/22/1996 10.32% -0.49% 6.97%
- ----------------------------------------------------------
Advisers Y# 7/22/1996 13.73% 0.91% 8.38%
- ----------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGERS
RAND L. ALEXANDER, CFA
Senior Vice President, Partner
JOHN C. KEOGH
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Advisers Fund Class A, before sales charge, returned 3.38% for the
six-month period ended April 30, 2004. The Fund trailed its Composite Index (S&P
500 Index 55%: Lehman Brother Government/ Credit 35%: Treasury Bill 10%) return
of 3.9%, and the Lipper Flexible Portfolio Funds average of 4.3%.
WHY DID THE FUND PERFORM THIS WAY?
The recovery in the U.S. equity markets continued at the end of 2003 into the
early part of the new year. Strong earnings, low interest rates, improving
employment trends, and merger activity propelled indexes higher. These positive
factors were offset somewhat by concerns over potential Federal Reserve interest
rate increases, higher energy prices, renewed fears of terrorism following the
bombings in Madrid, and volatility in Iraq.
We had high confidence that equities would provide more attractive returns than
fixed income instruments, so the Fund maintained equity exposure near 70% for
most of the reporting period. This strategy helped returns as stocks
outperformed bonds. The Fund's absolute performance in equities was driven by
results in Consumer Staples, Energy, and Financials. In a reversal of the more
speculative 2003 market environment that rewarded investments in Information
Technology and Consumer Discretionary stocks, the defensive Energy and Consumer
Staples sectors were the strongest areas at the beginning of 2004. Among the
Fund's top contributors were Pfizer (Pharmaceuticals) and Exxon Mobil (Energy).
The Fund's strongest area of relative stock selection was in Consumer Staples,
boosted by holdings in Gillette (Household and Personal Products).
The Fund's relative results were held back by stock selection in Health Care,
Consumer Discretionary, and its overweight in Information Technology. In Health
Care, Wyeth (Pharmaceuticals) detracted from performance due to concerns about
litigation regarding its diet drug. We continue to own Wyeth on the strength of
the company's product line. Information Technology was the only sector in the
S&P 500 Index with a negative return during the reporting period and being
overweight in the sector hindered performance. Technology stocks, Hewlett
Packard (Technology Hardware and Equipment) and Intel (Semiconductors and
Semiconductor Equipment) detracted from absolute and relative performance.
Despite recent sell-offs, the Fund continues to own each stock believing in the
sustainability of their earnings growth.
Within the fixed income portion of the Fund, returns were in line with our
benchmark. Our fundamental high quality bias generated lower returns than an
approach that invested more aggressively in some of the lower quality segments
of the market. We continue to believe this approach is the correct one as
"insurance" for those unpredictable periods of stock market volatility. Our
tactical duration management was a positive factor so far this year. We had a
slightly short duration bias in anticipation of a stronger economy and higher
interest rates.
WHAT IS YOUR OUTLOOK?
The economic and operating environment for businesses has rarely been more
favorable for corporate earnings and profitability. Tax cuts, a weaker dollar,
sustained productivity, and healthier balance sheets are all evidence of this.
This encourages us to maintain our high equity exposure. While we remain
optimistic about the economy moving beyond the current stimulus-driven phase
into a more durable recovery as supported by the recent jobs data, we expect the
actual rate of economic growth to decelerate in the second half of the year.
This transition may favor a gradual unwinding of our cyclical posture later in
the year into more defensive areas of the market. Thus, we envision a maturing
economic cycle that will likely provide lower absolute returns, but favor high
quality, large cap stocks that can provide steadier, less leveraged earnings
growth. Within our equity portion we maintain overweight positions in
Information Technology, Industrials, and Consumer Discretionary sectors.
While we have outlined an environment that should be supportive of the business
sector and corporate balance sheets in particular, we have begun to shift fixed
income investments away from corporate bonds and back toward government
securities as valuations in the corporate sector are now less than generous and
as the Fund increases its exposure to the business sector via its equity
holdings. An improving economic environment is also supportive of our slightly
shorter duration posture, as interest rates should continue their rise this year
as the Federal Reserve raises short term interest rates.
3
The Hartford Capital Appreciation Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
CAPITAL APPRECIATION FUND S&P 500 INDEX
------------------------- -------------
7/22/96 9450 10000
9667 10102
10593 10317
11302 10897
10/96 11671 11198
12531 12043
13017 11805
14118 12542
14031 12641
13368 12122
13485 12845
16252 13630
17633 14236
19319 15368
19701 14507
21534 15301
10/97 20367 14790
20395 15475
20189 15741
19713 15914
21570 17061
22309 17935
22432 18118
20940 17806
21265 18529
20376 18333
15926 15684
16600 16689
10/98 18243 18044
19489 19138
20847 20240
22388 21086
21072 20430
22858 21248
24154 22070
25125 21549
26492 22745
26808 22035
25869 21925
25409 21324
10/99 27022 22674
29525 23134
34762 24495
34369 23265
39947 22825
39828 25058
35674 24304
33790 23805
37326 24391
36736 24010
40832 25501
39685 24155
10/00 38312 24054
34607 22158
37677 22267
39802 23057
37453 20957
35708 19630
38735 21153
39273 21295
38606 20777
36845 20574
35243 19288
30813 17731
10/01 31706 18070
33837 19456
35140 19627
33773 19341
32746 18967
34285 19680
32170 18488
31761 18352
29144 17045
26594 15717
27134 15820
25058 14102
10/02 26912 15342
29186 16244
27108 15290
26463 14891
26108 14668
25714 14810
27792 16029
29988 16872
30737 17088
31303 17389
32445 17728
32393 17540
10/03 34839 18531
35616 18694
38063 19674
38653 20036
40006 20314
39966 20008
4/04 38559 19693
</Table>
<Table>
--- CAPITAL APPRECIATION FUND --- S & P 500 INDEX
$9,450 starting value $10,000 starting value
$38,559 ending value $19,693 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- ---------------------------------------------------------
Cap App A# 7/22/1996 38.74% 9.80% 19.81%
- ---------------------------------------------------------
Cap App A## 7/22/1996 31.11% 8.56% 18.94%
- ---------------------------------------------------------
Cap App B# 7/22/1996 37.65% 9.00% 18.96%
- ---------------------------------------------------------
Cap App B## 7/22/1996 32.65% 8.71% 18.96%
- ---------------------------------------------------------
Cap App C# 7/22/1996 37.83% 9.05% 19.01%
- ---------------------------------------------------------
Cap App C## 7/22/1996 35.45% 8.84% 18.86%
- ---------------------------------------------------------
Cap App Y# 7/22/1996 39.49% 10.36% 20.40%
- ---------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
SAUL J. PANNELL, CFA
Senior Vice President, Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Capital Appreciation Fund Class A, before sales charge, returned
10.68% for the six-month period ended April 30, 2004. The Fund's return
outperformed both the 6.7% return for the Composite Index (40% S&P 500, 60%
Russell 2500), the S&P 500 Index return of 6.27% and the Lipper Multi-Cap Core
Average, which returned 5.7% for the same time period.
WHY DID THE FUND PERFORM THIS WAY?
Equity markets continued their ascent in early 2004, as investors cheered lofty
corporate profits, strength in the industrial sector, and rising business
investment. On the heels of these solidifying trends, Federal Reserve officials
began to hint that interest rate hikes could come sooner than generally
expected. This concern, combined with terrorist attacks and threats, rising
energy prices, and lackluster job growth, restrained the equity market's
advance. During the period, all market-cap segments posted gains, with the
performance of small-cap stocks edging mid-cap stocks and exceeding large-caps,
as measured by their respective S&P Indexes.
During the period, the Fund benefited the most from strong stock selection in
Information Technology, Financials, and Consumer Staples. The largest
contributor to absolute returns was Tyco International (Capital Goods), which
continued its recovery from accounting issues with strong results across several
businesses. Samsung (Semiconductors and Semiconductor Equipment) was another
major contributor. Samsung is the lowest cost producer of electronic memory, one
of the fastest growing cell phone manufacturers, and the dominant supplier of
liquid crystal displays. Ace (Insurance) added to Fund returns as they reported
financial results ahead of expectations and cashflow continues to be strong.
Our gains were modestly offset by relatively poor stock selection in Materials.
In terms of individual stocks, Altera (Semiconductors and Semiconductor
Equipment) detracted from results during the six-month period. Biovail
(Biotechnology) also detracted from results after their fourth quarter earnings
showed deterioration in some of the company's legacy drugs. The Fund continued
to own Biovail and Altera at the end of the period believing in their upside
potential.
WHAT IS YOUR OUTLOOK?
On the heels of the strong market performance over the last several quarters, it
has become increasingly challenging to locate unexploited sectors, trends, or
themes in the market. Valuations are roughly comparable across many industries
and several stock groups have already had very strong runs. In this environment,
we expect our approach to investing to perform well as we continue to seek
performance in any and all segments of the equity universe, one stock at a time.
Going forward it will likely be more important to identify companies that can
gain market share, grow the top-line, and drive the economic expansion.
4
The Hartford Disciplined Equity Fund
(subadvised by Wellington Management Company, LLP)
(formerly The Hartford Growth and Income Fund)
PERFORMANCE OVERVIEW(3) 4/30/98 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
DISCIPLINED EQUITY FUND S&P 500 INDEX
----------------------- -------------
4/30/98 9450 10000
9242 9828
9591 10227
9591 10119
8269 8656
8829 9211
10/98 9625 9959
10155 10563
10847 11171
11197 11638
10790 11276
11311 11727
11652 12181
11416 11894
12145 12554
11889 12162
11719 12101
11369 11770
10/99 11861 12515
12178 12769
13104 13520
12359 12841
12330 12598
13648 13830
13104 13414
12779 13139
13249 13462
13143 13252
14029 14075
13182 13332
10/00 13124 13276
12074 12230
12254 12291
12855 12727
11813 11568
11171 10836
12073 11676
12173 11754
11922 11469
11663 11356
10971 10646
10059 9787
10/01 10380 9974
11112 10739
11212 10834
10952 10676
10631 10470
11022 10863
10251 10205
10150 10130
9299 9409
8657 8675
8707 8732
7755 7784
10/02 8447 8468
8898 8966
8397 8440
8117 8220
7987 8096
8037 8175
8659 8848
9130 9313
9210 9432
9331 9598
9542 9785
9542 9682
10/03 10103 10229
10253 10319
10780 10860
10941 11059
11061 11213
10891 11044
4/04 10740 10870
</Table>
<Table>
--- DISCIPLINED EQUITY FUND --- S&P 500 INDEX
$9,450 starting value $10,000 starting value
$10,740 ending value $10,870 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- -----------------------------------------------------------------
Disciplined Eqy A# 4/30/1998 24.03% -1.62% 2.15%
- -----------------------------------------------------------------
Disciplined Eqy A## 4/30/1998 17.24% -2.74% 1.20%
- -----------------------------------------------------------------
Disciplined Eqy B# 4/30/1998 23.14% -2.33% 1.42%
- -----------------------------------------------------------------
Disciplined Eqy B## 4/30/1998 18.14% -2.70% 1.26%
- -----------------------------------------------------------------
Disciplined Eqy C# 4/30/1998 23.11% -2.31% 1.44%
- -----------------------------------------------------------------
Disciplined Eqy C## 4/30/1998 20.88% -2.50% 1.26%
- -----------------------------------------------------------------
Disciplined Eqy Y# 4/30/1998 24.59% -1.13% 2.66%
- -----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
JAMES A. RULLO, CFA
Senior Vice President, Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Disciplined Equity Fund Class A, before sales charge, returned
6.31% for the six-month period ended April 30, 2004, outperforming the Lipper
Large Cap Core Average, which returned 4.5%, and performing in line with its
benchmark, the S&P 500 Index, which also returned 6.27% during the period.
WHY DID THE FUND PERFORM THIS WAY?
Low interest rates, tax refunds and an increased level of merger activity
propelled indexes higher during the six-month period. In contrast to 2003, when
more aggressive sectors lead the market, defensive sectors generally posted
better returns. With the exception of Information Technology, all sectors of the
S&P 500 Index advanced, with Energy, Telecommunications, Health Care and
Consumer Staples leading the way.
In this environment, stock selection within the Information Technology sector
was a meaningful contributor to our relative outperformance. Our investments in
Motorola, a global provider of integrated communications and electronic
solutions, and First Data Corporation, an e-commerce software company, both
advanced during the period. Our underweight in shares of semiconductor
bellwether Intel, which declined significantly during the period, also
contributed to positive relative performance.
Stock selection within Financials, the Fund's greatest sector exposure, was
another source of strength during the period. Bank holdings such as Bank One,
Bank of America and Countrywide Financial Corporation were top contributors to
our results.
The Telecommunications Services and Consumer Discretionary sectors were the
largest disappointments during the six-month period. Among our
Telecommunications Services holdings, Nextel Communications was a top detractor,
while not owning shares of AT&T Wireless, which surged in response to an
acquisition bid by Cingular, also held back performance. We are maintaining a
position in Nextel for a number of reasons, including the likelihood that the
company receives approval of its spectrum swap plan, allowing the company to
move away from Motorola's proprietary iDEN technology. Within the Consumer
Discretionary sector, Media holding Comcast sold off abruptly when the hostile
bid for Disney was poorly received by investors. We have maintained the position
due to the attractive valuation of Comcast shares given the company's solid cash
flow, positive advertising trends, and growth opportunities from new product
offerings.
WHAT IS YOUR OUTLOOK?
Corporate profits in the U.S. are roughly 20% higher than a year ago and we are
currently seeing the strongest level of global economic growth in four years. We
expect this growth to moderate in the second half of 2004 and into 2005.
Consistent with the recent March U.S. Employment Report, U.S. consumption will
no longer be carried by tax cuts, but instead an increasing part of the burden
will be shouldered by rising employment and wage income. We expect the Federal
Reserve to exercise patience while contemplating its first rate hike in four
years and look for this to occur in late 2004 accompanied by a moderate updrift
in inflation. As a result of this outlook, we continue to position the fund with
the greatest exposure to Financials, Information Technology and Health Care
sectors.
5
The Hartford Dividend and Growth Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
DIVIDEND AND GROWTH FUND S&P 500 INDEX
------------------------ -------------
7/22/96 9450 10000
9545 10102
9695 10317
10149 10897
10/96 10423 11198
10990 12043
10894 11805
11409 12542
11589 12641
11142 12122
11504 12845
12246 13630
12906 14236
13652 15368
13002 14507
13768 15301
10/97 13356 14790
13988 15475
14270 15741
14454 15914
15066 17061
15858 17935
15771 18118
15509 17806
15671 18529
15553 18333
13565 15684
14415 16689
10/98 15434 18044
15895 19138
16335 20240
16179 21086
15933 20430
16325 21248
17330 22070
16887 21549
17456 22745
16913 22035
16478 21925
16041 21324
10/99 16962 22674
16867 23134
17083 24495
16393 23265
15470 22825
17173 25058
16960 24304
17317 23805
16774 24391
16774 24010
17725 25501
17893 24155
10/00 18242 24054
17883 22158
18800 22267
18509 23057
18337 20957
17746 19630
18653 21153
18967 21295
18479 20777
18597 20574
18002 19288
16830 17731
10/01 16841 18070
17748 19456
17938 19627
17983 19341
18258 18967
18744 19680
17970 18488
18135 18352
17185 17045
15855 15717
15744 15820
14034 14102
10/02 15065 15342
16075 16244
15392 15290
14870 14891
14559 14668
14528 14810
15586 16029
16577 16872
16717 17088
16874 17389
17242 17728
17035 17540
10/03 17840 18531
18165 18694
19342 19674
19398 20036
19746 20314
19497 20008
4/04 19306 19693
</Table>
<Table>
--- DIVIDEND AND GROWTH FUND --- S&P 500 INDEX
$9,450 starting value $10,000 starting value
$19,306 ending value $19,693 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- --------------------------------------------------------------
Div & Growth A# 7/22/1996 23.88% 2.18% 9.62%
- --------------------------------------------------------------
Div & Growth A## 7/22/1996 17.10% 1.04% 8.83%
- --------------------------------------------------------------
Div & Growth B# 7/22/1996 22.90% 1.46% 8.84%
- --------------------------------------------------------------
Div & Growth B## 7/22/1996 17.90% 1.08% 8.84%
- --------------------------------------------------------------
Div & Growth C# 7/22/1996 23.08% 1.50% 8.88%
- --------------------------------------------------------------
Div & Growth C## 7/22/1996 20.85% 1.29% 8.74%
- --------------------------------------------------------------
Div & Growth Y# 7/22/1996 24.56% 2.76% 10.18%
- --------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
EDWARD P. BOUSA, CFA
Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Dividend and Growth Fund Class A, before sales charge, returned
8.22% for the six-month period ended April 30, 2004. The Fund outperformed both
the Lipper Equity Income Average, which returned 7.6%, and the S&P 500 Index,
the Fund's benchmark, which returned 6.27% over the same period.
WHY DID THE FUND PERFORM THIS WAY?
Market strength during the beginning of the year turned more volatile as
investors continued to focus on unknowns through April. These unknowns include
the trend toward outsourcing of jobs from the U.S., the possibility of
heightened terrorism, and the upcoming U.S. presidential election. Strong recent
GDP growth only helped to modestly accelerate job growth in the US. The equity
market continued to favor small cap stocks versus their larger-cap brethren.
During the period, value, measured by the Russell 1000 Value Index, outperformed
growth, measured by the Russell 1000 Growth Index, by over 400 basis points.
The Fund's outperformance relative to the S&P 500 was attributable primarily to
the Fund's underweight position within Information Technology, as well as strong
stock selection within the sector. Within Information Technology, we focused on
holding higher quality names and avoided the higher beta, more speculative
stocks. Motorola (Hardware) was the top Technology contributor, on an absolute
basis, benefiting from improved sales in wireless handsets. Additionally, the
Fund's overweight position in Energy, the top-performing sector, during the
period, was also a contributor to performance. Within Energy, signs of increased
pricing power are being seen in the economy. Top contributors in this sector
were BP PLC, Exxon Mobil and Chevron Texaco.
Additionally, our stock selection was very strong among Consumer Staples,
Financials and Health Care names. For the period, Altria (Tobacco), Bank One
(Bank) and Aventis (Pharmaceutical) were top contributors, on an absolute basis,
within each of these sectors, respectively. Altria posted better-than-expected
earnings due to sequential market share gain for their Marlboro brand. Bank One
was acquired by JP Morgan, at a premium, during the period. Aventis benefited
from good underlying sales growth and news that they are making progress in
obtaining FDA approval for their antibiotic drug Ketek. As of the end of the
period, the Fund held positions in all of these names.
WHAT IS YOUR OUTLOOK?
Recent positive jobs data support our thesis that the current business momentum
will propel GDP growth to solid levels. As noted above, signs of increased
pricing power within Energy and Materials should benefit our holdings in these
sectors. The Fed is alerting investors that the current low interest rates are
not sustainable in a strong economy. For this reason, we continue to underweight
Financials, where higher interest rates can increase the cost of capital.
Overall, our strategy of buying high quality companies with above-average
dividends should be successful in a positive economic environment.
6
The Hartford Equity Income Fund (subadvised by Wellington Management Company,
LLP)
PERFORMANCE OVERVIEW(3) 8/28/03 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
EQUITY INCOME FUND RUSSELL 1000 VALUE INDEX
------------------ ------------------------
8/28/03 9450.00 10000.00
9/03 9403.00 9902.00
10/03 9800.00 10508.00
11/03 9944.00 10651.00
12/03 10612.00 11307.00
1/04 10545.00 11506.00
2/04 10735.00 11753.00
3/04 10621.00 11649.00
4/04 10430.00 11365.00
</Table>
<Table>
--- EQUITY INCOME FUND --- RUSSELL 1000 VALUE INDEX
$9,450 starting value $10,000 starting value
$10,430 ending value $11,365 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 04/30/04)
<Table>
<Caption>
INCEPTION DATE SINCE INCEPTION
- --------------------------------------------------------
Equity Income A# 8/28/2003 10.39%
- --------------------------------------------------------
Equity Income A## 8/28/2003 4.34%
- --------------------------------------------------------
Equity Income B# 8/28/2003 9.81%
- --------------------------------------------------------
Equity Income B## 8/28/2003 4.81%
- --------------------------------------------------------
Equity Income C# 8/28/2003 9.86%
- --------------------------------------------------------
Equity Income C## 8/28/2003 8.86%
- --------------------------------------------------------
Equity Income Y# 8/28/2003 10.67%
- --------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
JOHN R. RYAN, CFA
Senior Vice President, Managing Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford Equity Income Fund
Class A, before sales charge, returned 6.46%, trailing both the Russell 1000
Value Index return of 8.16% and the Lipper Equity Income Average return of 7.6%.
WHY DID THE FUND PERFORM THIS WAY?
An improving economy, strong corporate profits and better investor sentiment led
to strong equity market performance during the period. Value continued to
outperform growth as the Russell 1000 Value Index return of 8.16% bested the
Russell 1000 Growth Index return of 4.14% by over 400 basis points during the
period. The broader market, as represented by the S&P 500, returned 6.27%. All
ten sectors of the Russell 1000 Value Index posted positive gains, with Energy
and Consumer Staples leading the way.
The Fund's underperformance during this period was due to unfavorable stock
selection within Financials, Materials and Information Technology. The top three
detractors, on an absolute basis, were Hewlett-Packard (Hardware), Merrill Lynch
(Diversified Financials) and Morgan Stanley (Diversified Financials).
Information Technology broadly came under pressure due to concern that the
demand cycle for semiconductors and equipment has peaked. It is our belief that
order growth will show stabilization and perhaps re-acceleration during the
second half of 2004 and into 2005. With respect to the brokerage stocks above,
the mergers and acquisitions cycle and the underwriting cycle are turning up
which should benefit these stocks. As of the end of the period, we continued to
own all three stocks.
To help partially offset these results, the Fund benefited from strong stock
selection within Consumer Staples and an overweight position in Energy. While
the Fund does not employ a "top-down" approach to investing, the Fund's overall
sector allocation was also a positive contributor to returns. Within Energy,
Exxon Mobil and Chevron Texaco were the top performers. Kellogg was a top
contributor within Consumer Staples. The company's management raised guidance
for the quarter citing better than expected sales and currency benefits. As of
the end of the period, all three stocks were held in the Fund.
WHAT IS YOUR OUTLOOK?
The scope of the global recovery is impressive. It appears synchronized across
all regions and has good momentum. We remain encouraged by what companies are
saying regarding orders and revenue trends. We believe that higher profits and
business confidence will drive employment gains, which should support further
growth in the economy. The US corporate mentality continues to be very cautious
and focused on cost reductions and productivity improvements.
Corporate profits are expanding at a pace above consensus expectations.
Dividends and free cash flow are still expanding. Better earnings, better free
cash flow and higher dividends are key drivers of higher stock prices.
The Fund is positioned in anticipation of a continuing global economic recovery.
Year-to-date, this stance has hurt the Fund's results, but we continue to
believe the economy will expand in the face of modest interest rate increases.
At the end of the period, relative to the Russell 1000 Value Index, the Fund was
overweight the Energy, Materials and Financials sectors.
7
The Hartford Focus Fund (subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 5/24/01 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
FOCUS FUND S&P 500 INDEX
---------- -------------
5/24/01 9450.00 10000.00
9441.00 9715.00
9186.00 9479.00
8996.00 9386.00
8770.00 8798.00
8014.00 8088.00
10/01 8335.00 8242.00
9129.00 8874.00
9526.00 8952.00
9176.00 8822.00
9072.00 8651.00
9299.00 8977.00
8439.00 8433.00
8221.00 8371.00
7513.00 7775.00
7125.00 7169.00
7087.00 7216.00
6274.00 6432.00
10/02 6917.00 6998.00
7626.00 7409.00
7106.00 6974.00
6926.00 6792.00
6718.00 6690.00
6737.00 6755.00
7228.00 7311.00
7663.00 7696.00
7719.00 7794.00
8040.00 7931.00
8106.00 8086.00
7917.00 8000.00
10/03 8446.00 8452.00
8512.00 8527.00
9031.00 8974.00
9088.00 9139.00
9107.00 9266.00
8890.00 9126.00
4/04 8701.00 8983.00
</Table>
<Table>
--- FOCUS FUND --- S&P 500 INDEX
$9,450 starting value $10,000 starting value
$8,701 ending value $8,983 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ---------------------------------------------------------
Focus A# 5/24/2001 20.39% -2.76%
- ---------------------------------------------------------
Focus A## 5/24/2001 13.70% -4.61%
- ---------------------------------------------------------
Focus B# 5/24/2001 19.47% -3.45%
- ---------------------------------------------------------
Focus B## 5/24/2001 14.47% -4.44%
- ---------------------------------------------------------
Focus C# 5/24/2001 19.50% -3.48%
- ---------------------------------------------------------
Focus C## 5/24/2001 17.31% -3.81%
- ---------------------------------------------------------
Focus Y# 5/24/2001 20.86% -2.33%
- ---------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
RAND L. ALEXANDER, CFA
Senior Vice President, Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Focus Fund Class A, before sales charge, returned 3.02% for the
six-month period ended April 30, 2004, trailing the Lipper Large Cap Core peer
group average return of 4.5%, and behind the 6.27% return of the S&P 500 Index,
the Fund's benchmark.
WHY DID THE FUND PERFORM THIS WAY?
The recovery in the U.S. equity markets continued at the end of 2003 and into
the early part of the new year. Strong earnings, low interest rates, merger
activity, and an improving employment picture propelled indexes higher. These
positive factors were offset somewhat by concerns over potential Federal Reserve
interest rate increases, higher energy prices, renewed fears of terrorism
following the bombings in Madrid, and volatility in Iraq.
The Fund underperformed its benchmark during the period due primarily to sector
weighting decisions, and to a lesser degree, relatively weak stock selection in
Industrials. The Fund was underweight two of the strongest performing sectors
during the period, Energy and Telecommunications. In a reversal of the
speculative 2003 market environment that drove sectors such as Information
Technology and Consumer Discretionary, the more defensive sectors outperformed
during the first part of 2004. The only sector in the benchmark to have a
negative return during the reporting period, Information Technology, was held
back by profit taking and concerns about valuations. While the Fund had positive
relative stock selection here, being overweight this underperforming sector
hindered results. The three largest detractors from absolute returns during the
period were from the Information Technology sector. These stocks, Intel, EMC,
and Hewlett Packard, were maintained in the Fund at the end of the period.
Stock selection in Financials and Consumer Staples helped relative results
during the period. Among the top contributors to returns were American
International Group (Insurance), Pfizer (Pharmaceuticals), and PepsiCo (Food,
Beverage, and Tobacco). AIG reported strong earnings that exceeded expectations
and Pfizer had strong sales across several key drug franchises. PepsiCo made
gains in carbonated beverages and at Frito Lay.
WHAT IS THE OUTLOOK FOR THE REMAINDER OF 2004?
The Fund ended the period overweight Information Technology, Industrials, and
Health Care, and underweight Consumer Staples, Consumer Discretionary, and
Telecommunications Services. While we remain optimistic about the economy moving
beyond the current stimulus-driven phase into a more durable recovery as
supported by the recent jobs data, we expect the actual rate of economic growth
to decelerate in the second half of the year. This transition may favor a
gradual unwinding of our cyclical posture later in the year into more defensive
areas of the market. Thus, we envision a maturing economic cycle that will
likely provide lower absolute returns, but favor high quality, large cap stocks
that can provide steadier, less leveraged earnings growth. We believe the
environment bodes well for large-cap, multi-national, industry leading companies
on both a fundamental and valuation basis.
8
The Hartford Global Communications Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 10/31/00 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
MSCI AC WORLD FREE
GLOBAL COMMUNICATIONS TELECOMMUNICATIONS SERVICES
FUND INDEX S&P 500 INDEX
--------------------- --------------------------- -------------
10/31/00 9450.00 10000.00 10000.00
7314.00 8625.00 9212.00
7399.00 8405.00 9257.00
8883.00 9231.00 9586.00
7068.00 7800.00 8713.00
5982.00 7362.00 8161.00
6492.00 7922.00 8794.00
5963.00 7313.00 8853.00
5689.00 6831.00 8638.00
5585.00 6911.00 8553.00
4791.00 6173.00 8019.00
4564.00 6248.00 7372.00
10/01 4319.00 6020.00 7513.00
4565.00 6306.00 8089.00
4697.00 6343.00 8160.00
4101.00 5776.00 8041.00
3601.00 5513.00 7886.00
3733.00 5585.00 8182.00
3317.00 4977.00 7686.00
3326.00 5009.00 7630.00
2882.00 4489.00 7087.00
2731.00 4254.00 6534.00
2882.00 4250.00 6577.00
2504.00 3594.00 5863.00
10/02 3061.00 4411.00 6378.00
3392.00 4883.00 6753.00
3241.00 4595.00 6357.00
3156.00 4494.00 6191.00
3137.00 4261.00 6098.00
3080.00 4208.00 6157.00
3383.00 4513.00 6664.00
3666.00 5055.00 7015.00
3864.00 5098.00 7104.00
3874.00 4978.00 7229.00
3987.00 4964.00 7370.00
4063.00 4994.00 7292.00
10/03 4412.00 5234.00 7704.00
4564.00 5413.00 7772.00
5017.00 5855.00 8179.00
5159.00 6052.00 8330.00
5159.00 6096.00 8446.00
5159.00 5968.00 8318.00
4/04 4960.00 5868.00 8187.00
</Table>
<Table>
--- GLOBAL COMMUNICATIONS FUND --- MSCI AC WORLD FREE TELECOMMUNICATIONS
$9,450 starting value SERVICES INDEX
$4,960 ending value $10,000 starting value
$5,868 ending value
-- S & P 500 INDEX
$10,000 starting value
$8,187 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ---------------------------------------------------------------
Global Comm A# 10/31/2000 46.65% -16.81%
- ---------------------------------------------------------------
Global Comm A## 10/31/2000 38.52% -18.14%
- ---------------------------------------------------------------
Global Comm B# 10/31/2000 45.74% -17.36%
- ---------------------------------------------------------------
Global Comm B## 10/31/2000 40.74% -18.08%
- ---------------------------------------------------------------
Global Comm C# 10/31/2000 45.46% -17.41%
- ---------------------------------------------------------------
Global Comm C## 10/31/2000 43.01% -17.64%
- ---------------------------------------------------------------
Global Comm Y# 10/31/2000 47.51% -16.41%
- ---------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGEMENT TEAM
ARCHANA BASI, CFA
Vice President, Portfolio Coordinator, Global Industry Analyst
DAVID NINCIC, CFA
Vice President, Global Industry Analyst
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Global Communications Fund Class A, before sales charge, returned
12.42% for the six-month period ending April 30, 2004. The Fund outperformed the
MSCI All Country World Free Telecommunication Services Index, which returned
12.12%, and the Lipper Telecommunications Mutual Fund Average, which returned
10.3% over the same period.
WHY DID THE FUND PERFORM THIS WAY?
The Fund's outperformance over the six-month period relative to the MSCI AC
World Free Telecommunications Services Index was driven by superior stock
selection across the sub-sectors invested in by the portfolio. Throughout the
period, roughly two-thirds of the Fund was invested within the
integrated/diversified telecommunications sub-sector and roughly one-third was
invested within the wireless telecommunications sub-sector.
Within the integrated/diversified telecommunications sub-sector, top
contributors included Philippine Long Distance Telephone, Norway's Telenor and
Telekom Austria. Within the Fund, we have tended to favor emerging markets and
European companies over U.S. integrated telecommunications, given the difficult
competition the U.S. companies face from cable and wireless competition. The
largest detractors from Fund returns were Brazilian companies, Telemar Norte
Leste, which we added during the period, and Brasil Telecom. Nominal returns for
both companies were impacted to an extent by the strengthening U.S. dollar
during the period. Also, Brazilian stocks suffered from fears of rising U.S.
interest rates and a slowdown in China. We continue to like the fundamental
investment proposition of both companies. The former should continue to benefit
from a successful start-up wireless operation and the latter from growth in the
business segment along with the launch of wireless services.
Many wireless holdings also performed well during the period, led by Sprint PCS
(US), which rose on both improving fundamentals and expectations of
recombination with the Sprint FON Group. Strong-performing non-US wireless
stocks included Vodafone Group (Great Britain), Cosmote (Germany) and Mobistar
(Belgium).
WHAT IS YOUR OUTLOOK?
We have become optimistic on the performance of telecom stocks for 2004,
particularly of those outside of the United States. Valuations have become
compelling, and revenue growth potential is underappreciated. While many
wireline carriers face access line declines and voice substitution to wireless,
these same carriers often have wireless operations that are performing well,
resulting in solid revenue growth. Wireless data is becoming increasingly
popular with both consumers and businesses, and this is reflected in better than
expected wireless revenue growth.
While the telecom industry operates under a difficult backdrop, this is largely
already reflected in telecom stock prices. We believe that the Fund can continue
to find underpriced stocks of companies with solid business fundamentals, which
are not yet appreciated by the market.
9
The Hartford Global Financial Services Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 10/31/00 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
GLOBAL FINANCIAL SERVICES MSCI FINANCE EX REAL ESTATE
FUND INDEX S&P 500 INDEX
------------------------- --------------------------- -------------
10/31/00 9450.00 10000.00 10000.00
9091.00 9618.00 9212.00
10036.00 10358.00 9257.00
9857.00 10361.00 9586.00
9630.00 9685.00 8713.00
9290.00 9114.00 8161.00
9715.00 9501.00 8794.00
9941.00 9447.00 8853.00
9989.00 9364.00 8638.00
9885.00 9166.00 8553.00
9715.00 9066.00 8019.00
8836.00 8104.00 7372.00
10/01 8854.00 8117.00 7513.00
9100.00 8533.00 8089.00
9384.00 8630.00 8160.00
8949.00 8330.00 8041.00
8921.00 8183.00 7886.00
9402.00 8772.00 8182.00
9430.00 8799.00 7686.00
9298.00 8912.00 7630.00
8987.00 8423.00 7087.00
8079.00 7630.00 6534.00
8070.00 7728.00 6577.00
7134.00 6668.00 5863.00
10/02 7588.00 7314.00 6378.00
8004.00 7672.00 6753.00
7566.00 7225.00 6357.00
7205.00 6988.00 6191.00
7025.00 6841.00 6098.00
6987.00 6711.00 6157.00
7718.00 7651.00 6664.00
8098.00 8089.00 7015.00
8184.00 8199.00 7104.00
8458.00 8560.00 7229.00
8430.00 8496.00 7370.00
8581.00 8700.00 7292.00
10/03 9217.00 9399.00 7704.00
9255.00 9459.00 7772.00
9830.00 10035.00 8179.00
10022.00 10290.00 8330.00
10280.00 10526.00 8446.00
10242.00 10482.00 8318.00
4/04 9802.00 10091.00 8187.00
</Table>
<Table>
--- GLOBAL FINANCIAL SERVICES FUND --- MSCI FINANCE EX REAL ESTATE INDEX
$9,450 starting value $10,000 starting value
$9,802 ending value $10,091 ending value
-- S&P 500 INDEX
$10,000 starting value
$8,187 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------------
Global Fin Ser A# 10/31/2000 27.00% 1.05%
- ------------------------------------------------------------------
Global Fin Ser A## 10/31/2000 20.06% -0.56%
- ------------------------------------------------------------------
Global Fin Ser B# 10/31/2000 26.13% 0.33%
- ------------------------------------------------------------------
Global Fin Ser B## 10/31/2000 21.13% -0.53%
- ------------------------------------------------------------------
Global Fin Ser C# 10/31/2000 26.10% 0.36%
- ------------------------------------------------------------------
Global Fin Ser C## 10/31/2000 23.84% 0.07%
- ------------------------------------------------------------------
Global Fin Ser Y# 10/31/2000 27.68% 1.52%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGEMENT TEAM
MARK T. LYNCH, CFA
Senior Vice President,
Partner, Portfolio Coordinator,
Global Industry Analyst
ERIC HALET
Vice President, Global Industry Analyst
R. ANDREW HEISKELL
Assistant Vice President,
Global Industry Analyst
JENNIFER L. NETTESHEIM, CFA
Vice President, Global Industry Analyst
THEODORE SHASTA, CFA
Senior Vice President,
Partner, Global Industry Analyst
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Global Financial Services Fund Class A, before sales charge,
returned 6.34% for the six-month period ended April 30, 2004. The Fund
underperformed its benchmark, the MSCI Finance ex-Real Estate Index, which
returned 7.36%, and outperformed the Lipper Financial Services Mutual Fund
Average, which returned 4.9% over the period.
WHY DID THE FUND PERFORM THIS WAY?
Relative to the MSCI Finance ex-Real Estate Index, the Fund's sub-sector
allocation resulted in underperformance. The Fund's overweight allocation to the
Thrift & Mortgage Finance sub-sector detracted from relative returns, though our
stock selection was strongly positive versus the benchmark. Turmoil in the
political climate and the inevitable slowdown in the refinancing boom presented
opportunity among select names. A slight underweight to Commercial Banks, the
largest sub-sector in the Fund and the benchmark, also detracted from relative
returns.
Among Commercial Banks, our positioning has been in favor of non-U.S. banks over
U.S. banks that have large bond positions susceptible to the eventual rise in
interest rates. Among U.S. banks, we've tended to prefer larger banks with
diversified businesses. As an example, Bank One was a strong driver of absolute
Fund returns during the period. We sold the stock into market optimism following
Bank One's announced acquisition by J P Morgan Chase, and did not hold it in the
Fund at the end of the period. Beyond that, top contributors among Commercial
Banks included Spain's Banco Santander Central Hispano, a stock we sold during
the period, Royal Bank of Scotland and Japan's UFJ Holdings. For the Fund
overall, the top contributor to absolute returns in the six-month period was Ace
(Insurance), which has continued to benefit from the strength in insurance
demand. The largest detractor from Fund returns was Merrill Lynch (Diversified
Financials). We continue to hold Merrill Lynch and believe the stock trades at a
discounted valuation despite financial returns in its underlying businesses
approaching those of its peers.
WHAT IS YOUR OUTLOOK?
Among banks, current prices generally reflect the assumption that capital
markets will remain perpetually strong. We are relatively favorably disposed to
the British banks that have less capital markets exposure than other European
banks, trade at attractive valuations and have strong dividend yields.
Similarly, we like Australian banks, which trade at slight discounts to American
banks and are beneficiaries of an economic tailwind supported by commodity
exports. We have also increased our exposure to Japanese banks, as we believe
they are less prone to the problematic effects of rising interest rates on bond
portfolios.
Within the Insurance industry, premiums in the property business have
stabilized, yet investment assets continue to grow rapidly and the stocks remain
very reasonably priced. In addition, the Insurance industry overall tends to
perform relatively better in a rising interest rate environment. Within the
Diversified Financials sub-sector, we tend to alternatively favor lower beta
asset managers and higher beta investment banks as opposed to custody banks and
online brokers.
10
The Hartford Global Health Fund (subadvised by Wellington Management Company,
LLP)
PERFORMANCE OVERVIEW(3) 5/1/00 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
GOLDMAN SACHS HEALTH CARE
GLOBAL HEALTH FUND S&P 500 INDEX INDEX
------------------ ------------- -------------------------
5/01/00 9450.00 10000.00 10000.00
9620.00 9795.00 10274.00
11323.00 10036.00 11392.00
11503.00 9879.00 11007.00
12118.00 10493.00 11404.00
12923.00 9939.00 11907.00
10/00 13112.00 9897.00 12194.00
13463.00 9117.00 12366.00
13965.00 9162.00 12814.00
13168.00 9487.00 11631.00
13128.00 8623.00 11576.00
12321.00 8077.00 10544.00
12980.00 8704.00 11004.00
13590.00 8762.00 11246.00
13678.00 8549.00 10963.00
13599.00 8465.00 11263.00
13392.00 7936.00 10975.00
12958.00 7296.00 10889.00
10/01 13264.00 7435.00 10905.00
13987.00 8006.00 11488.00
14168.00 8076.00 11271.00
13765.00 7958.00 10969.00
13816.00 7804.00 10914.00
14188.00 8098.00 11051.00
13705.00 7607.00 10360.00
13283.00 7551.00 10158.00
12077.00 7014.00 9192.00
11756.00 6467.00 8991.00
11524.00 6509.00 9055.00
10831.00 5803.00 8572.00
10/02 11485.00 6313.00 8969.00
12273.00 6684.00 9220.00
11674.00 6292.00 8901.00
11499.00 6127.00 8906.00
11117.00 6035.00 8752.00
11230.00 6094.00 9018.00
12211.00 6595.00 9434.00
13409.00 6942.00 9873.00
13718.00 7031.00 10297.00
13770.00 7155.00 10337.00
13637.00 7295.00 10111.00
13946.00 7217.00 10126.00
10/03 14246.00 7625.00 10225.00
14594.00 7692.00 10410.00
15309.00 8095.00 10966.00
15880.00 8244.00 11288.00
15983.00 8359.00 11443.00
15807.00 8233.00 11112.00
4/04 15953.00 8103.00 11508.00
</Table>
<Table>
--- GLOBAL HEALTH FUND -- GOLDMAN SACHS HEALTH CARE INDEX
$9,450 starting value $10,000 starting value
$15,953 ending value $11,508 ending value
--- S & P 500 INDEX
$10,000 starting value
$8,103 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- -----------------------------------------------------------------
Global Health
A#............. 5/1/2000 30.62% 13.98%
- -----------------------------------------------------------------
Global Health
A##............ 5/1/2000 23.42% 12.38%
- -----------------------------------------------------------------
Global Health
B#............. 5/1/2000 29.80% 13.15%
- -----------------------------------------------------------------
Global Health
B##............ 5/1/2000 24.80% 12.63%
- -----------------------------------------------------------------
Global Health
C#............. 5/1/2000 29.78% 13.15%
- -----------------------------------------------------------------
Global Health
C##............ 5/1/2000 27.48% 12.87%
- -----------------------------------------------------------------
Global Health
Y#............. 5/1/2000 31.31% 14.65%
- -----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGEMENT TEAM
JOSEPH H. SCHWARTZ, CFA
Senior Vice President, Partner, Portfolio Coordinator, Global Industry Analyst
ROBERT L. DERESIEWICZ
Assistant Vice President, Global Industry Analyst
ANN C. GALLO
Senior Vice President, Partner, Global Industry Analyst
JEAN M. HYNES, CFA
Senior Vice President, Partner, Global Industry Analyst
KIRK J. MAYER, CFA
Vice President, Global Industry Analyst
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Global Health Fund Class A, before sales charge, returned 11.98%
for the six-month period ended April 30, 2004. The Fund underperformed the
Goldman Sachs Health Index, which returned 12.55%, and the Lipper Health and
Biotechnology Mutual Fund Average, which returned 13.8% over the period.
WHY DID THE FUND PERFORM THIS WAY?
During the period, global health care stocks were stronger than the broad market
as the MSCI Health Care sector returned 11.7% versus the 8.7% return of the MSCI
World Index. In a marked shift from much of 2003 when cyclical sectors
outperformed, the environment over the last six months benefited more defensive
areas of the market.
Sub-sector allocation contributed to the Fund's underperformance relative to the
Goldman Sachs Health Care Index. The Fund's cash holdings (average 2.7% cash
position over the period) slightly detracted from relative performance during
the period of strong equity returns. In addition, the Fund was underweight the
strong-performing Health Care Equipment & Supplies sub-sector. Security
selection decisions were additive during the period. Stock selection was
particularly strong within the Pharmaceuticals sub-sector. The Fund was
overweight the Pharmaceuticals and Biotechnology sub-sectors on average versus
the benchmark over the period.
The best absolute contributor within the portfolio during this time period was
Elan (Biotechnology). Elan shares were up dramatically due to promising data for
its multiple sclerosis drug Antegren. Other top absolute contributors included
Aventis, a French biotechnology
company that has been the subject of take-over bids, and Guidant (Health Care
Equipment) which benefited from stronger-than-expected implantable defibrillator
sales and a slower-than-expected decline in its bare metal stent sales. The
greatest detractors within the Fund were Wyeth (Pharmaceuticals), which lost a
diet drug court case and is appealing the verdict, and Amylin Pharmaceuticals
(Biotechnology), which experienced competitive pressures across several key drug
franchises. We continue to own Wyeth on the strength of their new drug pipeline.
Amylin Pharmaceuticals was also still held in the Fund at the end of the period.
WHAT IS YOUR OUTLOOK?
Our pharmaceutical holdings are focused on companies with strong drug pipelines
and favorable valuations. Driven by the combination of escalating drug costs and
the passage of the Medicare Drug Benefit in 2003, the U.S. government will have
a much greater influence over pharmaceutical prices over the next five years.
Within the medical devices sub-sector, several years of strong relative
performance for medical technology stocks have left fewer stocks with attractive
valuations, though fundamentals remain strong. Over the medium- to long-term,
the most attractive area in the medical devices is cardiac, with cardiac rhythm
management in particular growing at extraordinary rates.
Within the health care services sub-sector, we continue to favor drug
distributors over other areas. We are less positive on the hospital industry due
to industry-wide factors such as growing competition from ambulatory surgery
centers, an increase in the number of uninsured patients, and negative trends
among payers.
11
The Hartford Global Leaders Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 9/30/98 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
GLOBAL LEADERS FUND MSCI WORLD INDEX
------------------- ----------------
9/30/98 9450.00 10000.00
10/98 10697.00 10906.00
11482.00 11556.00
12320.00 12122.00
12932.00 12389.00
12572.00 12061.00
13176.00 12565.00
13478.00 13062.00
13011.00 12587.00
13878.00 13176.00
14072.00 13138.00
13995.00 13117.00
13800.00 12991.00
10/99 14697.00 13668.00
15775.00 14054.00
18196.00 15194.00
17481.00 14325.00
19461.00 14367.00
19393.00 15361.00
18472.00 14713.00
17962.00 14342.00
18766.00 14827.00
18135.00 14411.00
19149.00 14883.00
18341.00 14092.00
10/00 17287.00 13858.00
16263.00 13019.00
16870.00 13231.00
16870.00 13488.00
15319.00 12349.00
14265.00 11540.00
15370.00 12397.00
15052.00 12243.00
14764.00 11861.00
14395.00 11704.00
13598.00 11145.00
12412.00 10164.00
10/01 12781.00 10360.00
13876.00 10975.00
13945.00 11045.00
13487.00 10711.00
13387.00 10620.00
13815.00 11092.00
13347.00 10720.00
13616.00 10745.00
12760.00 10095.00
11674.00 9245.00
11555.00 9264.00
10201.00 8247.00
10/02 11167.00 8857.00
12153.00 9337.00
11087.00 8886.00
10838.00 8617.00
10578.00 8470.00
10429.00 8447.00
11595.00 9201.00
12292.00 9732.00
12581.00 9904.00
12891.00 10108.00
13249.00 10328.00
12890.00 10393.00
10/03 13906.00 11011.00
14234.00 11182.00
14951.00 11886.00
15528.00 12080.00
16066.00 12287.00
16355.00 12210.00
4/04 15727.00 11967.00
</Table>
<Table>
--- GLOBAL LEADERS FUND --- MSCI WORLD INDEX
$9,450 starting value $10,000 starting value
$15,727 ending value $11,967 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEARS INCEPTION
- -----------------------------------------------------------------
Global Leaders A# 9/30/1998 35.65% 3.14% 9.54%
- -----------------------------------------------------------------
Global Leaders A## 9/30/1998 28.17% 1.98% 8.44%
- -----------------------------------------------------------------
Global Leaders B# 9/30/1998 34.64% 2.40% 8.76%
- -----------------------------------------------------------------
Global Leaders B## 9/30/1998 29.64% 2.03% 8.63%
- -----------------------------------------------------------------
Global Leaders C# 9/30/1998 34.84% 2.45% 8.82%
- -----------------------------------------------------------------
Global Leaders C## 9/30/1998 32.49% 2.25% 8.63%
- -----------------------------------------------------------------
Global Leaders Y# 9/30/1998 36.38% 3.70% 10.13%
- -----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
ANDREW S. OFFIT, CFA
Senior Vice President, Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Global Leaders Fund Class A, before sales charge, returned 13.11%
for the six-month period ended April 30, 2004. The Fund outperformed the MSCI
World benchmark return of 8.68% and the Lipper Global MF Average return of 7.9%.
WHY DID THE FUND PERFORM THIS WAY?
During the period, global equity markets, as measured by the MSCI World Index,
modestly outperformed U.S. equity markets, as measured by the S&P 500 Index. The
advance of global markets was broad based, with all developed markets but one
(Finland) participating and all but one of the ten broad market sectors
(Information Technology) registering positive returns. At the regional level,
performance was strongest within Developed Continental Europe and Japan.
Performance within the United States, Canada and Developed Asia ex Japan was
less robust during the period, though positive nonetheless.
Our outperformance versus the benchmark was primarily driven by strong stock
selection within the Health Care and Information Technology sectors. The three
largest contributors to the Fund's absolute returns were all from these sectors:
Irish biotech company, Elan, Canadian technology hardware company, Research in
Motion, and Finnish technology hardware company, Ericsson. Stock selection was
also significantly positive in Financials, Consumer Staples and Materials.
These returns were offset somewhat by the Fund's stock selection in Consumer
Discretionary and Energy. Three of the largest detractors from absolute returns
were XM Satellite Radio, Alstom, and ASML.
We do not manage the Fund according to country weights but, instead, focus
mainly on sector and stock weights. Nevertheless, countries and regions played a
part in our outperformance for the period, as country allocation contributed to
relative outperformance. The Fund's underweight in Japan and overweight in
Ireland were beneficial and a fallout of bottom-up stock selection.
WHAT IS YOUR OUTLOOK?
We continue to be positioned for economic growth and are beginning to see many
of the trends play out in stock price performance. Our focus will remain on
intense bottom up research, stock and sector selection. Global economies have
continued to turn up. Our large sector weights in Information Technology,
Consumer Discretionary and Industrials are some of the strongest representatives
of growth and are a result of our bottom-up research and stock analysis.
12
The Hartford Global Technology Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 5/1/00 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
GOLDMAN SACHS TECHNOLOGY
GLOBAL TECHNOLOGY FUND COMPOSITE INDEX S & P 500 INDEX
---------------------- ------------------------ ---------------
5/1/00 9450.00 10000.00 10000.00
8512.00 8780.00 9795.00
9812.00 9860.00 10036.00
9180.00 9400.00 9879.00
10425.00 10623.00 10493.00
8929.00 8902.00 9939.00
10/00 8102.00 8230.00 9897.00
6146.00 6346.00 9117.00
5930.00 5802.00 9162.00
6868.00 6754.00 9487.00
5367.00 4882.00 8623.00
4626.00 4204.00 8077.00
5479.00 5006.00 8704.00
5217.00 4807.00 8762.00
5301.00 4819.00 8549.00
4954.00 4476.00 8465.00
4194.00 3893.00 7936.00
3265.00 3106.00 7296.00
10/01 3762.00 3605.00 7435.00
4429.00 4219.00 8006.00
4588.00 4144.00 8076.00
4541.00 4140.00 7958.00
3978.00 3587.00 7804.00
4279.00 3842.00 8098.00
3763.00 3372.00 7607.00
3547.00 3234.00 7551.00
3181.00 2777.00 7014.00
2862.00 2496.00 6467.00
2824.00 2463.00 6509.00
2308.00 2024.00 5803.00
10/02 2796.00 2466.00 6313.00
3284.00 2897.00 6684.00
2824.00 2470.00 6292.00
2871.00 2448.00 6127.00
2862.00 2491.00 6035.00
2852.00 2463.00 6094.00
3162.00 2720.00 6595.00
3509.00 3024.00 6942.00
3547.00 3016.00 7031.00
3744.00 3189.00 7155.00
3988.00 3410.00 7295.00
3941.00 3360.00 7217.00
10/03 4391.00 3688.00 7625.00
4476.00 3759.00 7692.00
4523.00 3817.00 8095.00
4701.00 3996.00 8244.00
4645.00 3883.00 8359.00
4513.00 3776.00 8233.00
4/04 4204.00 3556.00 8103.00
</Table>
<Table>
--- GLOBAL TECHNOLOGY FUND --- GOLDMAN SACHS TECHNOLOGY COMPOSITE INDEX
$9,450 starting value $10,000 starting value
$4,204 ending value $3,556 ending value
-- S & P 500 INDEX
$10,000 starting value
$8,103 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ---------------------------------------------------------------
Global Tech
A#........... 5/1/2000 32.94% -18.33%
- ---------------------------------------------------------------
Global Tech
A##.......... 5/1/2000 25.49% -19.48%
- ---------------------------------------------------------------
Global Tech
B#........... 5/1/2000 32.22% -18.93%
- ---------------------------------------------------------------
Global Tech
B##.......... 5/1/2000 27.22% -19.54%
- ---------------------------------------------------------------
Global Tech
C#........... 5/1/2000 32.22% -18.93%
- ---------------------------------------------------------------
Global Tech
C##.......... 5/1/2000 29.90% -19.13%
- ---------------------------------------------------------------
Global Tech
Y#........... 5/1/2000 33.72% -17.97%
- ---------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGEMENT TEAM
SCOTT E. SIMPSON
Senior Vice President, Partner, Portfolio
Coordinator, Global Industry Analyst
JOHN F. AVERILL, CFA
Senior Vice President, Partner,
Global Industry Analyst
BRUCE L. GLAZER
Vice President, Global Industry Analyst
ANITA M. KILLIAN, CFA
Vice President, Global Industry Analyst
VIKRAM MURTHY
Assistant Vice President,
Global Industry Analyst
ERIC STROMQUIST
Senior Vice President, Partner,
Global Industry Analyst
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Global Technology Fund Class A, before sales charge, returned
- -4.27% for the six-month period ended April 30, 2004. The Fund underperformed
the Goldman Sachs Technology Index, which returned -3.58%, but slightly
outperformed the Lipper Science and Technology Mutual Fund Average, which
returned -4.4% over the period.
WHY DID THE FUND PERFORM THIS WAY?
Worried about valuation levels, investors have locked-in gains in the Technology
sector in recent months. The pullback has been little surprise and is a healthy
correction following strong gains, rather than a fundamentally driven sell-off.
Relative to its market benchmark, the Goldman Sachs Technology Composite Index,
the Fund's fundamental, bottom-up stock selection was additive to performance,
while sub-sector allocation decisions detracted from performance. Stock picking
amongst semiconductor names was most beneficial, though this was largely offset
by our overweight allocation to this area of the Technology sector.
Semiconductor names generally underperformed the broader sector during the
period, as the market looked to get ahead of a deceleration in sales growth. We
believe that semiconductors continue to be one of the best growth areas for
technology this year.
In terms of specific names, the greatest contributors to absolute return were
Red Hat (Software), benefiting from greater investor focus on its open source
software and operating system Linux, and Technology Hardware & Equipment holding
Motorola. Following reported results, Motorola has one of the highest revenue
growth rates in the Technology sector, driven by strength in the company's sales
of wireless phones, wireless infrastructure and semiconductors. The greatest
detractor from absolute Fund returns was disk drive manufacturer Maxtor, which
reported lower earnings. We continued to hold the stock in the Fund at the end
of the period.
WHAT IS YOUR OUTLOOK?
While we are still far from the heydays of 1999, tech business is generally good
and improving every month. The consumer, who was largely responsible for last
year's IT rebound, is still robust, with demand for PCs and digital consumer
applications still very strong. A steady improvement in enterprise spending is
finally being felt by technology companies and should accelerate as the year
progresses. The Fund remains positioned to profit from the comeback of business
spending in the IT sector. Our largest overweight is among the Semiconductor and
Semiconductor Equipment area of the market. Throughout the sector, we continue
to find attractive stocks, but stock selection will become increasingly
critical. It is our belief that this sector will keep offering solid investment
opportunities to long-term investors, although the opportunistic speculator may
find it a difficult environment to second-guess.
13
The Hartford Growth Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(4,6) 4/30/94 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
GROWTH FUND RUSSELL 1000 GROWTH INDEX
----------- -------------------------
4/30/94 10362.00 10859.00
9859.00 10511.00
9819.00 10688.00
9889.00 10916.00
10167.00 11373.00
10512.00 11705.00
10535.00 11962.00
10860.00 12379.00
11641.00 12857.00
12245.00 13392.00
12320.00 13406.00
12334.00 14024.00
10/95 12050.00 14034.00
12445.00 14580.00
11937.00 14663.00
12280.00 15153.00
12542.00 15430.00
12688.00 15450.00
13013.00 15857.00
13368.00 16410.00
13293.00 16433.00
12484.00 15470.00
12734.00 15869.00
13735.00 17025.00
10/96 13874.00 17127.00
14625.00 18413.00
14153.00 18052.00
14789.00 19317.00
14448.00 19186.00
13687.00 18148.00
14199.00 19353.00
15543.00 20750.00
16147.00 21581.00
17616.00 23488.00
17137.00 22114.00
17937.00 23202.00
10/97 17386.00 22344.00
17268.00 23293.00
17521.00 23554.00
17731.00 24258.00
19000.00 26083.00
20050.00 27123.00
20120.00 27498.00
19793.00 26717.00
20945.00 28352.00
20587.00 28165.00
17405.00 23937.00
18618.00 25776.00
10/98 19547.00 27848.00
20683.00 29967.00
22714.00 32670.00
23797.00 34588.00
22914.00 33007.00
24092.00 34747.00
24450.00 34792.00
23945.00 33724.00
25039.00 36084.00
24628.00 34937.00
23997.00 35506.00
23566.00 34761.00
10/99 25186.00 37385.00
26436.00 39404.00
30589.00 43502.00
29587.00 41462.00
32712.00 43489.00
32511.00 46603.00
29708.00 44385.00
28800.00 42148.00
29881.00 45343.00
29414.00 43452.00
31844.00 47384.00
31417.00 42902.00
10/00 30162.00 40872.00
27352.00 34848.00
29075.00 33747.00
27747.00 36079.00
26451.00 29952.00
24727.00 26694.00
27637.00 30070.00
27716.00 29628.00
26862.00 28941.00
26040.00 28217.00
23858.00 25909.00
21755.00 23323.00
10/01 22498.00 24548.00
24592.00 26907.00
24830.00 26856.00
24086.00 26381.00
23406.00 25286.00
24118.00 26161.00
22189.00 24026.00
21730.00 23445.00
19753.00 21276.00
18440.00 20106.00
18678.00 20166.00
17191.00 18075.00
10/02 18820.00 19732.00
19895.00 20804.00
18678.00 19366.00
18266.00 18896.00
17950.00 18809.00
18551.00 19159.00
20117.00 20574.00
21097.00 21601.00
21588.00 21899.00
21936.00 22444.00
22394.00 23003.00
22331.00 22757.00
10/03 24023.00 24036.00
24339.00 24288.00
24766.00 25128.00
25573.00 25641.00
25858.00 25805.00
25747.00 25325.00
4/04 25415.00 25031.00
</Table>
<Table>
--- GROWTH FUND --- RUSSELL 1000 GROWTH INDEX
$9,450 starting value $10,000 starting value
$25,415 ending value $25,031 ending value
</Table>
PORTFOLIO MANAGER
ANDREW J. SHILLING, CFA
Senior Vice President, Partner
AVERAGE ANNUAL TOTAL RETURNS(4,6) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR 10 YEAR INCEPTION
- -------------------------------------------------------------------
Growth A# 6/8/1949 26.34% 0.78% 10.40% 11.25%
- -------------------------------------------------------------------
Growth A## 6/8/1949 19.39% -0.35% 9.77% 11.13%
- -------------------------------------------------------------------
Growth B# 11/14/1994 25.37% 0.06% NA* NA*
- -------------------------------------------------------------------
Growth B## 11/14/1994 20.37% -0.20% NA* NA*
- -------------------------------------------------------------------
Growth C# 11/14/1994 25.37% 0.06% NA 9.27%
- -------------------------------------------------------------------
Growth C## 11/14/1994 23.12% -0.34% NA 9.15%
- -------------------------------------------------------------------
Growth H# 11/14/1994 25.76% 0.13% NA* NA*
- -------------------------------------------------------------------
Growth H## 11/14/1994 21.76% -0.13% NA* NA*
- -------------------------------------------------------------------
Growth L# 6/8/1949 26.74% 0.89% 10.46% 11.28%
- -------------------------------------------------------------------
Growth L## 6/8/1949 20.69% -0.09% 9.93% 11.18%
- -------------------------------------------------------------------
Growth M# 11/14/1994 25.70% 0.13% NA* NA*
- -------------------------------------------------------------------
Growth M## 11/14/1994 21.70% -0.13% NA* NA*
- -------------------------------------------------------------------
Growth N# 11/14/1994 25.70% 0.13% NA 9.31%
- -------------------------------------------------------------------
Growth N## 11/14/1994 24.70% 0.13% NA 9.31%
- -------------------------------------------------------------------
Growth Y# 2/19/2002 26.90% NA NA 3.91%
- -------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
NA Not Applicable
* 10 year and inception returns are not applicable for Classes
B, H and M because after 8 years Class B converts to Class A
and Classes H and M convert to Class L.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Growth Fund Class A, before sales charge, returned 5.79% for the
six-month period ended April 30, 2004, outperforming the 4.14% return of the
Russell 1000 Growth Index, the Fund's benchmark, and the 2.4% return of the
Lipper Large Cap Growth Funds Average.
WHY DID THE FUND PERFORM THIS WAY?
During the period, small and mid cap stocks outperformed large cap stocks, and
value stocks outperformed growth stocks. Eight of the ten Russell 1000 Growth
sectors posted positive returns, with Energy and Telecommunication Services far
out in front. The Information Technology sector was a negative contributor to
index performance.
In the Fund, however, strong security selection resulted in a positive
contribution from the Software & Services area of the Information Technology
sector. In particular, Symantec, First Data, and Yahoo! provided excellent
returns. Other key individual contributors to performance were Apollo Group
(Commercial Services & Supplies), Guidant (Health Care Equipment & Services) and
eBay (Retailing). Apollo Group benefited from the secular trend of rising demand
for higher education coupled with limited supply growth. Guidant rose
significantly after announcing a co-promotion deal with Johnson & Johnson for
Johnson & Johnson's Cypher stent. eBay benefited from its strong cash generating
capabilities and its dominant market position.
Poor performing stocks were concentrated in the Technology & Hardware Equipment
area of the Information Technology sector, and in the Consumer Discretionary
sector. SeaGate Technology (Technology Hardware & Equipment) was a key detractor
from performance. Despite strong prospective unit demand, worse than anticipated
competitive dynamics led to disappointing pricing and margins. This position was
eliminated from the portfolio as of period end. KLA-Tencor Corp. (Semiconductors
& Semiconductor Equipment), despite strong fundamentals, declined along with the
rest of the Semiconductor sector.
WHAT IS YOUR OUTLOOK FOR THE REMAINDER OF 2004?
Going forward, we anticipate continued strong economic and corporate profit
growth. Fiscal and monetary policies remain extremely stimulative, which we
expect will continue to be the case throughout the election year of 2004.
Capital expenditures continue to trend positively and inventory building will be
an additional positive factor influencing economic growth.
The addition of 308,000 new jobs in March indicates that the jobs situation,
heretofore disappointing, is starting to show improvement. We expect that the
Federal Reserve will increase short-term rates in response to continued economic
growth. As the economy marches along at healthy levels, we believe that the
coming later stages of the recovery will favor companies with strong organic
growth. Our focus on identifying companies with these characteristics should
position the Fund for success over the remainder of the calendar year.
14
The Hartford Growth Opportunities Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(4,6) 4/30/94 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
GROWTH OPPORTUNITIES FUND RUSSELL 3000 GROWTH INDEX
------------------------- -------------------------
4/30/94 9529.00 10812.00
9205.00 10457.00
9390.00 10639.00
9261.00 10821.00
9508.00 11279.00
9787.00 11608.00
9736.00 11854.00
10191.00 12243.00
11144.00 12751.00
11861.00 13327.00
12008.00 13358.00
12394.00 13938.00
10/95 11971.00 13875.00
12155.00 14422.00
11784.00 14528.00
12005.00 14953.00
12534.00 15267.00
12449.00 15314.00
13071.00 15795.00
13433.00 16374.00
13207.00 16279.00
12017.00 15218.00
12499.00 15682.00
13643.00 16789.00
10/96 13689.00 16808.00
14339.00 17993.00
13807.00 17707.00
14501.00 18870.00
13693.00 18647.00
12740.00 17611.00
12863.00 18660.00
14292.00 20125.00
14884.00 20920.00
16389.00 22696.00
15875.00 21554.00
16717.00 22684.00
10/97 15981.00 21790.00
15849.00 22566.00
15705.00 22796.00
15466.00 23382.00
16844.00 25168.00
17702.00 26178.00
17811.00 26520.00
17382.00 25659.00
18312.00 27113.00
17392.00 26750.00
14194.00 22558.00
15304.00 24334.00
10/98 16024.00 26237.00
16629.00 28236.00
18685.00 30783.00
19265.00 32559.00
17775.00 30960.00
18710.00 32555.00
18723.00 32792.00
18226.00 31864.00
19556.00 34053.00
19517.00 32974.00
19859.00 33383.00
19949.00 32772.00
10/99 21388.00 35131.00
23872.00 37148.00
28712.00 41193.00
28330.00 39373.00
36656.00 41833.00
33241.00 44201.00
30408.00 41929.00
28545.00 39711.00
32883.00 42860.00
31848.00 40940.00
36179.00 44686.00
36211.00 40593.00
10/00 33066.00 38575.00
26711.00 32801.00
29709.00 31958.00
29184.00 34192.00
25424.00 28464.00
22601.00 25404.00
24734.00 28611.00
24517.00 28270.00
24466.00 27724.00
23889.00 26915.00
22272.00 24748.00
18831.00 22174.00
10/01 19789.00 23398.00
21777.00 25626.00
22547.00 25685.00
22308.00 25200.00
20965.00 24113.00
22068.00 25030.00
20975.00 23090.00
20705.00 22473.00
18383.00 20406.00
16582.00 19145.00
16187.00 19198.00
14896.00 17244.00
10/02 15937.00 18780.00
17384.00 19853.00
16135.00 18481.00
15916.00 18028.00
15698.00 17920.00
16135.00 18250.00
17603.00 19622.00
18966.00 20680.00
19518.00 20971.00
19705.00 21567.00
20590.00 22147.00
20319.00 21886.00
10/03 22120.00 23164.00
22859.00 23444.00
23172.00 24201.00
23879.00 24752.00
24223.00 24894.00
24400.00 24475.00
4/04 23671.00 24118.00
</Table>
<Table>
--- GROWTH OPPORTUNITIES FUND --- RUSSELL 3000 GROWTH INDEX
$9,450 starting value $10,000 starting value
$23,671 ending value $24,118 ending value
</Table>
PORTFOLIO MANAGER
MICHAEL T. CARMEN, CFA
Senior Vice President, Partner
AVERAGE ANNUAL TOTAL RETURNS(4,5) (as of 4/30/04)
<Table>
<Caption>
INCEPTION 1 5 10 SINCE
DATE YEAR YEAR YEAR INCEPTION
- --------------------------------------------------------------------
Growth Opp A# 3/31/1963 34.48% 4.80% 9.62% 12.84%
- --------------------------------------------------------------------
Growth Opp A## 3/31/1963 27.11% 3.62% 9.00% 12.69%
- --------------------------------------------------------------------
Growth Opp B# 11/14/1994 33.60% 4.07% NA* NA*
- --------------------------------------------------------------------
Growth Opp B## 11/14/1994 28.60% 3.82% NA* NA*
- --------------------------------------------------------------------
Growth Opp C# 11/14/1994 33.60% 4.07% NA 9.46%
- --------------------------------------------------------------------
Growth Opp C## 11/14/1994 31.26% 3.69% NA 9.34%
- --------------------------------------------------------------------
Growth Opp H# 11/14/1994 33.95% 4.16% NA* NA*
- --------------------------------------------------------------------
Growth Opp H## 11/14/1994 29.95% 3.91% NA* NA*
- --------------------------------------------------------------------
Growth Opp L# 3/31/1963 34.89% 4.94% 9.69% 12.86%
- --------------------------------------------------------------------
Growth Opp L## 3/31/1963 28.45% 3.92% 9.16% 12.73%
- --------------------------------------------------------------------
Growth Opp M# 11/14/1994 33.93% 4.16% NA* NA*
- --------------------------------------------------------------------
Growth Opp M## 11/14/1994 29.93% 3.91% NA* NA*
- --------------------------------------------------------------------
Growth Opp N# 11/14/1994 33.93% 4.16% NA 9.52%
- --------------------------------------------------------------------
Growth Opp N## 11/14/1994 32.93% 4.16% NA 9.52%
- --------------------------------------------------------------------
Growth Opp Y# 2/19/2002 35.18% NA NA 5.75%
- --------------------------------------------------------------------
Growth Opp Z# 3/1/1996 35.32% 5.26% NA 8.76%
- --------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
NA Not Applicable
* 10 year and inception returns are not applicable for Classes
B, H and M because after 8 years Class B converts to Class A
and Classes H and M convert to Class L.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Growth Opportunities Fund Class A, before sales charge, returned
7.01% for the six-month period ended April 30, 2004. The Fund's return exceeded
both the 4.12% return of the Russell 3000 Growth Index and the 2.5% return of
the Lipper Multi-Cap Growth Mutual Fund Average for the same period.
WHY DID THE FUND PERFORM THIS WAY?
Two distinct market environments characterized the six months ended April 30,
2004. From November through February, markets rose on strong earnings news and
an improving employment picture. Starting in March, however, stocks fell amid
concerns that earnings growth would slow, inflation and interest rates would
rise, and oil prices would remain high. In this turbulent environment, the Fund
outperformed its benchmark and peers by maintaining its focus on stock
selection. Sector allocation, which is a residual of the stock selection
process, was a modest drag during the period. Stock selection was particularly
strong in Health Care, Consumer Discretionary, Information Technology, and
Industrials. Two of the top three contributors to absolute performance, Red Hat
and Au Optronics, were in the Information Technology sector, while the
Industrials sector, led by Apollo Group and Sirva, had three top contributors.
The largest detractors from performance during the period were Ryanair
(Industrials), Asyst Technologies (Information Technology), and ON Semiconductor
(Information Technology).
WHAT IS YOUR OUTLOOK?
Recent declines notwithstanding, we continue to believe equity markets will
trend higher in 2004, although at a slower pace than in 2003. The market's
current concerns with interest rates is likely anticipatory and will fade as the
increases actually take place. Recently we have increased the Fund's Information
Technology exposure as valuations have fallen while earnings remain strong. This
comes at the expense of Health Care, where we have decreased the Fund's
exposure, as we believe many of these stocks have reached their peak valuations.
At 18.1x earnings for the Russell 3000 Growth, equities are not cheap by
historical standards. This is mitigated to some extent by continued strong
earnings growth as the economy improves and companies enjoy the benefits of cost
cuts undertaken during the downturn. Companies held in the Fund have grown
earnings by nearly 25% annually over the last five years and are projected to
grow at an 18.4% rate going forward, while trading at 18.2x earnings. This
represents significantly higher earnings growth than the benchmark with a
similar valuation posture. This exposure to earnings growth, combined with our
more cyclical positioning and a reasonable valuation, should benefit Fund
shareholders going forward, should markets move higher in 2004.
15
The Hartford High Yield Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(3) 9/30/98 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS CORPORATE HIGH
HIGH YIELD FUND YIELD INDEX
--------------- ------------------------------
9/30/98 9550.00 10000.00
10/98 9529.00 9795.00
9857.00 10201.00
9869.00 10213.00
10017.00 10364.00
10008.00 10303.00
10138.00 10401.00
10326.00 10602.00
10124.00 10459.00
10114.00 10437.00
10103.00 10479.00
10027.00 10363.00
9987.00 10288.00
10/99 10040.00 10220.00
10168.00 10341.00
10211.00 10457.00
10120.00 10412.00
10106.00 10431.00
10010.00 10212.00
10049.00 10229.00
9913.00 10123.00
10173.00 10330.00
10280.00 10408.00
10424.00 10479.00
10359.00 10388.00
10/00 10175.00 10056.00
9921.00 9657.00
10274.00 9844.00
10957.00 10581.00
11014.00 10722.00
10764.00 10469.00
10624.00 10339.00
10689.00 10525.00
10339.00 10230.00
10497.00 10381.00
10586.00 10503.00
9961.00 9797.00
10/01 10358.00 10039.00
10686.00 10406.00
10570.00 10363.00
10464.00 10436.00
10109.00 10290.00
10215.00 10538.00
10314.00 10702.00
10209.00 10646.00
9641.00 9862.00
9193.00 9431.00
9308.00 9700.00
9076.00 9572.00
10/02 9097.00 9489.00
9660.00 10077.00
9759.00 10218.00
10006.00 10558.00
10197.00 10688.00
10377.00 10996.00
10921.00 11648.00
11103.00 11768.00
11332.00 12107.00
11054.00 11974.00
11155.00 12112.00
11501.00 12442.00
10/03 11707.00 12694.00
11859.00 12886.00
12130.00 13178.00
12265.00 13429.00
12233.00 13396.00
12270.00 13487.00
4/04 12097.00 13395.00
</Table>
<Table>
--- HIGH YIELD FUND --- LEHMAN BROTHERS CORPORATE HIGH YIELD INDEX
$9,550 starting value $10,000 starting value
$12,097 ending value $13,395 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- ------------------------------------------------------------
High Yield A# 9/30/1998 10.77% 3.22% 4.32%
- ------------------------------------------------------------
High Yield A## 9/30/1998 5.81% 2.27% 3.47%
- ------------------------------------------------------------
High Yield B# 9/30/1998 9.85% 2.46% 3.57%
- ------------------------------------------------------------
High Yield B## 9/30/1998 4.85% 2.18% 3.45%
- ------------------------------------------------------------
High Yield C# 9/30/1998 9.89% 2.49% 3.60%
- ------------------------------------------------------------
High Yield C## 9/30/1998 7.79% 2.30% 3.41%
- ------------------------------------------------------------
High Yield Y# 9/30/1998 11.32% 3.62% 4.75%
- ------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGERS
DAVID HILLMEYER, CFA
Vice President
CHRISTINE MOZONSKI, CFA
Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford High Yield Fund
Class A placed in the 4th quartile with a total return, before sales charge, of
3.33% versus a return of 5.04% for the Lipper peer group and 5.52% for the
Lehman Corporate High Yield Index.
The primary objective of The Hartford High Yield Fund is to provide current
income by investing in non-investment grade debt securities. Growth of capital
is a secondary objective. As of April 30, 2004, the SEC yield for this Fund's
Class A shares is 5.14%.
WHY DID THE FUND PERFORM THIS WAY?
The year 2003 was recorded as the second best in performance for the high yield
market. Leading the way of performance were the lower rated securities, "CCC"
and "CC". The Fund, however, was at the maximum allowable investment for the
lower rated bonds (by the prospectus), resulting in a drag on performance. In
2004, indicators pointed to a strengthening economy and the likelihood of an
increase in interest rates. We moved down the quality range to "B" rated
securities to further distance the portfolio from interest rate sensitivity and
expose the Fund to companies that would directly benefit from improving domestic
and global demand for cyclical products, such as the paper sector. The market,
however, rewarded higher rated securities. The Fund was negatively impacted by
our holdings in the wireline sector, including Qwest Communications, and in
utilities, including Calpine, an independent power producer. While Level 3
Communications was a top performer at the end of 2003, it had negative
performance in 2004. The Fund was also negatively impacted by the portfolio's
overweight to newsprint producers and underweight to lumber manufacturers in
2004. We remain committed to cyclical issuers, namely paper, chemicals and
metals, and will reevaluate such holdings prior to second quarter earnings
releases. The Fund benefited from weighting in the technology sector with Lucent
Technology and Nortel Network. Lucent Technology moved higher upon announcing
that the company posted two consecutive profitable quarters. The portfolio was
also positioned to take advantage of a rise in Nortel Network's equity by owning
a convertible security. The Fund further benefited from owning securities in the
pipeline sector
WHAT IS YOUR OUTLOOK?
The payroll numbers confirm a recovery is underway. The Treasury market's
response to April 2nd payroll data information was dramatic with the 10 year
Treasury experiencing its seventh largest single day move since 1985. This also
led the more interest rate sensitive sector of "BB's" to dramatically
underperform the broader market. As a result, we are continuing to reduce the
interest rate sensitivity of the portfolio to rising interest rates by
purchasing shorter yield to call paper and moving down in quality in those
sectors that typically experience a higher correlation to changes in interest
rates, such as gaming. We anticipate treasury rates to continue to migrate
higher. In this rising rate environment, we remain constructive on high yield
versus other fixed income asset classes. The sector's strong excess returns
produced year-to-date are supported by a stronger than expected first quarter
earnings season, optimism for second quarter and the resultant strengthening of
corporate balance sheets
At this point we are actively moving out of select "BB" names with the intention
of purchasing like industries, but lower rated, to reduce the interest rate
sensitivity of the portfolio further. We anticipate that lower rated credits
should continue to generate returns in excess of higher quality issuers in this
current environment.
We are cautious, though, of fundamental revaluations of several sectors within
the high yield market and as a result, are re-evaluating our exposure to the
larger capitalized higher risk issuers, taking opportunities to more broadly
diversify those sectors. In addition, as concern regarding China's monetary
tightening efforts to slow its economy began to eat away at performance in the
last days of April, we will continue to keep a close eye on China's policies.
16
The Hartford Income Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(3) 10/31/02 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS U.S. AGGREGATE BOND
INCOME FUND INDEX
----------- -----------------------------------
10/31/02 9550.00 10000.00
9663.00 9997.00
9821.00 10204.00
9885.00 10213.00
10046.00 10354.00
10100.00 10346.00
10316.00 10432.00
10461.00 10626.00
10542.00 10604.00
10195.00 10248.00
10274.00 10316.00
10564.00 10589.00
10/03 10581.00 10491.00
10637.00 10516.00
10805.00 10623.00
10896.00 10708.00
10996.00 10824.00
11082.00 10905.00
4/04 10790.00 10621.00
</Table>
<Table>
--- INCOME FUND --- LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX
$9,550 starting value $10,000 starting value
$10,790 ending value $10,621 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ----------------------------------------------------------
Income A# 10/31/2002 4.60% 8.47%
- ----------------------------------------------------------
Income A## 10/31/2002 -0.14% 5.20%
- ----------------------------------------------------------
Income B# 10/31/2002 3.96% 7.78%
- ----------------------------------------------------------
Income B## 10/31/2002 -1.03% 5.19%
- ----------------------------------------------------------
Income C# 10/31/2002 4.16% 7.91%
- ----------------------------------------------------------
Income C## 10/31/2002 2.12% 7.20%
- ----------------------------------------------------------
Income Y# 11/28/2003 NA 1.65%
- ----------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
NA Not Applicable
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGERS
WILLIAM DAVISON, CFA
Managing Director
EDWARD VAIMBERG
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford Income Fund Class A
placed in the 2nd quartile with a total return, before sales charge, of 1.97%
versus a return of 1.77% for the Lipper peer group and 1.25% for the Lehman
Brothers U.S. Aggregate Bond Index.
The primary objective of The Hartford Income Fund is to provide a high level of
current income. Capital appreciation is a secondary objective. As of April 30,
2004, the SEC yield for this Fund's Class A shares is 4.52%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund has been positioned to benefit from a recovery in the U.S. economy,
which is now well underway. Significant holdings in U.S. corporate debt and
other higher yielding products have contributed both incremental income and
capital appreciation. The U.S. high yield market experienced one of its
strongest years on record, reflecting a reduction in the default rate and
improvements in the business prospects of its issuers. In 2003, the Fund
benefited from selected positions in non-dollar, emerging market and commercial
mortgage-backed securities. In the first quarter of 2004, the fixed income
markets reacted to concerns about the sustainability of the economic recovery
despite a number of key indicators that pointed to economic growth. These
included improved corporate balance sheets, strong housing data, increasing
inflationary pressures and strong returns in sectors that perform well in
inflationary periods. During this time, the Fund benefited from holdings in U.S.
Treasuries -- both nominal and Treasury Inflation Protected Securities (TIPS),
high yield and investment grade corporate bonds, and mortgage-backed securities.
We introduced an allocation to TIPS in early 2004 to take advantage of the
seasonal increase in inflation that typically results at this time of year.
Security selection continued to add value. In the investment-grade corporate
sector, for example, our holdings performed well due to our industry allocation
at the "BBB" level. Also, within the high yield universe, most of the holdings
were "BB", which materially outperformed lower rated issues in 2004. Names that
added the most yield during this period were Calpine Canada Energy, Americredit
Automobile Receivables Trust, and the Republic of Venezuela.
WHAT IS YOUR OUTLOOK?
Concerns over the pace of economic growth abated with the March non-farm payroll
numbers released on April 2nd. We expect the economy to continue to gain
strength. Core inflation is likely to remain relatively low in the near-term,
but pipeline pressures are building. Increases in the Federal Funds rate are
likely, and bond yields have the potential to rise further. In this environment,
we will continue to monitor duration closely, as well as the potential for wider
spreads in the corporate sector. We expect, however, to continue to have
significant positions in corporate bonds, because firms have demonstrated
ongoing improvements in free cash flow, liquidity, and other measures of
corporate health. We are less bullish on the outlook for foreign currencies
relative to the U.S. dollar, following signs of better growth prospects in the
U.S. relative to foreign economies. We expect, though, to continue to invest
selectively in non-dollar markets that have good fundamentals and attractive
yields. More generally, we will continue to look for opportunities to further
diversify the Fund's sector allocation as attractive situations arise.
17
The Hartford Inflation Plus Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(3) 10/31/02 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
INFLATION PLUS FUND LEHMAN BROTHERS U.S. TIPS INDEX
------------------- -------------------------------
10/31/02 9550.00 10000.00
9527.00 9993.00
9841.00 10329.00
9889.00 10406.00
10244.00 10796.00
10082.00 10622.00
10036.00 10594.00
10507.00 11096.00
10406.00 10983.00
9920.00 10476.00
10071.00 10663.00
10389.00 11016.00
10/31/03 10411.00 11075.00
10410.00 11082.00
10499.00 11195.00
10608.00 11324.00
10841.00 11585.00
11002.00 11771.00
4/30/04 10487.00 11200.00
</Table>
<Table>
--- INFLATION PLUS FUND --- LEHMAN BROTHERS U.S. TIPS INDEX
$9,550 starting value $10,000 starting value
$10,487 ending value $11,200 ending value
</Table>
AVERAGE ANNUAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------------
Inflation Plus A# 10/31/2002 4.50% 6.44%
- ------------------------------------------------------------------
Inflation Plus A## 10/31/2002 -0.23% 3.24%
- ------------------------------------------------------------------
Inflation Plus B# 10/31/2002 3.76% 5.73%
- ------------------------------------------------------------------
Inflation Plus B## 10/31/2002 -1.24% 3.12%
- ------------------------------------------------------------------
Inflation Plus C# 10/31/2002 3.76% 5.73%
- ------------------------------------------------------------------
Inflation Plus C## 10/31/2002 1.72% 5.03%
- ------------------------------------------------------------------
Inflation Plus Y# 11/28/2003 NA 0.86%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
NA Not Applicable
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGERS
WILLIAM DAVISON, CFA
Managing Director
TIMOTHY WILHIDE
Senior Vice President
- --------------------------------------------------------------------------------
INFLATION PLUS FUND
For the six-month period ended April 30, 2004, The Hartford Inflation Plus Fund
Class A placed in the 3rd quartile with a total return, before sales charge, of
0.73% versus a return of 0.80% for the Lipper peer group and 1.12% for the
Lehman Brothers U.S. TIPS Index.
WHY DID THE FUND PERFORM THIS WAY?
Over much of the past six months, the market acted with concern about the lack
of employment growth in spite of data indicating an economic recovery. Real
rates declined as the market discounted a pause in economic growth and as a
result, the Fund experienced price volatility. The Fund was positioned for a
decline in real rates and performed in line with the TIPS market. The April 2nd
announcement of the March non-farm payroll increasing by 308,000 caused the
seventh largest move for 10 year Treasuries in almost 20 years. With the March
payroll announcement, inflation fears began in earnest and the market began to
anticipate a rise in rates by the Fed. Rates increased steeply and TIPS have
outperformed Treasuries on a total return basis for the month of April. Over the
past six months, the Fund was underweight the shortest and longest maturities in
the Index, concentrating on the middle maturities. We view the middle maturities
as offering the most relative value and liquidity.
During the past six months, the Fund sold out of the floating rate securities
holdings and subsequently purchased two new attractively priced Credit Inflation
Protected Securities issues: FNMA and Sallie Mae. They both offer yield
opportunities and inflation protection.
WHAT IS YOUR OUTLOOK?
Rates appear to be reversing course, increasing in response to the March payroll
and purchasing managers' reports offering new evidence of a strong economy.
Upward pressure on commodities appears likely to continue, boding well for TIPS.
In addition, interest from pension plan sponsors and consultants suggest strong
and growing demand for this asset class. We expect higher rates and so are
positioned short of the index in duration. We continue to evaluate other asset
classes, including foreign issued inflation protected securities, and corporate
inflation protected securities and will diversify into them as opportunities
present themselves.
18
The Hartford International Capital Appreciation Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 4/30/01 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
INTERNATIONAL CAP APP FUND MSCI EAFE
-------------------------- ---------
4/30/01 9450.00 10000.00
8836.00 9655.00
8411.00 9264.00
8297.00 9096.00
7825.00 8868.00
6861.00 7971.00
10/01 7201.00 8175.00
7816.00 8477.00
8024.00 8528.00
7703.00 8076.00
7835.00 8133.00
8223.00 8616.00
8081.00 8639.00
8148.00 8756.00
7770.00 8411.00
7004.00 7582.00
6882.00 7566.00
6069.00 6756.00
10/02 6551.00 7120.00
7156.00 7443.00
6520.00 7194.00
6577.00 6894.00
6426.00 6736.00
6236.00 6609.00
6993.00 7265.00
7608.00 7711.00
7798.00 7902.00
8034.00 8095.00
8384.00 8291.00
8404.00 8548.00
10/03 9104.00 9082.00
9211.00 9285.00
9716.00 10011.00
10087.00 10153.00
10553.00 10390.00
10800.00 10452.00
04/04 10286.00 10224.00
</Table>
<Table>
--- INTERNATIONAL CAP APP FUND --- MSCI EAFE
$9,450 starting value $10,000 starting value
$10,286 ending value $10,224 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- -----------------------------------------------------------------
Int'l Cap App
A#............. 4/30/2001 47.08% 2.85%
- -----------------------------------------------------------------
Int'l Cap App
A##............ 4/30/2001 39.00% 0.94%
- -----------------------------------------------------------------
Int'l Cap App
B#............. 4/30/2001 45.88% 2.12%
- -----------------------------------------------------------------
Int'l Cap App
B##............ 4/30/2001 40.88% 1.15%
- -----------------------------------------------------------------
Int'l Cap App
C#............. 4/30/2001 46.02% 2.15%
- -----------------------------------------------------------------
Int'l Cap App
C##............ 4/30/2001 43.56% 1.81%
- -----------------------------------------------------------------
Int'l Cap App
Y#............. 4/30/2001 47.64% 3.32%
- -----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
ANDREW S. OFFIT, CFA
Senior Vice President, Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford International Capital Appreciation Fund Class A, before sales
charge, returned 12.99% for the six-month period ended April 30, 2004. The Fund
outperformed its MSCI EAFE benchmark, which returned 12.58%, as well as its
Lipper International MF Average peer group, which returned 10.5% for the period.
WHY DID THE FUND PERFORM THIS WAY?
During the period, international equity markets, as measured by the MSCI EAFE
Index, outperformed U.S. equity markets, as measured by the S&P 500 Index. The
advance of international markets was broad based, with all developed markets but
one (Finland) participating in the advance and all ten broad market sectors
registering positive returns.
Our outperformance versus the benchmark was primarily driven by strong stock
selection within the Health Care and Information Technology sectors. The three
largest contributors to the Fund's absolute return were all from these two
sectors: Irish biotech company, Elan, Canadian technology hardware company,
Research in Motion, and Finnish technology hardware company, Ericsson.
These results were offset somewhat by the Fund's stock selection in Consumer
Discretionary, Energy, and Consumer Staples. Three of the largest detractors
from absolute returns were Alstom, Lastminute.com, and UMC Japan.
We do not manage the Fund according to country weights but, instead, focus
mainly on sector and stock weights. Nevertheless, countries and regions played a
part in our outperformance for the period, as country allocation contributed to
relative outperformance. The Fund's underweight in Japan and overweight in
Canada were beneficial and a fallout of bottom-up stock selection.
WHAT IS YOUR OUTLOOK?
We continue to be positioned for economic growth and focused on companies that
have improving prospects, or where fundamentals are better than generally
believed. For many of the companies we follow, time is on their side. With each
passing quarter, business conditions slowly improve and comparisons get easier.
By remaining in growth companies and in sectors that have "time on their side,"
we have been able to continue to benefit from the strong market conditions,
rather than trying to jump in and out of specific sectors or countries that were
having a short-term run. Thus, we feel that we remain in a very good position
going forward and do not expect to have to make significant changes to the Fund.
Our process will remain the same regardless: collaborative research with our
global and regional analysts, frequent meetings with company managements, a
strong focus on stock-picking, and an emphasis on growth. Our goal is to
continue to show that this is effective and can generate sustainable results.
19
The Hartford International Opportunities Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
INTERNATIONAL OPPORTUNITIES MSCI AC WORLD FREE EX US INDEX
--------------------------- ------------------------------
7/22/96 9450.00 10000.00
9469.00 9668.00
9507.00 9724.00
9658.00 9966.00
10/96 9686.00 9866.00
10131.00 10246.00
10220.00 10128.00
10114.00 9942.00
10172.00 10124.00
10172.00 10103.00
10115.00 10188.00
10706.00 10817.00
11162.00 11414.00
11487.00 11645.00
10723.00 10729.00
11276.00 11309.00
10/97 10483.00 10346.00
10349.00 10217.00
10305.00 10335.00
10451.00 10644.00
11123.00 11354.00
11620.00 11746.00
11864.00 11830.00
11932.00 11616.00
11951.00 11572.00
12059.00 11682.00
10344.00 10035.00
10022.00 9823.00
10/98 10675.00 10852.00
11288.00 11435.00
11595.00 11829.00
11936.00 11816.00
11663.00 11552.00
12287.00 12109.00
12745.00 12715.00
12209.00 12118.00
12781.00 12675.00
13103.00 12972.00
13112.00 13017.00
13191.00 13105.00
10/99 13630.00 13593.00
14440.00 14136.00
16131.00 15485.00
15273.00 14644.00
16308.00 15040.00
16225.00 15606.00
15378.00 14735.00
14782.00 14358.00
15335.00 14969.00
14873.00 14378.00
15083.00 14556.00
14327.00 13749.00
10/00 13687.00 13312.00
13103.00 12715.00
13631.00 13149.00
13708.00 13346.00
12629.00 12289.00
11759.00 11421.00
12617.00 12197.00
12155.00 11861.00
11782.00 11406.00
11517.00 11152.00
11186.00 10875.00
10030.00 9721.00
10/01 10283.00 9994.00
10868.00 10451.00
11077.00 10585.00
10548.00 10132.00
10526.00 10205.00
11088.00 10802.00
11021.00 10829.00
11131.00 10947.00
10614.00 10474.00
9512.00 9454.00
9368.00 9454.00
8233.00 8452.00
10/02 8851.00 8906.00
9225.00 9334.00
8839.00 9033.00
8432.00 8716.00
8167.00 8539.00
7991.00 8373.00
8718.00 9180.00
9214.00 9765.00
9346.00 10036.00
9622.00 10302.00
9964.00 10609.00
10019.00 10907.00
10/03 10647.00 11613.00
10867.00 11866.00
11621.00 12772.00
11754.00 12978.00
12041.00 13308.00
12107.00 13390.00
4/30/04 11765.00 12974.00
</Table>
<Table>
--- INTERNATIONAL OPPORTUNITIES --- MSCI AC WORLD FREE EX US INDEX
$9,450 starting value $10,000 starting value
$11,765 ending value $12,974 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- -----------------------------------------------------------
Int'l Opp A# 7/22/1996 34.95% -1.59% 2.85%
- -----------------------------------------------------------
Int'l Opp A## 7/22/1996 27.53% -2.70% 2.11%
- -----------------------------------------------------------
Int'l Opp B# 7/22/1996 33.73% -2.33% 2.11%
- -----------------------------------------------------------
Int'l Opp B## 7/22/1996 28.73% -2.68% 2.11%
- -----------------------------------------------------------
Int'l Opp C# 7/22/1996 33.95% -2.34% 2.11%
- -----------------------------------------------------------
Int'l Opp C## 7/22/1996 31.61% -2.54% 1.97%
- -----------------------------------------------------------
Int'l Opp Y# 7/22/1996 35.55% -1.18% 3.30%
- -----------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
TROND SKRAMSTAD
Senior Vice President, Partner, Director of Global Equity Strategies
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford International Opportunities Fund returned 10.50% for the six-month
period ended April 30, 2004. The Fund's return slightly trailed the 11.72%
return for the MSCI All-Country World Free ex-U.S. Index, and was in-line with
the Lipper International Funds Average of 10.5%.
WHY DID THE FUND PERFORM THIS WAY?
Relative to the benchmark, the Fund's regional allocation decisions contributed
positively to performance, helped by our underweight to developed Asia. Across
regions, our stock selection versus the benchmark was strongest among emerging
markets, such as South Korea and Mexico, and held back by stock selection in
Japan and parts of developed Europe, such as France and The Netherlands. Sector
allocation decisions hurt relative performance, driven by our underweight to the
Utilities sector and overweight to the Technology sector, as the market rotated
to more defensive areas of the market over the period. Across sectors, stock
selection was strongest in Materials and weakest in the Consumer Discretionary
sector.
The Fund recorded strong absolute returns during the period, as returns were
positive in nine of ten sectors, with Technology trailing. Pharmaceutical
company Elan was the top contributor to the Fund's return due to promising data
for its multiple sclerosis drug Antegren. Steel company Corus also did well and
we believed it reached a market price that discounted higher profitability than
could be maintained over the longer-term. We sold the stock from the Fund prior
to the end of the period. The largest detractor from absolute Fund return was
Ahold (Food Retail). We continued to own the stock at the end of the period as
we believe that investors will move beyond prior accounting and liquidity
concerns to focus on the company's profit growth potential.
WHAT IS YOUR OUTLOOK?
The economic backdrop for global equity markets remains positive, as we expect
the coordinated global economic upswing to continue for the remainder of 2004.
While we anticipate increases in inflation and interest-rates, these should not
be enough to stall the recovery. With the exception of commodity prices, intense
price pressure engendered by excess capacity and stiff competition from low-cost
sources such as China and India should keep inflation increases relatively
modest. While the news should remain reasonably good for markets, we have become
somewhat more cautious looking forward as strong equity market returns over the
last twelve months and current levels of optimism suggest a modestly positive
outlook for markets rather than a bullish one. In terms of regional allocation,
we continue to favor Continental Europe and have reduced our emerging markets
exposure. From a sector perspective, we have rotated away from the most cyclical
areas of the market following strong performance and have added to our holdings
in defensive areas such as Consumer Staples and Health Care.
20
The Hartford International Small Company Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 4/30/01 - 04/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
INTERNATIONAL SMALL CO FUND CITIGROUP BROAD MARKET EURO-PACIFIC
--------------------------- -----------------------------------
4/30/01 9450.00 10000.00
9781.00 9952.00
9205.00 9582.00
9044.00 9331.00
9044.00 9325.00
7825.00 8117.00
10/01 8335.00 8459.00
8901.00 8765.00
8713.00 8753.00
8580.00 8532.00
8561.00 8699.00
8968.00 9265.00
9346.00 9459.00
9619.00 9800.00
9506.00 9460.00
8920.00 8646.00
8713.00 8573.00
7833.00 7778.00
10/02 7909.00 7921.00
8155.00 8215.00
8331.00 8081.00
8142.00 7877.00
8123.00 7741.00
8094.00 7691.00
9098.00 8457.00
9827.00 9166.00
9960.00 9477.00
10357.00 9799.00
10869.00 10243.00
11570.00 10727.00
10/03 12242.00 11488.00
12323.00 11657.00
12886.00 12358.00
13211.00 12824.00
13555.00 13223.00
14022.00 13567.00
4/04 13758.00 13219.00
</Table>
<Table>
--- INTERNATIONAL SMALL CO FUND --- CITIGROUP BROAD MARKET EURO-PACIFIC <$2B INDEX
$9,450 starting value $10,000 starting value
$13,758 ending value $13,219 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 04/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------------
Int'l Small Co A# 4/30/2001 51.21% 13.34%
- ------------------------------------------------------------------
Int'l Small Co A## 4/30/2001 42.89% 11.22%
- ------------------------------------------------------------------
Int'l Small Co B# 4/30/2001 50.25% 12.83%
- ------------------------------------------------------------------
Int'l Small Co B## 4/30/2001 45.25% 12.04%
- ------------------------------------------------------------------
Int'l Small Co C# 4/30/2001 49.93% 12.51%
- ------------------------------------------------------------------
Int'l Small Co C## 4/30/2001 47.43% 12.14%
- ------------------------------------------------------------------
Int'l Small Co Y# 4/30/2001 51.80% 13.86%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
EDWARD L. MAKIN
Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford International Small Company Fund Class A, before sales charge,
returned 12.39% for the six-month period ended April 30, 2004. The Fund
underperformed the +13.4% return of the benchmark during the period. The
benchmark return represents the performance of the S&P/Citigroup Euro Pacific
EMI Index since 1/1/04 and the S&P/Citigroup Euro Pacific BMI <$2 Bil prior to
1/1/04. The Fund also underperformed the +13.8% return for the Lipper
International Small Cap Average during the six-month period.
WHY DID THE FUND PERFORM THIS WAY?
The revival of Japan has been a large feature of our investment universe over
the past several months, together with evidence of speculation in the Hong
Kong-listed Chinese stocks. Against this backdrop, Japan equities were a top
contributor to our performance during the period, with Consumer Staples stocks
an area of particular strength. Tsuruha, a Japanese drugstore chain, and Kirin
Beverage, a Japanese producer of food and beverages, each gained in excess of
30% during the period.
The Fund's advance was also the result of strong stock selection in Financials
and an underweight position in Information Technology. Bank holdings such as
Banca Popolare Milan (Italy) and Tokyo Tomin (Japan) were top contributors
during the period. We have recently built a large position in Japanese regional
banks, including Shiga Bank and Joyo Bank, a late cyclical area that is only
just showing signs of life from 20-year lows.
Our relative performance was somewhat held back by stock selection in the
Energy, Health Care, Industrials and Materials sectors. Significant detractors
included Tod's, an Italian luxury leather goods manufacturer, and Aktor, a Greek
construction company. Despite the decline in these shares, the Fund maintained
exposure to both companies at the end of the period. Not owning a few of the big
winners in the benchmark, including Irish drug company Elan and U.K. oil
exploration group Cairn, was also a drag on the Fund's relative return.
WHAT IS YOUR OUTLOOK?
The recovery of the equity markets continued over the six-month period on a
worldwide basis as the corporate sector continued to report profits in-line with
or ahead of market expectations. In fact, an unusual factor in our investment
universe during the first quarter of 2004 was the relative lack of earnings
downgrades and profit shortfalls. This suggests that we are nearing a peak in
the level of upgrades, meaning that the good news becomes sequentially less good
from here. This will have some impact across the equity market in general,
particularly in markets such as Asia and Japan, which have attracted very strong
fund flows during the quarter.
With this in mind, we have moved to a less aggressive stance in the Fund. We
believe that more aggressive stocks have now had a great run and most of them
are looking expensive or at least fully valued, particularly in the Information
Technology, Capital Goods, Real Estate and Materials sectors. We remain invested
in high-quality, profitable businesses with sustainable competitive advantages
that have been overlooked by others in the rush for leverage to a strong global
economic recovery. Based on bottom-up stock selection, we are overweight in
Bank, Media, Consumer Staples, Health Care, and Business Service sectors. We
would characterize our investments as sound names with growth, but having
defensive qualities.
21
The Hartford MidCap Fund*
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 12/31/97 - 04/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
MIDCAP FUND S & P MIDCAP 400 INDEX
----------- ----------------------
12/31/97 9450.00 10000.00
9441.00 10074.00
9138.00 9883.00
9970.00 10701.00
10443.00 11184.00
10669.00 11389.00
10292.00 10876.00
10849.00 10945.00
10669.00 10520.00
8581.00 8562.00
9111.00 9361.00
10/98 9867.00 10198.00
10482.00 10707.00
11625.00 12000.00
11909.00 11533.00
11380.00 10929.00
12344.00 11235.00
13280.00 12120.00
13440.00 12174.00
14361.00 12824.00
13955.00 12552.00
13756.00 12123.00
13454.00 11748.00
10/99 14239.00 12347.00
14996.00 12995.00
17461.00 13767.00
17412.00 13379.00
20132.00 14316.00
21360.00 15514.00
20082.00 14972.00
19032.00 14785.00
20929.00 15003.00
21103.00 15240.00
23348.00 16942.00
23054.00 16827.00
10/00 22780.00 16256.00
20237.00 15029.00
21796.00 16179.00
22107.00 16539.00
20838.00 15595.00
19080.00 14436.00
20871.00 16026.00
21216.00 16399.00
21137.00 16334.00
20680.00 16090.00
19700.00 15564.00
17350.00 13628.00
10/01 18464.00 14230.00
19969.00 15289.00
20781.00 16078.00
20403.00 15996.00
20526.00 16015.00
21663.00 17160.00
21383.00 17080.00
21494.00 16791.00
20147.00 15562.00
18041.00 14054.00
17953.00 14124.00
16427.00 12987.00
10/02 17275.00 13550.00
18847.00 14334.00
17665.00 13745.00
17419.00 13344.00
17263.00 13026.00
17397.00 13135.00
18813.00 14088.00
20373.00 15255.00
20495.00 15449.00
20674.00 15998.00
21620.00 16722.00
21164.00 16467.00
10/03 22936.00 17712.00
23360.00 18328.00
23995.00 18637.00
24542.00 19042.00
24766.00 19499.00
24632.00 19581.00
4/04 23952.00 18938.00
</Table>
<Table>
--- MIDCAP FUND --- S & P MIDCAP 400 INDEX
$9,450 starting value $10,000 starting value
$23,952 ending value $18,938 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 04/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- --------------------------------------------------------
MidCap A# 12/31/1997 27.31% 12.52% 15.80%
- --------------------------------------------------------
MidCap A## 12/31/1997 20.32% 11.25% 14.77%
- --------------------------------------------------------
MidCap B# 12/31/1997 26.42% 11.72% 14.98%
- --------------------------------------------------------
MidCap B## 12/31/1997 21.42% 11.46% 14.98%
- --------------------------------------------------------
MidCap C# 12/31/1997 26.51% 11.78% 15.02%
- --------------------------------------------------------
MidCap C## 12/31/1997 24.24% 11.55% 14.85%
- --------------------------------------------------------
MidCap Y# 12/31/1997 28.08% 13.10% 16.36%
- --------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
*The Hartford Midcap Fund closed to new investors as of July 31,
2003. Investors who already own shares of the Fund and those
with access to the Fund through wrap programs in connection
with certain investment platforms may purchase additional
shares thereafter.
PORTFOLIO MANAGER
PHILLIP H. PERELMUTER
Senior Vice President, Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford MidCap Fund Class A, before sales charge, returned 4.42% for the
six-month period ended April 30, 2004, underperforming both the S&P Mid Cap 400
Index return of 6.93% and the Lipper Mid-Cap Core Average return of 6.5%.
WHY DID THE FUND PERFORM THIS WAY?
Equity markets continued their ascent during the period though the climb was
somewhat volatile. The bullish sentiment in the early part of the year was
supported by lofty corporate profits, merger activity, and increasing business
investment. On this strength, Federal Reserve officials began to signal that
interest rate hikes could come sooner than expected. This concern, combined with
renewed terrorist fears, negative news from Iraq and apprehension regarding the
global impact of a slowdown in China's rapidly growing economy, served to slow
the market's advance in April.
During the period, all market cap styles posted gains, with the performance of
small cap stocks exceeding mid cap and large cap stocks. Within the S&P 400
MidCap Index the Energy, Consumer Staples and Materials sectors were the top
performers, while last year's best performer, Information Technology, was the
only sector to post a negative return.
The underperformance of the Fund relative to the benchmark was attributable in
part to both sector allocation and unfavorable stock selection among a handful
of securities. At the sector level, the Fund's underweight position in Consumer
Staples and an overweight position in Technology were the largest detractors of
performance. Additionally, a few of the Fund's holdings within the Industrials,
Consumer Discretionary, Materials and Health Care sectors also detracted from
performance. Ryanair and JetBlue Airways (Transportation) disappointed during
the period. Regional carriers in general underperformed the major carriers.
Assuming this trend continues, the outlook for growth of these companies becomes
challenging; as a result, both positions were sold during the period. Within
Health Care, Vertex (Pharmaceuticals) was weak on news that the results of the
trials of their Hepatitis C inhibitor were unimpressive. We owned the stock as
of the end of the period.
These results were partially offset by strong stock selection within Financials,
where Countrywide Financial, a residential mortgage bank, has consistently
exceeded earnings expectations due to the refinancing and housing boom. The
company's mortgage servicing business is strong and will help to offset
potential volatile income from mortgage originations during a rising interest
rate environment.
WHAT IS YOUR OUTLOOK?
A synchronized global economic recovery is underway. As the economy continues to
grow, we will look for improved corporate spending and employment trends as key
gauges of the sustainability of the domestic recovery. As a result, we plan to
look opportunistically within the more cyclical areas of the market. As of the
end of the period, the Fund was overweight Information Technology, Health Care,
Financials, Telecommunication Services, and Industrials.
22
The Hartford MidCap Value Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 4/30/01 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
MIDCAP VALUE FUND RUSSELL 2500 VALUE INDEX
----------------- ------------------------
4/30/01 9450.00 10000.00
9507.00 10307.00
9535.00 10406.00
9375.00 10336.00
9092.00 10247.00
7816.00 9110.00
10/01 8015.00 9305.00
8686.00 10021.00
9385.00 10592.00
9422.00 10689.00
9593.00 10822.00
10123.00 11492.00
10123.00 11689.00
9943.00 11497.00
9414.00 11091.00
8431.00 9808.00
8422.00 9861.00
7524.00 9054.00
10/02 7883.00 9184.00
8526.00 9853.00
8119.00 9546.00
7940.00 9258.00
7760.00 9030.00
7713.00 9092.00
8431.00 9916.00
9215.00 10833.00
9319.00 11027.00
9631.00 11506.00
10075.00 11968.00
10028.00 11883.00
10/03 10699.00 12791.00
11077.00 13313.00
11568.00 13836.00
11748.00 14285.00
11993.00 14575.00
11964.00 14691.00
4/04 11540.00 13921.00
</Table>
<Table>
--- MIDCAP VALUE FUND --- RUSSELL 2500 VALUE INDEX
$9,450 starting value $10,000 starting value
$11,540 ending value $13,921 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ----------------------------------------------------------------
MidCap Value A# 4/30/2001 36.88% 6.88%
- ----------------------------------------------------------------
MidCap Value A## 4/30/2001 29.34% 4.89%
- ----------------------------------------------------------------
MidCap Value B# 4/30/2001 35.91% 6.15%
- ----------------------------------------------------------------
MidCap Value B## 4/30/2001 30.91% 5.25%
- ----------------------------------------------------------------
MidCap Value C# 4/30/2001 36.02% 6.18%
- ----------------------------------------------------------------
MidCap Value C## 4/30/2001 33.66% 5.83%
- ----------------------------------------------------------------
MidCap Value Y# 4/30/2001 37.78% 7.43%
- ----------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
JAMES N. MORDY
Senior Vice President, Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford MidCap Value Fund Class A, before sales charge, returned 7.86% for
the six-month period ended April 30, 2004. The Fund's return trailed the 8.84%
return of the Russell 2500 Value Index and the Lipper Mid Cap Value peer group
average return of 9.7%.
WHY DID THE FUND PERFORM THIS WAY?
The strong performance in the equity markets continued through the end of 2003
and the beginning of 2004. Investors once again became comfortable owning stocks
with inherently greater levels of either business or financial risk. There were
many factors behind this, including increased confidence in the economic
recovery, improved corporate governance and accounting scrutiny, and a narrowing
of credit spreads. Toward the end of the period the market was volatile due to
renewed fears of terrorism after the bombing in Madrid, anticipation of rising
interest rates, high energy prices, and some slowing of demand in China. During
the period, small-caps outperformed mid-caps, which in turn did better than
large-caps. As the Fund has a somewhat higher average market cap than the
benchmark, this latter trend worked against our relative performance.
The Fund's absolute performance was driven by allocations to the strong
performing Materials, Energy, and Consumer Discretionary sectors. The top
contributor to performance was IMC Global (Materials), which rose after
announcing a merger with another industry leader in the phosphates business.
Foot Locker (Retailing) performed well, having patched their relationship with
Nike and buying 350 stores from a competitor. TXU (Utilities) appreciated after
their new CEO laid out a plan to boost earnings.
The Fund's results relative to the benchmark were hindered by stock selection in
the Health Care and Financials sectors. In Financials, large detractor Radian
Group (Banks) fell due to setbacks in their financial guarantee business. Other
detractors from absolute results included Graftech International and Bally Total
Fitness. Graftech is facing a cost squeeze until a recently announced price
increase takes effect, and Bally was down, despite an encouraging pickup in new
memberships, on confusion over the company's new accounting methodology. The
Fund continued to own Radian, Graftech, and Bally Total Fitness at the end of
the period.
WHAT IS YOUR OUTLOOK?
The U.S. economy currently enjoys strong year-on-year comparisons of real GDP
growth and corporate profits. Consumer spending should benefit from increasing
employment, but we believe the stimulative effects of tax refunds and
refinancings are largely behind us. From here, we foresee continued healthy
growth, albeit at a gradually decelerating pace. Reasons to expect some
potential slowing in economic momentum include high energy and commodity prices,
more difficult corporate earnings comparisons, instability in the Iraq
situation, and the likelihood of rising interest rates. We still see a robust
industrial environment and continue to be overweight that group, as well as the
Materials sector. Toward the end of the period, we increased our exposure in the
Technology sector taking advantage of price weakness. In Financials, we have
tried to position ourselves for higher rates with an underweight in REITs and
Banks, and an overweight Insurance.
23
The Hartford Short Duration Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(3) 10/31/02 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS U.S.
SHORT DURATION FUND GOVERNMENT/CREDIT 1-5 YEAR INDEX
------------------- --------------------------------
10/31/02 9700.00 10000.00
9676.00 9987.00
9829.00 10145.00
9842.00 10151.00
9944.00 10244.00
9962.00 10263.00
10022.00 10312.00
10130.00 10430.00
10143.00 10441.00
10008.00 10295.00
10013.00 10300.00
10186.00 10473.00
10/03 10134.00 10405.00
10131.00 10406.00
10209.00 10485.00
10255.00 10527.00
10319.00 10609.00
10365.00 10667.00
4/04 10242.00 10495.00
</Table>
<Table>
--- SHORT DURATION FUND --- LEHMAN BROTHERS U.S. GOVERNMENT/CREDIT
$9,700 starting value 1-5 YEAR INDEX
$10,242 ending value $10,000 starting value
$10,495 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------------
Short Duration A# 10/31/2002 2.19% 3.69%
- ------------------------------------------------------------------
Short Duration A## 10/31/2002 -0.83% 1.61%
- ------------------------------------------------------------------
Short Duration B# 10/31/2002 1.48% 2.99%
- ------------------------------------------------------------------
Short Duration B## 10/31/2002 -3.48% 0.34%
- ------------------------------------------------------------------
Short Duration C# 10/31/2002 1.48% 2.99%
- ------------------------------------------------------------------
Short Duration C## 10/31/2002 -0.53% 2.30%
- ------------------------------------------------------------------
Short Duration Y# 11/28/2003 N/A 1.22%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
N/A Not Applicable.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGERS
ROBERT CRUSHA, CFA
Vice President
BRIAN DIRGINS
Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford Short Duration Fund
Class A placed in the 1st quartile with a total return, before sales charge, of
1.07% versus a return of 0.65% for the Lipper peer group and 0.85% for the
Lehman Brothers U.S. Government/Credit 1-5 Year Index.
The primary objective of The Hartford Short Duration Fund is to provide a high
level of income. As of April 30, 2004, the SEC yield for this Fund's Class A
shares is 2.84%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund's continued solid performance can be attributed to our positioning the
portfolio for an increasing rate environment and our sector holdings. Throughout
the past six months, we lowered the effective duration and maturity of the Fund
as a result of an improving economic outlook and the prospect of higher interest
rates. While rates were somewhat flat for most of this period, the fixed income
markets reacted sharply to the March non-farm payroll numbers released on April
2nd. The news helped to confirm that a sustained economic recovery was underway
and as a result we experienced the beginning of a sharp rise in yields. We
lowered our exposure to corporate securities slightly as we felt the valuations
were not as attractive as they had been, but we still maintain a significant
exposure to this sector due to its strong fundamentals. The Fund's yield
benefited from an overweight position in the corporate sector (primarily
industrials), mortgage backed securities (MBS) and Treasury Inflation Protected
Securities (TIPS). Overall, the Fund remained underweight to both Treasuries and
agencies versus the Index as we found better yield and risk/reward in the
corporate, MBS and TIPS sectors.
WHAT IS YOUR OUTLOOK?
Given the improved economic outlook and clear signs of both employment growth
and inflationary pressures, we will continue to look for opportunities to
shorten the duration of the Fund. We still remain constructive on the corporate
sector, particularly those credits rated "BBB" which should continue to perform
well over the coming months. We also remain constructive on commercial mortgage
backed securities, particularly the shorter-term high quality securities, and
the asset backed securities sectors. As the Fund grows, we are selectively
adding to existing positions in order to maintain current weightings where we
see continued relative value opportunities. We will maintain our current
exposure to Treasury Inflation Protected Securities, provided those attractive
seasonal accruals remain in place.
We continue to look for opportunities to enhance the yield by selectively adding
to our exposures in corporate, asset backed and commercial mortgage backed
securities areas. The key points of focus for the upcoming months include
domestic economic data, particularly signs that the improvement in the labor
market is sustainable. We will be monitoring Fed comments for any signaled, and
imminent, changes in monetary policy.
24
The Hartford Small Company Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
SMALL COMPANY FUND RUSSELL 2000 GROWTH INDEX
------------------ -------------------------
7/22/96 9450.00 10000.00
9422.00 8779.00
10263.00 9429.00
10915.00 9914.00
10/96 10612.00 9487.00
10839.00 9751.00
10783.00 9941.00
10773.00 10189.00
10602.00 9574.00
10057.00 8898.00
10117.00 8795.00
11208.00 10117.00
11866.00 10460.00
12442.00 10995.00
12734.00 11325.00
13824.00 12229.00
10/97 13259.00 11494.00
13027.00 11220.00
12862.00 11227.00
12545.00 11078.00
13793.00 12056.00
14343.00 12562.00
14534.00 12639.00
13825.00 11720.00
14027.00 11839.00
13536.00 10851.00
10226.00 8346.00
11112.00 9193.00
10/98 11997.00 9673.00
12808.00 10423.00
14207.00 11367.00
14827.00 11878.00
13365.00 10791.00
14465.00 11175.00
15649.00 12162.00
15979.00 12182.00
17250.00 12824.00
17229.00 12427.00
16983.00 11963.00
17324.00 12193.00
10/99 17922.00 12506.00
19961.00 13827.00
23534.00 16264.00
22845.00 16113.00
26856.00 19862.00
26453.00 17774.00
24062.00 15979.00
21374.00 14579.00
24391.00 16463.00
22432.00 15052.00
24211.00 16636.00
23153.00 15809.00
10/00 21722.00 14525.00
19018.00 11887.00
20446.00 12615.00
19540.00 13636.00
17379.00 11766.00
15876.00 10697.00
18038.00 12006.00
17802.00 12284.00
18079.00 12620.00
17098.00 11543.00
16376.00 10822.00
13792.00 9075.00
10/01 14911.00 9948.00
16339.00 10779.00
17208.00 11450.00
16935.00 11043.00
16139.00 10328.00
17318.00 11226.00
16884.00 10983.00
16237.00 10341.00
15107.00 9464.00
12660.00 8009.00
12412.00 8005.00
11903.00 7427.00
10/02 12337.00 7803.00
13095.00 8576.00
11951.00 7985.00
11629.00 7767.00
11393.00 7560.00
11790.00 7674.00
13045.00 8400.00
14498.00 9347.00
14958.00 9527.00
16026.00 10248.00
16820.00 10798.00
16200.00 10525.00
10/03 17740.00 11434.00
18237.00 11807.00
18573.00 12427.00
19317.00 12482.00
19342.00 12463.00
19716.00 12522.00
4/04 18696.00 11893.00
</Table>
<Table>
--- SMALL COMPANY FUND --- RUSSELL 2000 GROWTH INDEX
$9,450 starting value $10,000 starting value
$18,696 ending value $11,893 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- ----------------------------------------------------------
Small Co A# 7/22/1996 43.33% 3.63% 9.17%
- ----------------------------------------------------------
Small Co A## 7/22/1996 35.46% 2.47% 8.38%
- ----------------------------------------------------------
Small Co B# 7/22/1996 42.33% 2.90% 8.42%
- ----------------------------------------------------------
Small Co B## 7/22/1996 37.33% 2.55% 8.42%
- ----------------------------------------------------------
Small Co C# 7/22/1996 42.28% 2.91% 8.44%
- ----------------------------------------------------------
Small Co C## 7/22/1996 39.86% 2.70% 8.30%
- ----------------------------------------------------------
Small Co Y# 7/22/1996 44.03% 4.13% 9.69%
- ----------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
STEVEN C. ANGELI, CFA
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Small Company Fund Class A, before sales charge, returned 5.39% for
the six-month period ended April 30, 2004. The Fund's return outperformed the
4.02% return of the Russell 2000 Growth Index and the 1.7% return of the Lipper
Small Cap Growth peer group average.
WHY DID THE FUND PERFORM THIS WAY?
The Fund's outperformance during the period was driven by excellent stock
selection in several sectors, which more than offset the headwind of having
underweight positions in some of the top performing sectors of the benchmark.
Information Technology was an area of particular strength during the period.
Although it was the worst performing sector of the Russell 2000 Growth Index,
our decision to underweight the sector, coupled with positive stock selection,
made a meaningful contribution to the Fund's outperformance. One of the top
holdings, Software company Red Hat, Inc. was a standout performer. Also, our
investment in Skillsoft, an e-learning Software company, contributed handsomely
to the Fund's return when the company exceeded expectations for earnings and
sales growth early in 2004.
Energy stocks, to which we added throughout the six-month period, were also
beneficial to the Fund's performance. Specifically, oil and gas companies
Whiting Petroleum and Patina Oil & Gas each posted double digit gains.
The largest detractor from the Fund's performance was our positioning in the
Health Care sector. We maintained our underweight in the sector, and therefore
did not own some winners held in the benchmark. Also, two of our Health Care
Services names, Beverly Enterprises (nursing homes) and HealthExtras (pharmacy
benefit services), failed to meet investor expectations, and their stocks
consequently underperformed. While HealthExtras remains in the Fund due to its
strong growth prospects, Beverly Enterprises was eliminated due to its
disappointing margin outlook.
The Fund's exposure to Industrials stocks also detracted from returns during the
period. The benefit from our overweight position relative to the Index was
offset by poor performance of Quality Distribution (Transportation) and Arkansas
Best (Transportation). At the end of the period, both positions remained in the
Fund.
WHAT IS YOUR OUTLOOK?
The U.S. economy is shifting into high gear, as manufacturing activity is
increasing, consumer spending remains relentless, and employment is finally
improving. A global rebound is in full swing, driven by industrial and general
business strength, offset by a depreciating dollar and inflation risk. Similar
to previous economic recoveries, small companies are once again leading the way
with accelerating fundamentals.
In keeping the Fund positioned to benefit not only from a recovery in the U.S.
economy, but also U.S. employment, we continue to overweight the Consumer
Discretionary sector. While Information Technology remains the Fund's largest
absolute weight, we have trimmed exposure due to lofty valuations and high
expectations.
25
The Hartford SmallCap Growth Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(4,6) 4/30/94 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
SMALL COMPANY FUND RUSSELL 2000 GROWTH INDEX
------------------ -------------------------
4/30/94 9520.00 10339.00
9281.00 9921.00
9454.00 10155.00
9372.00 9948.00
9809.00 10407.00
9991.00 10711.00
10160.00 10872.00
10218.00 11014.00
11148.00 11773.00
12535.00 12690.00
12667.00 12846.00
13345.00 13111.00
10/95 12824.00 12466.00
13126.00 13016.00
12890.00 13304.00
12673.00 13194.00
13514.00 13796.00
13851.00 14069.00
15125.00 15149.00
15865.00 15927.00
14829.00 14891.00
13323.00 13073.00
14467.00 14040.00
15458.00 14764.00
10/96 14359.00 14127.00
14355.00 14520.00
13783.00 14803.00
13569.00 15173.00
11936.00 14257.00
10887.00 13250.00
10621.00 13097.00
12615.00 15065.00
12920.00 15576.00
13678.00 16373.00
13325.00 16864.00
14218.00 18210.00
10/97 13565.00 17116.00
13613.00 16708.00
13992.00 16718.00
13526.00 16496.00
15132.00 17953.00
16104.00 18707.00
16225.00 18821.00
15394.00 17452.00
16016.00 17630.00
14723.00 16158.00
11505.00 12429.00
12302.00 13689.00
10/98 13103.00 14404.00
14758.00 15522.00
16769.00 16926.00
17960.00 17688.00
15687.00 16069.00
16821.00 16642.00
17448.00 18111.00
17575.00 18140.00
20009.00 19096.00
20268.00 18506.00
20740.00 17814.00
21712.00 18158.00
10/99 24917.00 18622.00
28011.00 20591.00
35454.00 24219.00
36143.00 23994.00
50467.00 29577.00
45157.00 26468.00
37810.00 23795.00
32558.00 21711.00
40350.00 24516.00
37358.00 22415.00
44764.00 24773.00
42231.00 23542.00
10/00 38395.00 21630.00
27342.00 17702.00
30507.00 18785.00
31090.00 20305.00
25249.00 17521.00
22563.00 15929.00
24614.00 17878.00
24593.00 18293.00
25530.00 18792.00
23666.00 17189.00
22115.00 16115.00
18002.00 13514.00
10/01 19824.00 14814.00
22069.00 16051.00
23805.00 17051.00
23022.00 16444.00
21741.00 15380.00
23985.00 16717.00
22958.00 16356.00
21349.00 15399.00
19359.00 14093.00
16734.00 11927.00
16650.00 11921.00
15263.00 11060.00
10/02 16480.00 11620.00
18333.00 12771.00
16883.00 11890.00
16322.00 11567.00
15581.00 11258.00
15761.00 11428.00
17253.00 12509.00
19285.00 13919.00
19783.00 14187.00
21095.00 15260.00
22567.00 16079.00
22577.00 15673.00
10/03 24250.00 17027.00
24853.00 17582.00
25202.00 17660.00
26705.00 18588.00
26663.00 18560.00
26451.00 18647.00
4/04 25287.00 17711.00
</Table>
<Table>
--- SMALLCAP GROWTH FUND --- RUSSELL 2000 GROWTH INDEX
$9,450 starting value $10,000 starting value
$25,287 ending value $17,711 ending value
</Table>
PORTFOLIO MANAGERS
DAVID J. ELLIOTT, CFA
Vice President
JAMES A. RULLO, CFA
Senior Vice President, Partner
AVERAGE ANNUAL TOTAL RETURNS(4,5) (as of 4/30/04)
<Table>
<Caption>
INCEPTION 1 5 10 SINCE
DATE YEAR YEAR YEAR INCEPTION
- -------------------------------------------------------------------
SmallCap A# 1/4/1988 46.56% 7.70% 10.34% 12.63%
- -------------------------------------------------------------------
SmallCap A## 1/4/1988 38.49% 6.49% 9.72% 12.24%
- -------------------------------------------------------------------
SmallCap B# 11/14/1994 45.60% 7.07% NA* NA*
- -------------------------------------------------------------------
SmallCap B## 11/14/1994 40.60% 6.84% NA* NA*
- -------------------------------------------------------------------
SmallCap C# 11/14/1994 45.69% 7.03% NA 10.42%
- -------------------------------------------------------------------
SmallCap C## 11/14/1994 43.23% 6.66% NA 10.29%
- -------------------------------------------------------------------
SmallCap H# 11/14/1994 45.90% 7.09% NA* NA*
- -------------------------------------------------------------------
SmallCap H## 11/14/1994 41.90% 6.86% NA* NA*
- -------------------------------------------------------------------
SmallCap L# 1/4/1988 46.74% 7.70% 10.34% 12.63%
- -------------------------------------------------------------------
SmallCap L## 1/4/1988 39.79% 6.66% 9.81% 12.30%
- -------------------------------------------------------------------
SmallCap M# 11/14/1994 45.80% 7.10% NA* NA*
- -------------------------------------------------------------------
SmallCap M## 11/14/1994 41.80% 6.87% NA* NA*
- -------------------------------------------------------------------
SmallCap N# 11/14/1994 45.83% 7.08% NA 10.45%
- -------------------------------------------------------------------
SmallCap N## 11/14/1994 44.83% 7.08% NA 10.45%
- -------------------------------------------------------------------
SmallCap Y# 2/19/2002 47.31% NA NA 7.10%
- -------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
NA Not Applicable
* 10 year and inception returns are not applicable for Classes
B, H and M because after 8 years Class B converts to Class A
and Classes H and M convert to Class L.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Small Cap Growth Fund Class A, before sales charge, returned 4.28%
for the six-month period ended April 30, 2004. The Fund outperformed the Russell
2000 Growth Index, which returned 4.02%, and the Lipper Small-Cap Growth
Average, which returned 1.7% during the period.
WHY DID THE FUND PERFORM THIS WAY?
Low interest rates, tax refunds, an increased level of merger activity and an
improving U.S. employment outlook propelled indexes higher during the six-month
period. Defensive sectors generally posted better returns than more aggressive
sectors, and small cap performance was on par with large cap performance. Within
the Russell 2000 Growth Index, Energy, Consumer Staples and Health Care
appreciated the most, while Information Technology declined modestly.
In this environment, outperformance relative to the benchmark and peer group was
driven by superior stock selection in Information Technology, Industrials and
Consumer Staples. Our investments in Information Technology were a source of
particular strength and more than offset the drag caused by our modest
overweight in the poor performing sector. Top contributors within Information
Technology during the period included FLIR Systems, Inc., a provider of thermal
imaging products, and Activision, a publisher of interactive entertainment
software. Stock selection within the Industrials sector was also notable during
the period, with Capital Goods stocks Invision Tech and Armor Holdings having a
significant impact on our positive return.
Performance was somewhat held back by the Fund's underweight position in more
defensive sectors, such as Energy and Consumer Staples, as well as stock
selection in Health Care and Consumer Discretionary sectors. Two of the Fund's
Pharmaceutical and Biotechnology companies, Ciphergen Biosystems and CV
Therapeutics, were among the top detractors.
WHAT IS YOUR OUTLOOK?
With U.S. corporate profits remarkably higher than a year ago, we are currently
seeing the strongest level of global economic growth in four years. We expect
this growth to moderate in the second half of 2004 and into 2005. Consistent
with the recent March U.S. Employment Report, U.S. consumption will no longer be
carried by tax cuts, but an increasing part of the burden will be shouldered by
rising employment and wage income. We expect the Federal Reserve to exercise
patience while contemplating its first rate hike in four years and we look for
this to occur in mid to late 2004 accompanied by a moderate updrift in
inflation. We remain focused on leveraging our research resources to build
diversified portfolios that emphasize stock selection.
26
The Hartford Stock Fund (subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 7/22/96 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
STOCK FUND S&P 500 INDEX
---------- -------------
7/22/96 9450.00 10000.00
9526.00 10102.00
9668.00 10317.00
10178.00 10897.00
10/96 10443.00 11198.00
11180.00 12043.00
10915.00 11805.00
11568.00 12542.00
11653.00 12641.00
11313.00 12122.00
11900.00 12845.00
12639.00 13630.00
13267.00 14236.00
14196.00 15368.00
13373.00 14507.00
14055.00 15301.00
10/97 13675.00 14790.00
14244.00 15475.00
14387.00 15741.00
14510.00 15914.00
15620.00 17061.00
16522.00 17935.00
16874.00 18118.00
16551.00 17806.00
17500.00 18529.00
17671.00 18333.00
15081.00 15684.00
15706.00 16689.00
10/98 16939.00 18044.00
17917.00 19138.00
18895.00 20240.00
19509.00 21086.00
19135.00 20430.00
20074.00 21248.00
20975.00 22070.00
20361.00 21549.00
21694.00 22745.00
21089.00 22035.00
20762.00 21925.00
20187.00 21324.00
10/99 21271.00 22674.00
21633.00 23134.00
23108.00 24495.00
22013.00 23265.00
22052.00 22825.00
24183.00 25058.00
23489.00 24304.00
22970.00 23805.00
23469.00 24391.00
22976.00 24010.00
24180.00 25501.00
23046.00 24155.00
10/00 23076.00 24054.00
21694.00 22158.00
21932.00 22267.00
22500.00 23057.00
20887.00 20957.00
19369.00 19630.00
20754.00 21153.00
20920.00 21295.00
20008.00 20777.00
19760.00 20574.00
18446.00 19288.00
17112.00 17731.00
10/01 17475.00 18070.00
18789.00 19456.00
18924.00 19627.00
18459.00 19341.00
18189.00 18967.00
18810.00 19680.00
17226.00 18488.00
16978.00 18352.00
15747.00 17045.00
14796.00 15717.00
14661.00 15820.00
13026.00 14102.00
10/02 14207.00 15342.00
15272.00 16244.00
14289.00 15290.00
13896.00 14891.00
13607.00 14668.00
13658.00 14810.00
14694.00 16029.00
15408.00 16872.00
15625.00 17088.00
16008.00 17389.00
16205.00 17728.00
15936.00 17540.00
10/03 16774.00 18531.00
16918.00 18694.00
17911.00 19674.00
17994.00 20036.00
18107.00 20314.00
17776.00 20008.00
4/04 17527.00 19693.00
</Table>
<Table>
--- STOCK FUND --- S&P 500 INDEX
$9,450 starting value $10,000 starting value
$17,527 ending value $19,693 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- -------------------------------------------------------
Stock A# 7/22/1996 19.30% -3.53% 8.26%
- -------------------------------------------------------
Stock A## 7/22/1996 12.71% -4.61% 7.48%
- -------------------------------------------------------
Stock B# 7/22/1996 18.44% -4.22% 7.49%
- -------------------------------------------------------
Stock B## 7/22/1996 13.44% -4.58% 7.49%
- -------------------------------------------------------
Stock C# 7/22/1996 18.61% -4.14% 7.55%
- -------------------------------------------------------
Stock C## 7/22/1996 16.42% -4.33% 7.41%
- -------------------------------------------------------
Stock Y# 7/22/1996 20.03% -3.02% 8.80%
- -------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
RAND L. ALEXANDER, CFA
Senior Vice President, Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Stock Fund Class A, before sales charge, returned 4.50% for the
six-month period ended April 30, 2004 in line with its Lipper Large Cap Core
peer group average return of 4.5%, and behind the 6.27% return of its benchmark,
the S&P 500 Index.
WHY DID THE FUND PERFORM THIS WAY?
The recovery in the U.S. equity markets continued at the end of 2003 into the
early part of the new year. Strong earnings, low interest rates, merger
activity, and signs of an improving employment picture propelled Indexes higher.
These positive factors were offset somewhat by concerns over potential Federal
Reserve interest rate increases, higher energy prices, renewed fears of
terrorism following the bombings in Madrid, and volatility in Iraq.
The Fund's positive absolute returns during the period were driven by results in
Consumer Staples, Energy, and Financials. In a reversal of the more speculative
2003 market environment that rewarded investments in Information Technology and
Consumer Discretionary stocks, the defensive sectors were the strongest areas at
the beginning of 2004. Among the Fund's top contributors on an absolute basis
were Pfizer (Pharmaceuticals) and Exxon Mobil (Energy). The Fund's strongest
area of relative stock selection was in Consumer Staples, boosted by holdings in
Gillette (Household and Personal Products).
The Fund's relative results were held back by stock selection in Health Care,
Consumer Discretionary, and its overweight in Information Technology. In Health
Care, Wyeth (Pharmaceuticals) detracted from performance due to concerns about
litigation regarding its diet drug. We continue to own Wyeth on the strength of
their current product line. Information Technology was the only sector in the
S&P 500 Index with a negative return during the reporting period and performance
was hindered by being overweight the sector. Technology stocks, Hewlett Packard
(Technology Hardware and Equipment) and Intel (Semiconductors and Semiconductor
Equipment), detracted from absolute and relative performance. Despite recent
sell-offs, the Fund continues to own each stock believing in the sustainability
of their earnings growth.
WHAT IS YOUR OUTLOOK?
Our investment positioning continues to have a cyclical bias with on-going
overweights in Industrials and Technology. During the quarter, we also increased
our Energy overweight as data continues to support higher average commodity
prices due to above-trend demand and relatively tight supply conditions longer
term. The Fund is currently underweight in less cyclical sectors such as
Telecommunications Services and Utilities. While we remain optimistic about the
economy moving beyond the current stimulus-driven phase into a more durable
recovery as supported by the recent jobs data, we expect the actual rate of
economic growth to decelerate in the second half of the year. This transition
may favor a gradual unwinding of our cyclical posture later in the year into
more defensive areas of the market. Thus, we envision a maturing economic cycle
that will likely provide lower absolute returns, but favor high quality, large
cap stocks that can provide steadier, less leveraged earnings growth.
27
The Hartford Tax-Free California Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(3) 10/31/02 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS CALIFORNIA EXEMPT
TAX-FREE CALIFORNIA FUND INDEX
------------------------ ---------------------------------
10/31/02 9550.00 10000.00
9476.00 9985.00
9718.00 10166.00
9620.00 10116.00
9814.00 10269.00
9805.00 10274.00
9863.00 10562.00
10116.00 10630.00
10000.00 10549.00
9437.00 10152.00
9540.00 10234.00
9869.00 10529.00
10/03 9842.00 10491.00
9990.00 10618.00
10087.00 10704.00
10142.00 10770.00
10337.00 10948.00
10319.00 10923.00
4/04 10018.00 10652.00
</Table>
<Table>
--- TAX-FREE CALIFORNIA FUND --- LEHMAN BROTHERS CALIFORNIA EXEMPT
$9,550 starting value INDEX
$10,018 ending value $10,000 starting value
$10,652 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- --------------------------------------------------------------
California A# 10/31/2002 1.56% 3.24%
- --------------------------------------------------------------
California A## 10/31/2002 -3.02% 0.12%
- --------------------------------------------------------------
California B# 10/31/2002 0.75% 2.45%
- --------------------------------------------------------------
California B## 10/31/2002 -4.12% -0.18%
- --------------------------------------------------------------
California C# 10/31/2002 1.05% 2.65%
- --------------------------------------------------------------
California C## 10/31/2002 -0.96% 1.97%
- --------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
CHARLES GRANDE
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford Tax-Free California
Fund Class A placed in the 1st quartile with a total return, before sales
charge, of 1.78% versus a return of 1.01% for the Lipper peer group and 1.53%
for the Lehman Brothers California Exempt Index.
The primary objective of The Hartford Tax Free California Fund is to provide
current income exempt from both federal and California income tax. As of April
30, 2004, the SEC yield for the Fund's Class A shares was 3.81%.
WHY DID THE FUND PERFORM THIS WAY?
Fund performance was strong due to an overweight in health care and special
assessment bonds, as well as bonds maturing 22 years and longer at a time when
rates rallied. We added exposure to revenue bonds versus general obligation debt
for the incremental yield they offer the portfolio.
During the past six months we liquidated the Fund's exposure to tobacco bonds
that are secured solely by payments from the tobacco companies to the states. We
have, however, maintained a position in California tobacco bonds that are
additionally supported by the state. Eliminating the Fund's exposure to the
tobacco bonds has caused a reduction in Fund yield. We believe this reduction in
yield is prudent given our expectation for future increased price volatility
(negative total return) due to new legal issues surrounding the market for these
bonds. After we sold the bonds, Moody's downgraded a portion of New York's
tobacco debt to non-investment grade. We believe Moody's downgrade will
eventually have negative consequences for all tobacco bonds. In fact, tobacco
bonds recently demonstrated underperformance to general benchmarks, and thus our
sales positively assisted Fund performance.
Airline debt provided solid returns in 2003 (and our lack of exposure hindered
performance during that time), but our long term view for this debt is negative.
In early 2004, Fund performance was assisted by a lack of exposure to airline
special facility debt, in particular UAL debt securing LAX and San Francisco
Special Facility Bonds. Airline bonds experienced a steep price decline after
the judge in the UAL bankruptcy ruled against bondholders in March in a decision
regarding the security supporting this debt. The Fund also benefited from
exposure to special assessment bonds. California's three most populous regions,
Los Angeles, San Diego and San Francisco face a housing shortage after a 47%
decline in new construction during the 1990's. We continue to favor non-rated
special assessment debt for new housing developments in these areas.
WHAT IS YOUR OUTLOOK?
More recently, we have taken a defensive posture in light of our expectation of
increasing rates. We have moved shorter on the yield curve and have reduced
credit quality to decrease interest rate exposure while maintaining the yield.
Positive news abounds from California. In February the state reported 8,800 new
jobs, leading the rest of the states in new job growth. On March 2, California
voters approved a $15 billion bond bailout measure helping the state avoid a
cash crisis in June. In our opinion, the state is still not out of the woods,
although passage of the deficit financing has placed a bottom on the state's
credit rating. State credit spreads may experience some marginal widening due to
the extraordinary volume of issuance. We believe higher interest rates will
reduce municipal bond issuance. The lower supply will occur in the face of
greater interest from retail buyers attracted by the achievable higher rates,
and crossover buyers attracted by the cheapness of municipal product. As a
result, we expect the municipal market to be set up for strong performance.
28
The Hartford Tax-Free Minnesota Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(7,9) 4/30/94 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS MUNICIPAL BOND
TAX-FREE MINNESOTA FUND INDEX
----------------------- ------------------------------
4/30/94 9543.00 9915.00
9377.00 9735.00
9589.00 9950.00
9832.00 10234.00
10076.00 10532.00
10133.00 10653.00
10131.00 10665.00
10418.00 11006.00
10316.00 10909.00
10384.00 11013.00
10482.00 11152.00
10530.00 11223.00
10/95 10680.00 11386.00
10831.00 11575.00
10940.00 11686.00
10987.00 11774.00
10910.00 11695.00
10770.00 11546.00
10743.00 11513.00
10749.00 11508.00
10849.00 11634.00
10939.00 11739.00
10923.00 11736.00
11057.00 11900.00
10/96 11149.00 12035.00
11305.00 12255.00
11267.00 12204.00
11272.00 12227.00
11363.00 12339.00
11214.00 12175.00
11307.00 12277.00
11455.00 12461.00
11571.00 12594.00
11844.00 12943.00
11713.00 12822.00
11842.00 12974.00
10/97 11914.00 13057.00
11976.00 13134.00
12142.00 13325.00
12248.00 13463.00
12229.00 13467.00
12232.00 13479.00
12166.00 13418.00
12356.00 13631.00
12395.00 13684.00
12422.00 13719.00
12662.00 13931.00
12819.00 14104.00
10/98 12763.00 14104.00
12815.00 14153.00
12841.00 14189.00
12965.00 14358.00
12904.00 14295.00
12893.00 14315.00
12932.00 14350.00
12831.00 14267.00
12667.00 14062.00
12704.00 14113.00
12614.00 14000.00
12600.00 14006.00
10/99 12460.00 13854.00
12574.00 14002.00
12510.00 13897.00
12446.00 13837.00
12602.00 13997.00
12810.00 14303.00
12735.00 14219.00
12659.00 14145.00
12938.00 14519.00
13100.00 14722.00
13289.00 14948.00
13214.00 14871.00
10/00 13364.00 15033.00
13462.00 15147.00
13829.00 15521.00
13914.00 15675.00
13973.00 15725.00
14069.00 15865.00
13879.00 15694.00
14044.00 15862.00
14124.00 15969.00
14332.00 16205.00
14543.00 16472.00
14480.00 16417.00
10/01 14672.00 16612.00
14489.00 16473.00
14340.00 16317.00
14545.00 16600.00
14619.00 16800.00
14372.00 16470.00
14638.00 16792.00
14708.00 16895.00
14877.00 17074.00
15048.00 17294.00
15206.00 17502.00
15522.00 17885.00
10/02 15209.00 17588.00
15101.00 17514.00
15456.00 17884.00
15384.00 17839.00
15618.00 18089.00
15605.00 18100.00
15669.00 18219.00
16087.00 18645.00
15999.00 18565.00
15358.00 17915.00
15454.00 18050.00
15971.00 18580.00
10/03 15853.00 18488.00
16039.00 18680.00
16197.00 18835.00
16263.00 18942.00
16514.00 19226.00
16488.00 19159.00
04/04 16088.00 18705.00
</Table>
<Table>
--- TAX-FREE MINNESOTA FUND --- LEHMAN BROTHERS MUNICIPAL BOND INDEX
$9,550 starting value $10,000 starting value
$16,088 ending value $18,705 ending value
</Table>
PORTFOLIO MANAGER
CHARLES GRANDE
Senior Vice President
AVERAGE ANNUAL TOTAL RETURNS(7,8) (as of 4/30/04)
<Table>
<Caption>
INCEPTION 1 5 10 SINCE
DATE YEAR YEAR YEAR INCEPTION
- -----------------------------------------------------------------------
Minnesota A# 6/2/1986 2.67% 4.47% 5.35% 6.07%
- -----------------------------------------------------------------------
Minnesota A## 6/2/1986 -1.98% 3.51% 4.87% 5.80%
- -----------------------------------------------------------------------
Minnesota B# 11/14/1994 1.96% 3.68% NA* NA*
- -----------------------------------------------------------------------
Minnesota B## 11/14/1994 -2.94% 3.33% NA* NA*
- -----------------------------------------------------------------------
Minnesota C# 11/14/1994 1.86% 3.63% NA 5.04%
- -----------------------------------------------------------------------
Minnesota C## 11/14/1994 -0.16% 3.25% NA 4.93%
- -----------------------------------------------------------------------
Minnesota E# 6/2/1986 2.93% 4.74% 5.49% 6.15%
- -----------------------------------------------------------------------
Minnesota E## 6/2/1986 -1.70% 3.78% 5.00% 5.88%
- -----------------------------------------------------------------------
Minnesota H# 11/14/1994 1.91% 3.70% NA* NA*
- -----------------------------------------------------------------------
Minnesota H## 11/14/1994 -2.01% 3.36% NA* NA*
- -----------------------------------------------------------------------
Minnesota L# 11/14/1994 2.67% 4.49% NA 5.87%
- -----------------------------------------------------------------------
Minnesota L## 11/14/1994 -1.96% 3.53% NA 5.36%
- -----------------------------------------------------------------------
Minnesota M# 11/14/1994 2.01% 3.75% NA* NA*
- -----------------------------------------------------------------------
Minnesota M## 11/14/1994 -1.91% 3.41% NA* NA*
- -----------------------------------------------------------------------
Minnesota N# 11/14/1994 1.91% 3.77% NA 5.08%
- -----------------------------------------------------------------------
Minnesota N## 11/14/1994 0.93% 3.77% NA 5.08%
- -----------------------------------------------------------------------
Minnesota Y# 2/19/2002 2.90% NA NA 5.04%
- -----------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
NA Not Applicable
* 10 year and inception returns are not applicable for Classes
B, H and M because after 8 years Class B converts to Class A
and Classes H and M convert to Class L.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford Tax Free Minnesota
Fund Class A placed in the 1st quartile with a total return, before sales
charge, of 1.48% versus a return of 1.15% for the Lipper peer group, a return of
1.19% for the Lehman Brothers Municipal Bond Index and a return of 1.23% for the
Lehman Brothers Minnesota Exempt Index.
The primary objective of The Hartford Tax-Free Minnesota Fund is to provide
current income exempt from both federal income tax and Minnesota state personal
income tax. As of April 30, 2004, the SEC yield for this Fund's Class A shares
is 3.30%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund posted solid performance, in spite of the lack of new issuance from the
State. Contributing to performance were the high quality liquid bonds, which
provided price appreciation in a market lacking bonds. The Fund added exposure
to industrial revenue bonds, which have provided good incremental yield.
Recently, we have taken a more defensive posture in light of our expectation of
increasing rates. To maintain yield, we moved shorter on the yield curve and
reduced the credit quality. This has also helped to limit the Fund's interest
rate exposure.
During the past six months we liquidated the Fund's exposure to tobacco bonds
that are secured solely by payments from the tobacco companies to the states.
Eliminating the Fund's exposure to these bonds has caused a reduction in Fund
yield. We believe this reduction in yield is prudent given our expectation for
future increased price volatility (negative total return) due to new legal
issues surrounding the market for these bonds. After we sold the bonds, Moody's
downgraded a portion of New York's tobacco debt to non-investment grade. We
believe Moody's downgrade will eventually have negative consequences for all
tobacco bonds. In fact, tobacco bonds recently demonstrated underperformance to
general benchmarks, and thus our sale of the bonds assisted Fund performance.
Although airline debt provided solid returns in 2003 (and our lack of exposure
hindered performance during that time), our long-term outlook for this debt is
negative. Performance in 2004 was assisted by the lack of exposure to airline
bonds. The bonds experienced a steep price decline after the judge in the UAL
bankruptcy ruled against the bondholders in March in a decision regarding the
security supporting this debt.
In our search for diversification and incremental yield, we began to actively
purchase Minnesota charter school debt. Minnesota is one of the states with the
strongest support for charter schools, which dates back to 1991. We like
established charter schools with at least 5 years of operational history.
WHAT IS YOUR OUTLOOK?
Over the past few months, we have taken a more defensive posture in light of our
expectation of increasing rates. We have reduced credit quality, and have moved
shorter on the yield curve to maintain the yield, while limiting interest rate
exposure.
We believe expectations for higher interest rates will limit future issuance and
certainly delay the issuance of refunding debt. The lower supply will occur in
the face of greater interest from retail buyers (attracted by higher rates) and
crossover buyers (attracted by the cheapness of the municipal market). In this
scenario, we expect the municipal market will be set up for out performance.
Our prospects for Minnesota and the new governor are positive as we believe the
regional economy will improve in 2004 allowing replenishment of state reserves.
We do not expect the state to suffer additional downgrades in the coming year
and see a possible return to "AAA" status in the not too distant future. We are
encouraged by what we see as the early underpinnings of an economic recovery in
Minnesota.
29
The Hartford Tax-Free National Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(7,9) 4/30/94 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS MUNICIPAL BOND
TAX-FREE NATIONAL FUND INDEX
---------------------- ------------------------------
4/30/94 9452.00 9915.00
9310.00 9735.00
9540.00 9950.00
9793.00 10234.00
10086.00 10532.00
10134.00 10653.00
10134.00 10665.00
10461.00 11006.00
10297.00 10909.00
10384.00 11013.00
10499.00 11152.00
10546.00 11223.00
10/95 10711.00 11386.00
10937.00 11575.00
11053.00 11686.00
11109.00 11774.00
10996.00 11695.00
10832.00 11546.00
10777.00 11513.00
10783.00 11508.00
10881.00 11634.00
11009.00 11739.00
10985.00 11736.00
11146.00 11900.00
10/96 11266.00 12035.00
11470.00 12255.00
11403.00 12204.00
11399.00 12227.00
11489.00 12339.00
11326.00 12175.00
11418.00 12277.00
11584.00 12461.00
11708.00 12594.00
12090.00 12943.00
11901.00 12822.00
12058.00 12974.00
10/97 12129.00 13057.00
12189.00 13134.00
12398.00 13325.00
12524.00 13463.00
12495.00 13467.00
12477.00 13479.00
12369.00 13418.00
12606.00 13631.00
12629.00 13684.00
12642.00 13719.00
12859.00 13931.00
13020.00 14104.00
10/98 12975.00 14104.00
13010.00 14153.00
13046.00 14189.00
13176.00 14358.00
13095.00 14295.00
13073.00 14315.00
13121.00 14350.00
13004.00 14267.00
12778.00 14062.00
12815.00 14113.00
12697.00 14000.00
12686.00 14006.00
10/99 12506.00 13854.00
12653.00 14002.00
12568.00 13897.00
12496.00 13837.00
12671.00 13997.00
12920.00 14303.00
12837.00 14219.00
12753.00 14145.00
13071.00 14519.00
13239.00 14722.00
13445.00 14948.00
13362.00 14871.00
10/00 13507.00 15033.00
13601.00 15147.00
14029.00 15521.00
14124.00 15675.00
14155.00 15725.00
14273.00 15865.00
14015.00 15694.00
14172.00 15862.00
14274.00 15969.00
14500.00 16205.00
14808.00 16472.00
14722.00 16417.00
10/01 14921.00 16612.00
14725.00 16473.00
14519.00 16317.00
14784.00 16600.00
14923.00 16800.00
14597.00 16470.00
14912.00 16792.00
15039.00 16895.00
15205.00 17074.00
15411.00 17294.00
15605.00 17502.00
15979.00 17885.00
10/02 15648.00 17588.00
15508.00 17514.00
15927.00 17884.00
15818.00 17839.00
16092.00 18089.00
16070.00 18100.00
16208.00 18219.00
16662.00 18645.00
16537.00 18565.00
15776.00 17915.00
15932.00 18050.00
16409.00 18580.00
10/03 16302.00 18488.00
16498.00 18680.00
16673.00 18835.00
16788.00 18942.00
17054.00 19226.00
17019.00 19159.00
4/04 16591.00 18705.00
</Table>
<Table>
--- TAX-FREE NATIONAL FUND --- LEHMAN BROTHERS MUNICIPAL BOND INDEX
$9,550 starting value $10,000 starting value
$16,591 ending value $18,705 ending value
</Table>
PORTFOLIO MANAGER
CHARLES GRANDE
Senior Vice President
AVERAGE ANNUAL TOTAL RETURNS(7,8) (as of 4/30/04)
<Table>
<Caption>
INCEPTION 1 5 10 SINCE
DATE YEAR YEAR YEAR INCEPTION
- ------------------------------------------------------------------
National A# 6/2/1986 2.36% 4.81% 5.68% 6.53%
- ------------------------------------------------------------------
National A## 6/2/1986 -2.26% 3.85% 5.19% 6.25%
- ------------------------------------------------------------------
National B# 11/14/1994 1.64% 3.84% NA* NA*
- ------------------------------------------------------------------
National B## 11/14/1994 -3.24% 3.50% NA* NA*
- ------------------------------------------------------------------
National C# 11/14/1994 1.64% 3.90% NA 5.47%
- ------------------------------------------------------------------
National C## 11/14/1994 -0.38% 3.52% NA 5.36%
- ------------------------------------------------------------------
National E# 6/2/1986 2.66% 4.91% 5.73% 6.56%
- ------------------------------------------------------------------
National E## 6/2/1986 -1.98% 3.95% 5.24% 6.28%
- ------------------------------------------------------------------
National H# 11/14/1994 1.66% 3.90% NA* NA*
- ------------------------------------------------------------------
National H## 11/14/1994 -2.24% 3.56% NA* NA*
- ------------------------------------------------------------------
National L# 11/14/1994 2.41% 4.67% NA 6.27%
- ------------------------------------------------------------------
National L## 11/14/1994 -2.23% 3.71% NA 5.75%
- ------------------------------------------------------------------
National M# 11/14/1994 1.66% 3.90% NA* NA*
- ------------------------------------------------------------------
National M## 11/14/1994 -2.24% 3.56% NA* NA*
- ------------------------------------------------------------------
National N# 11/14/1994 1.66% 3.89% NA 5.47%
- ------------------------------------------------------------------
National N## 11/14/1994 0.69% 3.89% NA 5.47%
- ------------------------------------------------------------------
National Y# 2/19/2002 2.66% NA NA 5.49%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
NA Not Applicable
* 10 year and inception returns are not applicable for Classes
B, H and M because after 8 years Class B converts to Class A
and Classes H and M convert to Class L.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford Tax-Free National
Fund Class A placed in the 1st quartile with a total return, before sales
charge, of 1.77% versus a return of 0.94% for the Lipper peer group and 1.19%
for the Lehman Brothers Municipal Bond Index.
The primary objective of The Hartford National Tax-Free Fund is to provide
current income exempt from federal income tax. As of April 30, 2004, the SEC
yield for this Fund's Class A share is 3.63%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund benefited by moving from short dated bonds to the longer maturities, in
anticipation of a stronger bond market and to enhance the yield on the
portfolio. While the Fund was long in duration, rates rallied and the Fund
benefitted from this rally. Recently, we have taken a more defensive posture in
light of our expectation of increasing rates. To maintain yield, we have moved
shorter on the yield curve and have reduced credit quality. This has also helped
to limit the Fund's interest rate risk.
During the past six months we liquidated the Fund's exposure to tobacco bonds
that are secured solely by payments from the tobacco companies to the states.
Eliminating the Fund's exposure to these bonds has caused a reduction in Fund
yield. We believe this reduction in yield is prudent given our expectation for
future increased price volatility (negative total return) due to new legal
issues surrounding the market for these bonds. After we sold the bonds, Moody's
downgraded a portion of New York's tobacco debt to non-investment grade. We
believe Moody's downgrade will eventually have negative consequences for all
tobacco bonds. In fact, tobacco bonds recently demonstrated underperformance to
general benchmarks, and thus eliminating the bonds from the portfolio assisted
Fund performance.
In our search for diversification and incremental yield we began purchasing
charter schools in Arizona and New Mexico. We favor established charter schools
with 3 to 5 years of operational history and prefer schools with a niche not
being served by public schools, such as teaching English as a second language.
We also actively purchased industrial revenue bonds over the past six months for
the incremental yield these bonds offer. Airline debt performed strongly during
the past six months but the Fund was underweight this sector. While the bonds
have performed well over the short term, we have a negative long-term bias to
this sector. This is further supported by the fact that airline bonds
experienced a steep price decline after the judge in the UAL bankruptcy case
ruled against the bondholders in March in a decision regarding the security
supporting this debt.
WHAT IS YOUR OUTLOOK?
We are positioning the portfolio for a rising rate environment and are
decreasing the credit quality of the portfolio to mitigate any underperformance
that may occur due to interest rate sensitivity, which should benefit the total
return of the portfolio. In addition, we believe the credit profile of lower
rated credits will improve with national economic growth. Expectations for
higher interest rates will limit future issuance and certainly delay the
issuance of refunding debt. The lower supply will occur in the face of greater
interest from retail buyers (attracted by the achievable higher rates) and
crossover buyers (attracted by the cheapness of the municipal market). Thus the
municipal market will be set up for out-performance.
30
The Hartford Tax-Free New York Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(3) 10/31/02 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
TAX-FREE NEW YORK FUND LEHMAN NEW YORK EXEMPT INDEX
---------------------- ----------------------------
10/31/02 9550.00 10000.00
9474.00 9945.00
9733.00 10161.00
9660.00 10138.00
9831.00 10275.00
9850.00 10285.00
9937.00 10349.00
10256.00 10584.00
10168.00 10542.00
9643.00 10185.00
9752.00 10267.00
10097.00 10562.00
10/03 10030.00 10514.00
10171.00 10621.00
10319.00 10698.00
10384.00 10757.00
10577.00 10914.00
10538.00 10873.00
4/04 10225.00 10626.00
</Table>
<Table>
--- TAX-FREE NEW YORK FUND --- LEHMAN NEW YORK EXEMPT INDEX
$9,550 starting value $10,000 starting value
$10,225 ending value $10,626 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ------------------------------------------------------------
New York A# 10/31/2002 2.90% 4.66%
- ------------------------------------------------------------
New York A## 10/31/2002 -1.71% 1.50%
- ------------------------------------------------------------
New York B# 10/31/2002 2.27% 4.00%
- ------------------------------------------------------------
New York B## 10/31/2002 -2.64% 1.36%
- ------------------------------------------------------------
New York C# 10/31/2002 2.27% 4.00%
- ------------------------------------------------------------
New York C## 10/31/2002 0.25% 3.31%
- ------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
CHARLES GRANDE
Senior Vice President
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford Tax-Free New York
Fund Class A placed in the 1st quartile with a total return, before sales
charge, of 1.94% versus a return of 0.71% for the Lipper peer group and 1.07%
for the Lehman Brothers New York Exempt Index.
The primary objective of The Hartford Tax-Free New York Fund is to provide
current income exempt from federal and New York and New York City income tax. As
of April 30, 2004, the SEC yield for the Fund's Class A shares is 3.53%.
WHY DID THE FUND PERFORM THIS WAY?
The Fund experienced strong performance early in the period as a result of the
rally that occurred at the end of 2003, which rewarded bondholders who were long
in duration. We had been increasing the duration in expectation of a rally and
to pick up incremental yield. The Fund received additional incremental yield
from exposure to industrial revenue bonds.
During the past six months we liquidated the Fund's exposure to tobacco bonds
that are secured solely by payments from the tobacco companies to the states. We
have, however, maintained a position in New York tobacco bonds that are
additionally supported by the State. Eliminating the Fund's exposure to these
bonds has caused a reduction in Fund yield. We believe this reduction in yield
is prudent given our expectation for future increased price volatility (negative
total return) due to new legal issues surrounding the market for these bonds.
After we sold the bonds, Moody's downgraded a portion of New York's tobacco debt
to non-investment grade. We believe Moody's downgrade will eventually have
negative consequences for all tobacco bonds. In fact, tobacco bonds recently
demonstrated underperformance to general benchmarks, and thus our sale of the
bonds assisted Fund performance.
Airline debt provided solid returns in 2003 (and our lack of exposure hindered
performance during that time), but the industry has become quite volatile. Fund
performance was assisted by the lack of exposure to airline bonds in 2004.
Airline bonds experienced a steep price decline in March after the judge in the
UAL bankruptcy filing ruled against bondholders in a decision regarding the
security supporting this debt.
WHAT IS YOUR OUTLOOK?
Over the past few months, we have taken a more defensive posture in light of our
expectation of increasing rates. We have moved shorter on the yield curve and
have lowered credit quality to reduce interest rate exposure, while maintaining
yield.
We note that for the 20th consecutive year, New York State begins its fiscal
year without a budget in place. However, we believe the early signs of economic
recovery are apparent. New York City reports improved property tax receipts, a
continued rise in high-end residential real estate and increased personal income
tax receipts from improved performance on Wall Street leading to solid bonuses.
We are convinced New York City will lead the state in economic recovery.
Expectations for higher interest rates will limit future issuance and certainly
delay the issuance of refunding debt. The lower supply will occur in the face of
greater interest from retail buyers (attracted by higher rates) and crossover
buyers (attracted by the cheapness of the municipal market). Thus the municipal
market is expected to outperform.
31
The Hartford Total Return Bond Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(3) 7/22/96 - 10/31/03
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
LEHMAN BROTHERS U.S. AGGREGATE BOND
TOTAL RETURN BOND FUND INDEX
---------------------- -----------------------------------
7/22/96 9550.00 10000.00
9569.00 10027.00
9562.00 10010.00
9751.00 10184.00
10/96 9958.00 10410.00
10168.00 10588.00
10097.00 10490.00
10153.00 10522.00
10186.00 10549.00
10054.00 10431.00
10205.00 10588.00
10315.00 10689.00
10464.00 10816.00
10811.00 11108.00
10694.00 11013.00
10865.00 11175.00
10/97 10960.00 11337.00
11034.00 11389.00
11187.00 11504.00
11339.00 11652.00
11332.00 11642.00
11381.00 11682.00
11419.00 11743.00
11533.00 11854.00
11618.00 11955.00
11618.00 11980.00
11693.00 12175.00
12008.00 12460.00
10/98 11871.00 12394.00
11996.00 12465.00
12027.00 12502.00
12122.00 12591.00
11818.00 12371.00
11878.00 12439.00
11940.00 12479.00
11769.00 12369.00
11697.00 12329.00
11655.00 12276.00
11632.00 12270.00
11739.00 12412.00
10/99 11766.00 12458.00
11770.00 12457.00
11702.00 12397.00
11673.00 12356.00
11813.00 12506.00
11970.00 12671.00
11951.00 12634.00
11940.00 12628.00
12212.00 12891.00
12293.00 13008.00
12434.00 13196.00
12505.00 13280.00
10/00 12539.00 13367.00
12733.00 13586.00
13017.00 13839.00
13302.00 14066.00
13381.00 14189.00
13398.00 14259.00
13378.00 14200.00
13452.00 14285.00
13430.00 14339.00
13740.00 14660.00
13893.00 14829.00
13928.00 15002.00
10/01 14162.00 15316.00
14084.00 15105.00
14020.00 15008.00
14075.00 15129.00
14130.00 15276.00
13909.00 15023.00
14178.00 15314.00
14327.00 15444.00
14304.00 15579.00
14335.00 15767.00
14609.00 16034.00
14745.00 16293.00
10/02 14798.00 16218.00
14958.00 16213.00
15323.00 16549.00
15450.00 16564.00
15685.00 16793.00
15705.00 16779.00
15905.00 16918.00
16243.00 17233.00
16229.00 17199.00
15739.00 16621.00
15847.00 16730.00
16274.00 17174.00
10/03 16153.00 17014.00
16211.00 17055.00
16416.00 17229.00
16544.00 17367.00
16676.00 17554.00
16769.00 17686.00
4/04 16362.00 17226.00
</Table>
<Table>
--- TOTAL RETURN BOND FUND --- LEHMAN BROTHERS U.S. AGGREGATE BOND INDEX
$9,550 starting value $10,000 starting value
$16,362 ending value $17,226 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(1,2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- --------------------------------------------------------------
Total Return
A#............ 7/22/1996 2.85% 6.51% 7.16%
- --------------------------------------------------------------
Total Return
A##........... 7/22/1996 -1.80% 5.52% 6.53%
- --------------------------------------------------------------
Total Return
B#............ 7/22/1996 2.13% 5.77% 6.40%
- --------------------------------------------------------------
Total Return
B##........... 7/22/1996 -2.65% 5.45% 6.40%
- --------------------------------------------------------------
Total Return
C#............ 7/22/1996 2.22% 5.77% 6.41%
- --------------------------------------------------------------
Total Return
C##........... 7/22/1996 0.20% 5.55% 6.27%
- --------------------------------------------------------------
Total Return
Y#............ 7/22/1996 3.33% 7.00% 7.65%
</Table>
<Table>
<Caption>
- --------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
NASRI TOUTOUNGI
Managing Director
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford Total Return Bond
Fund Class A placed in the 2nd quartile with a total return, before sales
charge, of 1.26% versus a return of 1.17% for the Lipper peer group and 1.25%
for the Lehman Brothers U.S. Aggregate Bond Index.
WHY DID THE FUND PERFORM THIS WAY?
The fixed income markets reacted with concern about the lack of job creation in
what was otherwise seen as a growing economy. Key indicators picked up steam in
March when, on April 2nd, it was announced that the March non-farm payroll grew
by 308,000, pointing to evidence of a sustainable recovery. Housing data
indicated that while the market had cooled from its record pace, activity
remained at historical levels. Improved corporate balance sheets further pointed
to an improving economy.
Over the past six months, the Fund benefited from judicious sector positioning,
with exposure to high yield, corporate bonds, and non dollar securities. High
yield bonds experienced their second best year for performance in 2003, while
the Euro had a very strong showing in the latter parts of the year. Being
underweight to mortgages toward the end of 2003 contributed positively to the
performance; however, mortgages performed well in the first quarter 2004 and
being underweight became a drag on performance. Also, while interest rate and
yield curve decisions were positive for the Fund earlier in the past six months,
the Fund was positioned to take advantage of a flatter yield curve in 2004 than
had actually occurred, which also negatively affected performance.
WHAT IS YOUR OUTLOOK?
Overall we expect rates to move slightly higher in the coming months. Market
pricing appears inconsistent with the pickup in the economy and jobs. Recent
statements by the Fed, as a result of an improvement in the labor market,
suggest an effort to guide markets to higher rates. Intervention flows from
Japan, which have provided strong demand for Treasuries so far this year, dried
up with the yen moving lower versus the dollar. We expect the backup in rates to
be led by the five and 10-year maturity sectors.
We remain constructive on corporate bond spreads and will continue to favor
"BBB" securities. While mortgage backed securities are good income generators,
we are concerned about price depreciation in the event of a significant move in
interest rates and as such, we will underweight these areas. We will remain
underinvested in agency debentures due to the increased level of scrutiny they
are experiencing and the potential negative effect on prices. We have increased
our sovereign foreign bonds exposure, mostly on a hedged basis. In a rising rate
environment, European bonds should do well versus U.S. bonds. Currently, the
Fund holds 7% in foreign government or quasi government bonds. In addition, we
have initiated a 1% position in Treasury Inflation Protected Securities, as they
should offer good fundamental value long term. We will be watching for leading
indicators of inflation before we increase our position in these securities.
32
The Hartford U.S. Government Securities Fund
(subadvised by Hartford Investment Management Company)
PERFORMANCE OVERVIEW(7,9) 4/30/94 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
U.S. GOVERNMENT SECURITIES LEHMAN BROTHERS LEHMAN BROTHERS U.S. GOV'T
FUND INTERMEDIATE GOV'T INDEX* INDEX*
-------------------------- ------------------------- --------------------------
4/30/94 9485.00 10088.00 9999.00
9459.00 10043.00 9981.00
9520.00 10076.00 10042.00
9693.00 10240.00 10229.00
9888.00 10437.00 10449.00
9940.00 10495.00 10515.00
10059.00 10616.00 10652.00
10358.00 10916.00 11082.00
10431.00 10985.00 11167.00
10401.00 10991.00 11126.00
10521.00 11081.00 11256.00
10615.00 11156.00 11364.00
10/95 10768.00 11278.00 11537.00
10910.00 11415.00 11717.00
11041.00 11528.00 11883.00
11113.00 11625.00 11956.00
10923.00 11502.00 11712.00
10853.00 11450.00 11614.00
10792.00 11416.00 11540.00
10778.00 11410.00 11521.00
10908.00 11526.00 11669.00
10929.00 11562.00 11698.00
10913.00 11575.00 11673.00
11107.00 11725.00 11866.00
10/96 11329.00 11917.00 12127.00
11514.00 12061.00 12338.00
11411.00 11996.00 12213.00
11447.00 12042.00 12226.00
11469.00 12062.00 12243.00
11339.00 11993.00 12113.00
11504.00 12129.00 12288.00
11604.00 12223.00 12393.00
11732.00 12328.00 12532.00
12030.00 12555.00 12888.00
11931.00 12507.00 12761.00
12109.00 12643.00 12952.00
10/97 12275.00 12790.00 13176.00
12308.00 12818.00 13243.00
12422.00 12923.00 13382.00
12590.00 13091.00 13583.00
12566.00 13077.00 13546.00
12609.00 13118.00 13584.00
12653.00 13181.00 13645.00
12779.00 13271.00 13786.00
12906.00 13361.00 13943.00
12922.00 13412.00 13964.00
13189.00 13666.00 14327.00
13513.00 13985.00 14714.00
10/98 13390.00 14008.00 14664.00
13449.00 13965.00 14668.00
13480.00 14019.00 14701.00
13537.00 14082.00 14786.00
13266.00 13889.00 14434.00
13337.00 13981.00 14490.00
13366.00 14019.00 14524.00
13237.00 13933.00 14396.00
13181.00 13953.00 14367.00
13124.00 13955.00 14345.00
13096.00 13974.00 14345.00
13259.00 14094.00 14461.00
10/99 13277.00 14122.00 14485.00
13281.00 14132.00 14464.00
13211.00 14087.00 14370.00
13157.00 14040.00 14390.00
13300.00 14156.00 14595.00
13460.00 14318.00 14852.00
13437.00 14312.00 14810.00
13414.00 14351.00 14819.00
13652.00 14578.00 15083.00
13768.00 14675.00 15229.00
13962.00 14840.00 15454.00
14081.00 14969.00 15498.00
10/00 14186.00 15072.00 15646.00
14434.00 15293.00 15955.00
14730.00 15563.00 16272.00
14901.00 15770.00 16436.00
15056.00 15915.00 16624.00
15132.00 16030.00 16682.00
15044.00 15979.00 16512.00
15101.00 16046.00 16566.00
15121.00 16097.00 16643.00
15462.00 16397.00 17042.00
15624.00 16543.00 17253.00
15900.00 16896.00 17554.00
10/01 16168.00 17160.00 18006.00
15934.00 16955.00 17603.00
15834.00 16873.00 17450.00
15918.00 16946.00 17563.00
16111.00 17086.00 17725.00
15894.00 16828.00 17340.00
16188.00 17143.00 17753.00
16313.00 17263.00 17860.00
16453.00 17479.00 18110.00
16742.00 17808.00 18508.00
16961.00 18011.00 18874.00
17250.00 18320.00 19316.00
10/02 17192.00 18308.00 19162.00
17095.00 18163.00 18997.00
17548.00 18499.00 19456.00
17450.00 18458.00 19408.00
17721.00 18667.00 19720.00
17675.00 18671.00 19663.00
17781.00 18723.00 19754.00
18133.00 19017.00 20265.00
17967.00 18986.00 20160.00
17186.00 18525.00 19327.00
17248.00 18558.00 19435.00
17741.00 18961.00 20001.00
10/03 17547.00 18775.00 19717.00
17590.00 18777.00 19741.00
17703.00 18924.00 19916.00
17816.00 19026.00 20082.00
18006.00 19207.00 20323.00
18142.00 19341.00 20501.00
4/04 17725.00 18908.00 19884.00
</Table>
<Table>
--- U.S. GOVERNMENT SECURITIES FUND --- LEHMAN BROTHERS INTERMEDIATE GOV'T INDEX*
$9,550 starting value $10,000 starting value
$17,725 ending value $18,908 ending value
-- LEHMAN BROTHERS U.S. GOV'T INDEX*
$10,000 starting value
$19,884 ending value
</Table>
*The Fund has changed its benchmark from the Lehman Brothers Intermediate Gov't
Index to the Lehman Brothers U.S. Government Index because the Lehman Brothers
U.S. Government Index is better suited for the investment strategy of the fund.
PORTFOLIO MANAGER
CHRISTOPHER HANLON, CFA
Senior Vice President
AVERAGE ANNUAL TOTAL RETURNS(7,8) (as of 4/30/04)
<Table>
<Caption>
INCEPTION 1 5 10 SINCE
DATE YEAR YEAR YEAR INCEPTION
- ------------------------------------------------------------------
U.S. Gov
A#........ 2/28/1973 -0.31% 5.81% 6.38% 7.82%
- ------------------------------------------------------------------
U.S. Gov
A##....... 2/28/1973 -4.78% 4.83% 5.89% 7.66%
- ------------------------------------------------------------------
U.S. Gov
B#........ 11/14/1994 -1.02% 4.87% NA* NA*
- ------------------------------------------------------------------
U.S. Gov
B##....... 11/14/1994 -5.80% 4.54% NA* NA*
- ------------------------------------------------------------------
U.S. Gov
C#........ 11/14/1994 -1.02% 4.90% NA 5.88%
- ------------------------------------------------------------------
U.S. Gov
C##....... 11/14/1994 -3.01% 4.52% NA 5.77%
- ------------------------------------------------------------------
U.S. Gov
E#........ 2/28/1973 0.00% 5.96% 6.45% 7.85%
- ------------------------------------------------------------------
U.S. Gov
E##....... 2/28/1973 -4.49% 4.98% 5.96% 7.69%
- ------------------------------------------------------------------
U.S. Gov
H#........ 11/14/1994 -1.01% 4.90% NA* NA*
- ------------------------------------------------------------------
U.S. Gov
H##....... 11/14/1994 -4.83% 4.57% NA* NA*
- ------------------------------------------------------------------
U.S. Gov
L#........ 11/14/1994 -0.25% 5.70% NA 6.68%
- ------------------------------------------------------------------
U.S. Gov
L##....... 11/14/1994 -4.73% 4.73% NA 6.16%
- ------------------------------------------------------------------
U.S. Gov
M#........ 11/14/1994 -0.90% 4.92% NA* NA*
- ------------------------------------------------------------------
U.S. Gov
M##....... 11/14/1994 -4.73% 4.59% NA* NA*
- ------------------------------------------------------------------
U.S. Gov
N#........ 11/14/1994 -1.11% 4.93% NA 5.90%
- ------------------------------------------------------------------
U.S. Gov
N##....... 11/14/1994 -2.06% 4.93% NA 5.90%
- ------------------------------------------------------------------
U.S. Gov
Y#........ 2/19/2002 0.11% NA NA 5.04%
- ------------------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
NA Not applicable
* 10 year and inception returns are not applicable for Classes
B, H and M because after 8 years Class B converts to Class A
and Classes H and M convert to Class L.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, The Hartford U.S. Government
Securities Fund Class A placed in the 1st quartile with a return, before sales
charge, of 1.02% versus a return 0.56% for the Lipper peer group and 0.84% for
the Lehman Brothers U.S. Government Securities Index.
The primary objective of The Hartford U.S. Government Securities Fund is to
provide current income while maintaining preservation of capital consistent with
prudent investment risk. As of April 30, 2004, the SEC yield for this Fund's
Class A shares was 4.05%.
WHY DID THE FUND PERFORM THIS WAY?
The Treasury market traded in a tight range for much of the six-month period due
to the lack of growth in the economy. After softening in February, key
indicators picked up steam in March when, on April 2nd, it was announced that
the March non-farm payroll grew by 308,000, pointing to evidence of a
sustainable recovery. As a result, Treasury yields increased toward the end of
the six-month period. Strong performance can be attributed to our allocations to
mortgage backed securities (MBS), which had been outperforming Treasuries
heading into March. In addition, the Fund maintained a solid yield during the
period of declining interest rates by beneficial sector allocations and security
selections.
WHAT IS YOUR OUTLOOK?
Interest rates should move higher in the coming months with a pickup in the
economy and improvements in the labor markets. Monetary and fiscal stimulus
appear to be having the long anticipated effect on economic growth as recent
data released by the Bureau of Labor Statistics showed that new hiring is
finally starting to occur.
On the business front, the Institute for Supply Management's (ISM) manufacturing
strength index continues to point to an improving manufacturing sector and
remains near a 20-year high. Likewise, the ISM non-manufacturing strength index
hit its highest level since the survey started in 1997.
An improving labor market, coupled with strong corporate profits and improving
business confidence should lead to a sustained recovery and an increase in
interest rates. Given the outlook for interest rates, the Fund's duration will
be flat to short the duration of the Lehman U.S. Government Index and will favor
securities that perform well in an unchanging to rising interest rate
environment. A continued steep Treasury yield curve, with a trend toward
gradually higher rates should lead to solid performance for MBS, which are
fairly priced and will continue to offer good diversification and total return
potential within an overall government portfolio. The Fund will also maintain
its allocations to high quality collateralized mortgage backed securities, which
should outperform MBS during changes in interest rates.
33
The Hartford Value Fund (subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(3) 4/30/01 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
VALUE FUND RUSSELL 1000 VALUE INDEX
---------- ------------------------
4/30/01 9450.00 10000.00
9554.00 10225.00
9488.00 9998.00
9507.00 9977.00
9214.00 9577.00
8553.00 8903.00
10/01 8524.00 8826.00
9063.00 9339.00
9320.00 9559.00
9158.00 9486.00
9121.00 9501.00
9321.00 9950.00
8893.00 9609.00
8921.00 9657.00
8390.00 9103.00
7696.00 8256.00
7553.00 8319.00
6717.00 7394.00
10/02 7212.00 7942.00
7610.00 8442.00
7162.00 8076.00
6913.00 7880.00
6808.00 7670.00
6855.00 7683.00
7420.00 8359.00
7909.00 8899.00
7976.00 9010.00
8043.00 9144.00
8205.00 9287.00
8081.00 9196.00
10/03 8540.00 9759.00
8674.00 9892.00
9157.00 10501.00
9224.00 10686.00
9341.00 10915.00
9245.00 10819.00
4/04 9090.00 10555.00
</Table>
<Table>
--- VALUE FUND --- RUSSELL 1000 VALUE INDEX
$9,450 starting value $10,000 starting value
$9,090 ending value $10,555 ending value
</Table>
AVERAGE ANNUAL TOTAL RETURNS(2) (as of 4/30/04)
<Table>
<Caption>
INCEPTION DATE 1 YEAR SINCE INCEPTION
- ---------------------------------------------------------
Value
A#..... 4/30/2001 22.49% -1.30%
- ---------------------------------------------------------
Value
A##.... 4/30/2001 15.77% -3.13%
- ---------------------------------------------------------
Value
B#..... 4/30/2001 21.67% -2.02%
- ---------------------------------------------------------
Value
B##.... 4/30/2001 16.67% -3.00%
- ---------------------------------------------------------
Value
C#..... 4/30/2001 21.52% -2.02%
- ---------------------------------------------------------
Value
C##.... 4/30/2001 19.30% -2.35%
- ---------------------------------------------------------
Value
Y#..... 4/30/2001 22.62% -0.96%
- ---------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
PORTFOLIO MANAGER
JOHN R. RYAN, CFA
Senior Vice President, Managing Partner
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
The Hartford Value Fund Class A, before sales charge, returned 6.42% for the
six-month period ended April 30, 2004. The Fund underperformed the 8.16% return
of the benchmark, the Russell 1000 Value Index and the 7.7% return of the Lipper
Large-Cap Value peer group average during the period.
WHY DID THE FUND PERFORM THIS WAY?
An improving economy, strong corporate profits and better investor sentiment led
to strong equity market performance during the period. Value continued to
outperform growth as the Russell 1000 Value Index return of 8.16% bested the
Russell 1000 Growth Index return of 4.14% by over 400 basis points during the
period. The broader market, as represented by the S&P 500, returned 6.27%. All
ten sectors of the Russell 1000 Value Index posted positive gains, with Energy
and Consumer Staples leading the way.
Our index-relative performance during this period was impacted by unfavorable
stock selection within Information Technology, in particular semiconductor
equipment stocks, Consumer Discretionary and Materials. Applied Materials and
Hewlett-Packard were the top detractors of performance within Information
Technology. Semiconductor and Equipment stocks broadly are under pressure due to
concern that the demand cycle has peaked. It is our belief that order growth
will show stabilization and perhaps re-acceleration during the second half of
2004 and into 2005. As a result, as of the end of the period, we continued to
own both of these stocks. Within Consumer Discretionary, Dollar General and
Comcast were the top detractors. Weakness in the low-end consumer market,
coupled with higher energy prices, has led to poor performance of Dollar
General. As of the end of the period, we continued to own this stock on the
belief that longer-term, Dollar General will be able to post double-digit growth
rates. Despite Comcast's strong earnings in the first quarter, the results were
overshadowed by their dropping of the Disney bid, which left shareholders
questioning their use of free cash flow. We continue to own this stock due to
our confidence in management's ability to successfully execute synergies
resulting from the AT&T merger.
These results were partially offset by successful stock selection within Health
Care and Consumer Staples. At the margin, the Fund's underweight position within
Financials was a contributor, on an absolute basis. Within Health Care, CR Bard
(Health Care Equipment), Baxter International (Health Care Equipment) and Pfizer
(Pharmaceutical) were the top contributors. CR Bard benefited from a positive
earnings surprise in the first quarter of 2004. Baxter's results were in line
with management guidance, however their plasma protein business is showing signs
of price stabilization. Pfizer benefited from better-than-expected sales of its
cholesterol-lowering drug Lipitor. Within Consumer Staples, Kellogg and
Kimberly-Clark were the winners, on an absolute basis. Kellogg's management team
has continued to execute well resulting in strong earnings growth.
Kimberly-Clark also benefited from record sales and a positive earnings
surprise. As of the end of the period, the Fund continued to hold positions in
these names.
WHAT IS YOUR OUTLOOK?
The scope of the global recovery is impressive. It appears synchronized across
all regions and has good momentum. We remain encouraged by what companies are
saying regarding orders and revenue trends. We believe that higher profits and
business confidence will drive employment gains, which should support further
growth in the economy. We expect interest rates to move higher, although we do
not think a moderate increase will jeopardize economic growth. The U.S.
corporate mentality continues to be very cautious and focused on cost reductions
and productivity improvements. Corporate profits are expanding at a pace above
consensus expectations. Dividends and free cash flow are still expanding. Better
earnings, better free cash flow and higher dividends are key drivers of higher
stock prices.
The Fund is positioned in anticipation of a continuing global economic recovery.
At the end of the period, relative to the Russell 1000 Value Index, the Fund was
overweight in the Energy, Materials, Industrials, and Information Technology
sectors.
34
The Hartford Value Opportunities Fund
(subadvised by Wellington Management Company, LLP)
PERFORMANCE OVERVIEW(4,6) 1/2/96 - 4/30/04
Growth of a $10,000 investment in Class A which includes Sales Charge
(LINE GRAPH)
<Table>
<Caption>
VALUE OPPORTUNITIES FUND RUSSELL 3000 VALUE INDEX
------------------------ ------------------------
1/2/96 9450.00 10000.00
9478.00 10288.00
9611.00 10373.00
9904.00 10554.00
10140.00 10617.00
10319.00 10763.00
10329.00 10758.00
9800.00 10334.00
10159.00 10647.00
10660.00 11055.00
10/96 10697.00 11451.00
11321.00 12260.00
11329.00 12159.00
11716.00 12706.00
11861.00 12887.00
11426.00 12436.00
11842.00 12923.00
12529.00 13675.00
12838.00 14273.00
13544.00 15299.00
13070.00 14829.00
13689.00 15734.00
10/97 13302.00 15295.00
13883.00 15921.00
14139.00 16392.00
14225.00 16154.00
15053.00 17230.00
15655.00 18250.00
15698.00 18369.00
15344.00 18060.00
15526.00 18261.00
14967.00 17839.00
12741.00 15172.00
13236.00 16041.00
10/98 14053.00 17220.00
14860.00 17995.00
15324.00 18603.00
15539.00 18708.00
15122.00 18367.00
15515.00 18709.00
16586.00 20452.00
16205.00 20287.00
16848.00 20887.00
16325.00 20284.00
15813.00 19533.00
15158.00 18871.00
10/99 15824.00 19850.00
15836.00 19711.00
16679.00 19839.00
16013.00 19201.00
15104.00 17949.00
17408.00 19979.00
17536.00 19769.00
17767.00 19943.00
16666.00 19133.00
17012.00 19399.00
18304.00 20464.00
17831.00 20632.00
10/00 19213.00 21102.00
18540.00 20341.00
19821.00 21435.00
20764.00 21551.00
20145.00 20990.00
19103.00 20277.00
20539.00 21266.00
20553.00 21749.00
20370.00 21362.00
19793.00 21287.00
18723.00 20487.00
16625.00 18987.00
10/01 16879.00 18867.00
18126.00 19982.00
19030.00 20506.00
18472.00 20379.00
18337.00 20418.00
18940.00 21426.00
17704.00 20805.00
17282.00 20844.00
15685.00 19706.00
14329.00 17793.00
14555.00 17912.00
12807.00 15970.00
10/02 13952.00 17085.00
15067.00 18180.00
14163.00 17391.00
13817.00 16965.00
13395.00 16505.00
13380.00 16543.00
14947.00 18007.00
16107.00 19218.00
16288.00 19464.00
16499.00 19802.00
17207.00 20143.00
17207.00 19943.00
10/03 18307.00 21194.00
18909.00 21522.00
19949.00 22806.00
20597.00 23237.00
20989.00 23732.00
20642.00 23566.00
4/04 20130.00 22939.00
</Table>
<Table>
--- VALUE OPPORTUNITIES FUND --- RUSSELL 3000 VALUE INDEX
$9,450 starting value $10,000 starting value
$20,130 ending value $22,939 ending value
</Table>
PORTFOLIO MANAGERS
JAMES H. AVERILL
Senior Vice President, Partner
JAMES N. MORDY
Senior Vice President, Partner
DAVID R. FASSNACHT, CFA
Senior Vice President, Partner
AVERAGE ANNUAL TOTAL RETURNS(4,5) (as of 4/30/04)
<Table>
<Caption>
INCEPTION SINCE
DATE 1 YEAR 5 YEAR INCEPTION
- -----------------------------------------------------------
Value Opp A# 1/2/1996 34.68% 3.95% 9.50%
- -----------------------------------------------------------
Value Opp A## 1/2/1996 27.24% 2.78% 8.76%
- -----------------------------------------------------------
Value Opp B# 1/2/1996 33.79% 3.18% NA*
- -----------------------------------------------------------
Value Opp B## 1/2/1996 28.79% 2.86% NA*
- -----------------------------------------------------------
Value Opp C# 1/2/1996 33.65% 3.17% 8.70%
- -----------------------------------------------------------
Value Opp C## 1/2/1996 31.31% 2.78% 8.56%
- -----------------------------------------------------------
Value Opp H# 1/2/1996 33.76% 3.18% NA*
- -----------------------------------------------------------
Value Opp H## 1/2/1996 29.76% 2.86% NA*
- -----------------------------------------------------------
Value Opp L# 1/2/1996 34.68% 3.95% 9.50%
- -----------------------------------------------------------
Value Opp L## 1/2/1996 28.34% 2.95% 8.86%
- -----------------------------------------------------------
Value Opp M# 1/2/1996 33.65% 3.18% NA*
- -----------------------------------------------------------
Value Opp M## 1/2/1996 29.65% 2.86% NA*
- -----------------------------------------------------------
Value Opp N# 1/2/1996 33.62% 3.18% 8.71%
- -----------------------------------------------------------
Value Opp N## 1/2/1996 32.62% 3.18% 8.71%
- -----------------------------------------------------------
Value Opp Y# 2/19/2002 34.90% NA 5.54%
- -----------------------------------------------------------
</Table>
# Without sales charge
## With sales charge
NA Not Applicable
* 10 year and inception returns are not applicable for Classes
B, H and M because after 8 years Class B converts to Class A
and Classes H and M convert to Class L.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Please see page 1 for important additional information including
inception dates and expenses.
- --------------------------------------------------------------------------------
HOW DID THE FUND PERFORM?
For the six-month period ended April 30, 2004, the Hartford Value Opportunities
Fund Class A, before sales charge, returned 9.96%. The Fund outperformed both
the Russell 3000 Value Index return of 8.23% and the Lipper Multi Cap Value
Average return of 8.1% for the same period.
WHY DID THE FUND PERFORM THIS WAY?
The equity markets continued to post positive returns although they became more
volatile during the first part of this year due to renewed terrorist fears,
signs that the Federal Reserve may soon begin to increase interest rates,
negative news from Iraq and apprehension regarding the global impact of China's
economic slowdown. Value stocks outperformed growth stocks during the last six
months, while small and mid cap stocks outperformed large cap stocks. The Fund's
significant overweight position in small and mid caps relative to large caps,
versus the benchmark, served us well during the period.
The Fund outperformed its market benchmark during the period primarily due to
strong stock selection within the Materials, Health Care, Consumer
Discretionary, Utilities and Financials. Tyco (Capital Goods), Aventis
(Pharmaceutical) and IMC Global (Materials) were the top contributors to
performance, on an absolute basis. Tyco posted good earnings for the quarter
with improvement across numerous end markets and a restructuring plan that is
proceeding well. Aventis benefited from a hostile takeover bid from
Sanofi-Synthelabo, followed by the initiation of friendly takeover negotiations
with Novartis. IMC Global benefited from continued price improvement and
improvement in crop nutrient markets in the U.S. and overseas as well as the
announcement of a merger with Cargill's related businesses. All three stocks
were held in the Fund at the end of the period.
At the margin, the Fund's underweight positions in Energy and Consumer Staples,
both strong performing sectors during the period, offset some of the Fund's
gains relative to the index. The three largest detractors from performance were
Continental Airlines (Transportation), Comcast (Media) and Wyeth
(Pharmaceutical). All three stocks were held in the portfolio at the end of the
period due to our belief in their long-term growth prospects and attractive
valuations.
WHAT IS YOUR OUTLOOK?
We expect stocks invested through our low P/E approach to outperform over the
long term. We are finding large cap value companies increasingly attractive, and
they are gaining a higher weighting in the portfolio. At some point, we expect
the market's frothier areas to retreat in cases where companies are unable to
obtain the sales and earnings growth necessary to support their current
valuations. In that kind of market we would look for better relative performance
from the "solid citizens" -large cap low P/E companies with good relative
returns on capital and decent growth prospects.
35
THE HARTFORD ADVISERS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
COMMON STOCK -- 68.0%
BASIC MATERIALS -- 4.6%
390 3M Co. ........................................... $ 33,701
649 Alcoa, Inc. ...................................... 19,969
313 Dow Chemical Co. ................................. 12,409
503 DuPont (E.I.) de Nemours & Co. ................... 21,612
800 Gillette Co. (with rights)........................ 32,736
----------
120,427
----------
CAPITAL GOODS -- 2.7%
300 Illinois Tool Works, Inc. ........................ 25,863
181 Northrop Grumman Corp. (with rights).............. 17,954
298 United Technologies Corp. ........................ 25,671
----------
69,488
----------
CONSUMER CYCLICAL -- 4.7%
362 Caterpillar, Inc. (with rights)................... 28,123
486 Costco Wholesale Corp.(a)......................... 18,201
1,014 Gap, Inc.H ....................................... 22,307
622 Home Depot, Inc. ................................. 21,878
308 Masco Corp. (with rights)......................... 8,638
311 NIKE, Inc. Class B................................ 22,384
----------
121,531
----------
CONSUMER STAPLES -- 6.5%
351 Anheuser-Busch Companies, Inc. (with rights)...... 18,001
736 Coca-Cola Co. .................................... 37,204
323 Colgate-Palmolive Co. (with rights)............... 18,689
452 General Mills, Inc. .............................. 22,011
654 PepsiCo, Inc. .................................... 35,609
344 Procter & Gamble Co. ............................. 36,325
----------
167,839
----------
ENERGY -- 5.0%
406 ChevronTexaco Corp. .............................. 37,112
1,588 Exxon Mobil Corp. ................................ 67,569
435 Schlumberger Ltd. ................................ 25,472
----------
130,153
----------
FINANCE AND INSURANCE -- 14.4%
572 American Express Co. ............................. 28,019
750 American International Group, Inc. ............... 53,772
794 Bank of America Corp. ............................ 63,917
687 Bank One Corp. ................................... 33,897
1,557 Citigroup, Inc. .................................. 74,877
268 Fannie Mae........................................ 18,410
258 HSBC Holdings plc ADR............................. 18,629
574 Marsh & McLennan Companies, Inc. (with rights).... 25,887
436 Morgan Stanley (with rights)...................... 22,386
444 St. Paul Travelers Companies, Inc. ............... 18,067
347 State Street Corp. (with rights).................. 16,909
----------
374,770
----------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
HEALTH CARE -- 8.5%
483 Abbott Laboratories (with rights)................. $ 21,275
440 Amgen, Inc. (with rights)(a)...................... 24,770
255 Genzyme Corp.(a)H................................. 11,117
547 Lilly (Eli) & Co. (with rights)................... 40,345
601 Medtronic, Inc. (with rights)..................... 30,321
2,095 Pfizer, Inc. (with rights)........................ 74,924
507 Wyeth (with rights)............................... 19,286
----------
222,038
----------
SERVICES -- 4.2%
749 Accenture Ltd. Class A(a)......................... 17,799
411 Computer Sciences Corp.(a)........................ 16,826
319 FedEx Corp. ...................................... 22,932
291 Marriott International, Inc. Class A (with
rights)......................................... 13,733
574 Viacom, Inc. Class B.............................. 22,197
559 Waste Management, Inc. ........................... 15,870
----------
109,357
----------
TECHNOLOGY -- 17.1%
675 Applied Materials, Inc.(a)H....................... 12,302
144 Broadcom Corp. Class A(a)......................... 5,437
1,572 Cisco Systems, Inc. (with rights)(a).............. 32,806
1,030 EMC Corp.(a)...................................... 11,494
463 First Data Corp. ................................. 20,997
2,329 General Electric Co. ............................. 69,757
1,425 Hewlett-Packard Co. .............................. 28,076
1,702 Intel Corp. ...................................... 43,803
380 International Business Machines Corp. ............ 33,513
458 Lockheed Martin Corp. ............................ 21,823
3,222 Microsoft Corp. .................................. 83,668
1,147 Motorola, Inc. (with rights)...................... 20,924
618 Texas Instruments, Inc. (with rights)............. 15,507
2,713 Time Warner, Inc. (with rights)(a)................ 45,634
----------
445,741
----------
TRANSPORTATION -- 0.3%
273 CSX Corp. (with rights)........................... 8,388
----------
Total common stock
(cost $1,643,222)............................... $1,769,732
----------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ----------- ----------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 2.6%
FINANCE -- 1.7%
$ 10,000 Chase Manhattan Auto Owner Trust,
4.21%, Ser 2002-B Class A4 01/15/2009........... AAA $ 10,264
10,000 Citibank Credit Card Issuance Trust,
5.65%, Ser 2001-A6 Class A6 06/16/2008.......... AAA 10,598
</Table>
The accompanying notes are an integral part of this financial statement.
36
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ----------- ----------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 1,000 Citibank Credit Card Master Trust I,
6.90%, Ser 1999-7 Class B 11/15/2006............ A $ 1,028
10,000 MBNA Credit Card Master Note Trust,
4.95%, Ser 2002-A1 Class A1 06/15/2009.......... AAA 10,515
10,000 Peco Energy Transition Trust,
6.13%, Ser 1999-A Class A7 03/01/2009........... AAA 10,856
1,500 Standard Credit Card
Master Trust,
8.45%, Ser 1995-1 Class B 01/07/2007............ A 1,569
----------
44,830
----------
TRANSPORTATION -- 0.4%
10,000 Connecticut RRB Special Purpose Trust CL&P-1,
6.21%, Ser 2001-1 Class A5 12/30/2011........... AAA 10,936
----------
UTILITIES -- 0.4%
10,000 PSE&G Transition Funding LLC,
6.61%, Ser 2001-1 Class A6 06/15/2015........... AAA 11,183
----------
Total asset backed and commercial mortgage
securities (cost $64,901)....................... $ 66,949
----------
CORPORATE BONDS: INVESTMENT GRADE -- 11.2%
BASIC MATERIALS -- 1.1%
4,000 Alcan, Inc.,
6.45%, 03/15/2011............................... A- $ 4,343
7,000 Alcoa, Inc.,
7.375%, 08/01/2010.............................. A- 8,047
500 ICI Wilmington, Inc.,
6.95%, 09/15/2004............................... BBB 508
7,000 Rohm & Haas Co.,
7.40%, 07/15/2009............................... BBB+ 8,004
7,000 Westvaco Corp.,
7.95%, 02/15/2031............................... BBB 7,828
----------
28,730
----------
CAPITAL GOODS -- 0.4%
2,000 Rockwell Automation, Inc.,
6.70%, 01/15/2028............................... A 2,136
7,000 United Technologies Corp., 7.125%, 11/15/2010..... A 8,003
----------
10,139
----------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ----------- ----------
CONSUMER CYCLICAL -- 0.6%
$ 4,000 Albertson's, Inc.,
6.55%, 08/01/2004............................... BBB $ 4,040
250 DaimlerChrysler N.A. Holding Corp.,
7.75%, 01/18/2011............................... BBB 281
4,000 Dayton Hudson Corp.,
5.875%, 11/01/2008.............................. A+ 4,309
250 Sysco Corp.,
6.50%, 08/01/2028............................... A+ 268
6,000 Wal-Mart Stores, Inc., 6.875%, 08/10/2009......... AA 6,774
----------
15,672
----------
CONSUMER STAPLES -- 2.0%
4,000 Anheuser-Busch
Companies, Inc.,
7.55%, 10/01/2030............................... A+ 4,780
5,000 Archer-Daniels-Midland Co.,
7.00%, 02/01/2031............................... A+ 5,603
2,000 Archer-Daniels-Midland Co.,
8.125%, 06/01/2012.............................. A+ 2,426
4,000 Clorox Co.,
6.125%, 02/01/2011.............................. A+ 4,351
4,000 Coca-Cola Enterprises, Inc.,
5.75%, 11/01/2008............................... A 4,283
2,000 Colgate-Palmolive Co.,
5.58%, 11/06/2008............................... NR 2,144
4,906 ConAgra Foods, Inc.,
6.70%, 08/01/2027............................... BBB+ 5,456
2,000 Hershey Foods Corp.,
7.20%, 08/15/2027............................... A+ 2,304
500 Pepsi Bottling Group, Inc.,
7.00%, Ser B 03/01/2029......................... A 558
7,000 PepsiAmericas, Inc.,
5.95%, 02/15/2006............................... A 7,399
3,000 PepsiAmericas, Inc.,
6.375%, 05/01/2009.............................. A 3,278
250 Procter & Gamble Co.,
6.875%, 09/15/2009.............................. AA- 284
7,000 Procter & Gamble Co.,
9.36%, Ser A 01/01/2021......................... AA- 9,213
----------
52,079
----------
ENERGY -- 0.5%
7,000 Atlantic Richfield Co.,
5.90%, 04/15/2009............................... AA+ 7,598
500 ConocoPhillips Holding Co.,
6.95%, 04/15/2029............................... A- 550
4,000 National Fuel Gas Co.,
6.00%, 03/01/2009............................... BBB+ 4,240
----------
12,388
----------
FINANCE -- 3.6%
4,000 ACE INA Holdings, Inc.,
8.30%, 08/15/2006............................... BBB+ 4,443
2,000 Allstate Corp.,
6.75%, 05/15/2018............................... A+ 2,219
</Table>
The accompanying notes are an integral part of this financial statement.
37
THE HARTFORD ADVISERS FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ----------- ----------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 250 American General Corp.,
6.625%, 02/15/2029.............................. AAA $ 268
1,420 AmerUs Group Co.,
6.95%, 06/15/2005............................... BBB+ 1,478
500 Aristar, Inc.,
7.25%, 06/15/2006............................... AA- 546
4,000 AXA Financial, Inc.,
7.00%, 04/01/2028............................... A 4,391
3,000 Bank One Corp.,
6.50%, 02/01/2006............................... A 3,203
3,000 Bank One Corp.,
6.875%, 08/01/2006.............................. A 3,264
2,000 Bayerische Landesbank NY,
5.65%, 02/01/2009............................... AAA 2,145
2,000 Berkshire Hathaway, Inc.,
3.375%., 10/15/2008(f).......................... AAA 1,955
250 Boeing Capital Corp.,
6.10%, 03/01/2011............................... A 267
500 BSCH Issuance Ltd.,
7.625%, 11/03/2009.............................. A 578
750 Citigroup, Inc.,
3.625%, 02/09/2009.............................. AA- 734
500 Citigroup, Inc.,
6.50%, 01/18/2011............................... AA- 553
2,725 ERAC USA Finance Co.,
7.35%, 06/15/2008(f)............................ BBB+ 3,059
1,500 Export-Import Bank of Korea,
4.125%, 02/10/2009(f)........................... A- 1,477
10,000 Financing Corp.,
9.80%, 04/06/2018............................... NR 14,308
545 First Union National Bank,
5.80%, 12/01/2008............................... A 586
250 Heller Financial, Inc.,
6.375%, 03/15/2006.............................. AAA 269
500 Household Finance Corp.,
6.00%, 05/01/2004............................... A 500
4,000 International Lease Finance Corp.,
5.75%, 02/15/2007............................... AA- 4,267
500 J.P. Morgan Chase & Co.,
6.75%, 02/01/2011............................... A 559
2,000 Jackson National Life Insurance Co.,
8.15%, 03/15/2027(f)............................ A+ 2,368
4,000 John Hancock,
7.375%, 02/15/2024(f)........................... A+ 4,466
250 KeyCorp Capital II,
6.875%, 03/17/2029.............................. BBB 256
2,335 Liberty Mutual Group,
5.75%, 03/15/2014(f)............................ BBB 2,284
1,000 MBIA, Inc.,
7.00%, 12/15/2025............................... AA 1,059
250 National City Corp.,
6.875%, 05/15/2019.............................. A- 281
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ----------- ----------
FINANCE -- (CONTINUED)
$ 500 NBD Bancorp, Inc.,
7.125%, 05/15/2007.............................. A- $ 553
3,100 New England Mutual Life Insurance Co.,
7.875%, 02/15/2024(f)........................... A+ 3,521
2,000 Prudential Funding LLC,
6.75%, 09/15/2023(f)............................ A+ 2,063
500 Prudential Insurance Co. of America,
6.375%, 07/23/2006(f)........................... A+ 539
500 ReliaStar Financial Corp.,
8.00%, 10/30/2006............................... A+ 558
250 Republic New York Capital I,
7.75%, 11/15/2026............................... A- 269
500 Salomon Smith Barney Holdings, Inc.,
5.875%, 03/15/2006.............................. AA- 532
200 State Street Corp.,
7.65%, 06/15/2010............................... A+ 235
500 Texaco Capital, Inc.,
8.625%, 06/30/2010.............................. AA 617
3,000 Torchmark Corp.,
8.25%, 08/15/2009............................... A+ 3,417
2,000 Toyota Motor Credit Corp.,
5.50%, 12/15/2008............................... AAA 2,149
4,000 UnitedHealth Group, Inc.,
7.50%, 11/15/2005............................... A 4,303
250 Verizon Global Funding Corp.,
7.25%, 12/01/2010............................... A+ 283
250 Verizon Global Funding Corp.,
7.75%, 12/01/2030............................... A+ 286
3,000 Wachovia Corp.,
5.625%, 12/15/2008.............................. A- 3,177
4,000 Wells Fargo Bank N.A.,
6.45%, 02/01/2011............................... AA- 4,412
4,165 XL Capital Europe plc,
6.50%, 01/15/2012............................... A 4,561
----------
93,258
----------
HEALTH CARE -- 0.8%
4,000 Becton, Dickinson & Co.,
6.70%, 08/01/2028............................... A+ 4,312
4,000 Bristol-Myers Squibb Co.,
5.75%, 10/01/2011............................... AA- 4,221
4,000 Cardinal Health, Inc.,
6.75%, 02/15/2011............................... A 4,487
3,000 Pharmacia Corp.,
6.60%, 12/01/2028............................... AAA 3,271
4,000 Wyeth,
6.95%, 03/15/2011............................... A 4,421
----------
20,712
----------
</Table>
The accompanying notes are an integral part of this financial statement.
38
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ----------- ----------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
SERVICES -- 1.2%
$ 7,000 Comcast Cable Communications, Inc.,
6.875%, 06/15/2009.............................. BBB $ 7,706
500 Comcast Cable Communications, Inc.,
8.50%, 05/01/2027............................... BBB 618
4,000 FedEx Corp.,
3.50%, 04/01/2009(f)............................ BBB 3,868
7,000 USA Networks, Inc.,
6.75%, 11/15/2005............................... BBB- 7,357
7,000 Walt Disney Co.,
6.375%, 03/01/2012.............................. BBB+ 7,580
3,000 Washington Post Co.,
5.50%, 02/15/2009............................... A+ 3,192
----------
30,321
----------
TECHNOLOGY -- 0.8%
2,000 Danaher Corp.,
6.00%, 10/15/2008............................... A+ 2,157
7,725 General Electric Co.,
5.00%, 02/01/2013............................... AAA 7,681
250 GTE Corp.,
7.51%, 04/01/2009............................... A+ 284
5,000 Hewlett-Packard Co.,
7.15%, 06/15/2005............................... A- 5,269
4,000 Intelsat Ltd.,
6.50%, 11/01/2013............................... BBB+ 3,668
1,000 New York Telephone Co.,
6.00%, 04/15/2008............................... A+ 1,065
400 Raytheon Co.,
7.20%, 08/15/2027............................... BBB- 437
250 Royal KPN N.V.,
8.375%, 10/01/2030.............................. A- 307
250 Telecomunicaciones de Puerto Rico, Inc.,
6.65%, 05/15/2006............................... BBB+ 266
500 Telefonica Europe B.V.,
7.35%, 09/15/2005............................... A 533
500 Vodafone Group plc,
7.875%, 02/15/2030.............................. A 597
----------
22,264
----------
UTILITIES -- 0.2%
500 Alabama Power Co.,
7.125%, Ser L 10/01/2007........................ A 557
255 Chilquinta Energia Finance Co. LLC,
6.62%, 04/01/2011(f)............................ AAA 278
2,000 Kansas City Power & Light Co.,
7.125%, 12/15/2005.............................. BBB 2,142
189 Niagara Mohawk Power Corp., 7.625%,
Ser F 10/01/2005................................ A- 201
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ----------- ----------
UTILITIES -- (CONTINUED)
$ 1,150 Northern Border Pipeline Co.,
7.75%, Ser A 09/01/2009......................... A- $ 1,340
250 TransCanada Pipelines Ltd.,
6.49%, 01/21/2009............................... A- 273
----------
4,791
----------
Total corporate bonds: investment grade (cost
$269,740)....................................... $ 290,354
----------
</Table>
<Table>
U.S. GOVERNMENT SECURITIES -- 14.9%
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.3%
$ 6,460 5.00% 2019(e)..................................... $ 6,496
249 6.30% 2008........................................ 269
19 9.00% 2016 -- 2021................................ 21
----------
6,786
----------
GOVERNMENT NATIONAL MORTGAGE -- 2.6%
10,899 5.00% 2033 -- 2034................................ 10,603
29,292 5.50% 2016 -- 2033................................ 29,662
7,770 6.00% 2023 -- 2033................................ 7,975
7,570 6.50% 2026 -- 2029................................ 7,912
8,286 7.00% 2023 -- 2032................................ 8,817
1,493 8.00% 2029 -- 2031................................ 1,629
123 9.00% 2023........................................ 141
----------
66,739
----------
U.S. TREASURY SECURITIES -- 12.0%
49,100 1.50% 2006H....................................... 48,415
120,000 2.00% 2005H....................................... 120,234
61,400 2.375% 2006H...................................... 61,220
75,240 6.25% 2023........................................ 83,605
----------
313,474
----------
Total U.S. government securities (cost
$389,846)....................................... $ 386,999
----------
Total long-term investments
(cost $2,367,709)............................... $2,514,034
----------
SHARES
- --------
SHORT-TERM INVESTMENTS -- 7.9%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 4.9%
125,191 Evergreen Institutional Money Market Fund 125,191
2,625 Evergreen Prime cash Management Money Market
Fund............................................ 2,625
----------
127,816
----------
</Table>
The accompanying notes are an integral part of this financial statement.
39
THE HARTFORD ADVISERS FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
PRINCIPAL MARKET
AMOUNT VALUE(C)
- -------- ----------
FINANCE -- 3.0%
$ 8,707 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 8,707
29,025 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 29,025
40,778 UBS Warburg Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 40,778
----------
78,510
----------
Total short-term investments
(cost $206,326)................................. $ 206,326
----------
Total investments in securities (cost
$2,574,035)(b).................................. $2,720,360
==========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $2,593,896 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $198,781
Unrealized depreciation........................ (72,317)
--------
Net unrealized appreciation.................... $126,464
--------
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(d) Market value of investments in foreign securities represents 1.37%
of total net assets as of April 30, 2004.
(e) The cost of the security purchased on a when-issued basis at
April 30, 2004 was $6,524.
(f) Securities exempt from registration under Rule 144A of the
securities Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At the
period end, the value of these securities amounted to $25,878, which
represents 0.99% of total net assets of the fund as of April 30, 2004.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
* Moody's Rating
The accompanying notes are an integral part of this financial statement.
40
THE HARTFORD CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
COMMON STOCK -- 93.9%
BASIC MATERIALS -- 9.5%
1,256 Apex Silver Mines Ltd.(a)......................... $ 20,553
990 Companhia Vale do Rio Doce ADRH................... 45,023
56 Eastman Kodak Co. ................................ 1,449
1,077 Engelhard Corp. (with rights)..................... 31,267
1,642 Falconbridge Ltd. ................................ 35,219
15,000 Formosa Plastic Corp.(g).......................... 21,291
1,020 International Steel Group, Inc.(a)H............... 29,619
1,174 Kimberly-Clark Corp. ............................. 76,864
937 Peabody Energy Corp. ............................. 43,927
3,085 Rio Tinto plc(g).................................. 67,519
652 Shin-Etsu Chemical Co. Ltd.(g).................... 25,909
4,095 Smurfit-Stone Container Corp. (with rights)(a)H... 70,396
2,500 Tek Cominco Ltd. Class B.......................... 36,991
1,488 United States Steel Corp.H ....................... 42,599
8,563 WMC Resources Ltd.(g)............................. 29,522
1,244 Yara International ASA ADR(a)H.................... 8,711
----------
586,859
----------
CAPITAL GOODS -- 5.1%
1,238 Deere & Co. (with rights)......................... 84,200
1,825 Honeywell International, Inc. .................... 63,091
3,892 Tyco International Ltd. (with rights)H............ 106,833
4,353 Xerox Corp. (with rights)(a)H..................... 58,463
----------
312,587
----------
CONSUMER CYCLICAL -- 8.9%
1,093 eBay, Inc.(a)H.................................... 87,227
3,378 Gap, Inc.H ....................................... 74,352
411 Lennar Corp. Class AH............................. 19,274
889 Neiman Marcus Group, Inc. Class AH................ 43,251
7,601 New World Development Co. Ltd.(g)................. 5,996
2,972 Penney (J.C.) Co., Inc. .......................... 100,625
2,453 Safeway, Inc.(a)H................................. 56,299
2,036 TJX Companies, Inc.H.............................. 50,017
2,978 Toyota Motor Corp.(g)............................. 107,740
----------
544,781
----------
CONSUMER STAPLES -- 3.2%
1,409 Altria Group, Inc. ............................... 78,047
2,141 Bunge Ltd. ....................................... 79,328
5 Japan Tobacco, Inc.(g)............................ 41,404
----------
198,779
----------
ENERGY -- 9.6%
1,124 Anadarko Petroleum Corp. (with rights)............ 60,224
2,021 BHP Billiton Ltd. ADRH............................ 33,168
259 CNOOC Ltd. ADR.................................... 9,400
1,629 CONSOL Energy 1 Pipe Private Placement (with
rights)(f)...................................... 46,627
373 Devon Energy Corp. ............................... 22,809
255 GlobalSantaFe Corp. .............................. 6,724
2,513 Halliburton Co. (with rights)..................... 74,875
1,244 Norsk Hydro ASA ADRH.............................. 72,872
111 Oil and Natural Gas Corp. Ltd. ................... 2,099
642 Oil and Natural Gas Corp. Ltd.(f)................. 12,133
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
ENERGY -- (CONTINUED)
124 Royal Dutch Petroleum Co. NY SharesH.............. $ 6,034
5,542 Sasol Ltd. ADR.................................... 84,231
1,372 SK Corp.(g)....................................... 57,248
2,478 XTO Energy, Inc. (with rights)H................... 66,159
811 YUKOS ADRH........................................ 36,324
----------
590,927
----------
FINANCE AND INSURANCE -- 21.6%
2,926 ACE Ltd. (with rights)............................ 128,280
770 American International Group, Inc.H............... 55,145
3,716 AMVESCAP plc(g)................................... 24,321
992 Assurant, Inc.(a)................................. 24,165
639 Bank of America Corp. ............................ 51,401
3,151 Citigroup, Inc.H.................................. 151,517
2,535 Countrywide Financial Corp.H...................... 150,352
1,163 Freddie Mac....................................... 67,937
600 Golden West Financial Corp. ...................... 63,066
4,600 Host Marriott Corp. (REIT)(a)H.................... 54,740
3,611 ICICI Bank Ltd.(a)(f)............................. 25,568
934 iStar Financial, Inc. (REIT)...................... 33,184
1,191 Korea Exchange Bank(a)(g)......................... 6,172
896 Marsh & McLennan Companies, Inc.
(with rights)H.................................. 40,414
2,336 Medco Health Solutions, Inc.(a)................... 82,687
700 ORIX Corp.(g)..................................... 73,345
1,093 Spirit Finance(a)(f).............................. 10,929
2,007 St. Paul Travelers Companies, Inc.H............... 81,641
6,315 Standard Bank Group Ltd. ......................... 36,433
1,419 Takefuji Corp.(g)................................. 89,517
1,119 UBS AG(g)......................................... 79,228
----------
1,330,042
----------
HEALTH CARE -- 5.4%
2,300 Biovail Corp.(a)H................................. 43,700
728 Forest Laboratories, Inc. (with rights)(a)........ 46,961
664 Guidant Corp.H ................................... 41,839
1,391 IVAX Corp.(a)..................................... 29,620
265 KOSE Corp.(g)..................................... 8,960
1,962 McKesson Corp. ................................... 64,471
2,097 Novartis AG ADRH.................................. 93,950
----------
329,501
----------
SERVICES -- 2.4%
1,092 Cablevision Systems Corp.(a)H..................... 23,847
1,429 Check Point Software Technologies Ltd.(a)......... 33,491
1,035 Computer Sciences Corp.(a)........................ 42,346
992 InterActive Corp.(a)H............................. 31,618
300 Manpower, Inc. ................................... 14,070
----------
145,372
----------
TECHNOLOGY -- 26.1%
6,725 Altera Corp.(a)H.................................. 134,575
1,821 America Movil S.A. de C.V. Ser L ADRH............. 61,553
1,291 Amphenol Corp. Class A(a)......................... 40,815
14,308 AU Optronics Corp.(g)............................. 28,060
2,285 Broadcom Corp. Class A(a)......................... 86,293
5,850 Corning, Inc. (with rights)(a).................... 64,526
</Table>
The accompanying notes are an integral part of this financial statement.
41
THE HARTFORD CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
COMMON STOCK -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
6,355 EMC Corp.(a)...................................... $ 70,916
13,590 Hon Hai Precision Industry Co. Ltd.(g)............ 52,984
785 International Business Machines Corp. ............ 69,178
972 Marvell Technology Group Ltd.(a)H................. 37,630
4,644 Microsoft Corp. .................................. 120,605
6,069 Motorola, Inc. (with rights)...................... 110,761
2,002 MTN Group Ltd.(a)(g).............................. 8,354
7,732 Nextel Communications, Inc. Class A(a)............ 184,488
749 NTL, Inc. (with rights)(a)........................ 42,504
17 NTT DoCoMo, Inc.(g)............................... 32,962
816 P.T. Telekomunikasi Indonesia ADR................. 14,761
474 Research In Motion Ltd.(a)H....................... 41,081
484 Samsung Electronics Co. Ltd.(g)................... 226,857
4,323 Time Warner, Inc. (with rights)(a)................ 72,704
2,495 VeriSign, Inc. (with rights)(a)................... 40,244
1,306 Yahoo!, Inc. (with rights)(a)H.................... 65,896
----------
1,607,747
----------
TRANSPORTATION -- 2.1%
3 A P Moller -- Maersk A/S(g)....................... 17,137
2,134 CSX Corp. (with rights)........................... 65,651
1,767 JetBlue Airways Corp.(a)H......................... 48,897
----------
131,685
----------
Total common stock
(cost $5,042,634)............................... $5,778,280
----------
PREFERRED STOCKS -- 1.2%
ENERGY -- 1.0%
2,415 Petroleo Brasileiro S.A. ADR...................... $ 60,242
----------
SERVICES -- 0.2%
449 News Corp. Ltd.(The) Preferred ADRH............... 15,137
----------
TECHNOLOGY -- 0.0%
1,205 SensAble Technologies, Inc. Class C Private
Placement(e)(g)................................. @@
----------
Total preferred stocks (cost $59,325)............. $ 75,379
----------
Total long-term investments
(cost $5,101,959)............................... $5,853,659
----------
SHORT-TERM INVESTMENTS -- 9.8%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 5.8%
56,440.. Bear Stearns & Co. Agency Mortgage Repurchase
Agreement....................................... $ 56,440
3,000 Dreyfus Cash Management Fund...................... 3,000
300,000 Wells Fargo Cash Investment Fund.................. 300,000
----------
359,440
----------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(C)
- --------- ----------
FINANCE -- 4.0%
$ 27,264 BNP Paribas Joint Repurchase Agreement, 1.00%,
05-03-2004 (Note 2f)............................ $ 27,264
90,887 Deutsche Joint Repurchase Agreement, 1.00%,
05-03-2004 (Note 2f)............................ 90,887
127,690 UBS Warburg Joint Repurchase Agreement, 1.00%,
05-03-2004 (Note 2f)............................ 127,690
----------
245,841
----------
Total short-term investments
(cost $605,281)................................. $ 605,281
----------
Total investments in securities
(cost $5,707,240)(b)............................ $6,458,940
==========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $5,709,697 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation....................... $ 909,692
Unrealized depreciation....................... (160,449)
---------
Net unrealized appreciation................... $ 749,243
=========
</Table>
(c) See Note 2b of accompanying Notes of Financial Statements
regarding valuation of securities.
(d) Market value of investments in foreign securities represents 30.13%
of total net assets as of April 30, 2004.
(e) The following securities are considered illiquid:
<Table>
<Caption>
PERIOD
ACQUIRED SHARES SECURITY COST BASIS
-------- ------ -------- ----------
2000.. 1,205 SensAble Technologies, Inc. $4,000
Class C Private Placement
</Table>
The aggregate value of this security at April 30, 2004, is $ @@ which
represents 0.00% of net assets.
(f) Securities exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At the
period end, the value of these securities amounted to $48,630, which
represents .79% of total net assets of the fund as of April 30, 2004.
(g) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $1,004,526, which represents 16.33% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
@@ Due to the presentation of the financial statements in thousands,
the number or shares and/or dollars round to zero.
The accompanying notes are an integral part of this financial statement.
42
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AS OF APRIL 30, 2004
<Table>
<Caption>
UNREALIZED
CONTRACT DELIVERY APPRECIATION
DESCRIPTION MARKET VALUE AMOUNT DATE (DEPRECIATION)
- ------------------------------------------------- ------------ -------- ---------- --------------
Japanese Yen (Buy) $ 3,448 $ 3,474 05/07/2004 $ (26)
Japanese Yen (Buy) 2,730 2,745 05/06/2004 (15)
Japanese Yen (Buy) 3,423 3,430 05/10/2004 (7)
South Africa Rand (Buy) 66,451 69,022 12/31/2004 (2,571)
South Africa Rand (Sell) 126,229 123,633 12/31/2004 (2,596)
-------
$(5,215)
=======
</Table>
The accompanying notes are an integral part of this financial statement.
43
THE HARTFORD DISCIPLINED EQUITY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 99.7%
BASIC MATERIALS -- 4.7%
41 3M Co. ........................................... $ 3,511
38 Air Products and Chemicals, Inc. (with rights).... 1,878
104 Gillette Co. (with rights)........................ 4,268
107 Kimberly-Clark Corp. ............................. 6,990
--------
16,647
--------
CAPITAL GOODS -- 6.0%
75 General Dynamics Corp. ........................... 7,012
106 Graco, Inc. (with rights)......................... 2,978
57 Pitney Bowes, Inc. (with rights).................. 2,507
100 United Technologies Corp. ........................ 8,660
--------
21,157
--------
CONSUMER CYCLICAL -- 7.7%
26 Best Buy Co., Inc................................. 1,432
34 Dana Corp. (with rights).......................... 687
146 Federated Department Stores, Inc. ................ 7,159
134 Gap, Inc. ........................................ 2,943
10 General Motors Corp. ............................. 493
41 Johnson Controls, Inc. ........................... 2,227
45 Lennar Corp. Class A.............................. 2,122
85 NIKE, Inc. Class B................................ 6,109
72 Supervalu, Inc. (with rights)..................... 2,205
35 Wal-Mart Stores, Inc. ............................ 2,001
--------
27,378
--------
CONSUMER STAPLES -- 8.4%
202 Altria Group, Inc. ............................... 11,209
141 Coca-Cola Enterprises, Inc. ...................... 3,812
72 Colgate-Palmolive Co. (with rights)............... 4,173
70 Pepsi Bottling Group, Inc. ....................... 2,049
51 PepsiCo, Inc. .................................... 2,801
95 Weyerhaeuser Co. ................................. 5,636
--------
29,680
--------
ENERGY -- 5.9%
55 Chevron Texaco Corp. ............................. 4,996
66 ConocoPhillips (with rights)...................... 4,706
30 Devon Energy Corp. ............................... 1,824
142 Exxon Mobil Corp. ................................ 6,050
96 Unocal Corp. (with rights)........................ 3,445
--------
21,021
--------
FINANCE AND INSURANCE -- 22.9%
46 Ambac Financial Group, Inc. ...................... 3,202
152 Bank of America Corp. ............................ 12,202
312 Citigroup, Inc. .................................. 15,007
81 Countrywide Financial Corp. ...................... 4,777
106 Fannie Mae........................................ 7,257
29 Federated Investors, Inc. Class B................. 864
49 Freddie Mac....................................... 2,879
25 Golden West Financial Corp. ...................... 2,659
15 Goldman Sachs Group, Inc. ........................ 1,399
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
FINANCE AND INSURANCE -- (CONTINUED)
80 MBIA, Inc. ....................................... $ 4,729
208 Medco Health Solutions, Inc.(a)................... 7,356
104 Merrill Lynch & Co., Inc. ........................ 5,613
31 Morgan Stanley (with rights)...................... 1,573
50 Regions Financial Corp. .......................... 1,725
150 St. Paul Travelers Companies, Inc. ............... 6,096
52 XL Capital Ltd. Class A (with rights)............. 3,985
--------
81,323
--------
HEALTH CARE -- 11.1%
169 Abbott Laboratories (with rights)................. 7,422
29 Cephalon, Inc.(a)................................. 1,628
89 Genzyme Corp.(a).................................. 3,885
207 King Pharmaceuticals, Inc.(a)..................... 3,567
67 Lilly (Eli) & Co. (with rights)................... 4,953
53 McKesson Corp. ................................... 1,741
335 Pfizer, Inc. (with rights)........................ 11,971
246 Schering-Plough Corp. (with rights)............... 4,121
--------
39,288
--------
SERVICES -- 6.5%
139 Accenture Ltd. Class A(a)......................... 3,292
104 Cendant Corp.(a).................................. 2,451
118 Comcast Corp. Class A(a).......................... 3,553
103 Comcast Corp. Special Class A(a).................. 2,989
38 FedEx Corp. ...................................... 2,711
40 Gannett Co., Inc. (with rights)................... 3,424
39 Omnicom Group, Inc................................ 3,125
52 Waste Management, Inc............................. 1,471
--------
23,016
--------
TECHNOLOGY -- 24.0%
40 Adobe Systems, Inc. (with rights)................. 1,662
150 Altera Corp.(a)................................... 3,000
120 BEA Systems, Inc.(a).............................. 1,368
311 Cisco Systems, Inc. (with rights)(a).............. 6,486
145 Citizens Communications Co. (with rights)(a)...... 1,895
124 Dell, Inc. (with rights)(a)....................... 4,311
103 First Data Corp. ................................. 4,652
180 General Electric Co. ............................. 5,400
37 Intel Corp. ...................................... 947
83 International Business Machines Corp. ............ 7,300
33 Intuit, Inc. (with rights)(a)..................... 1,389
585 Microsoft Corp. .................................. 15,192
384 Motorola, Inc. (with rights)...................... 7,012
75 National Semiconductor Corp.(a)................... 3,072
239 Nextel Communications, Inc. Class A(a)............ 5,693
62 Scientific-Atlanta, Inc. (with rights)............ 2,008
162 Sprint Corp. (with rights)........................ 2,896
43 Tektronix, Inc. (with rights)..................... 1,282
155 Texas Instruments, Inc. (with rights)............. 3,886
347 Time Warner, Inc. (with rights)(a)................ 5,828
--------
85,279
--------
</Table>
The accompanying notes are an integral part of this financial statement.
44
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- (CONTINUED)
UTILITIES -- 2.5%
29 Ameren Corp. (with rights)........................ $ 1,285
95 Exelon Corp. ..................................... 6,374
34 Public Service Enterprise Group, Inc. ............ 1,471
--------
9,130
--------
Total common stock
(cost $323,272)................................. $353,919
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 0.1%
FINANCE -- 0.1%
$ 22 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... $ 22
72 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 72
102 UBS Warburg Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 102
--------
Total short-term investments (cost $196).......... $ 196
--------
Total investments in securities
(cost $323,468)(b).............................. $354,115
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes was $326,419 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 38,629
Unrealized depreciation........................ (10,933)
--------
Net unrealized appreciation.................... $ 27,696
========
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
The accompanying notes are an integral part of this financial statement.
45
THE HARTFORD DIVIDEND AND GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
COMMON STOCK -- 94.7%
BASIC MATERIALS -- 9.7%
811 Abitibi-Consolidated, Inc. ....................... $ 5,677
830 Alcoa, Inc. ...................................... 25,532
213 Bowater, Inc. .................................... 8,914
178 Dow Chemical Co. ................................. 7,065
1,101 DuPont (E.I.) de Nemours & Co. ................... 47,299
510 Gillette Co. (with rights)........................ 20,873
660 International Paper Co. .......................... 26,607
359 Kimberly-Clark Corp. ............................. 23,477
221 Rio Tinto plc ADRH................................ 19,829
574 Rohm & Haas Co. (with rights)..................... 22,252
284 Temple-Inland, Inc. (with rights)................. 17,512
----------
225,037
----------
CAPITAL GOODS -- 5.0%
324 General Dynamics Corp. ........................... 30,324
571 Honeywell International, Inc. .................... 19,749
448 Parker-Hannifin Corp. (with rights)............... 24,775
552 Pitney Bowes, Inc. (with rights).................. 24,163
1,367 Xerox Corp. (with rights)(a)...................... 18,355
----------
117,366
----------
CONSUMER CYCLICAL -- 6.6%
334 Avery Dennison Corp. (with rights)................ 21,453
323 Caterpillar, Inc. (with rights)................... 25,122
1,784 Delphi Corp. ..................................... 18,201
176 General Motors Corp.H............................. 8,327
104 Genuine Parts Co. ................................ 3,734
289 Grainger (W.W.), Inc. (with rights)............... 15,123
800 Mattel, Inc. ..................................... 13,566
940 McDonald's Corp. ................................. 25,596
961 TJX Companies, Inc. .............................. 23,617
----------
154,739
----------
CONSUMER STAPLES -- 7.8%
577 Altria Group, Inc. ............................... 31,932
247 Colgate-Palmolive Co. (with rights)............... 14,296
790 EnCana Corp. ..................................... 31,002
442 General Mills, Inc. .............................. 21,567
239 Kraft Foods, Inc. Class A......................... 7,879
374 PepsiCo, Inc. .................................... 20,396
861 Sara Lee Corp. (with rights)...................... 19,867
576 Weyerhaeuser Co. ................................. 34,075
----------
181,014
----------
ENERGY -- 11.6%
314..... Anadarko Petroleum Corp. (with rights)............ 16,813
831..... BP plc ADR........................................ 43,976
425 ChevronTexaco Corp. .............................. 38,906
96...... ConocoPhillips (with rights)...................... 6,873
1,384 Exxon Mobil Corp. ................................ 58,907
416 Progress Energy, Inc. ............................ 17,805
589..... Royal Dutch Petroleum Co. NY Shares............... 28,636
325 Schlumberger Ltd. ................................ 19,040
417..... Total S.A. ADRH................................... 38,396
----------
269,352
----------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
FINANCE AND INSURANCE -- 17.8%
267..... ACE Ltd. (with rights)............................ $ 11,701
477 American International Group, Inc. ............... 34,184
634 Bank of America Corp. ............................ 50,990
647 Bank One Corp. ................................... 31,938
1,348 Citigroup, Inc. .................................. 64,801
195..... Comerica, Inc. (with rights)...................... 10,078
307 Franklin Resources, Inc. ......................... 16,827
473..... Freddie Mac....................................... 27,629
165 Goldman Sachs Group, Inc. ........................ 15,884
78 HSBC Holdings plc ADR............................. 5,629
340 Marsh & McLennan Companies, Inc. (with rights).... 15,311
363 MBIA, Inc. ....................................... 21,404
267 Merrill Lynch & Co., Inc. ........................ 14,452
487 St. Paul Travelers Companies, Inc. ............... 19,823
619 Synovus Financial Corp. (with rights)............. 14,780
262 UBS AG............................................ 18,557
433 XL Capital Ltd. Class A (with rights)............. 33,029
130 Zions Bancorporation.............................. 7,325
----------
414,342
----------
HEALTH CARE -- 10.5%
1,077 Abbott Laboratories (with rights)................. 47,427
339 AstraZeneca plc ADR............................... 16,221
212 Aventis S.A. ADR.................................. 15,993
619 Baxter International, Inc. (with rights).......... 19,591
158 Becton, Dickinson & Co. (with rights)............. 7,972
342 Cardinal Health, Inc. ............................ 25,037
385 Lilly (Eli) & Co. (with rights)................... 28,439
260 McKesson Corp..................................... 8,547
636 Pfizer, Inc. (with rights)........................ 22,745
1,622 Schering-Plough Corp. (with rights)............... 27,143
642 Wyeth (with rights)............................... 24,422
----------
243,537
----------
SERVICES -- 3.9%
393 Comcast Corp. Class A(a).......................... 11,831
475 Comcast Corp. Special Class A(a).................. 13,779
237 FedEx Corp. ...................................... 17,035
280..... Gannett Co., Inc. (with rights)................... 24,270
881 Waste Management, Inc. ........................... 25,026
----------
91,941
----------
TECHNOLOGY -- 14.1%
687 Apple Computer, Inc.(a)........................... 17,669
244 AT&T Corp. ....................................... 4,188
941 BellSouth Corp. (with rights)..................... 24,274
271 Emerson Electric Co. (with rights)................ 16,320
357 General Electric Co. ............................. 10,698
744 Hewlett-Packard Co. .............................. 14,661
469 International Business Machines Corp. ............ 41,378
986 Microsoft Corp. .................................. 25,599
1,476 Motorola, Inc. (with rights)...................... 26,928
1,023 SBC Communications, Inc. ......................... 25,480
282 Sony Corp. ADR.................................... 10,833
840 Sprint Corp. (with rights)........................ 15,022
643 Texas Instruments, Inc. (with rights)............. 16,137
</Table>
The accompanying notes are an integral part of this financial statement.
46
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
COMMON STOCK -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
1,340 Time Warner, Inc. (with rights)(a)................ $ 22,542
1,511 Verizon Communications, Inc. ..................... 57,023
----------
328,752
----------
TRANSPORTATION -- 3.9%
426 Canadian Pacific Railway Ltd. ADR................. 9,455
874 CSX Corp. (with rights)........................... 26,896
76 Norfolk Southern Corp. ........................... 1,803
825 Southwest Airlines Co. (with rights).............. 11,785
619 Union Pacific Corp. .............................. 36,448
104 USF Corp. ........................................ 3,465
----------
89,852
----------
UTILITIES -- 3.8%
311 Dominion Resources, Inc. ......................... 19,851
412 Exelon Corp. ..................................... 27,588
415 FPL Group, Inc. (with rights)..................... 26,428
376 Pinnacle West Capital Corp. (with rights)......... 14,691
----------
88,558
----------
Total common stock
(cost $2,010,746)............................... $2,204,490
==========
SHORT-TERM INVESTMENTS -- 5.7%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 0.6%
15,170 Boston Global Investment Trust.................... $ 15,170
----------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 5.1%
$ 13,055 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 13,055
43,522 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 43,522
61,144 UBS Warburg Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 61,144
----------
117,721
----------
Total short-term investments
(cost $132,891)................................. $ 132,891
==========
Total investments in securities
(cost $2,143,637)(b)............................ $2,337,381
==========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $2,153,550 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $227,308
Unrealized depreciation........................ (43,477)
--------
Net unrealized appreciation.................... $183,831
========
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(d) Market value of investments in foreign securities represents 10.49%
of total net assets as of April 30, 2004.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
The accompanying notes are an integral part of this financial statement.
47
THE HARTFORD EQUITY INCOME FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(B)
- --------- --------
COMMON STOCK -- 96.8%
BASIC MATERIALS -- 9.3%
191 Alcoa, Inc. ...................................... $ 5,867
64 Dow Chemical Co. ................................. 2,521
99 DuPont (E.I.) de Nemours & Co. ................... 4,256
40 Kimberly-Clark Corp. ............................. 2,640
40 PPG Industries, Inc. ............................. 2,392
--------
17,676
--------
CAPITAL GOODS -- 0.8%
48 Rockwell Automation, Inc. ........................ 1,556
--------
CONSUMER CYCLICAL -- 8.9%
96 Caterpillar, Inc. (with rights)................... 7,454
115 General Motors Corp. ............................. 5,449
142 Masco Corp. (with rights)......................... 3,969
--------
16,872
--------
CONSUMER STAPLES -- 7.5%
61 Altria Group, Inc. ............................... 3,350
46 General Mills, Inc. .............................. 2,229
40 Heinz (H.J.) Co. ................................. 1,513
73 Kellogg Co. ...................................... 3,139
67 Weyerhaeuser Co. ................................. 3,990
--------
14,221
--------
ENERGY -- 11.0%
61 BP plc ADR........................................ 3,200
56 ChevronTexaco Corp. .............................. 5,167
48 ConocoPhillips (with rights)...................... 3,453
211 Exxon Mobil Corp. ................................ 8,992
--------
20,812
--------
FINANCE AND INSURANCE -- 35.8%
6 ACE Ltd. (with rights)............................ 263
113 Bank of America Corp. ............................ 9,062
45 Chubb Corp. (with rights)......................... 3,086
179 Citigroup, Inc. .................................. 8,589
26 Fannie Mae........................................ 1,783
42 First Horizon National Corp. ..................... 1,829
5 General Growth Properties, Inc. .................. 130
61 Goldman Sachs Group, Inc. ........................ 5,838
34 Marsh & McLennan Companies, Inc. (with rights).... 1,538
97 Merrill Lynch & Co., Inc. ........................ 5,264
78 Morgan Stanley (with rights)...................... 4,021
128 National City Corp. .............................. 4,442
86 PNC Financial Services Group, Inc. (with
rights)......................................... 4,568
91 St. Paul Travelers Companies, Inc. ............... 3,710
56 SunTrust Banks, Inc. ............................. 3,796
20 U.S. Bancorp (with rights)........................ 525
39 Wachovia Corp. (with rights)...................... 1,792
19 Washington Mutual, Inc. (with rights)............. 757
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(B)
- --------- --------
FINANCE AND INSURANCE -- (CONTINUED)
42 Wells Fargo & Co. (with rights)................... $ 2,382
57 XL Capital Ltd. Class A (with rights)............. 4,369
--------
67,744
--------
HEALTH CARE -- 5.4%
74 Baxter International, Inc. (with rights).......... 2,334
39 Merck & Co., Inc. ................................ 1,853
110 Pfizer, Inc. (with rights)........................ 3,922
57 Wyeth (with rights)............................... 2,184
--------
10,293
--------
SERVICES -- 1.3%
28 Gannett Co., Inc. (with rights)................... 2,403
--------
TECHNOLOGY -- 7.1%
47 BellSouth Corp. (with rights)..................... 1,202
63 Emerson Electric Co. (with rights)................ 3,781
207 Hewlett-Packard Co. .............................. 4,071
100 SBC Communications, Inc. ......................... 2,481
51 Verizon Communications, Inc. ..................... 1,931
--------
13,466
--------
TRANSPORTATION -- 3.6%
163 Shell Transport & Trading Co. plc ADR............. 6,841
--------
UTILITIES -- 6.1%
58 Dominion Resources, Inc. ......................... 3,669
43 Exelon Corp. ..................................... 2,875
40 FPL Group, Inc. (with rights)..................... 2,514
36 SCANA Corp. ...................................... 1,232
35 TXU Corp. (with rights)........................... 1,195
--------
11,485
--------
Total common stock
(cost $182,137)................................. $183,369
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 1.6%
FINANCE -- 1.6%
$ 345 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ $ 345
1,150 Deutsche Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 1,150
1,615 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 1,615
--------
Total short-term investments
(cost $3,110)................................... $ 3,110
--------
Total investments in securities
(cost $185,246)(a).............................. $186,479
========
</Table>
The accompanying notes are an integral part of this financial statement.
48
- --------------------------------------------------------------------------------
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) At April 30, 2004, the cost of securities for federal income tax
purposes is $185,246 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 4,406
Unrealized depreciation......................... (3,173)
-------
Net unrealized appreciation..................... $ 1,233
=======
</Table>
(b) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(c) Market value of investments in foreign securities represents 5.30%
of total net assets as of April 30, 2004.
The accompanying notes are an integral part of this financial statement.
49
THE HARTFORD FOCUS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 98.3%
BASIC MATERIALS -- 3.1%
122 Alcoa, Inc. ...................................... $ 3,761
--------
CAPITAL GOODS -- 3.0%
42 United Technologies Corp. ........................ 3,649
--------
CONSUMER CYCLICAL -- 5.6%
49 Caterpillar, Inc. (with rights)................... 3,809
41 NIKE, Inc. Class B................................ 2,979
--------
6,788
--------
CONSUMER STAPLES -- 5.2%
61 Anheuser-Busch Companies, Inc. (with rights)...... 3,110
30 Procter & Gamble Co. ............................. 3,194
--------
6,304
--------
ENERGY -- 8.5%
163 Exxon Mobil Corp. ................................ 6,914
58 Schlumberger Ltd. ................................ 3,401
--------
10,315
--------
FINANCE AND INSURANCE -- 22.2%
80 American Express Co. ............................. 3,892
72 American International Group, Inc. ............... 5,144
62 Bank of America Corp. ............................ 4,958
129 Citigroup, Inc. .................................. 6,204
75 Marsh & McLennan Companies, Inc. (with rights).... 3,383
68 Morgan Stanley (with rights)...................... 3,489
--------
27,070
--------
HEALTH CARE -- 17.4%
62 Amgen, Inc. (with rights)(a)...................... 3,461
66 Genzyme Corp.(a).................................. 2,858
51 Lilly (Eli) & Co. (with rights)................... 3,727
99 Medtronic, Inc. (with rights)..................... 4,985
174 Pfizer, Inc. (with rights)........................ 6,222
--------
21,253
--------
SERVICES -- 2.9%
49 FedEx Corp. ...................................... 3,538
--------
TECHNOLOGY -- 30.4%
168 Cisco Systems, Inc. (with rights)(a).............. 3,508
282 EMC Corp.(a)...................................... 3,150
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
TECHNOLOGY -- (CONTINUED)
200 General Electric Co. ............................. $ 5,999
142 Hewlett-Packard Co. .............................. 2,793
135 Intel Corp. ...................................... 3,468
79 Lockheed Martin Corp. ............................ 3,783
370 Microsoft Corp. .................................. 9,595
286 Time Warner, Inc. (with rights)(a)................ 4,809
--------
37,105
--------
Total common stock (cost $115,081)................ $119,783
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 3.0%
FINANCE -- 3.0%
$ 406 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... $ 406
1,355 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 1,355
1,903 UBS Warburg Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 1,903
--------
Total short-term investments (cost $3,664)........ $ 3,664
--------
Total investments in securities (cost
$118,745)(b).................................... $123,447
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $120,687 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 5,477
Unrealized depreciation......................... (2,717)
-------
Net unrealized appreciation..................... $ 2,760
=======
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
The accompanying notes are an integral part of this financial statement.
50
THE HARTFORD GLOBAL COMMUNICATIONS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 97.3%
AUDIO AND VIDEO EQUIPMENT -- 2.1%
1 Samsung Electronics Co. Ltd.(e)................... $ 253
-------
OTHER TELECOMMUNICATIONS -- 55.7%
49 Brasil Telecom S.A. ADR........................... 563
36 France Telecom S.A.(e)............................ 866
@@ KDDI Corp.(e)..................................... 455
30 P.T. Telekomunikasi Indonesia ADR................. 538
67 Sprint Corp. (with rights)H....................... 1,193
161 Telecom Italia S.p.A.(e)H......................... 375
32 Telekom Austria AG(d)(e).......................... 469
24,000 Telemar Norte Leste S.A. ......................... 399
121 Telenor ASA(d)(e)H................................ 787
24 Telkom South Africa Ltd. ADRH..................... 1,037
-------
6,682
-------
TELECOMMUNICATION RESELLERS -- 0.6%
4 Chunghwa Telecom Co. Ltd. ........................ 72
-------
WIRED TELECOMMUNICATIONS CARRIERS -- 12.3%
4 Belgacom S.A.(a)(d)............................... 127
7 Deutsche Telekom AG(e)............................ 120
184 Eircom Group plc(a)(d)............................ 322
127 Koninklijke (Royal) KPN N.V.(e)H.................. 907
-------
1,476
-------
WIRELESS COMMUNICATIONS SERVICES -- 3.5%
119.... Dobson Communications Corp.(a)H................... 424
-------
WIRELESS TELECOMMUNICATIONS CARRIERS -- 23.1%
38 Citizens Communications Co. (with rights)(a)...... 493
26 Nextel Communications, Inc. Class A(a)............ 615
10 Nextel Partners, Inc. Class A(a)H................. 139
@@ NTT DoCoMo, Inc.(e)............................... 329
23 Philippine Long Distance Telephone Co.(a)(e)...... 436
1 SK Telecom Co. Ltd.(e)............................ 246
212 Vodafone Group plc(e)............................. 513
-------
2,771
-------
Total common stock
(cost $10,255).................................. $11,678
-------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 27.7%
FINANCE -- 3.4%
$ 46 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ $ 46
153 Deutsche Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 153
215 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 215
-------
414
-------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 24.3%
2,915 Navigator Prime Portfolio......................... $ 2,915
-------
Total short-term investments
(cost $3,329)................................... $ 3,329
-------
Total investments in securities
(cost $13,584)(b)............................... $15,007
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes was $13,618 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation.......................... $1,899
Unrealized depreciation.......................... (510)
------
Net unrealized appreciation...................... $1,389
======
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(d) Securities exempt from registration under Rule 144A of the
securities Act of 1933. These securities may be resold in transactions exempt
from registration normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $1,705, which represents
14.21% of total net assets of the fund as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $5,756, which represents 47.97% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
@@ Due to the presentation of the financial statements in thousands,
the number of shares and/or dollars round to zero.
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------- -------------
United States 51.9%
Philippines 3.6%
Norway 6.5%
Austria 3.9%
Japan 6.5%
Belgium 1.1%
South Africa 8.6%
United Kingdom 4.2%
Netherlands 7.5%
Brazil 8.0%
Germany 1.0%
Indonesia 4.5%
France 7.2%
Italy 3.1%
Ireland 2.7%
Taiwan 0.6%
South Korea 4.1%
-----
Total 125.0%
=====
</Table>
The accompanying notes are an integral part of this financial statement.
51
THE HARTFORD GLOBAL FINANCIAL SERVICES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 96.5%
AGENCIES, BROKERAGES, OTHER INSURANCE
ACTIVITIES -- 5.4%
25 Clark, Inc.(a)H................................... $ 455
13 Marsh & McLennan Companies, Inc. (with rights).... 591
-------
1,046
-------
COMMERCIAL BANKING -- 14.1%
1 Banco Popular Espanol S.A.(d)H.................... 49
39 Barclays plc(d)................................... 351
19 Credit Agricole S.A.(d)H.......................... 459
1 Societe Generale Class A(d)H...................... 116
19 Standard Bank Group Ltd. ......................... 110
11 UBS AG(d)H........................................ 812
56 UniCredito Italiano S.p.A.(d)H.................... 260
46 Westpac Banking Corp.(d).......................... 582
-------
2,739
-------
CONSUMER LENDING -- 0.9%
3 Takefuji Corp.(d)H................................ 168
-------
DEPOSITORY CREDIT BANKING -- 22.0%
11 Bank of America Corp. ............................ 853
7 Bank of Hawaii Corp. ............................. 302
6 Canadian Western Bank............................. 187
20 Citigroup, Inc. .................................. 952
7 Golden West Financial Corp. ...................... 778
37 Hibernia Corp. Class A............................ 808
28 HSBC Holdings plc(d).............................. 398
@@ Signature Bank(a)................................. 5
-------
4,283
-------
INSURANCE CARRIERS -- 21.0%
20 ACE Ltd. (with rights)............................ 881
8 Ambac Financial Group, Inc. ...................... 531
10 American International Group, Inc. ............... 745
49 Banca Intesa S.p.A.(d)H........................... 160
17 Cincinnati Financial Corp. ....................... 680
8 Converium Holding AG ADR.......................... 208
7 MBIA, Inc. ....................................... 430
12 Reinsurance Group of America, Inc. ............... 446
-------
4,081
-------
INTERNATIONAL TRADE FINANCING (FOREIGN
BANKS) -- 6.6%
20 Northern Rock plc(d).............................. 264
25 Royal Bank of Scotland Group plc(d)............... 732
19 St. George Bank Ltd.(d)H.......................... 282
-------
1,278
-------
MONETARY AUTHORITIES -- CENTRAL BANK -- 2.8%
@@ Mitsubishi Tokyo Financial Group, Inc.(d)......... 273
@@ Sumitomo Mitsui Financial Group, Inc.(d)H......... 276
-------
549
-------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
NONDEPOSITORY CREDIT BANKING -- 7.4%
25 Banco Latinoamericano de Exportaciones S.A. ADR
Class E......................................... $ 373
11 Fannie Mae........................................ 722
6 Freddie Mac....................................... 345
-------
1,440
-------
OTHER FINANCIAL INVESTMENT ACTIVITIES -- 10.6%
17 AMVESCAP plc(d)................................... 111
9 Franklin Resources, Inc. ......................... 472
71 Lloyds TSB Group plc(d)........................... 531
22 Nomura Holdings, Inc.(d).......................... 353
6 State Street Corp. (with rights).................. 298
@@ UFJ Holdings, Inc.(d)............................. 297
-------
2,062
-------
REAL ESTATE CREDIT (MORTGAGE BANKING) -- 1.4%
5 Countrywide Financial Corp. ...................... 276
-------
SECURITIES AND COMMODITY EXCHANGES -- 0.4%
10 Nasdaq Stock Market, Inc.(a)...................... 78
-------
SECURITIES, COMMODITIES AND BROKERAGE -- 3.9%
4 Goldman Sachs Group, Inc. ........................ 376
7 Merrill Lynch & Co., Inc. ........................ 390
-------
766
-------
Total common stock
(cost $17,354).................................. $18,766
-------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 14.0%
FINANCE -- 2.2%
$ 48 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 48
159 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 159
224 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 224
-------
431
-------
<Caption>
SHARES
- ---------
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 11.8%
2,281 Navigator Prime Portfolio......................... 2,281
-------
Total short-term investments (cost $2,712)........ $ 2,712
-------
Total investments in securities (cost
$20,066)(b)..................................... $21,478
-------
</Table>
The accompanying notes are an integral part of this financial statement.
52
- --------------------------------------------------------------------------------
Note: Percentage of investments as shown is the ratio of the total market
value to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $20,151 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation.......................... $1,724
Unrealized depreciation.......................... (397)
------
Net unrealized appreciation...................... $1,327
======
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(d) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $6,474, which represents 33.31% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------- -------------
United States 72.7%
United Kingdom 12.3%
Japan 7.0%
Switzerland 5.2%
Australia 4.4%
France 3.0%
Italy 2.2%
Panama 1.9%
Canada 1.0%
South Africa 0.6%
Spain 0.2%
-----
Total 110.5%
=====
</Table>
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
AS OF APRIL 30, 2004
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT DELIVERY APPRECIATION
DESCRIPTION VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ------ -------- -------- --------------
South African Rand (Sell) $ 7 $ 7 5/5/2004 $@@
Japanese Yen (Sell) 55 55 5/6/2004 @@
---
$@@
===
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
of shares and/or dollars round to zero.
The accompanying notes are an integral part of this financial statement.
53
THE HARTFORD GLOBAL HEALTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 98.0%
AGENCIES, BROKERAGES, OTHER INSURANCE
ACTIVITIES -- 4.0%
336 Medco Health Solutions, Inc.(a)................... $ 11,876
--------
BASIC CHEMICAL MANUFACTURING -- 0.9%
101 Bayer AG(d)H...................................... 2,705
--------
DRUGS & DRUGGISTS SUNDRIES WHOLESALERS -- 4.7%
87 Cardinal Health, Inc. ............................ 6,373
233 McKesson Corp. ................................... 7,640
--------
14,013
--------
ELECTRICAL EQUIP MANUF -- 1.0%
165 Olympus Corp.(d).................................. 3,150
--------
ELECTROMEDICAL MANUFACTURING -- 5.0%
99 Guidant Corp. .................................... 6,225
176 Medtronic, Inc. (with rights)..................... 8,861
--------
15,086
--------
INSURANCE CARRIERS -- 4.4%
61 Aetna, Inc. ...................................... 5,064
92 Anthem, Inc.(a)................................... 8,167
--------
13,231
--------
MEDICAL EQUIPMENT & SUPPLIES MANUFACTURING -- 5.6%
222 Baxter International, Inc. (with rights).......... 7,026
85 Becton, Dickinson & Co. (with rights)............. 4,271
371 Gambro AB Class B(d)H............................. 3,204
111 Viasys Healthcare, Inc. (with rights)(a).......... 2,149
--------
16,650
--------
NAVIGATE, MEASURE, CONTROL INSTRUMENTS -- 2.4%
64 Beckman Coulter, Inc. (with rights)............... 3,557
265 Bruker BioSciences Corp.(a)....................... 1,374
149 CTI Molecular Imaging, Inc.(a)H................... 2,233
--------
7,164
--------
OFFICES OF PHYSICIANS -- 1.0%
90 Edwards Lifesciences Corp.(a)..................... 3,108
--------
OTHER CHEMICAL AND PREPARATION -- 0.4%
58 Connetics Corp.(a)H............................... 1,132
--------
PHARMACEUTICAL & MEDICINE MANUFACTURING -- 51.7%
345 Abbott Laboratories(e)............................ 14,277
101 Abgenix, Inc. (with rights)(a)H................... 1,637
99 Amylin Pharmaceuticals, Inc.(a)H.................. 2,213
324 AstraZeneca plc ADR............................... 15,488
112 AtheroGenics, Inc. (with rights)(a)H.............. 2,648
155 Aventis S.A. ADRH................................. 11,712
74 Cephalon, Inc.(a)H................................ 4,206
285 Chugai Pharmaceutical Co. Ltd.(d)................. 4,296
7 Cytokinetics, Inc.(a)............................. 112
241 Eisai Co. Ltd.(d)................................. 6,097
137 Forest Laboratories, Inc. (with rights)(a)........ 8,853
289 Fujisawa Pharmaceutical Co. Ltd.(d)H.............. 6,674
35 Hospira, Inc.(a).................................. 983
67 ILEX Oncology, Inc. (with rights)(a).............. 1,551
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
PHARMACEUTICAL & MEDICINE
MANUFACTURING -- (CONTINUED)
257 King Pharmaceuticals, Inc.(a)..................... $ 4,440
166 Lilly (Eli) & Co. (with rights)................... 12,282
268 Novartis AG(d).................................... 11,964
25 OSI Pharmaceuticals, Inc. (with rights)(a)H....... 1,845
50 Schering AG(d)H................................... 2,592
1,092 Schering-Plough Corp. (with rights)............... 18,262
49 Schwarz Pharma AG(d).............................. 1,383
366 Shionogi & Co. Ltd.(d)............................ 5,692
89 Takeda Chemical Industries Ltd.(d)................ 3,574
90 Vertex Pharmaceuticals, Inc.(a)H.................. 778
78 Watson Pharmaceuticals, Inc.(a)................... 2,778
234 Wyeth (with rights)............................... 8,905
--------
155,242
--------
PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES -- 1.1%
26 Dendrite International, Inc. (with rights)(a)..... 447
325 Exelixis, Inc.(a)H................................ 2,951
--------
3,398
--------
PUBLIC -- ADMINISTRATION OF HUMAN RESOURCE
PROGRAMS -- 1.0%
39 Express Scripts, Inc. (with rights)(a)............ 3,032
--------
SCIENTIFIC RESEARCH & DEVELOPMENT SERVICES -- 14.8%
419 Applera Corp. -- Celera Genomics Group(a)......... 4,939
128 ARIAD Pharmaceuticals, Inc. (with rights)(a)H..... 1,450
171 Ciphergen Biosystems, Inc.(a)H.................... 1,253
145 CV Therapeutics, Inc. (with rights)(a)H........... 2,082
393 Elan Corp. plc ADR(a)H............................ 8,497
266 Genzyme Corp.(a).................................. 11,574
67 Gilead Sciences, Inc.(a).......................... 4,082
83 Human Genome Sciences, Inc. (with rights)(a)...... 1,010
137 Medicines Co.(a)H................................. 4,485
126 Millennium Pharmaceuticals, Inc. (with
rights)(a)...................................... 1,884
152 Regeneron Pharmaceutical, Inc.(a)H................ 1,900
86 Zymogenetics, Inc.(a)H............................ 1,365
--------
44,521
--------
Total common stock
(cost $268,837)................................. $294,308
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
SHORT-TERM INVESTMENTS -- 17.9%
FINANCE -- 3.5%
$ 1,148 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ $ 1,148
3,827 Deutsche Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 3,827
5,377 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 5,377
--------
10,352
--------
</Table>
The accompanying notes are an integral part of this financial statement.
54
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
SHORT-TERM INVESTMENTS -- (CONTINUED)
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 14.4%
43,381 Navigator Prime Portfolio......................... $ 43,381
--------
Total short-term investments
(cost $53,733).................................. $ 53,733
--------
Total investments in securities
(cost $322,570)(b).............................. $348,041
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $323,529 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 41,213
Unrealized depreciation........................ (16,701)
--------
Net unrealized appreciation.................... $ 24,512
========
</Table>
(c) See Note 2b of accompanying Notes of Financial Statements
regarding valuation of securities.
(d) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $51,331, which represents 17.09% of total net
assets.
(e) The cost of securities on a when issued basis at April 30, 2004 was
$15,041.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------- -------------
United States 86.9%
Japan 9.8%
United Kingdom 5.2%
Switzerland 4.0%
France 3.9%
Ireland 2.8%
Germany 2.2%
Sweden 1.1%
-----
Total 115.9%
=====
</Table>
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
AS OF APRIL 30, 2004
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT DELIVERY APPRECIATION
DESCRIPTION VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ------ -------- --------- --------------
Euro (Buy) $81 $81 5/4/2004 $@@
---
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of this financial statement.
55
THE HARTFORD GLOBAL LEADERS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 99.2%
CANADA -- 2.1%
162 Research In Motion Ltd.(a) (Technology)H.......... $ 14,090
--------
FRANCE -- 11.2%
1,060 Alcatel S.A.(e) (Technology)H..................... 15,541
1,946 Alstom(a)(e) (Capital Goods)H..................... 3,655
321 AXA(e) (Finance and Insurance)H................... 6,656
73 Cie Generale D'Optique Essilor International
S.A.(e) (Basic Materials)H...................... 4,246
264 M6-Metropole Television(e) (Services)H............ 7,641
28 Pernod Ricard(e) (Consumer Staples)............... 3,522
113 Pinault-Printemps-Redoute S.A.(e) (Consumer
Cyclical)H...................................... 11,571
62 Total S.A.(e) (Energy)H........................... 11,486
456 Vivendi Universal S.A.(e) (Services)H............. 11,327
--------
75,645
--------
GERMANY -- 1.7%
19 Allianz AG(e) (Finance and Insurance)H............ 1,996
90 Muenchener Rueckversicherungs-Gesellschaft AG(e)
(Finance and Insurance)H........................ 9,638
--------
11,634
--------
HONG KONG -- 0.3%
1,734 China Merchants Holdings International Co. Ltd.(e)
(Transportation)H............................... 2,025
--------
IRELAND -- 4.5%
1,414 Elan Corp. plc ADR(a) (Health Care)H.............. 30,536
--------
ITALY -- 0.8%
6,875 Finmeccanica S.p.A.(e) (Capital Goods)............ 5,217
--------
JAPAN -- 8.2%
1 Dentsu, Inc.(e) (Services)........................ 1,878
75 Fast Retailing Co. Ltd.(e) (Consumer Cyclical).... 5,805
1 Mitsubishi Tokyo Financial Group, Inc.(e) (Finance
and Insurance).................................. 6,105
164 Nintendo Co. Ltd.(e) (Consumer Cyclical) 15,294
75 ORIX Corp.(e) (Finance and Insurance)............. 7,816
1........ Sumitomo Mitsui Financial Group, Inc.(e) (Finance
and Insurance)H................................. 6,222
172 Trend Micro, Inc.(e) (Technology)................. 6,395
1 UFJ Holdings, Inc.(e) (Finance and Insurance)..... 5,797
--------
55,312
--------
LUXEMBOURGH -- 0.1%
44 SES Global(d) (Technology)........................ 418
--------
NETHERLANDS -- 2.7%
319 European Aeronautic Defence and Space Co.(e)
(Capital Goods)H................................ 8,005
1,347 Koninklijke Ahold N.V.(e) (Consumer Cyclical)..... 10,327
--------
18,332
--------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
SOUTH KOREA -- 5.4%
730 Kia Motors Corp.(e) (Consumer Cyclical)........... $ 6,733
177 LG Electronics, Inc.(e) (Consumer Cyclical)....... 10,537
82 Samsung Electronics Co. Ltd. GDR(d)
(Technology).................................... 19,409
--------
36,679
--------
SWEDEN -- 2.2%
5,767 Telefonaktiebolaget LM Ericsson(e) (Technology)... 15,365
--------
SWITZERLAND -- 3.8%
2,237 ABB Ltd.(e) (Technology).......................... 12,608
126 Roche Holding AG(e) (Health Care)................. 13,199
--------
25,807
--------
UNITED KINGDOM -- 12.3%
1,523 Capita Group plc(e) (Services).................... 8,343
3,403 Carphone Warehouse Group plc(e) (Technology)...... 8,595
1,578 EMI Group plc(e) (Services)....................... 7,161
204 GlaxoSmithKline plc (Health Care)................. 4,218
641 Imperial Tobacco Group plc(e) (Consumer
Staples)........................................ 14,139
1,123 Kingfisher plc(e) (Consumer Cyclical)............. 5,616
1,534 New Dixons Group plc(e) (Consumer Cyclical)....... 4,210
995 Reuters Group plc(e) (Technology)................. 6,532
10,098 Vodafone Group plc(e) (Technology)................ 24,424
--------
83,238
--------
UNITED STATES -- 43.9%
192 Altera Corp.(a) (Technology)...................... 3,842
279 Altria Group, Inc. (Consumer Staples)............. 15,440
142 Apache Corp. (Energy)............................. 5,962
104 Apollo Group, Inc. Class A(a) (Services).......... 9,488
371 Apple Computer, Inc.(a) (Technology).............. 9,543
166 Baxter International, Inc. (with rights) (Health
Care)........................................... 5,267
680 Cendant Corp.(a) (Services)....................... 16,095
385 Cisco Systems, Inc. (with rights)(a)
(Technology).................................... 8,035
249 Citigroup, Inc. (Finance and Insurance)........... 11,957
166 Colgate-Palmolive Co. (with rights) (Consumer
Staples)........................................ 9,585
147 Countrywide Financial Corp. (Finance and
Insurance)...................................... 8,702
109 Deere & Co. (with rights) (Capital Goods)......... 7,403
45 Dell, Inc. (with rights)(a) (Technology).......... 1,545
126 eBay, Inc.(a) (Consumer Cyclical)................. 10,041
159 Exxon Mobil Corp. (Energy)........................ 6,778
242 First Data Corp. (Technology)..................... 10,980
72 General Mills, Inc. (Consumer Staples)............ 3,520
555 Gillette Co. (with rights) (Basic Materials)...... 22,727
26 Goldman Sachs Group, Inc. (Finance and
Insurance)...................................... 2,509
139 McKesson Corp. (Health Care)...................... 4,574
314 Medco Health Solutions, Inc.(a) (Finance and
Insurance)...................................... 11,123
</Table>
The accompanying notes are an integral part of this financial statement.
56
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- (CONTINUED)
UNITED STATES -- (CONTINUED)
282 Medtronic, Inc. (with rights) (Health Care)....... $ 14,230
146 Microsoft Corp. (Technology)...................... 3,799
799 Motorola, Inc. (with rights) (Technology)......... 14,584
203 Noble Corp. (with rights)(a) (Energy)............. 7,551
227 Pfizer, Inc. (with rights) (Health Care).......... 8,121
264 Red Hat, Inc.(a) (Technology)H.................... 6,000
186 Smith International, Inc. (with rights)(a)
(Energy)........................................ 10,162
75 Symantec Corp.(a) (Technology).................... 3,374
607 Tyco International Ltd. (with rights) (Capital
Goods).......................................... 16,668
297 Waste Management, Inc. (Services)................. 8,426
223 XM Satellite Radio Holdings, Inc. Class A (with
rights)(a) (Services)........................... 5,346
276 Yahoo!, Inc. (with rights)(a) (Technology)........ 13,922
--------
297,299
--------
Total common stock
(cost $617,443)................................. $671,597
--------
SHORT-TERM INVESTMENTS -- 19.2%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 18.6%
125,726 Navigator Prime Portfolio......................... $125,726
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 0.6%
$ 476 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 476
1,587 Deutsche Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 1,587
2,229 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 2,229
--------
4,292
--------
Total short-term investments
(cost $130,018)................................. $130,018
========
Total investments in securities
(cost $747,461)(b).............................. $801,615
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $749,102 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 70,222
Unrealized depreciation........................ (17,709)
--------
Net unrealized appreciation.................... $ 52,513
========
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(d) Securities exempt from registration under Rule 144A of the
securities Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At the
period end, the value of these securities amounted to $19,826, which
represents 2.93% of total net assets of the fund as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $305,627 which represents 45.15% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY INDUSTRY NET ASSETS
- --------------------------- -------------
Consumer Staples 6.8%
Health Care 11.8%
Energy 6.2%
Basic Materials 4.0%
Consumer Cyclical 11.8%
Services 11.2%
Capital Goods 6.1%
Technology 29.4%
Transportation 0.3%
Finance and Insurance 11.6%
Short-Term Investments 19.2%
-----
118.4%
=====
</Table>
The accompanying notes are an integral part of this financial statement.
57
THE HARTFORD GLOBAL LEADERS FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
AS OF APRIL 30, 2004
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT DELIVERY APPRECIATION
DESCRIPTION VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ------ -------- --------- --------------
British Pounds (Buy) $3,574 $3,578 05/05/2004 $ (4)
British Pounds (Buy) 5,033 5,042 05/06/2004 (9)
Euro (Buy) 4,563 4,508 05/03/2004 55
Euro (Buy) 252 252 05/05/2004 @@
Euro (Sell) 4,594 4,588 05/04/2004 (6)
Hong Kong Dollars (Sell) 3,947 3,947 05/03/2004 @@
Hong Kong Dollars (Sell) 542 542 05/04/2004 @@
Japanese Yen (Buy) 4,636 4,645 05/10/2004 (9)
Swiss Francs (Sell) 2,194 2,194 05/05/2004 @@
South Africa Rand (Sell) 383 394 05/03/2004 11
South Africa Rand (Sell) 52 53 05/04/2004 1
South Africa Rand (Sell) 173 173 05/05/2004 @@
South Africa Rand (Sell) 183 184 05/06/2004 1
South Africa Rand (Sell) 1,478 1,466 05/07/2004 (12)
----
$ 28
====
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of this financial statement.
58
THE HARTFORD GLOBAL TECHNOLOGY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 99.6%
AUDIO AND VIDEO EQUIPMENT -- 4.1%
9 Samsung Electronics Co. Ltd. GDR(e)............... $ 1,983
19 Sony Corp.(e)..................................... 715
-------
2,698
-------
COMMUNICATIONS EQUIPMENT -- 18.1%
41 Alcatel S.A.(e)................................... 597
184 Cisco Systems, Inc. (with rights)(a).............. 3,838
163 Motorola, Inc. (with rights)...................... 2,973
20 Plantronics, Inc.(a).............................. 744
19 Polycom, Inc. (with rights)(a).................... 357
32 QUALCOMM, Inc..................................... 1,999
45 Scientific-Atlanta, Inc. (with rights)............ 1,445
-------
11,953
-------
COMPUTER AND PERIPHERAL -- 8.1%
46 Apple Computer, Inc.(a)........................... 1,184
36 Dell, Inc. (with rights)(a)....................... 1,236
33 Hewlett-Packard Co................................ 658
237 Maxtor Corp.(a)................................... 1,544
24 Silicon Storage Technology, Inc.(a)............... 322
16 VERITAS Software Corp. (with rights)(a)........... 413
-------
5,357
-------
COMPUTER SYSTEMS DESIGN & RELATED SERVICES -- 5.3%
50 BISYS Group, Inc.(a).............................. 718
47 Cadence Design Systems, Inc.(a)................... 605
10 CheckFree Corp.(a)................................ 312
25 Compucom Systems, Inc.(a)H........................ 123
21 Computer Sciences Corp.(a)........................ 843
20 DST Systems, Inc. (with rights)(a)H............... 870
-------
3,471
-------
DATA PROCESSING SERVICES -- 4.4%
63 First Data Corp. ................................. 2,873
-------
ELECTRICAL EQUIP MANUF -- COMPONENT OTHER -- 3.0%
182 Corning, Inc. (with rights)(a).................... 2,005
-------
INFORMATION -- SOFTWARE PUBLISHERS -- 16.0%
54 BEA Systems, Inc.(a).............................. 616
25 Cognos, Inc.(a)................................... 795
199 Microsoft Corp.................................... 5,171
18 Oracle Corp. (with rights)(a)..................... 201
98 Red Hat, Inc.(a)H................................. 2,221
95 VeriSign, Inc. (with rights)(a)................... 1,536
-------
10,540
-------
INTERNET PROVIDERS & WEB SEARCH PORT -- 4.6%
61 Yahoo!, Inc. (with rights)(a)..................... 3,063
-------
MANAGEMENT, SCIENTIFIC, AND TECH CONSULTING
SVCS -- 2.0%
56 Accenture Ltd. Class A(a)......................... 1,336
-------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
OTHER SERVICES -- OTHER PERSONAL SERVICES -- 1.7%
48 Cendant Corp.(a).................................. $ 1,129
-------
OTHER TELECOMMUNICATIONS -- 0.8%
21 ADTRAN, Inc....................................... 520
-------
SEMICONDUCTOR, ELECTRONIC COMPON -- 30.6%
78 Altera Corp.(a)................................... 1,561
35 Analog Devices, Inc. (with rights)................ 1,508
33 Applied Materials, Inc.(a)........................ 592
56 ASML Holding N.V.(a).............................. 870
36 Broadcom Corp. Class A(a)......................... 1,352
68 Fairchild Semiconductor International, Inc.(a).... 1,326
37 Intersil Corp. Class A (with rights)(a)........... 727
26 KLA-Tencor Corp.(a)............................... 1,096
29 Lam Research Corp.(a)............................. 638
19 Linear Technology Corp............................ 673
85 Micron Technology, Inc.(a)........................ 1,163
95 ON Semiconductor Corp.(a)......................... 460
118 Skyworks Solutions, Inc.(a)....................... 1,011
118 STMicroelectronics N.V............................ 2,575
935 Taiwan Semiconductor Manufacturing Co.
Ltd.(a)(e)...................................... 1,588
50 Texas Instruments, Inc. (with rights)............. 1,257
53 Xilinx, Inc.(a)................................... 1,769
-------
20,166
-------
WIRELESS TELECOMMUNICATIONS CARRIERS -- 0.9%
7 Research In Motion Ltd.(a)........................ 581
-------
Total common stock
(cost $64,333).................................. $65,692
-------
SHORT-TERM INVESTMENTS -- 4.3%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 3.1%
2,049 Navigator Prime Portfolio......................... $ 2,049
-------
<Caption>
PRINCIPAL
AMOUNT
- ---------
BANKING -- 1.2%
$ 86 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 86
285 Deutsche Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 285
400 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 400
-------
771
-------
Total short-term investments
(cost $2,820)................................... $ 2,820
-------
Total investments in securities
(cost $67,153)(b)............................... $68,512
=======
</Table>
The accompanying notes are an integral part of this financial statement.
59
THE HARTFORD GLOBAL TECHNOLOGY FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $68,162 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 5,554
Unrealized depreciation......................... (5,204)
-------
Net unrealized appreciation..................... $ 350
=======
</Table>
(c) See Note 2b of accompanying Notes of Financial Statements
regarding valuation of securities.
(d) Market value of investments in foreign securities represents 14.7%
of total net assets as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004 was $4,883, which represents 7.40% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY COUNTRY NET ASSETS
- -------------------------- -------------
United States 89.2%
Switzerland 3.9%
South Korea 3.0%
Taiwan 2.4%
Canada 2.1%
Netherlands 1.3%
Japan 1.1%
France 0.9%
-----
Total 103.9%
=====
</Table>
The accompanying notes are an integral part of this financial statement.
60
THE HARTFORD GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 98.7%
CAPITAL GOODS -- 0.7%
121 International Game Technology..................... $ 4,549
--------
CONSUMER CYCLICAL -- 10.8%
227 AutoZone, Inc. (with rights)(a)................... 19,855
130 Best Buy Co., Inc. ............................... 7,053
331 eBay, Inc.(a)..................................... 26,433
249 Lennar Corp. Class A.............................. 11,685
123 Lowe's Companies, Inc. (with rights).............. 6,423
--------
71,449
--------
FINANCE AND INSURANCE -- 12.7%
306 ACE Ltd. (with rights)............................ 13,434
287 Citigroup, Inc. .................................. 13,813
552 Countrywide Financial Corp. ...................... 32,717
84 Fannie Mae........................................ 5,786
129 Franklin Resources, Inc. ......................... 7,056
310 Medco Health Solutions, Inc.(a)................... 10,971
--------
83,777
--------
HEALTH CARE -- 20.2%
151 Abbott Laboratories (with rights)................. 6,646
538 AstraZeneca plc ADRH.............................. 25,761
153 Cardinal Health, Inc. ............................ 11,214
195 Forest Laboratories, Inc. (with rights)(a)........ 12,576
97 Genzyme Corp.(a).................................. 4,215
60 Gilead Sciences, Inc.(a).......................... 3,632
462 Guidant Corp. .................................... 29,092
358 Lilly (Eli) & Co. (with rights)................... 26,391
184 Medtronic, Inc. (with rights)..................... 9,290
130 Wyeth (with rights)............................... 4,962
--------
133,779
--------
SERVICES -- 13.7%
420 Apollo Group, Inc. Class A(a)..................... 38,177
400 Comcast Corp. Special Class A(a).................. 11,599
100 Moody's Corp. .................................... 6,450
208 Omnicom Group, Inc. .............................. 16,513
102 SAP AG ADR........................................ 3,798
250 Univision Communications, Inc. Class A(a)H........ 8,451
230 XM Satellite Radio Holdings, Inc. Class A (with
rights)(a)H..................................... 5,517
--------
90,505
--------
TECHNOLOGY -- 40.6%
328 Altera Corp.(a)................................... 6,562
248 Amdocs Ltd.(a).................................... 6,583
368 Analog Devices, Inc. (with rights)................ 15,681
2,086 Corning, Inc. (with rights)(a).................... 23,006
851 Dell, Inc. (with rights)(a)....................... 29,535
176 Electronic Arts, Inc.(a).......................... 8,894
744 EMC Corp.(a)...................................... 8,303
600 First Data Corp. ................................. 27,229
363 KLA-Tencor Corp.(a)............................... 15,116
194 Mercury Interactive Corp. (with rights)(a)........ 8,245
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
TECHNOLOGY -- (CONTINUED)
715 Microsoft Corp. .................................. $ 18,564
602 Network Appliance, Inc.(a)........................ 11,213
364 Red Hat, Inc.(a).................................. 8,274
286 Research In Motion Ltd.(a)........................ 24,789
244 Symantec Corp.(a)................................. 10,977
382 Xilinx, Inc.(a)................................... 12,837
647 Yahoo!, Inc.(with rights)(a)...................... 32,657
--------
268,465
--------
Total common stock
(cost $569,050)................................. $652,524
--------
SHORT-TERM INVESTMENTS -- 1.8%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 0.9%
6,195 Boston Global Investment Trust.................... $ 6,195
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 0.9%
$ 607 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/04 (Note 2f).............................. 607
2,022 Deutsche Joint Repurchase Agreement, 1.00%,
05/03/04 (Note 2f).............................. 2,022
2,841 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/04 (Note 2f).............................. 2,841
--------
5,470
--------
Total short-term investments
(cost $11,665).................................. $ 11,665
--------
Total investments in securities
(cost $580,715)(b).............................. $664,189
========
</Table>
Note: Percentage of investments as shown is the ratio of the total
market value to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $581,618 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 99,582
Unrealized depreciation........................ (17,011)
--------
Net unrealized appreciation.................... $ 82,571
========
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(d) Market value of investments in foreign securities represents 9.21%
of total net assets as of April 30, 2004.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
The accompanying notes are an integral part of this financial statement.
61
THE HARTFORD GROWTH OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 101.3%
BASIC MATERIALS -- 3.7%
243 Alkermes, Inc. (with rights)(a)................... $ 3,719
192 Arch Coal, Inc. (with rights)..................... 5,862
186 Jarden Corp.(a)................................... 6,936
198 Precision Castparts Corp. ........................ 8,912
--------
25,429
--------
CONSUMER CYCLICAL -- 15.6%
715 American Tower Corp. Class A(a)................... 8,896
170 Best Buy Co., Inc. ............................... 9,244
102 CDW Corp. ........................................ 6,368
214 D.R. Horton, Inc. ................................ 6,165
76 eBay, Inc.(a)..................................... 6,034
146 Grainger (W.W.), Inc. (with rights)............... 7,661
138 Lennar Corp. Class A.............................. 6,479
196 Linens 'n Things, Inc.(a)......................... 6,342
233 Michaels Stores, Inc. ............................ 11,672
331 PetsMart, Inc. ................................... 9,174
171 Pulte Homes, Inc. ................................ 8,393
250 RARE Hospitality International, Inc.(a)........... 6,836
1,469 Rinker Group Ltd.(e).............................. 7,518
486 Sotheby's Holdings, Inc. Class A(a)............... 6,311
--------
107,093
--------
CONSUMER STAPLES -- 1.3%
158 Altria Group, Inc. ............................... 8,728
--------
ENERGY -- 3.2%
186 Noble Corp. (with rights)(a)...................... 6,919
372 Plains Exploration & Production Co.(a)............ 7,336
118 Valero Energy Corp. .............................. 7,543
--------
21,798
--------
FINANCE AND INSURANCE -- 7.1%
178 Citigroup, Inc. .................................. 8,574
178 Countrywide Financial Corp. ...................... 10,555
132 Fannie Mae........................................ 9,071
118 Freddie Mac....................................... 6,874
385 Medco Health Solutions, Inc.(a)................... 13,636
--------
48,710
--------
HEALTH CARE -- 13.5%
182 AstraZeneca plc ADRH.............................. 8,694
155 Cardinal Health, Inc. ............................ 11,383
196 Cephalon, Inc.(a)H................................ 11,132
274 Edwards Lifesciences Corp.(a)..................... 9,456
121 Forest Laboratories, Inc. (with rights)(a)........ 7,821
101 Guidant Corp. .................................... 6,339
237 Kinetic Concepts, Inc.(a)......................... 11,490
126 Medicines Co.(a).................................. 4,108
223 Medtronic, Inc. (with rights)..................... 11,263
62 Neurocrine Biosciences, Inc.(a)................... 4,082
105 NPS Pharmaceuticals, Inc.(a)H..................... 2,638
167 Telik, Inc.(a).................................... 3,927
--------
92,333
--------
SERVICES -- 14.2%
447 Accenture Ltd. Class A(a)......................... 10,630
122 Apollo Group, Inc. Class A(a)..................... 11,069
694 Cendant Corp.(a).................................. 16,434
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
SERVICES -- (CONTINUED)
261 Corporate Executive Board Co. .................... $ 13,491
322..... Education Management Corp.(a)..................... 11,407
232 Manpower, Inc. ................................... 10,885
279..... Monster Worldwide, Inc.(a)........................ 7,153
1,603... Sirius Satellite Radio, Inc.(a)H.................. 5,291
289 Viad Corp. ....................................... 7,203
174 XM Satellite Radio Holdings, Inc. Class A (with
rights)(a)H..................................... 4,179
--------
97,742
--------
TECHNOLOGY -- 38.9%
385 Altera Corp.(a)................................... 7,712
371 Amdocs Ltd.(a).................................... 9,858
142 Analog Devices, Inc. (with rights)................ 6,045
482 Applied Materials, Inc.(a)........................ 8,783
312 Broadcom Corp. Class A(a)......................... 11,777
262 Cognex Corp. ..................................... 8,310
1,264 Corning, Inc. (with rights)(a).................... 13,945
540 Crown Castle International Corp.(a)............... 7,532
1,098 Dobson Communications Corp.(a).................... 3,931
280 FuelCell Energy, Inc.(a)H......................... 4,608
322 Genesis Microchip, Inc.(a)........................ 4,837
197 KLA-Tencor Corp.(a)............................... 8,192
136 L-3 Communications Holdings, Inc.(a).............. 8,421
244 Marvell Technology Group Ltd.(a).................. 9,450
1,119 MEMC Electronic Materials, Inc.(a)................ 8,914
172 Mercury Interactive Corp. (with rights)(a)........ 7,323
700 Nextel Communications, Inc. Class A(a)............ 16,700
224 NTL, Inc. (with rights)(a)........................ 12,734
969 ON Semiconductor Corp.(a)......................... 4,678
428 Philippine Long Distance Telephone Co. ADR(a)H.... 8,407
250 Pixelworks, Inc.(a)............................... 4,470
536 Quanta Computer, Inc. GDR(a)H..................... 5,561
171 Quantum Fuel Systems Technologies Worldwide,
Inc.(a)......................................... 1,038
596 Red Hat, Inc.(a).................................. 13,537
110 Research In Motion Ltd.(a)........................ 9,552
264 SERENA Software, Inc.(a).......................... 4,682
515 Silicon Storage Technology, Inc.(a)............... 6,826
585 Skyworks Solutions, Inc.(a)....................... 5,005
693 Taiwan Semiconductor Manufacturing Co. Ltd.
ADR(a).......................................... 6,604
3,692 Techtronic Industries Co. Ltd.(e)................. 9,846
433 TiVo, Inc.(a)H.................................... 3,035
284 Verint Systems, Inc.(a)........................... 7,639
327 VeriSign, Inc. (with rights)(a)................... 5,271
223 Websense, Inc.(a)................................. 6,573
111 Yahoo!, Inc. (with rights)(a)..................... 5,586
--------
267,382
--------
TRANSPORTATION -- 3.8%
128 Expeditors International of Washington, Inc. ..... 5,148
577 Sirva, Inc.(a).................................... 13,392
221 Yellow Roadway Corp.(a)........................... 7,532
--------
26,072
--------
Total common stock
(cost $616,205)................................. $695,287
--------
</Table>
The accompanying notes are an integral part of this financial statement.
62
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
SHORT-TERM INVESTMENTS -- 6.6%
COLLATERAL FOR SECURITIES LENDING -- 6.0%
40,808 Boston Global Investment Trust.................... $ 40,808
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 0.6%
$ 466 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 466
1,554 Deutsche Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 1,554
2,183 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 2,183
--------
4,203
--------
Total short-term investments
(cost $45,011).................................. $ 45,011
--------
Total investments in securities
(cost $661,216)(b).............................. $740,298
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004 the cost of securities for federal income tax
purposes is $661,409 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $105,677
Unrealized depreciation........................ (26,788)
--------
Net unrealized appreciation.................... $ 78,889
--------
</Table>
(c) See Note 2b of accompanying Notes of Financial Statements
regarding valuation of securities.
(d) Market value of investments in foreign securities represents 11.00%
of total net assets as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $17,364, which represents 2.53% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
The accompanying notes are an integral part of this financial statement.
63
THE HARTFORD HIGH YIELD FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 0.3%
FINANCE -- 0.3%
$ 1,000 Home Equity Asset Trust,
5.25%, Series 2003-7 Class NIM23
04/27/2034(f)................................... BBB+ $ 998
--------
Total asset backed and commercial mortgage
securities
(cost $998)..................................... $ 998
========
CORPORATE BONDS: INVESTMENT GRADE -- 6.3%
BASIC MATERIALS -- 0.7%
506 Georgia Gulf Corp.,
7.625%, 11/15/2005H............................. BBB- $ 533
1,000 Methanex Corp., 8.75%, 08/15/2012................. BBB- 1,145
650..... Potlatch Corp., 12.50%, 12/01/2009................ BB+ 785
--------
2,463
--------
FINANCE -- 1.4%
1,500 Bundesschatzan German Treasury, 2.50%,
09/16/2005...................................... AAA 1,803
650 Capital One Financial Corp., 8.75%, 02/01/2007H... BB+ 728
340 TuranAlem Finance B.V., 8.00%, 03/24/2014(f)...... BB- 309
1,250 UK Treasury,
8.50%, 12/07/2005............................... AAA 2,350
--------
5,190
--------
HEALTH CARE -- 0.5%
750 Bausch & Lomb, Inc.,
6.95%, 11/15/2007............................... BBB- 806
160 HCA, Inc.,
7.00%, 07/01/2007H.............................. BBB- 172
320 Manor Care, Inc.,
8.00%, 03/01/2008H.............................. BBB 357
540 Watson Pharmaceuticals, Inc., 7.125%,
05/15/2008...................................... BBB- 569
--------
1,904
--------
SERVICES -- 0.7%
900 American Greetings Corp.,
6.10%, 08/01/2028H.............................. BBB- 941
1,400 Hilton Hotels Corp.,
7.625%, 05/15/2008.............................. BBB- 1,537
--------
2,478
--------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
TECHNOLOGY -- 1.6%
$ 825 Citizens Communications, Co., 9.25%,
05/15/2011H..................................... BBB $ 868
4,090 Rogers Cable, Inc.,
6.25%, 06/15/2013............................... BBB- 3,938
1,175 Thomas & Betts Corp.,
7.25%, 06/01/2013............................... BBB- 1,243
@@ VoiceStream Wireless Corp., 10.375%,
11/15/2009(e)................................... BBB+ 1
--------
6,050
--------
TRANSPORTATION -- 0.2%
850 Delta Air Lines, Inc.,
7.57%, 05/18/2012............................... BBB- 826
--------
UTILITIES -- 1.2%
1,130 Centerpoint Energy Resources Corp.,
7.875%, 04/01/2013H............................. BBB 1,274
875 Centerpoint Energy, Inc.,
6.85%, 06/01/2015H.............................. BBB- 888
125 El Paso Electric Co.,
9.40%, Ser E 05/01/2011......................... BBB- 144
125 Reliant Energy Resources Corp., 7.75%,
02/15/2011H..................................... BBB 140
1,335 Westar Energy, Inc.,
8.50%, 07/01/2022............................... BBB- 1,375
800 Western Resources, Inc.,
7.65%, 04/15/2023............................... BBB- 827
--------
4,648
--------
Total corporate bonds:
investment grade
(cost $22,746).................................. $ 23,559
--------
CORPORATE BONDS: NON-INVESTMENT GRADE -- 90.8%
BASIC MATERIALS -- 13.2%
3,000 Abitibi-Consolidated Finance L.P., 7.875%,
08/01/2009H..................................... BB $ 3,166
435 Abitibi-Consolidated, Inc.,
8.55%, 08/01/2010............................... BB 472
1,100 Acetex Corp.,
10.875%, 08/01/2009............................. B+ 1,210
775 Airgas, Inc.,
9.125%, 10/01/2011.............................. B+ 876
2,340 AK Steel Corp.,
7.875%, 02/15/2009H............................. B+ 2,153
1,980 Ball Corp.,
6.875%, 12/15/2012.............................. BB 2,089
1,375 Boise Cascade Corp.,
7.50%, 02/01/2008............................... BB 1,478
1,180 Bowater Canada Finance,
7.95%, 11/15/2011H.............................. BB 1,257
400 Bowater, Inc.,
6.50%, 06/15/2013H.............................. BB 387
1,310 California Steel Industries, Inc., 6.125%,
03/15/2014(f)................................... BB- 1,277
1,735 Cascades, Inc.,
7.25%, 02/15/2013............................... BB+ 1,809
</Table>
The accompanying notes are an integral part of this financial statement.
64
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
BASIC MATERIALS -- (CONTINUED)
$ 1,506 Crown European Holdings S.A., 9.50%, 03/01/2011... B+ $ 1,689
1,982 FMC Corp.,
10.25%, 11/01/2009.............................. BB+ 2,339
400 Geon Co.,
6.875%, 12/15/2005.............................. BB- 402
2,340 Georgia-Pacific Corp.,
8.125%, 05/15/2011H............................. BB+ 2,638
2,750 Georgia-Pacific Corp.,
8.875%, 02/01/2010.............................. BB+ 3,176
600 Hercules, Inc.,
11.125%, 11/15/2007............................. BB- 720
260 Hercules, Inc.,
6.60%, 08/01/2027............................... BB 269
150 Huntsman ICI Chemicals (Euro), 10.125%,
07/01/2009...................................... Caa1 181
265 IMC Global, Inc.,
11.25%, Ser B 06/01/2011H....................... B+ 307
2,000 International Steel Group, Inc., 6.50%,
04/15/2014(f)................................... BB 1,920
300 Jefferson Smurfit Corp.,
7.50%, 06/01/2013............................... B 310
1,210 Jefferson Smurfit Corp.,
8.25%, 10/01/2012............................... B 1,295
415 Kappa Beheer B.V. (Euro), 10.625%, 07/15/2009..... B 525
720 Longview Fibre Co.,
10.00%, 01/15/2009.............................. B+ 785
535 Lyondell Chemical Co.,
9.625%, Ser A 05/01/2007H....................... B+ 566
975 Lyondell Chemical Co.,
9.875%, Ser B 05/01/2007H....................... B+ 1,024
1,750 Nalco Co.,
7.75%, 11/15/2001(f)............................ B- 2,135
1,760 Nalco Co.,
7.75%, 11/15/2011(f)............................ B- 1,852
240 Norampac, Inc.,
6.75%, 06/01/2013............................... BB+ 250
370 Norske Skog Canada Ltd., 7.375%, 03/01/2014(f).... BB 379
180 Norske Skog Canada Ltd., 8.625%, Ser D
06/15/2011H..................................... BB 195
380 Owens-Brockway Glass Container, Inc.,
7.75%, 05/15/2011............................... BB- 398
3,295 Owens-Brockway Glass Container, Inc.,
8.875%, 02/15/2009.............................. BB- 3,579
780 Peabody Energy Corp.,
6.875%, 03/15/2013.............................. BB- 811
905 Plastipak Holdings, Inc.,
10.75%, 09/01/2011.............................. B+ 977
115 PolyOne Corp.,
10.625%, 05/15/2010H............................ BB- 120
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
BASIC MATERIALS -- (CONTINUED)
$ 715 PolyOne Corp.,
8.875%, 05/01/2012H............................. BB- $ 702
810 Stone Container Corp.,
8.375%, 07/01/2012.............................. B 871
965 Stone Container Corp.,
9.75%, 02/01/2011............................... B 1,071
419 United States Steel LLC.,
10.75%, 08/01/2008H............................. BB- 490
1,000 Westlake Chemical Corp.,
8.75%, 07/15/2011............................... B+ 1,098
--------
49,248
--------
CAPITAL GOODS -- 4.7%
1,699 AGCO Corp.,
9.50%, 05/01/2008............................... BB- 1,860
350 American Standard, Inc.,
7.375%, 02/01/2008.............................. BB+ 383
300 American Standard, Inc.,
7.625%, 02/15/2010H............................. BB+ 337
1,105 Bombardier Recreational,
8.375%, 12/15/2013(f)........................... B- 1,094
1,685 Briggs & Stratton Corp.,
8.875%, 03/15/2011.............................. BB+ 1,997
340 Cummins, Inc.,
6.75%, 02/15/2027............................... BB+ 352
525 Cummins, Inc.,
7.125%, 03/01/2028.............................. BB+ 499
254 Flowserve Finance B.V., Inc. (Euro),
12.25%, 08/15/2010.............................. B 341
425 Jorgensen (Earle M.) Co.,
9.75%, 06/01/2012H.............................. B- 476
670 Joy Global, Inc.,
8.75%, Ser B 03/15/2012......................... B+ 750
930 Rexnord Corp.,
10.125%, 12/15/2012............................. B- 1,014
800 Sequa Corp.,
8.875%, Ser B 04/01/2008........................ BB- 872
1,055 SPX Corp.,
6.25%, 06/15/2011H.............................. BB+ 1,052
240 TD Funding Corp.,
8.375%, 07/15/2011.............................. B- 254
675 Terex Corp.,
10.375%, Ser B 04/01/2011H...................... B 768
2,000 Terex Corp.,
7.375%, 01/15/2014(f)........................... B 2,085
930 Terex Corp.,
9.25%, 07/15/2011............................... B 1,037
380 Universal Compression, Inc., 7.25%, 05/15/2010.... B+ 408
400 Xerox Corp.,
7.125%, 06/15/2010H............................. B+ 406
1,120 Xerox Corp.,
7.625%, 06/15/2013.............................. B+ 1,142
</Table>
The accompanying notes are an integral part of this financial statement.
65
THE HARTFORD HIGH YIELD FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
CAPITAL GOODS -- (CONTINUED)
$ 570 Xerox Corp.,
9.75%, 01/15/2009............................... B+ $ 647
--------
17,774
--------
CONSUMER CYCLICAL -- 10.4%
810 Ahold Finance USA, Inc.,
8.25%, 07/15/2010............................... BB- 883
550 AutoNation, Inc.,
9.00%, 08/01/2008H.............................. BB+ 627
155 B & G Foods, Inc.,
9.625%, Ser D 08/01/2007........................ B- 160
610 Collins & Aikman Floorcoverings, Inc.,
9.75%, Ser B 02/15/2010......................... B 647
1,160 D.R. Horton, Inc.,
6.875%, 05/01/2013.............................. BB+ 1,212
1,320 Dana Corp.,
6.50%, 03/15/2008H.............................. BB 1,396
600 Dana Credit Corp.,
8.375%, 08/15/2007(f)........................... BB 658
2,330 Delhaize America, Inc.,
8.125%, 04/15/2011.............................. BB+ 2,599
255 Dillard's, Inc.,
7.13%, 08/01/2018............................... BB 244
440 Dillard's, Inc.,
7.375%, 06/01/2006H............................. BB 458
2,145 Group 1 Automotive, Inc.,
8.25%, 08/15/2013............................... B+ 2,343
500 Ingles Markets, Inc.,
8.875%, 12/01/2011.............................. B+ 519
1,240 Integrated Electrical Services, Inc.,
9.375%, Ser C 02/01/2009........................ B+ 1,290
895 K. Hovnanian Enterprises, Inc., 8.00%,
04/01/2012...................................... BB 962
220 Kaufman & Broad Home Corp.,
7.75%, 10/15/2004H.............................. BB+ 224
1,450 KB Home,
7.75%, 02/01/2010............................... BB- 1,515
935 Millennium America, Inc.,
7.00%, 11/15/2006H.............................. BB- 965
594 Navistar International Corp., 9.375%, Ser B
06/01/2006...................................... BB- 650
1,100 Penney (J.C.) Co., Inc.,
8.125%, 04/01/2027.............................. BB+ 1,210
2,355 Perry Ellis International, Inc., 8.875%, Ser B
09/15/2013...................................... B- 2,485
670 Phillips Van-Heusen Corp.,
7.75%, 11/15/2023............................... BB 667
850 Russel Metals, Inc.,
6.375%, 03/01/2014(f)........................... BB- 839
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CONSUMER CYCLICAL -- (CONTINUED)
$ 2,150 Saks, Inc.,
7.50%, 12/01/2010............................... BB $ 2,306
1,000 Schuler Homes, Inc.,
9.375%, 07/15/2009.............................. BB+ 1,105
910 Scotts Co.,
6.625%, 11/15/2013(f)........................... B+ 937
1,080 Sealy Mattress Co.,
8.25%, 06/15/2014(f)............................ B- 1,053
3,300 Sonic Automotive, Inc.,
8.625%, 08/15/2013.............................. B+ 3,556
975 Standard Pacific Corp.,
6.875%, 05/15/2011.............................. BB 977
660 Toll Corp.,
8.00%, 05/01/2009H.............................. BB+ 686
600 Toll Corp.,
8.25%, 12/01/2011H.............................. BB+ 663
800 Toll Corp.,
8.25%, 02/01/2011............................... BB+ 872
1,190 Toys R Us, Inc.,
7.625%, 08/01/2011H............................. BB 1,220
794 TRW Automotive, Inc.,
9.375%, 02/15/2013.............................. BB- 909
860 United Auto Group, Inc.,
9.625%, 03/15/2012.............................. B 961
450 United Components, Inc.,
9.375%, 06/15/2013.............................. B 479
475 Warnaco Inc.,
8.875%, 06/15/2013.............................. B 511
--------
38,788
--------
CONSUMER STAPLES -- 3.4%
623 Armkel LLC,
9.50%, 08/15/2009............................... B 682
520 Constellation Brands, Inc.,
8.625%, 08/01/2006.............................. BB 572
460 Del Monte Corp.,
8.625%, 12/15/2012.............................. B 508
890 Dole Food Co., Inc.,
7.25%, 06/15/2010............................... BB- 897
350 Dole Food Co., Inc.,
8.625%, 05/01/2009.............................. BB- 374
1,350 Johnsondiversey, Inc.,
9.625%, Ser B 05/15/2012........................ B 1,478
135 PPC Escrow Corp.,
9.25%, 11/15/2013(f)............................ B+ 141
2,500 Premium Standard Farms, Inc., 9.25%, 06/15/2011... BB 2,563
215 Remy Cointreau (Euro),
6.50%, 07/01/2010(f)............................ BB 264
885 Smithfield Foods, Inc.,
8.00%, Ser B 10/15/2009......................... BB 976
1,725 Tembec Industries, Inc.,
7.75%, 03/15/2012............................... BB- 1,682
</Table>
The accompanying notes are an integral part of this financial statement.
66
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
CONSUMER STAPLES -- (CONTINUED)
$ 1,650 Tembec Industries, Inc.,
8.50%, 02/01/2011H.............................. BB- $ 1,683
750 Tembec Industries, Inc.,
8.625%, 06/30/2009H............................. BB- 765
275 United Agri Products,
8.25%, 12/15/2011(f)............................ B 311
--------
12,896
--------
ENERGY -- 5.1%
625 Chesapeake Energy Corp.,
6.875%, 01/15/2016(f)........................... BB- 634
555 Chesapeake Energy Corp.,
7.75%, 01/15/2015............................... BB- 599
1,250 Citgo Petroleum Corp.,
11.375%, 02/01/2011............................. BB 1,444
815 Comstock Resources, Inc.,
6.875%, 03/01/2012.............................. B 799
205 CONSOL Energy, Inc.,
7.875%, 03/01/2012.............................. BB- 217
370 Forest Oil Corp.,
7.75%, 05/01/2014............................... BB 396
730 Forest Oil Corp.,
8.00%, 06/15/2008............................... BB 799
1,125 Giant Industries, Inc.,
8.00%, 05/15/2014............................... B- 1,125
870 GulfTerra Energy Partners LP,
6.25%, 06/01/2010............................... BB 900
195 Houston Exploration Co.,
7.00%, 06/15/2013............................... B+ 203
175 Key Energy Services, Inc.,
6.375%, 05/01/2013.............................. B+ 172
820 Key Energy Services, Inc.,
8.375%, Ser C 03/01/2008........................ B+ 873
1,805 Magnum Hunter Resources, Inc., 9.60%,
03/15/2012H..................................... B+ 2,004
1,410 Newpark Resources, Inc.,
8.625%, Ser B 12/15/2007........................ B+ 1,449
625 Nuevo Energy Co.,
9.375%, Ser B 10/01/2010........................ B 694
700 Plains Exploration & Production Co.,
8.75%, 07/01/2012............................... B 770
972 Port Arthur Finance Corp.,
12.50%, 01/15/2009.............................. BB 1,147
410 Premcor Refining Group, Inc,
6.125%, 05/01/2011.............................. BB- 408
1,280 Premcor Refining Group, Inc., 9.25%, 02/01/2010... BB- 1,453
400 Star Gas Partners L.P.,
10.25%, 02/15/2013.............................. B 438
525 Suburban Propane Partners L.P., 6.875%,
12/15/2013(f)................................... B 525
1,000 Tesoro Petroleum Corp.,
9.625%, 04/01/2012.............................. B 1,128
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
ENERGY -- (CONTINUED)
$ 240 Tom Brown, Inc.,
7.25%, 09/15/2013............................... BB- $ 272
285 Vintage Petroleum, Inc.,
8.25%, 05/01/2012............................... BB- 312
150 Westport Resources Corp.,
8.25%, 11/01/2011............................... B+ 168
--------
18,929
--------
FINANCE -- 5.8%
1,150 Brazil (Republic of),
10.00%, 08/07/2011.............................. B+ 1,115
1,000 Brazil (Republic of),
11.00%, 01/11/2012.............................. B+ 1,015
1,125 BSN Glasspack (Euro),
9.25%, 08/01/2009(f)............................ B- 1,470
1,650 Burns Philip Capital Property Ltd.,
9.75%, 07/15/2012(f)............................ B- 1,741
390 Couche-Tard US Finance Corp., 7.50%, 12/15/2013... B 409
1,300 Ecuador (Republic of),
12.00%, 11/15/2012.............................. CCC+ 1,167
435 Forest City Enterprises, Inc., 7.625%,
06/01/2015...................................... BB- 457
2,000 IPC Acquisition Corp.,
11.50%, 12/15/2009.............................. B- 2,120
1,455 iStar Financial, Inc.,
5.70%, 03/01/2014(f)............................ BB+ 1,380
1,750 KRATON Polymers LLC, 8.125%, 01/15/2014(f)........ B 1,864
1,490 LNR Property Corp.,
7.625%, 07/15/2013.............................. B+ 1,535
675 Panama (Republic of),
9.625%, 02/08/2011.............................. BB 766
1,450 Poster Financial Group, Inc.,
8.75%, 12/01/2011(f)............................ B 1,523
75 RFS Partnership LP,
9.75%, 03/01/2012............................... B- 88
1,090 Senior Housing Properties Trust, 7.875%,
04/15/2015...................................... BB+ 1,155
485 United Rentals North America, Inc.,
6.50%, 02/15/2012(f)............................ BB- 468
1,650 United Rentals North America, Inc.,
7.00%, 02/15/2014(f)H........................... B+ 1,535
1,000 United Rentals North America, Inc.,
7.75%, 11/15/2013H.............................. B+ 965
605 Ventas Realty L.P.,
8.75%, 05/01/2009............................... BB- 678
225 Western Financial Bank,
9.625%, 05/15/2012.............................. BB- 255
--------
21,706
--------
</Table>
The accompanying notes are an integral part of this financial statement.
67
THE HARTFORD HIGH YIELD FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
HEALTH CARE -- 2.9%
$ 1,150 Curative Health Services Inc.,
10.75%, 05/01/2011(f)........................... B- $ 1,154
525 General Nutrition Centers Inc, 8.50%,
12/01/2010(f)................................... B- 549
1,860 Hanger Orthopedic Group, Inc.,
10.375%, 02/15/2009............................. B- 2,074
780 Mariner Health Care, Inc.,
8.25%, 12/15/2013(f)............................ B- 788
470 Medex, Inc.,
8.875%, 05/15/2013(f)........................... B- 508
320 Omnicare, Inc.,
6.125%, 06/01/2013H............................. BB+ 322
680 Omnicare, Inc.,
8.125%, 03/15/2011.............................. BB+ 748
2,300 Province Healthcare Co.,
7.50%, 06/01/2013............................... B- 2,254
420 Select Medical Corp.,
7.50%, 08/01/2013............................... B 444
1,600 Tenet Healthcare Corp.,
6.50%, 06/01/2012............................... B- 1,388
580 United Surgical Partners International, Inc.,
10.00%, 12/15/2011.............................. B 658
--------
10,887
--------
SERVICES -- 18.3%
2,140 Allied Waste North America, Inc.,
5.75%, 02/15/2011(f)............................ BB- 2,054
170 Allied Waste North America, Inc.,
7.625%, Ser B 01/01/2006........................ BB- 179
400 Allied Waste North America, Inc.,
7.875%, 04/15/2013.............................. BB- 430
38 Allied Waste North America, Inc.,
7.875%, Ser B 01/01/2009H....................... BB- 39
1,900 Allied Waste North America, Inc.,
8.875%, Ser B 04/01/2008........................ BB- 2,109
290 Allied Waste North America, Inc.,
9.25%, Ser B 09/01/2012H........................ BB- 329
325 Atlantic Broadband Finance LLC, 9.375%,
01/15/2014(f)................................... CCC+ 315
1,365 Aztar Corp.,
8.875%, 05/15/2007.............................. B+ 1,409
1,905 Boyd Gaming Corp.,
7.75%, 12/15/2012H.............................. B+ 2,019
485 Boyd Gaming Corp.,
9.25%, 08/01/2009H.............................. BB- 540
460 Browning-Ferris Industries, Inc.,
6.375%, 01/15/2008.............................. BB- 469
500 Browning-Ferris Industries, Inc.,
7.875%, 03/15/2005.............................. BB- 507
1,355 Canwest Media, Inc.,
7.625%, 04/15/2013H............................. B- 1,443
225 CBD Media, Inc.,
8.625%, 06/01/2011.............................. B- 240
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
SERVICES -- (CONTINUED)
$ 650 CF Cable TV, Inc.,
9.125%, 07/15/2007.............................. BB- $ 676
690 CSC Holdings, Inc.,
6.75%, 04/15/2012(f)............................ BB- 685
750 CSC Holdings, Inc.,
7.25%, 07/15/2008............................... BB- 782
650 CSC Holdings, Inc.,
8.125%, Ser B 07/15/2009H....................... BB- 694
1,500 CSC Holdings, Inc.,
8.125%, Ser B 08/15/2009........................ BB- 1,605
1,070 Dex Media West LLC, Inc.,
9.875%, 08/15/2013(f)........................... B 1,172
1,750 Echostar DBS Corp.,
5.75%, 10/01/2008(f)............................ BB- 1,754
2,110 Felcor Lodging L.P.,
10.00%, 09/15/2008.............................. B- 2,252
800 Fresenius Finance BV (Euro), 7.75%,
04/30/2009(f)................................... BB+ 1,048
1,368 HMH Properties, Inc.,
7.875%, Ser B 08/01/2008........................ B+ 1,412
1,000 Hollinger International Publishing, Inc.,
9.00%, 12/15/2010............................... B- 1,110
2,685 Host Marriot L.P.,
9.25%, 10/01/2007............................... B+ 3,007
790 Intrawest Corp.,
7.50%, 10/15/2013............................... B+ 808
1,275 Iron Mountain, Inc.,
6.625%, 01/01/2016.............................. B 1,186
1,335 Iron Mountain, Inc.,
7.75%, 01/15/2015............................... B 1,368
1,355 Isle of Capri Casinos, Inc.,
9.00%, 03/15/2012............................... B 1,528
3,660 John Q. Hammons Hotels, Inc.,
8.875%, Ser B 05/15/2012........................ B 4,026
580 Lamar Media Corp.,
7.25%, 01/01/2013H.............................. B 624
400 Mail-Well I Corp.,
7.875%, 12/01/2013(f)H.......................... B 378
1,180 Mandalay Resort Group,
6.50%, 07/31/2009............................... BB+ 1,233
780 Medianews Group Inc.,
6.875%, 10/01/2013(f)........................... B+ 772
1,660 Mirage Resorts, Inc.,
7.25%, 10/15/2006H.............................. BB+ 1,780
925 Mohegan Tribal Gaming Authority,
8.00%, 04/01/2012H.............................. BB- 1,004
745 Mohegan Tribal Gaming Authority,
8.125%, 01/01/2006.............................. BB 793
1,000 Park Place Entertainment Corp.,
7.50%, 09/01/2009H.............................. BB+ 1,090
760 Park Place Entertainment Corp.,
8.125%, 05/15/2011.............................. BB- 840
</Table>
The accompanying notes are an integral part of this financial statement.
68
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
SERVICES -- (CONTINUED)
$ 450 Park Place Entertainment Corp.,
9.375%, 02/15/2007.............................. BB- $ 497
1,430 Premier Entertainment Biloxi LLC, 10.75%,
02/01/2012(f)................................... B- 1,544
175 Primedia, Inc.,
7.625%, 04/01/2008H............................. B 176
700 Primedia, Inc.,
8.00%, 05/15/2013(f)............................ B 691
1,000 Quebecor Media, Inc.,
11.125%, 07/15/2011............................. B 1,150
420 R.H. Donnelley Financial Corp. I, 8.875%,
12/15/2010(f)................................... B+ 468
1,040 Sensus Metering Systems, Inc.,
8.625%, 12/15/2013(f)........................... B- 1,024
2,420 Service Corp. International,
6.50%, 03/15/2008H.............................. BB- 2,499
600 Service Corp. International,
7.70%, 04/15/2009H.............................. BB- 641
670 Service Corp. International,
7.70%, 04/15/2009............................... BB- 715
300 Service Corp. International,
7.875%, 02/01/2013.............................. BB- 314
900 Six Flags, Inc.,
8.875%, 02/01/2010H............................. B- 916
200 Six Flags, Inc.,
9.50%, 02/01/2009............................... B- 211
2,300 Starwood Hotels & Resorts Worldwide, Inc.,
7.375%, 05/01/2007H............................. BB+ 2,473
650 Starwood Hotels & Resorts Worldwide, Inc.,
7.875%, 05/01/2012.............................. BB+ 711
1,320 Station Casinos, Inc.,
6.00%, 04/01/2012(f)............................ BB- 1,310
1,105 Stewart Enterprises, Inc.,
10.75%, 07/01/2008.............................. B+ 1,249
500 Sun Media Corp.,
7.625%, 02/15/2013.............................. B 533
900 Unisys Corp.,
7.25%, 01/15/2005H.............................. BB+ 923
450 Unisys Corp.,
7.875%, 04/01/2008H............................. BB+ 461
1,460 Venetian Casino Resort LLC,
11.00%, 06/15/2010.............................. B- 1,708
1,900 Vivendi Universal S.A.,
6.25%, 07/15/2008............................... Ba3* 1,983
745 Waste Services Inc.,
9.50%, 04/15/2014(f)............................ B- 764
--------
68,670
--------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
TECHNOLOGY -- 12.2%
$ 730 ACC Escrow Corp.,
10.00%, 08/01/2011.............................. B- $ 704
420 Amkor Technology, Inc.,
7.75%, 05/15/2013H.............................. B 414
335 Avaya, Inc.,
11.125%, 04/01/2009............................. B+ 395
795 Bio-Rad Laboratories, Inc.,
7.50%, 08/15/2013............................... BB- 859
780 Charter Communications Holdings II LLC,
10.25%, 09/15/2010(f)........................... CCC- 803
1,100 Charter Communications Holdings LLC,
10.00%, 04/01/2009.............................. CCC- 949
2,175 Charter Communications Operating LLC,
8.00%, 04/30/2012(f)............................ B- 2,142
780 Cincinnati Bell, Inc.,
8.375%, 01/15/2014H............................. B- 737
1,750 Corning, Inc.,
8.30%, 04/04/2025............................... Ba2* 1,829
675 DirecTV Holdings LLC,
8.375%, 03/15/2013.............................. BB- 754
785 DRS Technologies, Inc.,
6.875%, 11/01/2013.............................. B 789
1,364 EchoStar DBS Corp.,
9.125%, 01/15/2009.............................. BB- 1,528
540 Fimep S.A.,
10.50%, 02/15/2013.............................. B+ 629
1,285 Fisher Scientific International, Inc.,
8.125%, 05/01/2012.............................. B+ 1,394
460 Inmarsat Finance plc,
7.625%, 06/30/2012(f)........................... B 469
520 KPNQwest N.V. (Euro),
7.125%, 06/01/2009(g)........................... NR 1
3,385 KPNQwest N.V.,
8.125%, 06/01/2009(g)........................... NR @@
1,420 L-3 Communications Corp.,
6.125%, 07/15/2013H............................. BB- 1,413
1,200 L-3 Communications Corp.,
7.625%, 06/15/2012.............................. BB- 1,293
825 Level 3 Communications, Inc. (Euro),
11.25%, 03/15/2010.............................. CC 702
2,080 Level 3 Communications, Inc.,
11.00%, 03/15/2008H............................. CC 1,529
700 Level 3 Financing, Inc.,
10.75%, 10/15/2011(f)........................... CCC- 620
900 Lucent Technologies, Inc.,
5.50%, 11/15/2008H.............................. B 855
1,149 Lucent Technologies, Inc.,
6.45%, 03/15/2029H.............................. B 911
286 Marconi Corp. plc,
8.00%, 04/30/2008(e)H........................... NR 313
</Table>
The accompanying notes are an integral part of this financial statement.
69
THE HARTFORD HIGH YIELD FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
$ 394 MCI, Inc.,
5.91%, 05/01/2007H.............................. NR $ 390
394 MCI, Inc.,
6.69%, 05/01/2009H.............................. NR 375
338 MCI, Inc.,
7.74%, 05/01/2014H.............................. NR 314
325 Mediacom LLC,
9.50%, 01/15/2013H.............................. B+ 323
6,060 Nextel Communications, Inc.,
7.375%, 08/01/2015.............................. BB 6,295
430 PanAmSat Corp.,
6.375%, 01/15/2008.............................. BB 443
2,215 PanAmSat Corp.,
6.875%, 01/15/2028.............................. BB 2,038
2,775 PanAmSat Corp.,
8.50%, 02/01/2012............................... B+ 3,136
2,500 PerkinElmer, Inc.,
8.875%, 01/15/2013.............................. BB- 2,850
1,300 Qwest Capital Funding, Inc.,
7.25%, 02/15/2011H.............................. CCC+ 1,060
590 Qwest Corp.,
6.875%, 09/15/2033.............................. B- 484
215 Qwest Corp.,
7.25%, 10/15/2035............................... B- 184
1,220 Rayovac Corp.,
8.50%, 10/01/2013............................... B- 1,305
200 Rogers Cantel, Inc.,
9.75%, 06/01/2016............................... BB+ 232
2,200 Rogers Wireless Communications, Inc.,
6.375%, 03/01/2014(f)........................... BB+ 2,068
300 Rogers Wireless Communications, Inc.,
9.625%, 05/01/2011.............................. BB+ 346
1,200 Shaw Communications, Inc.,
8.25%, 04/11/2010............................... BB+ 1,348
635 US West Communications,
7.20%, 11/01/2004............................... B- 643
--------
45,866
--------
TRANSPORTATION -- 0.9%
825 CP Ships Ltd.,
10.375%, 07/15/2012............................. BB+ 957
2,000 Trinity Industries, Inc.,
6.50%, 03/15/2014(f)............................ BB- 1,945
340 Wabtec Corp.,
6.875%, 07/31/2013.............................. BB 353
--------
3,255
--------
UTILITIES -- 13.9%
5,360 AES Corp.,
8.75%, 05/15/2013(f)............................ B+ 5,829
2,715 Calpine Canada Energy Financial,
8.50%, 05/01/2008H.............................. CCC+ 1,914
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
UTILITIES -- (CONTINUED)
$ 150 Calpine Corp.,
8.625%, 08/15/2010H............................. CCC+ $ 105
2,895 Calpine Corp.,
9.875%, 12/01/2011(f)H.......................... B 2,678
350 CMS Energy Corp.,
7.50%, 01/15/2009............................... B+ 353
910 CMS Energy Corp.,
7.75%, 08/01/2010(f)............................ B+ 919
80 CMS Energy Corp.,
8.50%, 04/15/2011H.............................. B+ 84
975 CMS Energy Corp.,
8.90%, 07/15/2008H.............................. B+ 1,033
625 CMS Energy Corp.,
9.875%, 10/15/2007.............................. B+ 684
1,890 DPL, Inc.,
6.875%, 09/01/2011H............................. B+ 1,862
1,985 Dynegy Holdings, Inc.,
10.125%, 07/15/2013(f).......................... B- 2,174
4,100 Edison Mission Energy Corp.,
9.875%, 04/15/2011.............................. B 4,223
500 Edison Mission Energy,
7.73%, 06/15/2009............................... B 472
900 El Paso Corp.,
7.875%, 06/15/2012H............................. CCC+ 792
8,605 El Paso Natural Gas Co.,
7.625%, Ser A 08/01/2010........................ B- 8,863
785 Illinois Power Co.,
11.50%, 12/15/2010H............................. B 930
865 Illinois Power Co.,
7.50%, 06/15/2009H.............................. B 960
1,370 Illinois Power Co.,
7.50%, 07/15/2025............................... B 1,397
600 Kansas Gas & Electric Co.,
6.50%, 08/01/2005............................... BB+ 627
665 Kansas Gas & Electric Co.,
8.29%, 03/29/2016............................... BB- 682
850 Monongahela Power Corp.,
5.00%, 10/01/2006............................... BB- 862
225 Nevada Power Co.,
6.50%, 04/15/2012(f)............................ BB 223
400 Nevada Power Co.,
8.50%, Ser Z 01/01/2023......................... BB 406
4,600 NRG Energy, Inc.,
8.00%, 12/15/2013(f)............................ B+ 4,635
870 PG&E Corp.,
6.875%, 07/15/2008(f)........................... NR 927
220 Sierra Pacific Power Co.,
6.25%, 04/15/2012(f)............................ BB 216
730 Sierra Pacific Power Co.,
8.00%, Ser A 06/01/2008......................... BB 785
625 Southern Star Central Corp.,
8.50%, 08/01/2010............................... B+ 688
320 Teco Energy, Inc.,
10.50%, 12/01/2007.............................. BB+ 360
1,445 TECO Energy, Inc.,
7.20%, 05/01/2011H.............................. BB+ 1,445
</Table>
The accompanying notes are an integral part of this financial statement.
70
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
UTILITIES -- (CONTINUED)
$ 2,035 Transcontinental Gas Pipeline Corp.,
7.00%, Ser B 08/15/2011......................... B+ $ 2,167
800 Transcontinental Gas Pipeline Corp.,
8.875%, 07/15/2012.............................. B+ 932
1,810 Utilicorp United, Inc.,
7.625%, 11/15/2009H............................. B- 1,756
--------
51,983
--------
Total corporate bonds:
non-investment grade
(cost $332,631)............................................. $340,002
--------
<Caption>
SHARES
- ---------
COMMON STOCK -- 0.4%
BASIC MATERIALS -- 0.0%
1 Solutia (Warrants)(a)(e)...................................... $ @@
--------
CONSUMER CYCLICAL -- 0.0%
1 Hosiery Corp. of America, Inc.
Class A(a)(e)............................................... @@
--------
TECHNOLOGY -- 0.4%
4 AboveNet, Inc.H............................................... 168
2 AboveNet, Inc. Warrants....................................... 52
2 AboveNet, Inc. Warrants....................................... 46
13 Global Crossing Ltd.(a)H...................................... 89
51 MCI, Inc.(a).................................................. 735
1 Minorplanet Systems USA, Inc. (Warrants)(a)(e)................ @@
13 Powertel, Inc. (Warrants)(a)(e)............................... 351
11 Telus Corp. (Warrants)(a)(e).................................. 21
--------
1,462
--------
Total common stock
(cost $1,671)............................................... $ 1,462
--------
PREFERRED STOCKS -- 0.3%
CAPITAL GOODS -- 0.1%
3 Xerox Corp., Conv.,
7.50%, 11/27/2021(f)........................................ $ 212
--------
SERVICES -- 0.2%
8 CSC Holdings, Inc.,
11.125%, 04/01/2008......................................... 786
--------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
TECHNOLOGY -- 0.0%
20 Adelphia Communications Corp.,
7.50%, Conv. Ser F 02/01/2005(a)(e)......................... $ 59
15 McLeod USA, Inc. Conv. Pfd.
2.50% Ser A 04/18/2012(a)................................... 68
--------
127
--------
Total preferred stocks
(cost $1,466)............................................... $ 1,125
--------
Total long-term investments
(cost $359,512)............................................. $367,146
--------
SHORT-TERM INVESTMENTS -- 16.5%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 16.5%
61,725 Navigator Prime Portfolio..................................... 61,725
--------
Total short-term investments
(cost $61,725).............................................. $ 61,725
--------
Total investments in securities
(cost $421,237)(b).......................................... $428,871
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $421,237 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $15,616
Unrealized depreciation......................... (7,982)
-------
Net unrealized appreciation..................... $ 7,634
=======
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(d) Market value of investments in foreign securities represents 12.64%
of total net asset as of April 30, 2004.
(e) The following securities are considered illiquid:
<Table>
<Caption>
PERIOD
ACQUIRED SHARES/PAR SECURITY COST BASIS
-------- ---------- -------- ----------
2002 20 Adelphia Communications
Corp., 7.50%, Conv. Pfd $488
1994 1 Hosiery Corp. of
America, Inc. Class A -
144A 21
1997 1 Minorplanet Systems USA
(Warrants) - 144A 13
2003 286 Marconi Corp. due 2008 261
1997 13 Powertel, Inc.
(Warrants) - 144A 94
1996 11 Telus Corp. (Warrants) 77
2003 1 Solutia (Warrants) @@
2003 @@ VoiceStream Wireless
Corp. due 2009 @@
</Table>
The accompanying notes are an integral part of this financial statement.
71
THE HARTFORD HIGH YIELD FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
The aggregate value of these securities at April 30, 2004, was $745, which
represents 0.20% of total net assets.
(f) Securities exempt from registration under Rule 144A of the
securities Act of 1933. These securities may be resold in transactions exempt
from registration, normally to qualified institutional buyers. At the
period end, the value of these securities amounted to $70,230, which
represents 18.76% of total net assets of the fund as of April 30, 2004.
(g) Debt security in default due to bankruptcy.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
@@ Due to the presentation of the financial statements in thousands,
the number or shares and/or dollars round to zero.
* Moody's Rating.
The accompanying notes are an integral part of this financial statement.
72
THE HARTFORD INCOME FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- 0.4%
GENERAL OBLIGATIONS -- 0.4%
$ 150 Illinois (State of), 5.10%, General Obligation
Taxable Pension 06/01/2033...................... AA $ 136
-------
Total municipal bonds
(cost $150)..................................... $ 136
-------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 10.6%
FINANCE -- 10.6%
14 AmeriCredit Automobile Receivables Trust,
8.40%, Ser 2002-1 Class E 08/06/2009(d)......... BB $ 14
77 AQ Finance CEB Trust,
6.10%, Ser 2003-CE1A 08/25/2033(d)(e)........... BBB 76
70 Asset Backed Funding Corp. NIM Trust,
4.55%, Ser 2004-OPT1 Class N1
12/26/2033(d)(e)................................ BBB 70
3,190 Banc of America Commercial Mortgage Corp.,
5.50%, 11/10/2039(d)(g)......................... AAA 77
3,570 Bear Stearns Commercial Mortgage Securities, Inc.,
5.50%, Ser 2004-PWR3 Class X1
02/11/2041(d)(e)(g)............................. AAA 74
75 Citibank Credit Card
Issuance Trust,
5.00%, Ser 2003-C4 Class C4 06/10/2015.......... BBB 72
6,532 Commercial Mortgage Passthrough Certificates Ser
LB2A C1 X1,
5.50%, 03/10/2039(d)(e)(g)...................... AAA 148
200 CS First Boston Mortgage Securities Corp.,
3.81%, Ser 2003-C5 Class A2 12/15/2036.......... AAA 198
100 DLJ Mortgage
Acceptance Corp.,
7.50%, Ser 1995-CF2 Class B1 12/17/2027(d)...... AAA 100
100 Equity One ABS, Inc.,
5.46%, Ser 2003-3 Class M2 12/25/2033........... A 99
200 First Union-Lehman Brothers-Bank of America,
6.56%, Ser 1998-C2 Class A2 11/18/2035.......... AAA 219
100 Ford Credit Auto Owner Trust,
4.29%, Ser 2003-A Class C 11/15/2007............ BBB 101
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
FINANCE -- (CONTINUED)
$ 200 General Electric Commercial Mortgage Corp.,
5.00%, Ser 2002-3A Class A2 12/10/2037.......... AAA $ 200
200 GMAC Commercial Mortgage Securities, Inc.,
4.22%, Ser 2003-C3 Cl A2 04/10/2040............. AAA 198
163 GMAC Commercial Mortgage Securities, Inc.,
3.34%, Ser 2003-C1 Class A1 05/10/2036.......... AAA 156
38 Green Tree Financial Corp.,
7.30%, Ser 1995-9 Class A6 01/15/2026........... AAA 40
26 Green Tree Financial Corp.,
7.35%, Ser 1996-3 Class A5 05/15/2027........... AAA 27
75 Home Equity Asset Trust,
5.25%, Ser 2003-7 Class NIM23 04/27/2034(d)..... BBB+ 75
2,577 J.P. Morgan Chase Commercial Mortgage Security
Corp.,
5.50%, Ser 2004-C1 Class X1 01/15/2038(d)(g).... AAA 75
200 J.P. Morgan Chase Commercial Mortgage Security
Corp.,
4.13%, Ser 2003-CB7 Class A2 01/12/2038......... AAA 197
180 J.P. Morgan Chase Commercial Mortgage Security
Corp.,
4.33% Ser 2002-C2 Class A1 12/12/2034........... AAA 181
189 J.P. Morgan Chase Commercial Mortgage Security
Corp.,
4.37% Ser 2002-CIB5 Class A1 10/12/2037......... AAA* 190
200 Morgan Stanley Capital I,
4.17%, Ser 2003-IQ6 Class A2 12/15/2041......... AAA* 197
184 Morgan Stanley Dean Witter Capital I, 5.38%, Ser
2002-TOP7 Class A1 01/15/2039................... AAA* 194
82 Navistar Financial Corp. Owner Trust, 3.08%, Ser
2003-A Class B 11/15/2009....................... A 81
100 Residential Asset Mortgage Products, Inc., 6.14%,
Ser 2002-RS3 Class AI4 06/25/2032............... AAA 102
100 Residential Asset Mortgage Products, Inc., 6.59%,
Ser 2002-RZ2 Class A5 06/25/2032................ AAA 107
</Table>
The accompanying notes are an integral part of this financial statement.
73
THE HARTFORD INCOME FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 13 Salomon Smith Barney Auto Loan Trust,
8.00%, Ser 2002-1 Class D 02/15/2009(d)......... NR $ 13
30 Soundview Home Equity Loan Trust,
8.64%, Ser 2000-1 Class M1 05/25/2030........... AA 32
7,120 Wachovia Bank Commercial Mortgage Trust,
5.50%, Series 2004-C10 Class XC
02/15/2036(d)(g)................................ AAA 149
100 Wachovia Bank Commercial Mortgage Trust,
4.87%, Ser 2003-C3 Class A2 02/15/2035.......... AAA 99
88 WFS Financial Owner Trust,
3.05%, Ser 2003-2 Class C 12/20/2010............ A 88
24 Whole Auto Loan Trust,
6.00%, Ser 2002-1 Class D 04/15/2009(d)......... BB 24
-------
3,673
-------
Total asset backed and commercial mortgage
securities
(cost $3,712)................................... $ 3,673
-------
CORPORATE BONDS: INVESTMENT GRADE -- 20.6%
BASIC MATERIALS -- 1.2%
100 International Paper Co.,
5.25%, 04/01/2016............................... BBB $ 95
75 Methanex Corp.,
7.75%, 08/15/2005............................... BBB- 79
100 Noranda, Inc.,
8.375%, 02/15/2011.............................. BBB- 118
100 Phelps Dodge Corp.,
9.50%, 06/01/2031............................... BBB- 138
-------
430
-------
CAPITAL GOODS -- 0.9%
100 Bombardier, Inc.,
6.75%, 05/01/2012(d)............................ BBB- 104
100 Hutchinson Whampoa International Ltd.,
6.25%, 01/24/2014(d)............................ A- 98
100 Tyco International Group S.A.,
6.375%, 02/15/2006.............................. BBB- 106
-------
308
-------
CONSUMER CYCLICAL -- 1.6%
75 CRH America, Inc.,
5.30%, 10/15/2013............................... BBB+ 74
150 DaimlerChrysler N.A.
Holdings Corp.,
6.50%, 11/15/2013............................... BBB 155
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CONSUMER CYCLICAL -- (CONTINUED)
$ 200 General Motors Corp.,
7.125%, 07/15/2013.............................. BBB $ 211
100 PHH Corp.,
6.00%, 03/01/2008............................... BBB+ 107
-------
547
-------
ENERGY -- 1.5%
120 Pemex Project Funding
Master Trust,
7.375%, 12/15/2014.............................. BBB- 125
100 Petroliam Nasional Berhad,
7.625%, 10/15/2026(d)........................... A- 110
100 Valero Energy Corp.,
7.50%, 04/15/2032............................... BBB 112
75 XTO Energy, Inc.,
4.90%, 02/1/2014................................ BBB- 72
75 XTO Energy, Inc.,
6.25%, 04/15/2013............................... BBB- 80
-------
499
-------
FINANCE -- 6.7%
150 Capital One Financial Corp.,
7.125%, 8-1-2008................................ BB+ 166
75 Chile (Republic of),
5.50%, 01/15/2013............................... A 75
100 El Salvador (Republic of),
8.50%, 07/25/2011(d)............................ BB+ 113
25 Farmers Exchange Capital,
7.20%, 07/15/2048(d)............................ BBB+ 24
100 Ford Motor Credit Co.,
6.50%, 01/25/2007............................... BBB- 106
100 Ford Motor Credit Co.,
7.00%, 10/01/2013............................... BBB- 103
200 Greenwich Capital Commercial Funding Corp.,
4.02%, 01/05/2036............................... AAA 197
100 Household Finance Corp.,
7.00%, 05/15/2012............................... A 112
100 HSBC Capital Funding L.P.,
4.61%, 12/27/2049(d)............................ A- 92
25 HVB Funding Trust III,
9.00%, 10/22/2031(d)............................ BBB 31
100 Korea Development Bank,
5.75%, 09/10/2013............................... A- 102
50 Liberty Mutual Group,
5.75%, 03/15/2014(d)............................ BBB 49
100 Mizuho Financial Group, Inc.,
5.79%, 04/15/2014(d)............................ BBB- 99
100 Morgan Stanley,
4.75%, 04/01/2014............................... A 93
100 Rabobank Capital Funding II,
5.26%, 12/29/2049(d)............................ AA 99
90 Russian Federation,
8.25%, 03/31/2010............................... BB+ 97
</Table>
The accompanying notes are an integral part of this financial statement.
74
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 100 Santander Central Hispano Issuances Ltd.,
7.625%, 09/14/2010.............................. A $ 116
75 Shurgard Storage Centers, Inc.,
5.875%, 03/15/2013.............................. BBB 75
100 South Africa (Republic of),
7.375%, 04/25/2012.............................. BBB 110
25 TuranAlem Finance B.V.,
7.875%, 06/02/2010.............................. BB- 24
30 TuranAlem Finance B.V.,
8.00%, 03/24/2014(d)............................ BB- 27
200 UFJ Finance Aruba AEC,
6.75%, 07/15/2013............................... BBB- 211
100 Vornado Realty Trust,
4.75%, 12/01/2010............................... BBB 98
100 Westpac Capital Trust IV,
5.26%, 12/31/2049(d)............................ A- 94
-------
2,313
-------
HEALTH CARE -- 1.0%
15 Bausch & Lomb, Inc.,
6.95%, 11/15/2007............................... BBB- 16
53 Bausch & Lomb, Inc.,
7.125%, 08/01/2028.............................. BBB- 53
100 HCA, Inc.,
6.95%, 05/01/2012............................... BBB- 104
75 Manor Care, Inc.,
6.25%, 05/01/2013............................... BBB 77
100 Universal Health Services, Inc.,
6.75%, 11/15/2011............................... BBB 108
-------
358
-------
SERVICES -- 1.9%
10 American Greetings Corp.,
6.10%, 08/01/2028............................... BBB- 10
100 Comcast Cable Communications, Inc.,
6.75%, 01/30/2011............................... BBB 110
150 Hyatt Equities LLC,
6.875%, 06/15/2007(d)........................... BBB 159
100 InterActive Corp.,
7.00%, 01/15/2013............................... BBB- 109
50 Liberty Media Corp.,
5.70%, 05/15/2013............................... BBB- 50
100 News America Holdings, Inc.,
7.75%, 01/20/2024............................... BBB- 114
50 News America Holdings, Inc.,
9.25%, 02/01/2013............................... BBB- 63
50 Sun Microsystems, Inc.,
7.65%, 08/15/2009............................... BB+ 55
-------
670
-------
TECHNOLOGY -- 3.6%
100 AOL Time Warner, Inc.,
6.875%, 05/01/2012.............................. BBB+ 109
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
TECHNOLOGY -- (CONTINUED)
$ 75 AT&T Corp.,
8.05%, 11/15/2011............................... BBB $ 82
210 AT&T Wireless Services, Inc.,
8.125%, 05/01/2012.............................. BBB 246
100 British Sky Broadcasting Group plc,
6.875%, 02/23/2009.............................. BBB- 111
75 Cox Communications, Inc.,
4.625%, 06/01/2013.............................. BBB 70
150 Deutsche Telekom International Finance B.V.,
5.25%, 07/22/2013............................... BBB+ 149
100 France Telecom S.A.,
8.75%, 03/01/2011............................... BBB+ 118
150 Intelsat Ltd.,
6.50%, 11/01/2013............................... BBB+ 138
20 Rogers Cable, Inc.,
6.25%, 06/15/2013............................... BBB- 19
50 Sprint Capital Corp.,
8.375%, 03/15/2012.............................. BBB- 59
150 Thomas & Betts Corp.,
7.25%, 06/01/2013............................... BBB- 159
-------
1,260
-------
TRANSPORTATION -- 0.3%
100 Continental Airlines, Inc.,
6.56%, 02/15/2012............................... AAA 105
-------
UTILITIES -- 1.9%
60 Centerpoint Energy, Inc.,
5.875%, 06/01/2008.............................. BBB- 61
55 Centerpoint Energy, Inc.,
6.85%, 06/01/2015............................... BBB- 56
75 Consumers Energy Co.,
5.375%, Ser B 04/15/2013........................ BBB- 74
50 Consumers Energy Co.,
6.00%, Ser J 02/15/2014......................... BBB- 51
100 Southern California Edison Co.,
8.00%, 02/15/2007............................... BBB 112
100 Tampa Electric Co.,
6.375%, 08/15/2012.............................. BBB- 105
100 Texas-New Mexico Power Co.,
6.125%, 06/01/2008.............................. BB+ 102
100 Western Resources, Inc.,
7.875%, 05/01/2007.............................. BBB- 111
-------
672
-------
Total corporate bonds: investment grade
(cost $6,980)................................... $ 7,162
-------
CORPORATE BONDS: NON-INVESTMENT GRADE -- 27.6%
BASIC MATERIALS -- 5.2%
200 Abitibi-Consolidated, Inc.,.......................
6.00%, 06/20/2013 BB $ 186
100 AK Steel Corp.,...................................
7.75%, 06/15/2012 B+ 90
</Table>
The accompanying notes are an integral part of this financial statement.
75
THE HARTFORD INCOME FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
BASIC MATERIALS -- (CONTINUED)
$ 100 Boise Cascade Corp.,..............................
7.35%, 02/01/2016 BB $ 102
100 Bowater Canada Finance,...........................
7.95%, 11/15/2011 BB 107
65 Bowater, Inc.,....................................
6.50%, 06/15/2013 BB 63
100 Cascades, Inc.,...................................
7.25%, 02/15/2013 BB+ 104
70 Crown European Holdings S.A.,.....................
9.50%, 03/01/2011 B+ 78
40 Equistar Chemicals L.P.,..........................
8.75%, 02/15/2009 B+ 42
75 FMC Corp.,........................................
10.25%, 11/01/2009 BB+ 89
100 Georgia-Pacific Corp.,............................
8.875%, 05/15/2031 BB+ 112
75 International Steel Group, Inc.,..................
6.50%, 04/15/2014(d) BB 72
35 Jefferson Smurfit Corp.,..........................
7.50%, 06/01/2013 B 36
60 Lyondell Chemical Co.,............................
9.50%, 12/15/2008 B+ 63
15 Norampac, Inc.,...................................
6.75%, 06/01/2013 BB+ 16
50 Norske Skog Canada Ltd.,..........................
7.375%, 03/01/2014(d) BB 51
30 Norske Skog Canada Ltd.,..........................
8.625%, Ser D 06/15/2011 BB 32
100 Nova Chemicals Corp.,.............................
7.00%, 05/15/2006 BB+ 105
75 Owens-Brockway Glass Container,. Inc.,
8.75%, 11/15/2012 BB- 82
15 Peabody Energy Corp.,.............................
6.875%, 03/15/2013 BB- 16
75 Plastipak Holdings, Inc.,.........................
10.75%, 09/01/2011 B+ 81
70 PolyOne Corp.,....................................
8.875%, 05/01/2012 BB- 69
50 Potlatch Corp.,...................................
10.00%, 07/15/2011 BB- 56
33 United States Steel LLC.,.........................
10.75%, 08/01/2008 BB- 39
50 Vale Overseas Ltd.,...............................
8.25%, 01/17/2034 NR 43
80 Westlake Chemical Corp.,..........................
8.75%, 07/15/2011 B+ 88
-------
1,822
-------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CAPITAL GOODS -- 1.7%
$ 55 American Standard, Inc.,..........................
7.375%, 02/01/2008 BB+ $ 60
45 American Standard, Inc.,..........................
7.625%, 02/15/2010 BB+ 51
50 Cummins, Inc.,....................................
7.125%, 03/01/2028 BB+ 48
145 Rexnord Corp.,....................................
10.125%, 12/15/2012 B- 157
30 SPX Corp.,........................................
6.25%, 06/15/2011 BB+ 30
15 TD Funding Corp.,.................................
8.375%, 07/15/2011 B- 16
75 Terex Corp.,......................................
10.375%, Ser B 04/01/2011 B 85
25 Universal Compression, Inc.,......................
7.25%, 05/15/2010 B+ 27
100 Xerox Corp.,......................................
7.125%, 06/15/2010 B+ 102
-------
576
-------
CONSUMER CYCLICAL -- 3.6%
50 AutoNation, Inc.,.................................
9.00%, 08/01/2008 BB+ 57
50 Dana Corp.,.......................................
6.50%, 03/01/2009 BB 53
25 Dana Corp.,.......................................
6.50%, 03/15/2008 BB 26
100 Delhaize America, Inc.,...........................
7.375%, 04/15/2006 BB+ 107
75 Ingles Markets, Inc.,.............................
8.875%, 12/01/2011 B+ 78
115 K. Hovnanian Enterprises, Inc.,...................
8.00%, 04/01/2012 BB 124
100 KB Home,..........................................
7.75%, 02/01/2010 BB- 104
50 Penney (J.C.) Co., Inc.,..........................
8.125%, 04/01/2027 BB+ 55
85 Penney (J.C.) Co., Inc.,..........................
8.25%, 08/15/2022 BB+ 88
75 Phillips Van-Heusen Corp.,........................
7.75%, 11/15/2023 BB 75
65 Russel Metals, Inc.,..............................
6.375%, 03/01/2014(d) BB- 64
50 Saks, Inc.,.......................................
7.50%, 12/01/2010 BB 54
75 Schuler Homes, Inc.,..............................
9.375%, 07/15/2009 BB+ 83
100 Standard-Pacific Corp.,...........................
6.50%, 10/01/2008 BB 101
50 Toll Corp.,.......................................
8.00%, 05/01/2009 BB+ 52
50 Toys R US, Inc.,..................................
7.375%, 10/15/2018 BB 48
22 TRW Automotive, Inc.,.............................
9.375%, 02/15/2013 BB- 25
25 United Components, Inc.,..........................
9.375%, 06/15/2013 B 27
30 Warnaco Inc.,.....................................
8.875%, 06/15/2013 B 32
-------
1,253
-------
</Table>
The accompanying notes are an integral part of this financial statement.
76
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
CONSUMER STAPLES -- 0.4%
$ 30 Del Monte Corp.,..................................
8.625%, 12/15/2012 B $ 33
40 Smithfield Foods, Inc.,...........................
7.75%, 05/15/2013 BB 43
50 Tembec Industries, Inc.,..........................
7.75%, 03/15/2012 BB- 49
-------
125
-------
ENERGY -- 1.2%
50 Citgo Petroleum Corp.,............................
11.375%, 02/01/2011 BB 58
65 Comstock Resources, Inc.,.........................
6.875%, 03/01/2012 B 64
15 CONSOL Energy, Inc.,..............................
7.875%, 03/01/2012 BB- 16
50 GulfTerra Energy Partners LP,.....................
6.25%, 06/01/2010 BB 52
45 Houston Exploration Co.,..........................
7.00%, 06/15/2013 B+ 47
30 Key Energy Services, Inc.,........................
6.375%, 05/01/2013 B+ 30
44 Port Arthur Finance Corp.,........................
12.50%, 01/15/2009 BB 52
10 Premcor Refining Group, Inc.,.....................
6.75%, 02/01/2011 BB- 10
15 Premcor Refining Group, Inc.,.....................
9.25%, 02/01/2010 BB- 17
25 Tom Brown, Inc.,..................................
7.25%, 09/15/2013 BB- 28
50 Vintage Petroleum, Inc.,..........................
8.25%, 05/01/2012 BB- 55
-------
429
-------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
FINANCE -- 4.5%
$ 100 Brazil (Republic of),.............................
2.10%, 04/15/2012(e) B+ $ 83
60 Columbia (Republic of),...........................
10.75%, 01/15/2013 BB 66
150 Crescent Real Estate. Equities L.P.,
9.25%, 04/15/2009 B+ 165
100 Ecuador (Republic of),............................
12.00%, 11/15/2012(d) CCC+ 89
21 Forest City Enterprises, Inc.,....................
7.625%, 06/01/2015 BB- 22
75 IPC Acquisition Corp.,............................
11.50%, 12/15/2009 B- 80
265 iStar Financial, Inc.,............................
5.70%, 03/01/2014(d) BB+ 250
100 LNR Property Corp.,...............................
7.625%, 07/15/2013 B+ 103
60 Panama (Republic of),.............................
8.875%, 09/30/2027 BB 61
50 Panama (Republic of),.............................
9.625%, 02/08/2011 BB 57
60 Peru (Republic of),...............................
4.50%, 03/07/2017 BB- 51
40 Peru (Republic of),...............................
8.75%, 11/21/2033 BB- 36
17 Peru (Republic of),...............................
9.125%, 02/21/2012 BB- 18
50 Philippines (Republic of),........................
10.625%, 03/16/2025 BB 54
60 Philippines (Republic of),........................
8.25%, 01/15/2014 BB 58
35 Russian Federation Government,....................
5.00%, 03/31/2030 BB+ 32
100 Turkey (Republic of),.............................
12.00%, 12/15/2008 B+ 117
100 Ukraine Government,...............................
6.875%, 03/04/2011(d) B 97
70 United Rentals North. America, Inc.,
6.50%, 02/15/2012(d) BB- 68
50 Venezuela (Republic of),..........................
9.25%, 09/15/2027 B- 42
-------
1,549
-------
HEALTH CARE -- 0.2%
20 Omnicare, Inc.,...................................
6.125%, 06/1/2013 BB+ 20
60 Select Medical Corp.,.............................
9.50%, 06/15/2009 B 66
-------
86
-------
SERVICES -- 4.0%
110 Allied Waste North America, Inc.,.................
5.75%, 02/15/2011(d) BB- 106
6 Allied Waste North America, Inc.,.................
7.875%, Ser B 01/01/2009 BB- 6
40 American Greetings Corp.,.........................
11.75%, 07/15/2008 BB+ 47
50 Atlantic Broadband Finance LLC,...................
9.375%, 01/15/2014(d) CCC+ 49
75 Aztar Corp.,......................................
8.875%, 05/15/2007 B+ 77
15 CBD Media, Inc.,..................................
8.625%, 06/01/2011 B- 16
75 CSC Holdings, Inc.,...............................
7.875%, 12/15/2007 BB- 80
70 Echostar DBS Corp.,...............................
5.75%, 10/01/2008(d) BB- 70
59 HMH Properties, Inc.,.............................
7.875%, Ser B 08/01/2008 B+ 61
90 Hollinger International Publishing,. Inc.,
9.00%, 12/15/2010 B- 100
50 John Q. Hammons Hotels, Inc.,.....................
8.875%, Ser B 05/15/2012 B 55
</Table>
The accompanying notes are an integral part of this financial statement.
77
THE HARTFORD INCOME FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
SERVICES -- (CONTINUED)
$ 30 Lamar Media Corp.,................................
7.25%, 01/01/2013 B $ 32
30 Mail-Well I Corp.,................................
7.875%, 12/01/2013(d) B 28
50 Primedia, Inc.,...................................
7.625%, 04/01/2008 B 50
50 Primedia, Inc.,...................................
8.00%, 05/15/2013(d) B 49
45 R.H. Donnelley Financial Corp. I,.................
8.875%, 12/15/2010(d) B+ 50
60 Reader's Digest Association, Inc.,................
6.50%, 03/01/2011(d) BB- 61
50 Service Corp. International,......................
6.50%, 03/15/2008 BB- 52
100 Service Corp. International,......................
7.70%, 04/15/2009 BB- 106
75 Six Flags, Inc.,..................................
8.875%, 02/01/2010 B- 76
100 Starwood Hotels & Resorts. Worldwide, Inc.,
7.875%, 05/01/2012 BB+ 109
100 Station Casinos, Inc.,............................
6.00%, 04/01/2012(d) BB- 99
-------
1,379
-------
TECHNOLOGY -- 3.5%
45 Amkor Technology, Inc.,...........................
7.75%, 05/15/2013 B 44
80 Charter Communications. Operating LLC,
8.00%, 04/30/2012(d) B- 79
30 Cincinnati Bell, Inc.,............................
8.375%, 01/15/2014 B- 28
125 Crown Castle International Corp.,.................
10.75%, 08/01/2011 CCC 141
30 DirecTV Holdings LLC,.............................
8.375%, 03/15/2013 BB- 34
60 Fimep S.A.,.......................................
10.50%, 02/15/2013 B+ 70
65 Fisher Scientific. International, Inc.,
8.125%, 05/01/2012 B+ 71
50 Inmarsat Finance plc,.............................
7.625%, 06/30/2012(d) B 51
95 L-3 Communications Corp.,.........................
6.125%, 07/15/2013 BB- 95
30 Mediacom LLC,.....................................
9.50%, 01/15/2013 B+ 30
200 Nextel Communications, Inc.,......................
7.375%, 08/01/2015 BB 207
50 PanAmSat Corp.,...................................
6.875%, 01/15/2028 BB 46
95 PerkinElmer, Inc.,................................
8.875%, 01/15/2013 BB- 108
150 Rogers Wireless Communications,. Inc.,
6.375%, 03/01/2014(d) BB+ 141
75 US West Communications,...........................
7.20%, 11/01/2004 B- 76
-------
1,221
-------
TRANSPORTATION -- 0.9%
50 Royal Caribbean Cruises Ltd.,.....................
6.875%, 12/01/2013 BB+ 50
100 Royal Caribbean Cruises Ltd.,.....................
7.25%, 08/15/2006 BB+ 106
150 Trinity Industries, Inc.,.........................
6.50%, 03/15/2014(d) BB- 146
-------
302
-------
UTILITIES -- 2.4%
150 AES Corp.,........................................
8.75%, 05/15/2013(d) B+ 162
100 Calpine Canada Energy Financial,..................
8.50%, 05/01/2008 CCC+ 71
25 El Paso Corp.,....................................
7.875%, 06/15/2012 CCC+ 22
25 Illinois Power Co.,...............................
11.50%, 12/15/2010 B 30
25 Illinois Power Co.,...............................
7.50%, 06/15/2009 B 28
50 Montana Power Co.,................................
7.30%, 12/01/2006(d) D 51
100 Nevada Power Co.,.................................
9.00%, 08/15/2013(d) BB 111
100 NRG Energy, Inc.,.................................
8.00%, 12/15/2013(d) B+ 101
60 PG&E Corp.,.......................................
6.875%, 07/15/2008(d) NR 64
45 TECO Energy, Inc.,................................
7.20%, 05/01/2011 BB+ 45
100 Tennessee Gas Pipeline Co.,.......................
8.375%, 6-15-2032 B- 103
50 Transcontinental Gas. Pipeline Corp.,
7.00%, Ser B 8-15-2011 B+ 53
-------
841
-------
Total corporate bonds:............................
non-investment grade
(cost $9,255) $ 9,583
-------
</Table>
<Table>
U.S. GOVERNMENT SECURITIES -- 38.8%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 3.4%
$ 200 4.10% 2014........................................ $ 193
979 5.50% 2032........................................ 978
-------
1,171
-------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(B)
- --------- --------
</Table>
The accompanying notes are an integral part of this financial statement.
78
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(B)
- --------- --------
U.S. GOVERNMENT SECURITIES -- (CONTINUED)
FEDERAL
NATIONAL
MORTGAGE
ASSOCIATION -- 9.3%
$ 819 5.00% 2017........................................ $ 825
2,393 5.50% 2032-2033................................... 2,391
-------
3,216
-------
REMIC -- PAC'S -- 0.6%
200 6.00% Ser 2496 Class QM 2028...................... 205
-------
U.S. TREASURY SECURITIES -- 25.5%
160 2.625% 2009....................................... 153
4,610 3.875% 2009(f).................................... 5,870
2,575 6.00% 2009........................................ 2,856
-------
8,879
-------
Total U.S. government securities
(cost $13,727).................................. $13,471
-------
Total investments in securities
(cost $33,824)(a)............................... $34,025
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) At April 30, 2004, the cost of securities for federal income tax
purposes is $33,824 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................... $ 784
Unrealized depreciation........................... (583)
-----
Net unrealized appreciation....................... $ 201
=====
</Table>
(b) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(c) Market value of investments in foreign securities represents 11.93%
of total net assets as of April 30, 2004.
(d) Securities exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At
the period end, the value of these securities amounted to $4,105, which
represents 11.81% of total net assets of the fund as of April 30, 2004.
(e) Variable rate securities; the yield reported is the rate in effect as of
April 30, 2004.
(f) U.S. Treasury inflation protection securities (TIPS) are securities
in which the principal amount is adjusted for inflation and the semiannual
interest payments equal a fixed percentage of the inflation-adjusted
principal amount.
(g) The interest rates disclosed for interest only strips represent
effective yields based upon estimated future cash flows at April 30, 2004.
* Fitch Rating
The accompanying notes are an integral part of this financial statement.
79
THE HARTFORD INFLATION PLUS FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- 0.4%
FINANCE -- 0.4%
$ 2,600 SLM Corp.,
3.05%, 04-01-2009(c)............................ A $ 2,547
--------
Total corporate bonds: investment grade (cost
$2,606)......................................... $ 2,547
--------
</Table>
<Table>
U.S. GOVERNMENT SECURITIES -- 87.0%
OTHER DIRECT FEDERAL OBLIGATIONS -- 0.4%
Tennessee Valley Authority
2,000 3.375% 2007(d).................................... $ 2,517
--------
OTHER GOVERNMENT AGENCIES -- 0.4%
Federal National Mortgage Association
2,500 3.00% 2009(c)..................................... 2,476
--------
U.S. TREASURY SECURITIES -- 86.2%
52,960 1.875% 2013(d).................................... 52,948
36,535 2.00% 2014(d)..................................... 36,555
61,010 3.00% 2012(d)..................................... 68,293
47,985.. 3.375% 2007 -- 2032(d)............................ 60,261
39,870 3.50% 2011(d)..................................... 47,515
68,075.. 3.625% 2008 -- 2028(d)............................ 89,828
87,960.. 3.875% 2009 -- 2029(d)............................ 119,073
36,630 4.25% 2010(d)..................................... 46,661
--------
521,134
--------
Total U.S. government securities
(cost $533,752)................................. $526,127
--------
Total long-term investments
(cost $536,358)................................. $528,674
--------
</Table>
<Table>
SHORT-TERM INVESTMENTS -- 10.4%
FINANCE -- 10.4%
17,112 BNP Paribas Repurchase Agreement, 0.91%,
05-03-2004 (Note 2f)............................ $ 17,112
20,535 Greenwich Repurchase Agreement, 0.92%, 05-03-2004
(Note 2f)....................................... 20,535
4,901 State Street Repurchase Agreement, 0.89%,
05-03-2004 (Note 2f)............................ 4,901
20,534 UBS Warburg Repurchase Agreement, 0.91%,
05-03-2004 (Note 2f)............................ 20,534
--------
Total short-term investments
(cost $63,082).................................. $ 63,082
--------
Total investments in securities
(cost $599,440)(a).............................. $591,756
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) At April 30, 2004, the cost of securities for federal income tax
purposes is $599,705 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 469
Unrealized depreciation......................... (8,418)
-------
Net unrealized depreciation..................... $(7,949)
=======
</Table>
(b) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(c) Variable Rate Securities, the yield reported is the rate in effect as of
April 30, 2004.
(d) Inflation-protection securities are securities in which the principal
amount is adjusted for inflation and the semi-annual interest payments
equal a fixed percentage of the inflation-adjusted principal amount.
The accompanying notes are an integral part of this financial statement.
80
THE HARTFORD INTERNATIONAL CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 92.8%
CANADA -- 4.2%
19 Research In Motion Ltd.(a) (Technology)........... $ 1,657
6 SNC-Lavalin Group, Inc. (Services)................ 217
-------
1,874
-------
FRANCE -- 21.9%
91 Alcatel S.A.(e) (Technology)H..................... 1,329
254 Alstom(a)(e) (Capital Goods)H..................... 477
27 AXA(e) (Finance and Insurance)H................... 565
16 Cie Generale D'Optique Essilor International
S.A.(e) (Basic Materials)....................... 938
9 Club Mediterranee(a)(e) (Services)H............... 359
28 M6-Metropole Television(e) (Services)H............ 803
4 Pernod Ricard(e) (Consumer Staples)............... 440
10 Pinault-Printemps-Redoute S.A.(e) (Consumer
Cyclical)H...................................... 977
9 PSA Peugeot Citroen S.A.(e) (Consumer Cyclical)... 486
7 Rodriguez Group (Transportation)H................. 407
3 Technip S.A.(e) (Consumer Cyclical)............... 453
6 Total S.A.(e) (Energy)H........................... 1,141
6 Unibail(e) (Finance and Insurance)H............... 537
35 Vivendi Universal S.A.(e) (Services)H............. 869
-------
9,781
-------
GERMANY -- 3.1%
2 Allianz AG(e) (Finance and Insurance)H............ 221
4 Freenet.de AG(a)(e) (Technology).................. 379
7 Muenchener Rueckversicherungs-Gesellschaft AG(e)
(Finance and Insurance)H........................ 782
-------
1,382
-------
HONG KONG -- 1.6%
112 China Merchants Holdings International Co. Ltd.(e)
(Transportation)................................ 131
17 CNOOC Ltd. ADR (Energy)........................... 606
-------
737
-------
IRELAND -- 5.9%
121 Elan Corp. plc ADR(a) (Health Care)H.............. 2,614
-------
ITALY -- 1.3%
738 Finmeccanica S.p.A.(e) (Capital Goods)............ 560
-------
JAPAN -- 14.1%
@@ Dentsu, Inc.(e) (Services)........................ 189
6 Fast Retailing Co. Ltd.(e) (Consumer Cyclical).... 439
@@ Japan Tobacco, Inc.(e) (Consumer Staples)......... 342
@@ Mitsubishi Tokyo Financial Group, Inc.(e) (Finance
and Insurance).................................. 519
13 Nintendo Co. Ltd.(e) (Consumer Cyclical).......... 1,249
2 OBIC Co. Ltd.(e) (Technology)..................... 409
7 ORIX Corp.(e) (Finance and Insurance)............. 681
51 Sumitomo Electric Industries Ltd.(e)
(Technology).................................... 465
@@ Sumitomo Mitsui Financial Group, Inc.(e) (Finance
and Insurance)H................................. 514
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
JAPAN -- (CONTINUED)
27 Trend Micro, Inc.(e) (Technology)................. $ 1,007
@@ UFJ Holdings, Inc.(e) (Finance and Insurance)..... 479
-------
6,293
-------
LUXEMBOURGH -- 0.1%
5 SES Global(d) (Technology)........................ 44
-------
NETHERLANDS -- 4.4%
36 European Aeronautic Defence and Space Co.(e)
(Capital Goods)H................................ 898
7 Koninklijke (Royal) KPN N.V.(a)(e) (Consumer
Staples)........................................ 192
116 Koninklijke Ahold N.V.(e) (Consumer Cyclical)..... 890
-------
1,980
-------
NORWAY 1.1%
55 Tandberg ASA(a)(e) (Technology)H.................. 488
-------
RUSSIA -- 1.4%
4 LUKOIL ADR (Energy)............................... 392
4 Mining and Metallurgical Co. Norilsk Nickel ADR
(Basic Materials)............................... 215
-------
607
-------
SOUTH KOREA -- 7.2%
70 Kia Motors Corp.(e) (Consumer Cyclical)........... 643
18 LG Electronics, Inc.(e) (Consumer Cyclical)....... 1,079
6 Samsung Electronics Co. Ltd. GDR(d)
(Technology).................................... 1,495
-------
3,217
-------
SWEDEN -- 2.7%
45 Telefonaktiebolaget LM Ericsson ADR(a)
(Technology)H................................... 1,208
-------
SWITZERLAND -- 5.0%
180 ABB Ltd.(e) (Technology).......................... 1,005
12 Roche Holding AG(e) (Health Care)H................ 1,222
-------
2,227
-------
UNITED KINGDOM -- 18.8%
106 Capita Group plc(e) (Services).................... 581
439 Carphone Warehouse Group plc(e) (Technology)...... 1,109
181 EMI Group plc(e) (Services)....................... 819
22 GlaxoSmithKline plc (Health Care)................. 451
54 Imperial Tobacco Group plc(e) (Consumer
Staples)........................................ 1,187
89 Kingfisher plc(e) (Consumer Cyclical)............. 446
163 New Dixons Group plc(e) (Consumer Cyclical)....... 448
24 Northern Rock plc(e)
(Finance and Insurance)......................... 316
91 Reuters Group plc(e) (Technology)................. 597
161 Rolls-Royce Group plc(e) (Capital Goods).......... 657
</Table>
The accompanying notes are an integral part of these financial statements.
81
THE HARTFORD INTERNATIONAL CAPITAL APPRECIATION FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- (CONTINUED)
UNITED KINGDOM -- (CONTINUED)
117 Rolls-Royce Group plc (Class B) (Capital Goods)... $ 10
722 Vodafone Group plc(e) (Technology)................ 1,746
-------
8,367
-------
Total common stock
(cost $39,505).................................. $41,379
-------
SHORT-TERM INVESTMENTS -- 29.2%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 25.3%
11,264 Navigator Prime Portfolio (Collateral for
Securities Lending)............................. $11,264
-------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 3.9%
$ 192 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f) (Finance).................. 192
642 Deutsche Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f) (Finance).................. 642
902 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f) (Finance).................. 902
-------
1,736
-------
Total short-term investments (cost $13,000)....... $13,000
-------
Total investments in securities (cost
$52,505)(b)..................................... $54,379
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes was $52,530 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 3,033
Unrealized depreciation......................... (1,184)
-------
Net unrealized appreciation..................... $ 1,849
=======
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(d) Securities exempt from registration under Rule 144A of the
securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers At the
period end, the value of these securities amounted to 1,539, which
represents 3.45% of total net assets of the fund as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $32,063, which represents 71.93% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY INDUSTRY NET ASSETS
- --------------------------- -------------
Basic Materials 2.6%
Capital Goods 5.8%
Consumer Cyclical 16.0%
Consumer Staples 4.8%
Energy 4.8%
Finance and Insurance 10.4%
Health Care 9.6%
Services 8.6%
Technology 29.0%
Transportation 1.2%
Short Term Investments 29.2%
-----
Total 122.0%
=====
</Table>
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AS OF APRIL 30, 2004
<Table>
<Caption>
CONTRACT DELIVERY APPRECIATION
DESCRIPTION MARKET VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ------------ -------- ---------- --------------
South Africa Rand (Buy) $ 57 $ 57 05/03/2004 @@
South Africa Rand (Buy) 8 8 05/04/2004 @@
South Africa Rand (Buy) 25 25 05/04/2004 @@
South Africa Rand (Buy) 27 27 05/05/2004 @@
South Africa Rand (Buy) 214 214 05/06/2004 @@
Swedish Krona (Buy) 113 113 05/05/2004 @@
Hong Kong Dollars (Buy) 573 573 05/05/2004 @@
Hong Kong Dollars (Buy) 42 42 05/04/2004 @@
Japanese Yen (Sell) 40 40 05/06/2004 @@
Japanese Yen (Sell) 17 17 05/07/2004 @@
Japanese Yen (Sell) 271 270 05/10/2004 $(1)
European Monetary Unit (Sell) 354 357 05/03/2004 3
European Monetary Unit (Sell) 17 17 05/04/2004 @@
European Monetary Unit (Sell) 27 28 05/05/2004 1
British Pound (Sell) 539 538 05/05/2004 1
British Pound (Sell) 271 271 05/05/2004 @@
---
$ 4
===
@@ Due to the presentation of the financial statements in thousands, the number of shares and/or dollars round to zero.
</Table>
The accompanying notes are an integral part of these financial statements.
82
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 92.8%
AUSTRALIA -- 1.3%
113 News Corp. Ltd. (Services)(e)H.................... $ 954
133 Rinker Group Ltd. (Consumer Cyclical)(e).......... 680
--------
1,634
--------
BELGIUM -- 1.6%
33 Belgacom S.A. (Technology)(a)(d).................. 1,000
51 Fortis (Finance and Insurance)(e)H................ 1,092
--------
2,092
--------
CANADA -- 2.3%
59 Biovail Corp. (Health Care)(a)H................... 1,117
28 Canadian National Railway Co. (Transportation).... 1,048
15 Talisman Energy, Inc. (Energy)H................... 862
--------
3,027
--------
CHINA -- 0.1%
288 China Petroleum & Chemical Corp. Class H
(Energy)(e)..................................... 99
--------
EGYPT -- 0.5%
60 Orascom Telecommunications GDR (Energy)(a)(e)..... 576
--------
FRANCE -- 15.1%
76 Alcatel S.A. (Technology)(e)H..................... 1,109
46 AXA (Finance and Insurance)(e)H................... 945
14 Carrefour S.A. (Consumer Cyclical)(e)H............ 641
20 Cie Generale D'Optique Essilor International S.A.
(Basic Materials)(e)............................ 1,159
53 France Telecom S.A. (Technology)(e)............... 1,266
103 Havas S.A. (Services)(e)H......................... 563
30 Lafarge S.A. (Basic Materials)(e)H................ 2,484
10 Pernod Ricard (Consumer Staples)(e)H.............. 1,195
14 Pinault-Printemps-Redoute S.A. (Consumer
Cyclical)(e)H................................... 1,417
21 PSA Peugeot Citroen S.A. (Consumer
Cyclical)(e)H................................... 1,112
64 Societe Television Francaise 1 (Services)(e)H 1,950
23 Total S.A. (Energy)(e)H........................... 4,234
32 Veolia Environnement (Services)(e)H............... 840
27 Vivendi Universal S.A. (Services)(e).............. 658
--------
19,573
--------
GERMANY 4.0%
19 Bayerische Motoren Werke (BMW) AG (Consumer
Cyclical)(e)H................................... 792
26 DaimlerChrysler AG (Consumer Cyclical)(e)......... 1,163
18 E.ON AG (Capital Goods)(e)H....................... 1,192
9 Muenchener Rueckversicherungs-Gesellschaft AG
(Finance and Insurance)(e)...................... 962
8 SAP AG (Services)(e)H............................. 1,117
--------
5,226
--------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
IRELAND -- 1.7%
66 Elan Corp. plc ADR (Health Care)(a)H.............. $ 1,430
72 Ryanair Holdings plc (Transportation)(a).......... 417
12 Ryanair Holdings plc ADR (Transportation)(a)H..... 413
--------
2,260
--------
ISRAEL -- 0.2%
3 Teva Pharmaceutical Industries Ltd. ADR (Health
Care)........................................... 209
--------
ITALY -- 3.7%
149 ENI-Ente Nazionale Idrocarburi S.p.A.
(Energy)(e)H.................................... 3,023
91 Fiat S.p.A. (Consumer Cyclical)(e)H............... 636
244 UniCredito Italiano S.p.A. (Finance and
Insurance)(e)H.................................. 1,134
--------
4,793
--------
JAPAN -- 15.7%
112 Bank of Yokohama Ltd. (Finance and
Insurance)(e)H.................................. 605
83 Central Glass Co. Ltd. (Basic Materials)(e)....... 608
33 Eisai Co. Ltd. (Health Care)(e)................... 835
16 Fanuc Ltd. (Technology)(e)........................ 957
11 Fast Retailing Co. Ltd. (Consumer Cyclical)(e).... 816
29 Fuji Photo Film Co. Ltd. (Capital Goods)(e)....... 922
@@ Japan Tobacco, Inc. (Consumer Staples)(e)......... 1,256
42 Kao Corp. (Consumer Cyclical)(e).................. 997
@@ KOSE Corp. (Health Care)(e)....................... 5
@@ Mitsubishi Tokyo Financial Group, Inc. (Finance
and Insurance)(e)............................... 1,012
56 Nikon Corp. (Technology)(e)H...................... 643
9 Nintendo Co. Ltd. (Consumer Cyclical)(e).......... 876
43 Nomura Holdings, Inc. (Finance and
Insurance)(e)................................... 690
1 NTT DoCoMo, Inc. (Technology)(e).................. 2,165
39 Olympus Corp. (Technology)(e)..................... 745
13 ORIX Corp. (Finance and Insurance)(e)............. 1,373
7 Rohm Co. Ltd. (Technology)(e)..................... 821
42 Sharp Corp. (Technology)(e)....................... 748
27 Shin-Etsu Chemical Co. Ltd. (Basic
Materials)(e)................................... 1,054
26 Takeda Chemical Industries Ltd. (Health
Care)(e)........................................ 1,027
@@ UFJ Holdings, Inc. (Finance and Insurance)(e)..... 1,243
28 World Co. Ltd. (Consumer Cyclical)................ 927
--------
20,325
--------
KOREA (REPUBLIC OF) -- 1.6%
29 SK Corp. (Energy)(e).............................. 1,190
42 SK Telecom Co. Ltd. ADR (Technology)H............. 848
--------
2,038
--------
</Table>
The accompanying notes are an integral part of these financial statements.
83
THE HARTFORD INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- (CONTINUED)
MALAYSIA -- 1.4%
503 Berjaya Sports Toto Berhad (Finance and
Insurance)(e)................................... $ 578
198 Malayan Banking Berhad (Finance and
Insurance)(e)................................... 545
284 Resorts World Berhad (Services)(e)................ 742
--------
1,865
--------
MEXICO -- 0.5%
18 America Movil S.A. de C.V. Ser L ADR
(Technology).................................... 598
--------
NETHERLANDS -- 4.6%
46 ABN AMRO Holding N.V. (Finance and
Insurance)(e)H.................................. 998
43 ASML Holding N.V. (Technology)(a)(e).............. 669
41 European Aeronautic Defence and Space Co. (Capital
Goods)(e)....................................... 1,027
49 ING Groep N.V. (Finance and Insurance)(e)......... 1,047
193 Koninklijke Ahold N.V. (Consumer Cyclical)(e)..... 1,482
16 Royal Dutch Petroleum Co. (Energy)(e)............. 758
--------
5,981
--------
RUSSIA -- 0.9%
5 Mobile Telesystems ADR (Technology)............... 497
20 Surgutneftegaz ADR (Energy)....................... 658
--------
1,155
--------
SOUTH AFRICA -- 0.5%
119 Standard Bank Group Ltd. (Finance and
Insurance)...................................... 687
--------
SOUTH KOREA -- 3.2%
46 Hana Bank (Finance and Insurance)(e).............. 977
106 Kia Motors Corp. (Consumer Cyclical)(e)........... 981
14 LG Electronics, Inc. (Consumer Cyclical)(e)....... 859
3 Samsung Electronics Co. Ltd. (Technology)(e)...... 1,359
--------
4,176
--------
SPAIN -- 1.8%
53 Endesa S.A. (Utilities)(e)H....................... 973
71 Iberdrola S.A. (Utilities)(e)..................... 1,399
--------
2,372
--------
SWEDEN -- 0.6%
4 Oriflame Cosmetics S.A. SDR (Health Care)(a)...... 118
23 Oriflame Cosmetics S.A. SDR (Health Care)(a)(d)... 715
--------
833
--------
SWITZERLAND -- 6.7%
293 ABB Ltd. (Technology)(e).......................... 1,654
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
SWITZERLAND -- (CONTINUED)
7 Converium Holding AG (Finance and Insurance)(e)... $ 388
7 Converium Holding AG ADR (Finance and
Insurance)...................................... 187
31 Roche Holding AG (Health Care)(e)H................ 3,217
28 STMicroelectronics N.V. (Technology)(e)H.......... 616
37 UBS AG (Finance and Insurance)(e)H................ 2,639
--------
8,701
--------
TAIWAN -- 0.6%
840 United Microelectronics Corp.
(Technology)(a)(e).............................. 747
--------
THAILAND -- 0.4%
471 Kasikornbank Public Co. Ltd. (Finance and
Insurance)(a)(e)................................ 565
--------
UNITED KINGDOM -- 20.9%
53 AstraZeneca plc (Health Care)(e).................. 2,506
119 Aviva plc (Finance and Insurance)(e).............. 1,152
73 British Sky Broadcasting Group plc
(Technology)(e)................................. 857
329 Compass Group plc (Services)(e)................... 2,061
109 Imperial Tobacco Group plc (Consumer
Staples)(e)..................................... 2,403
1,301 Invensys plc (Capital Goods)(e)................... 446
154 Kingfisher plc (Consumer Cyclical)(e)............. 769
352 Lloyds TSB Group plc (Finance and Insurance)(e)... 2,631
66 Reckitt Benckiser plc (Consumer Staples)(e)....... 1,712
177 Reuters Group plc (Technology)(e)................. 1,160
33 Rio Tinto plc (Basic Materials)(e)................ 711
650 Rolls-Royce Group plc (Capital Goods)............. 2,653
650 Rolls-Royce Group plc (Class B) (Capital Goods)... 58
93 Royal Bank of Scotland Group plc (Finance and
Insurance)(e)................................... 2,787
1,477 Vodafone Group plc (Technology)(e)................ 3,572
158 WPP Group plc (Services)(e)....................... 1,552
--------
27,030
--------
UNITED STATES -- 2.9%
54 Accenture Ltd. Class A (Services)(a).............. 1,281
15 Schlumberger Ltd. (Energy)........................ 901
58 Tyco International Ltd. (with rights) (Capital
Goods).......................................... 1,578
--------
3,760
--------
Total common stock
(cost $112,290)................................. $120,322
--------
</Table>
The accompanying notes are an integral part of these financial statements.
84
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
SHORT-TERM INVESTMENTS -- 27.5%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 24.5%
31,768.. Navigator Prime Portfolio (Collateral for.
Securities Lending) $ 31,768
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 3.0%
$ 438 BNP Paribas Joint Repurchase Agreement,...........
1.00%, 05/03/2004 (Note 2f) (Finance) 438
1,460 Deutsche Joint Repurchase Agreement,..............
1.00%, 05/03/2004 (Note 2f) (Finance) 1,460
2,051 UBS Warburg Joint Repurchase Agreement,...........
1.00%, 05/03/2004 (Note 2f) (Finance) 2,051
--------
3,949
--------
Total short-term investments......................
(cost $35,717) $ 35,717
--------
Total investments in securities...................
(cost $148,007)(b) $156,039
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes was $148,598 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $11,435
Unrealized depreciation......................... (3,994)
-------
Net unrealized appreciation..................... $ 7,441
=======
</Table>
(c) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(d) Securities exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At
the period end, the value of these securities amounted to $1,118, which
represents .86% of total net assets of the fund as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $101,546, which represents 78.31% of total net
assets.
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY INDUSTRY NET ASSETS
--------------------------- -------------
Consumer Staples 5.1%
Health Care 8.6%
Energy 9.1%
Basic Materials 4.6%
Utilities 1.8%
Consumer Cyclical 10.9%
Services 9.0%
Capital Goods 6.1%
Technology 17.4%
Transportation 1.5%
Finance and Insurance 18.7%
Short Term Investments 27.5%
-----
Total 120.3%
=====
</Table>
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AT APRIL 30, 2004
<Table>
<Caption>
UNREALIZED
CONTRACT DELIVERY APPRECIATION
DESCRIPTION MARKET VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ------------ -------- -------- --------------
Euro (Buy) $ 193 $ 192 05/03/2004 $ 1
British Pound (Buy) 151 151 05/06/2004 (1)
Hong Kong Dollar (Buy) 30 30 05/03/2004 @@
Hong Kong Dollar (Buy) 27 27 05/04/2004 @@
Japanese Yen (Buy) 7 7 05/07/2004 @@
Canadian Dollar (Sell) 142 142 05/05/2004 @@
Euro (Sell) 980 968 05/03/2004 (12)
Japanese Yen (Sell) 132 133 05/06/2004 1
Japanese Yen (Sell) 632 634 05/10/2004 1
Swiss Francs (Sell) 1,220 1,240 06/24/2004 20
British Pound (Sell) 1,214 1,228 06/24/2004 14
South African Rand (Sell) 613 631 06/24/2004 18
----
$ 42
====
@@ Due to the presentation of the financial statements in thousands, the number of shares and/or dollars round to zero.
</Table>
The accompanying notes are an integral part of these financial statements.
85
THE HARTFORD INTERNATIONAL SMALL COMPANY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 95.1%
AUSTRALIA -- 5.4%
364 Adsteam Marine Ltd.(e) (Transportation)........... $ 400
104 AWB Ltd.(e) (Consumer Staples).................... 361
171 Coca-Cola Amatil Ltd.(e) (Consumer Staples)....... 846
27 Iress Market Technology Ltd.(e) (Technology)H..... 60
184 John Fairfax Holdings Ltd.(e) (Services).......... 443
172 Multiplex Group (Consumer Cyclical)H.............. 435
517 Oil Search Ltd.(e) (Energy)....................... 431
103 STW Communications Group Ltd.(e) (Services)H...... 244
49 TABCORP Holdings Ltd.(e) (Services)H.............. 469
-------
3,689
-------
CAYMAN ISLANDS -- 0.3%
1,724 Far East Pharmaceutical Technology Co. Ltd.(e)
(Health Care)H.................................. 231
-------
CHINA -- 1.5%
1,450 Beijing Capital International Airport Co. Ltd.
Class H(e) (Transportation)H.................... 443
1,996 China Oilfield Services Ltd.(e) (Energy)H......... 574
-------
1,017
-------
DENMARK -- 3.3%
25 Carlsberg A/S Class B(e) (Consumer Staples)H...... 1,226
9 Danisco A/S(e) (Consumer Staples)................. 407
49 FLS Industries A/S Class B(a) (Basic Materials)... 634
-------
2,267
-------
FINLAND -- 1.8%
16 Orion Oyj B Shares (Health Care).................. 422
27 Tietoenator Oyj(e) (Services)H.................... 802
-------
1,224
-------
FRANCE -- 10.4%
500 Alstom(a)(e) (Capital Goods)H..................... 939
8 Bacou-Dalloz(e) (Basic Materials)................. 590
4 Financiere Marc de Lacharriere S.A. (Fimalac)(e)
(Basic Materials)............................... 168
186 Havas S.A.(e) (Services)H......................... 1,013
22 M6-Metropole Television(e) (Services)H............ 640
9 Marionnaud Parfumeries(e) (Consumer Cyclical)H.... 323
15 Nexans S.A.(e) (Basic Materials)H................. 485
56 NRJ Group(e) (Services)H.......................... 1,192
37 Remy Cointreau(e) (Consumer Staples)H............. 1,212
22 Sodexho Alliance S.A.(e) (Services)H.............. 599
-------
7,161
-------
GERMANY -- 3.1%
21 ELMOS Semiconductor AG(e) (Technology)............ 314
26 Hochtief AG(d)(e) (Consumer Cyclical)............. 728
26 Jenoptik AG(e) (Technology)H...................... 312
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
GERMANY -- (CONTINUED)
16 Schwarz Pharma AG(e) (Health Care)H............... $ 442
16 Singulus Technologies AG(a)(e) (Technology)H...... 319
-------
2,115
-------
GREECE -- 2.6%
81 Aktor S.A. Technical Co.(e) (Consumer Cyclical)... 431
43 Bank of Piraeus(e) (Finance and Insurance)........ 508
16 Intralot S.A.(e) (Services)....................... 301
12 Titan Cement Co. S.A.(e) (Basic Materials)........ 543
-------
1,783
-------
HONG KONG -- 0.6%
1,092 i-CABLE Communications Ltd.(e) (Technology)....... 417
-------
ITALY -- 6.6%
14 Amplifon S.p.A.(e) (Consumer Cyclical)............ 430
70 Banca Popolare di Milano S.c.r.l.(e) (Finance and
Insurance)...................................... 412
75 Brembo S.p.A.(e) (Consumer Cyclical).............. 534
61 Caltagirone Editore S.p.A.(e) (Services).......... 462
348 Hera S.p.A.(a)(e) (Utilities)..................... 700
29 Permasteelisa S.p.A.(e) (Consumer Cyclical)....... 478
8 Pirelli & C. Real Estate S.p.A.(e) (Finance and
Insurance)...................................... 291
139 Sorin S.p.A.(a) (Health Care)..................... 391
24 Tod's S.p.A.(e) (Consumer Cyclical)H.............. 864
-------
4,562
-------
JAPAN -- 26.6%
173 77 Bank Ltd.(e) (Finance and Insurance)........... 1,034
7 Aichi Bank, Ltd. (Finance and Insurance).......... 449
12 Asatsu-DK, Inc.(e) (Services)..................... 348
20 Avex, Inc.(e) (Services).......................... 340
65 Bank of Fukuoka Ltd.(e) (Finance and
Insurance)H..................................... 339
2 Bellsystem 24, Inc.(e) (Technology)............... 396
31 Canon Sales Co., Inc.(e) (Consumer Cyclical)...... 405
19 Coca-Cola West Japan Co. Ltd.(e) (Consumer
Staples)........................................ 426
13 Fujimi, Inc.(e) (Basic Materials)................. 377
22 Fujitsu Support and Service, Inc.(e)
(Technology)H................................... 370
19 Futaba Corp.(e) (Technology)...................... 482
28 Hitachi Maxell Ltd.(e) (Technology)............... 405
18 Hokuto Corp.(e) (Consumer Staples)................ 287
44 Hosiden Corp.(e) (Technology)H.................... 595
26 House Foods Corp.(e) (Consumer Staples)........... 351
49 INES Corp.(e) (Services).......................... 497
263 Joyo Bank Ltd.(e) (Finance and Insurance)......... 1,019
6 Kadokawa Holdings, Inc.(e) (Services)............. 203
13 Kirin Beverage Corp.(e) (Consumer Staples)........ 284
38 Kobayashi Pharmaceutical Co. Ltd.(e) (Health
Care)H.......................................... 1,019
</Table>
The accompanying notes are an integral part of these financial statements.
86
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- (CONTINUED)
JAPAN -- (CONTINUED)
7 KOSE Corp.(e) (Health Care)....................... $ 244
12 Meiwa Estate Co. Ltd.(e) (Finance and
Insurance)H..................................... 129
10 Milbon Co. Ltd.(e) (Basic Materials).............. 266
47 Mochida Pharmaceutical Co. Ltd.(e) (Health
Care)........................................... 307
13 NEC Soft Ltd.(e) (Technology)..................... 347
21 NEC System Integration & Construction Ltd.(e)
(Technology).................................... 197
45 Nippon Shinyaku Co. Ltd.(e) (Health Care)H........ 252
6 Otsuka Kagu Ltd. (Consumer Cyclical).............. 225
99 PanaHome Corp.(e) (Consumer Cyclical)............. 539
126 Shiga Bank Ltd.(e) (Finance and Insurance)........ 640
139 Sumitomo Osaka Cement Co. Ltd.(e) (Basic
Materials)...................................... 343
86 Suruga Bank Ltd.(e) (Finance and Insurance)....... 635
23 Taiyo Ink Manufacturing Co. Ltd.(e) (Basic
Materials)...................................... 806
84 Tanabe Seiyaku Co. Ltd(e) (Health Care)........... 805
32 THK Co. Ltd.(e) (Capital Goods)H.................. 607
42 Tokyo Ohka Kogyo Co. Ltd.(e) (Technology)......... 819
18 Tokyo Tomin Bank Ltd.(e) (Finance and
Insurance)H..................................... 454
42 Toppan Forms Co. Ltd.(e) (Consumer Staples)....... 567
17 Towa Pharmaceutical Co. Ltd. (Health Care)........ 361
5 Tsuruha Co. Ltd.(e) (Consumer Cyclical)H.......... 133
-------
18,302
-------
KOREA (REPUBLIC OF) -- 1.1%
79 Daegu Bank(e) (Finance and Insurance)............. 446
3 ReignCom Ltd. (Technology)........................ 280
-------
726
-------
MEXICO -- 1.4%
82 Grupo Financiero Banorte S.A. (Finance and
Insurance)...................................... 289
262 Kimberly-Clark de Mexico, S.A. (Basic
Materials)...................................... 693
-------
982
-------
NETHERLANDS -- 5.5%
48 AM N.V.(e) (Consumer Cyclical).................... 438
25 CSM N.V.(e) (Consumer Staples).................... 613
88 Equant N.V.(a)(e) (Services)H..................... 651
176 Laurus N.V.(a)(e) (Consumer Cyclical)............. 238
23 Unit 4 Agresso N.V.(a)(e) (Technology)............ 316
23 VNU N.V.(e) (Services)............................ 644
54 Wolters Kluwer N.V.(e) (Services)................. 900
-------
3,800
-------
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
NEW ZEALAND -- 1.9%
1,217 Air New Zealand Ltd.(a)(e) (Transportation)....... $ 320
344 Carter Hold Harvey Ltd.(e) (Basic Materials)...... 449
210 Warehouse Group Ltd.(e) (Consumer Cyclical)....... 572
-------
1,341
-------
SINGAPORE -- 1.3%
790 MobileOne Ltd.(e) (Technology).................... 681
235 SembCorp Logistics Ltd.(e) (Transportation)....... 248
-------
929
-------
SOUTH KOREA -- 3.7%
70 Curitel Communications, Inc.(a) (Technology)...... 209
116 Daewoo Securities Co. Ltd.(a)(e) (Finance and
Insurance)...................................... 427
121 Korea Exchange Bank(a)(e) (Finance and
Insurance)...................................... 626
23 LG Household & Health Care Ltd.(e) (Consumer
Staples)........................................ 681
41 Pusan Bank(e) (Finance and Insurance)............. 239
19 Samsung Securities Co. Ltd.(a)(e) (Finance and
Insurance)...................................... 386
-------
2,568
-------
SPAIN -- 0.3%
15 Prosegur, Compania de Seguridad S.A.(e)
(Transportation)H............................... 239
-------
SWEDEN -- 2.4%
86 Eniro AB(e) (Services)H........................... 692
31 JM AB(e) (Consumer Cyclical)H..................... 549
72 Teleca AB Class B(e) (Technology)................. 406
-------
1,647
-------
SWITZERLAND -- 3.2%
8 Bachem Holding AG(e) (Health Care)................ 473
16 Baloise Holding Ltd.(e) (Finance and
Insurance)H..................................... 638
7 Converium Holding AG(e) (Finance and Insurance)... 387
2 Julius Baer Holding Ltd.(e) (Finance and
Insurance)H..................................... 451
7 Tecan Group AG (Health Care)...................... 272
-------
2,221
-------
UNITED KINGDOM -- 12.1%
286 Aggreko plc(e) (Services)......................... 809
64 AMVESCAP plc(e) (Finance and Insurance)........... 420
52 Cambridge Antibody Technology Group plc(a)(e)
(Health Care)................................... 516
121 De La Rue plc(e) (Services)....................... 705
131 FirstGroup plc(e) (Transportation)................ 622
102 Hiscox plc(e) (Finance and Insurance)............. 288
</Table>
The accompanying notes are an integral part of these financial statements.
87
THE HARTFORD INTERNATIONAL SMALL COMPANY FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- (CONTINUED)
UNITED KINGDOM -- (CONTINUED)
20 Kesa Electricals plc(e) (Consumer Cyclical)....... $ 99
94 London Stock Exchange plc(e) (Finance and
Insurance)...................................... 580
278 Misys plc(e) (Services)........................... 1,014
215 Novar plc(e) (Consumer Cyclical).................. 488
454 PHS Group plc (Services).......................... 676
193 Rentokil Initial plc(e) (Services)................ 640
61 Smiths Group plc(e) (Technology).................. 747
131 Tullow Oil plc (Energy)........................... 202
110 VT Group plc(e) (Transportation).................. 525
-------
8,331
-------
Total common stock
(cost $64,014).................................. $65,552
-------
SHORT-TERM INVESTMENTS -- 22.9%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 19.8%
13,658 Navigator Prime Portfolio......................... $13,658
-------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 3.1%
$ 237 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f) (Finance)........... 237
789 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f) (Finance)........... 789
1,108.. UBS Warburg Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f) (Finance)........... 1,108
-------
2,134
-------
Total short-term investments
(cost $15,792).................................. $15,792
-------
Total investments in securities
(cost $79,806)(b)............................... $81,344
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $79,892 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation......................... $ 3,555
Unrealized depreciation......................... (2,103)
-------
Net unrealized appreciation..................... $ 1,452
=======
</Table>
(c) See Note 2b of accompanying Notes of Financial Statements
regarding valuation of securities.
(d) Securities exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At
the period end, the value of these securities amounted to $728, which
represents 1.06% of total net assets of the fund as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $60,014, which represents 87.05% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
<Table>
<Caption>
PERCENTAGE OF
DIVERSIFICATION BY INDUSTRY NET ASSETS
- --------------------------- -------------
Basic Materials 7.8%
Capital Goods 2.2%
Consumer Cyclical 11.5%
Consumer Staples 10.5%
Energy 1.8%
Finance and Insurance 16.1%
Health Care 8.3%
Services 20.7%
Technology 11.1%
Transportation 4.1%
Utilities 1.0%
Short Term Investments 22.9%
-----
Total 118.0%
=====
</Table>
The accompanying notes are an integral part of these financial statements.
88
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
AS OF APRIL 30, 2004
<Table>
<Caption>
UNREALIZED
MARKET CONTRACT DELIVERY APPRECIATION
DESCRIPTION VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ------- -------- ---------- --------------
Australian Dollar (Sell) $ 16 $ 16 05/03/2004 $ @@
Australian Dollar (Sell) 57 57 05/04/2004 @@
Australian Dollar (Sell) 11 11 05/05/2004 @@
Australian Dollar (Sell) 2,145 2,157 12/31/2004 12
Australian Dollar (Sell) 1,090 1,147 03/31/2005 57
British Pound (Buy) 424 423 05/04/2004 1
British Pound (Sell) 5,303 5,246 12/31/2004 (57)
British Pound (Sell) 1,017 1,056 03/31/2005 39
Danish Krone (Buy) 30 29 05/03/2004 1
Danish Krone (Buy) 9 9 05/04/2004 @@
Danish Krone (Buy) 7 7 05/05/2004 @@
Euro (Buy) 100 99 05/03/2004 1
Euro (Buy) 59 59 05/04/2004 @@
Euro (Sell) 95 95 05/05/2004 @@
Euro (Sell) 10,020 10,403 12/31/2004 383
Hong Kong Dollar (Buy) 33 33 05/04/2004 @@
Hong Kong Dollar (Buy) 29 29 05/03/2004 @@
Japanese Yen (Sell) 107 108 05/06/2004 1
Japanese Yen (Sell) 138 139 05/07/2004 1
Japanese Yen (Sell) 166 166 05/10/2004 @@
----
$439
====
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
89
THE HARTFORD MIDCAP FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
COMMON STOCK -- 99.0%
BASIC MATERIALS -- 3.7%
893 Pactiv Corp.(a)................................... $ 20,492
779 Precision Castparts Corp. ........................ 35,040
404 Rohm & Haas Co. (with rights)..................... 15,669
1,271 Smurfit-Stone Container Corp. (with rights)(a).... 21,854
----------
93,055
----------
CAPITAL GOODS -- 3.8%
502 Eaton Corp. (with rights)......................... 29,809
635 Parker-Hannifin Corp. (with rights)............... 35,087
2,282 Xerox Corp. (with rights)(a)H..................... 30,653
----------
95,549
----------
CONSUMER CYCLICAL -- 17.0%
2,061 American Tower Corp. Class A(a)H.................. 25,653
369 Avery Dennison Corp. (with rights)................ 23,701
383 BorgWarner, Inc. ................................. 31,350
496 CDW Corp. ........................................ 30,995
293 Centex Corp. (with rights)........................ 14,059
2,010 Delphi Corp. ..................................... 20,506
551 Johnson Controls, Inc. ........................... 30,206
593 Lear Corp. (with rights).......................... 35,948
788 Lennar Corp. Class A.............................. 36,908
698 Liz Claiborne, Inc. (with rights)................. 24,496
1,274 Mattel, Inc. ..................................... 21,600
802 Michaels Stores, Inc. ............................ 40,129
332 Mohawk Industries, Inc.(a)........................ 25,626
246 PACCAR, Inc. (with rights)........................ 13,867
1,146 PetsMart, Inc. ................................... 31,755
4,659 Rinker Group Ltd.(e).............................. 23,835
----------
430,634
----------
CONSUMER STAPLES -- 0.8%
628..... Constellation Brands, Inc. Class A(a)............. 20,812
----------
ENERGY -- 7.4%
803 EOG Resources, Inc. (with rights)................. 39,562
1,029 GlobalSantaFe Corp. .............................. 27,129
473 Nabors Industries Ltd.(a)......................... 20,984
848 Premcor, Inc.(a).................................. 29,200
322 Valero Energy Corp. .............................. 20,505
1,867 XTO Energy, Inc. (with rights).................... 49,859
----------
187,239
----------
FINANCE AND INSURANCE -- 22.6%
336 Ambac Financial Group, Inc. ...................... 23,189
482 Bank of Hawaii Corp. ............................. 21,095
405 BlackRock, Inc. .................................. 25,160
614 Brown & Brown, Inc. (with rights)................. 23,948
383 City National Corp. .............................. 23,624
1,109 Countrywide Financial Corp. ...................... 65,752
1,214... Equifax, Inc. (with rights)....................... 29,760
352..... Everest Re Group Ltd. (with rights)............... 30,017
594..... Federated Investors, Inc. Class B................. 17,464
302 Fidelity National Financial, Inc. ................ 11,045
627 Gallagher (Arthur J.) & Co. ...................... 20,192
268 Golden West Financial Corp. ...................... 28,191
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
FINANCE AND INSURANCE -- (CONTINUED)
289 Greenpoint Financial Corp. ....................... $ 11,267
1,303... Hibernia Corp. Class A............................ 28,392
943..... Host Marriott Corp. (REIT)(a)..................... 11,217
335 Hudson City Bancorp, Inc. ........................ 11,337
510 IPC Holdings Ltd. ................................ 18,764
513..... iStar Financial, Inc. (REIT)...................... 18,218
440 Legg Mason, Inc.H................................. 40,547
138 M&T Bank Corp. ................................... 11,705
770 Medco Health Solutions, Inc.(a)................... 27,254
2,227 Providian Financial Corp. (with rights)(a)........ 27,015
361 UnionBanCal Corp. ................................ 19,305
58 White Mountains Insurance Group Ltd.H............. 29,870
----------
574,328
----------
HEALTH CARE -- 12.0%
508 Applera Corp. -- Celera Genomics Group(a)......... 5,994
1,284 Biovail Corp.(a).................................. 24,398
353 Cephalon, Inc.(a)H................................ 20,074
1,053 Edwards Lifesciences Corp.(a)..................... 36,280
361 Gilead Sciences, Inc.(a).......................... 21,954
408 Guidant Corp. .................................... 25,727
1,478 Health Management Associates, Inc. Class AH....... 34,177
1,397 Human Genome Sciences, Inc. (with rights)(a)...... 17,042
1,367 King Pharmaceuticals, Inc.(a)..................... 23,588
565 McKesson Corp. ................................... 18,581
1,656 Millennium Pharmaceuticals, Inc. (with
rights)(a)H..................................... 24,820
686 Vertex Pharmaceuticals, Inc.(a)................... 5,930
649 Waters Corp. (with rights)(a)..................... 28,012
503 Watson Pharmaceuticals, Inc.(a)................... 17,928
----------
304,505
----------
SERVICES -- 12.5%
620 Alliance Data Systems Corp.(a).................... 21,547
428 ARAMARK Corp. Class B............................. 12,249
2,043 BISYS Group, Inc.(a).............................. 29,622
263 Career Education Corp. (with rights)(a)........... 16,826
486 CheckFree Corp.(a)................................ 14,590
657 Corinthian Colleges, Inc.(a)...................... 20,130
217 Dow Jones & Co., Inc. ............................ 10,002
1,032 Education Management Corp.(a)..................... 36,588
1,022 Exel plc(e)....................................... 12,814
235 Express Scripts, Inc. (with rights)(a)............ 18,190
196 Fluor Corp. ...................................... 7,491
392 GTECH Holdings Corp. ............................. 23,868
767 Lamar Advertising Co.(a)H......................... 31,489
400 Manpower, Inc. ................................... 18,763
447 Moody's Corp. .................................... 28,817
124 Scripps (E.W.) Co. Class A........................ 13,071
----------
316,057
----------
TECHNOLOGY -- 15.7%
593 Altera Corp.(a)................................... 11,860
974 Amdocs Ltd.(a).................................... 25,862
1,011 American Power Conversion Corp. .................. 18,865
</Table>
The accompanying notes are an integral part of these financial statements.
90
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
COMMON STOCK -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
590 Analog Devices, Inc. (with rights)................ $ 25,121
1,425 ASML Holding N.V.(a).............................. 22,166
1,906 BEA Systems, Inc.(a).............................. 21,752
1,292 Citizens Communications Co. (with rights)(a)...... 16,845
422 International Rectifier Corp.(a).................. 16,736
273 Intersil Corp. Class A (with rights)(a)........... 5,382
992 Intuit, Inc. (with rights)(a)..................... 42,118
470 KLA-Tencor Corp.(a)............................... 19,572
115 Mercury Interactive Corp. (with rights)(a)........ 4,898
118 Network Appliance, Inc.(a)........................ 2,194
1,032 Nextel Communications, Inc. Class A(a)............ 24,633
847 Red Hat, Inc.(a)H................................. 19,240
948 Rockwell Collins, Inc. ........................... 30,570
4,066 Solectron Corp. (with rights)(a).................. 19,922
764 Symantec Corp.(a)................................. 34,418
2,190 VeriSign, Inc. (with rights)(a)................... 35,331
----------
397,485
----------
TRANSPORTATION -- 0.7%
1,671 AMR Corp.(a)H..................................... 18,970
----------
UTILITIES -- 2.8%
814 Cinergy Corp. (with rights)....................... 30,883
688 Energy East Corp. ................................ 16,210
744 Wisconsin Energy Corp. ........................... 23,349
----------
70,442
----------
Total common stock
(cost $2,115,865)............................... $2,509,076
----------
SHORT-TERM INVESTMENTS -- 4.7%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 3.2%
81,716 Boston Global Investment Trust.................... $ 81,716
----------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(C)
- --------- ----------
FINANCE -- 1.5%
$ 4,046 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... $ 4,046
13,488 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 13,488
18,949 UBS Warburg Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 18,949
----------
36,483
----------
Total short-term investments
(cost $118,199)................................. $ 118,199
----------
Total investments in securities
(cost $2,234,064)(b)............................ $2,627,275
==========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $2,245,821 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $455,006
Unrealized depreciation........................ (73,552)
--------
Net unrealized appreciation.................... $381,454
========
</Table>
(c) See Note 2b of accompanying Notes of Financial Statements
regarding valuation of securities.
(d) Market value of investments in foreign securities represents 4.30%
of total net assets as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $36,649, which represents 1.45% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
The accompanying notes are an integral part of these financial statements.
91
THE HARTFORD MIDCAP VALUE FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 97.8%
BASIC MATERIALS -- 12.2%
199 Cooper Tire & Rubber Co. ......................... $ 4,246
210 Engelhard Corp. (with rights)..................... 6,104
44 Grupo IMSA S.A. de C.V. ADR....................... 795
603 IMC Global, Inc. (with rights).................... 7,576
109 Inco Ltd.(a)...................................... 3,122
123 Michelin (C.G.D.E.) Class B(e)H................... 5,720
351 Pactiv Corp.(a)................................... 8,046
88 Peabody Energy Corp. ............................. 4,141
329 Smurfit-Stone Container Corp. (with rights)(a).... 5,662
--------
45,412
--------
CAPITAL GOODS -- 9.8%
579 Axcelis Technologies, Inc.(a)..................... 6,084
764 Bombardier, Inc. Class B.......................... 3,354
69 FMC Technologies, Inc.(a)......................... 1,869
141 IHC Caland N.V.(e)................................ 6,602
96 Pall Corp. (with rights).......................... 2,271
35 SPX Corp.(a)...................................... 1,530
207 Teradyne, Inc. (with rights)(a)................... 4,213
197 Yankee Candle Co., Inc.(a) 5,327
138 York International Corp. ......................... 5,418
--------
36,668
--------
CONSUMER CYCLICAL -- 13.3%
62 BorgWarner, Inc. ................................. 5,056
145 CBRL Group, Inc.(a)............................... 5,445
352 Foot Locker, Inc. ................................ 8,443
48 Hughes Supply, Inc. (with rights)................. 2,660
27 M.D.C. Holdings, Inc. ............................ 1,675
279 Office Depot, Inc. (with rights)(a)............... 4,880
1,717 Rinker Group Ltd.(e).............................. 8,786
140 Ross Stores, Inc.................................. 4,264
24 Toll Brothers, Inc.(a)............................ 950
117 United Stationers, Inc.(a)........................ 4,438
65 V.F. Corp. (with rights).......................... 3,019
--------
49,616
--------
CONSUMER STAPLES -- 4.6%
208 Bunge Ltd. ....................................... 7,707
58 Constellation Brands, Inc. Class A(a)............. 1,915
138 Dean Foods Co.(a)................................. 4,617
106 Smithfield Foods, Inc. (with rights)(a)........... 2,806
--------
17,045
--------
ENERGY -- 5.3%
134 Cal Dive International, Inc.(a)................... 3,623
85 EOG Resources, Inc. (with rights)................. 4,201
37 Talisman Energy, Inc. ............................ 2,124
125 UGI Corp. ........................................ 3,950
83 Unocal Corp. (with rights)........................ 3,002
114 XTO Energy, Inc. (with rights).................... 3,054
--------
19,954
--------
FINANCE AND INSURANCE -- 22.7%
139 Ambac Financial Group, Inc. ...................... 9,605
182 Apollo Investment Corp.(a)H....................... 2,502
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
FINANCE AND INSURANCE -- (CONTINUED)
205 CIT Group, Inc. .................................. $ 7,039
47 City National Corp. .............................. 2,916
71 Comerica, Inc. (with rights)...................... 3,681
184 Converium Holding AG ADRH......................... 4,789
130 Endurance Specialty Holdings Ltd. ................ 4,356
21 Gallagher (Arthur J.) & Co. ...................... 661
284 Hibernia Corp. Class A............................ 6,184
34 Oxford Health Plans, Inc. ........................ 1,851
59 Platinum Underwriters Holdings Ltd. .............. 1,874
66 ProLogis Trust (REIT)............................. 1,953
112 Radian Group, Inc. ............................... 5,200
221 Reinsurance Group of America, Inc. ............... 8,574
118 RenaissanceRe Holdings Ltd. ADR................... 6,223
124 Rent-A-Center, Inc.(a)............................ 3,621
51 Union Planters Corp. ............................. 1,423
129 UnionBanCal Corp. ................................ 6,882
190 United Rentals, Inc. (with rights)(a)............. 3,270
46 Webster Financial Corp. .......................... 2,014
--------
84,618
--------
HEALTH CARE -- 2.9%
68 AmerisourceBergen Corp. (with rights)............. 3,960
238 Biovail Corp.(a).................................. 4,522
97 Health Net, Inc. (with rights)(a)................. 2,460
--------
10,942
--------
SERVICES -- 7.1%
427 Bally Total Fitness Holding Corp.(a)H............. 1,759
426 BearingPoint, Inc. (with rights)(a)............... 4,265
86 Penn National Gaming, Inc. (with rights)(a)H...... 2,527
264 Republic Services, Inc. .......................... 7,614
237 Unisys Corp.(a)................................... 3,092
971 UnitedGlobalCom, Inc. Class A(a).................. 7,262
--------
26,519
--------
TECHNOLOGY -- 10.4%
167 AMETEK, Inc. ..................................... 4,428
257 Arrow Electronics, Inc.(a)........................ 6,505
97 DENTSPLY International, Inc. ..................... 4,696
373 Fairchild Semiconductor International, Inc.(a).... 7,260
425 Graftech International Ltd. (with rights)(a)...... 3,771
148 Lam Research Corp.(a)............................. 3,274
174 Seagate Technology(a)............................. 2,172
390 Vishay Intertechnology, Inc.(a)................... 6,791
--------
38,897
--------
TRANSPORTATION -- 5.2%
162 CNF, Inc. ........................................ 5,908
41 Continental Airlines, Inc. Class B (with
rights)(a)H..................................... 437
126 CSX Corp. (with rights)........................... 3,882
113 ExpressJet Holdings, Inc.(a)...................... 1,431
149 United Defense Industries, Inc.(a)................ 5,152
78 USF Corp. ........................................ 2,594
--------
19,404
--------
</Table>
The accompanying notes are an integral part of these financial statements.
92
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 97.8% -- (CONTINUED)
UTILITIES -- 4.3%
49 Cinergy Corp. (with rights)....................... $ 1,863
160 PPL Corp. ........................................ 6,860
209 TXU Corp. (with rights)........................... 7,139
--------
15,862
--------
Total common stock
(cost $329,033)................................. $364,937
--------
SHORT-TERM INVESTMENTS -- 5.6%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 3.3%
12,296 Boston Global Investment Trust.................... $ 12,296
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 2.3%
$ 956 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 956
3,187 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 3,187
4,477 UBS Warburg Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 4,477
--------
8,620
--------
Total short-term investments
(cost $20,916).................................. $ 20,916
--------
Total investments in securities
(cost $349,949)(b).............................. $385,853
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax
purposes is $350,368 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation........................ $ 46,405
Unrealized depreciation........................ (10,920)
--------
Net unrealized appreciation.................... $ 35,485
========
</Table>
(c) See Note 2b of accompanying Notes of Financial Statements
regarding valuation of securities.
(d) Market value of investments in foreign securities represents 10.67%
of total net assets as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these securities
as of April 30, 2004, was $21,108, which represents 5.66% of total net
assets.
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
The accompanying notes are an integral part of these financial statements.
93
THE HARTFORD MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT YIELD RATING VALUE(A)
- --------- ----- ---------- --------
CAPITAL GOODS -- 0.9%
$ 2,560 United Technologies Corp.
11/15/2004...................................... 1.18% A1 $ 2,634
--------
CONSUMER CYCLICAL -- 1.8%
5,005 Grand Metro Investment Corp.
09/15/2004...................................... 1.14% A1 5,116
--------
CONSUMER STAPLES -- 15.0%
7,000 Archer-Daniels-Midland Corp.
07/20/2004(d)................................... 1.07% A1 6,985
2,000 Cargill Inc.
06/10/2004...................................... 1.06% A1 1,999
6,000 Cargill Incorp.
07/14/2004...................................... 1.11% A1 5,986
8,000 Northern Rock plc
01/13/2005(c)(d)................................ 1.11% A1 8,000
7,300 Old Line Funding Corp.
06/01/2004(d)................................... 1.06% A1 7,294
7,300 Preferred Receivables Funding Corp.
05/04/2004...................................... 1.06% A1 7,300
6,000 Sara Lee Corp.
05/13/2004...................................... 1.07% A1 5,999
--------
Total consumer staples............................ $ 43,563
--------
FINANCE -- 77.3%
4,000 Alliance & Leicester
07/15/2004...................................... 1.11% A1 3,991
1,500 American Express Credit Corp.
12/16/2004(c)................................... 1.22% A1 1,502
7,000 American Express Credit Corp.
12/27/2004(c)................................... 1.22% A1 7,008
7,500 American General Finance Corp.
08/06/2004(c)................................... 1.30% A1 7,504
6,500 American Honda Finance Corp.
10/22/2004(c)(d)................................ 1.12% A1 6,500
1,500 Bear Stearns Co., Inc.
06/01/2004(c)................................... 1.37% A1 1,500
6,500 Bear Stearns Co., Inc. Ser B
09/21/2004(c)................................... 1.50% A1 6,511
8,500 Bradford & Bingley Plc
01/07/2005(c)(d)................................ 1.12% A1 8,500
7,500 Britannia Building Society
08/11/2004...................................... 1.13% A1 7,476
7,000 Caterpillar Financial Services Corp.
08/02/2004(c)................................... 1.29% A1 7,004
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT YIELD RATING VALUE(A)
- --------- ----- ---------- --------
FINANCE -- (CONTINUED)
$ 2,500 Corporate Asset Funding Co.
06/08/2004...................................... 1.05% A1 $ 2,498
5,500 Corporate Asset Funding Co., Inc.
05/26/2004...................................... 1.05% A1 5,496
3,300 Diageo Capital plc
06/24/2004...................................... 1.21% A1 3,326
4,300 FHLB
04/01/2005...................................... 1.40% A1 4,300
4,400 FHLB
05/04/2005...................................... 1.55% A1 4,400
6,000 General Electric Capital Corp.
09/15/2004...................................... 1.23% A1 6,125
8,750 Goldman Sachs Group, Inc.
10/25/2004(c)................................... 1.10% A1 8,750
7,000 HBOS Treasury Services plc
08/19/2004 1.11% A1 6,976
7,300 HSBC USA, Inc.
09/13/2004...................................... 1.23% A1 7,267
7,300 J.P. Morgan Chase & Co.
02/24/2005(c)................................... 1.37% A1 7,319
3,900 Lehman Brothers Holdings, Inc.
01/15/2005...................................... 1.27% A1 4,076
3,500 Lehman Brothers, Inc. Ser A
05/16/2005(c)................................... 1.07% A1 3,500
3,500 Merrill Lynch & Co., Inc.
08/09/2004(c)................................... 1.33% A1 3,502
3,000 Merrill Lynch & Co., Inc.
06/11/2004(c)................................... 1.36% A1 3,001
8,000 Morgan Stanley Dean Witter & Co.
05/18/2004...................................... 1.05% A1 7,996
5,000 Nationwide Building Society
05/10/2004...................................... 1.06% A1 4,998
5,000 Nationwide Building Society
07/23/2004(c)(d)................................ 1.14% A1 5,000
7,250 Nordea North America, Inc.
05/28/2004...................................... 1.06% A1 7,244
7,200 Quebec (Province of) Canada
01/11/2005...................................... 1.38% A1 7,131
8,000 Salomon Smith Barney Holdings, Inc.
06/17/2004(c)................................... 1.23% A1+ 8,002
5,000 Sheffield Receivables Corp.
05/10/2004...................................... 1.05% A1 4,997
</Table>
The accompanying notes are an integral part of this financial statement.
94
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT YIELD RATING VALUE(A)
- --------- ----- ---------- --------
FINANCE -- (CONTINUED)
$ 3,500 Sheffield Receivables Corp.
05/24/2004...................................... 1.05% A1 $ 3,498
7,100 Stadwhypotek Delaware
06/08/2004...................................... 1.06% A1 7,092
7,500 State Street Bank & Trust Com.
05/26/2004...................................... 1.03% A1 7,500
8,000 Toronto-Dominion Holdings (USA), Inc.
05/12/2004...................................... 1.05% A1 7,997
3,000... Toyota Motor Credit Corp.
12/23/2004(c)................................... 1.04% A1 3,000
6,329... UBS Finance(Delaware)
05/03/2004...................................... 1.03% A1 6,328
7,500... US Bank N.A.
03/30/2005(c)................................... 1.00% A1+ 7,498
2,000... Washington Mutual Bank N.A.
07/29/2004(c)................................... 1.11% A1 2,000
6,000... Washington Mutual Bank N.A.
03/15/2005(c)................................... 1.09% A1 5,999
--------
Total Finance..................................... $224,312
--------
HEALTH CARE -- 3.0%
8,750 Abbott Laboratories
07/01/2004...................................... 1.10% A1 8,809
--------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT YIELD RATING VALUE(A)
- --------- ----- ---------- --------
TECHNOLOGY -- 3.0%
8$,750... International Business Machines, Inc.
09/27/2004(c)................................... 1.23% A1 $ 8,756
--------
Total investments in securities
(cost $293,190)(b).............................. $293,190
========
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) See Note 2b of accompanying Notes of Financial Statements
regarding valuation of securities.
(b) Also represents cost for federal income tax purposes.
(c) Variable Rate Securities; the yield reported is the rate in effect as of
April 30, 2004.
(d) Securities exempt from registration under Rule 144A of the
securities Act of 1933. These securities may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At
the period end, the value of these securities amounted to 42,279, which
represents 14.56% of total net assets of the fund as of April 30, 2004.
The accompanying notes are an integral part of this financial statement.
95
THE HARTFORD SHORT DURATION FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
ASSET BACKED AND COMMERCIAL -- 8.6%
MORTGAGE SECURITIES
FINANCE -- 8.6%
$ 100 AmeriCredit Automobile Receivables Trust,
5.81%, Ser 2001-1 Class B
05/06/2006...................................... AA $ 101
232 AQ Finance CEB Trust,
6.10%, Ser 2003-CE1A 08/25/2033(d)(f)........... BBB 229
280 Asset Backed Funding Corp. NIM Trust,
4.55%, Ser 2004-OPT1 Class N1
12/26/2033(d)(f)................................ BBB 280
320 Bank One Issuance Trust,
4.54%, Ser 2003-C1 Class C1 09/15/2010.......... BBB 325
750 Citibank Credit Card Issuance Trust,
7.45%, Ser 2000-Class l C1 09/15/2007........... BBB 801
3,924 Commercial Mortgage Passthrough Certificates,
1.28%, Ser LB2A Class X2 03/10/2039(e)(f)....... AAA 193
200 CS First Boston Mortgage Securities Corp.,
2.50%, Ser 2002-TFLA Class D 11/18/2012(d)(f)... A 201
300 DLJ Mortgage Acceptance Corp.,
7.50%, Ser 1995-CF2 Class B1 12/17/2027(f)...... AAA 300
150 Ford Credit Auto Owner Trust,
4.29%, Ser 2003-A Class C 11/15/2007............ BBB 151
10,248 GE Capital Commercial Mortgage Corp.,
0.70%, Ser 2004-C2 Class A2 01/10/2011(e)(f).... AAA 339
500 Green Tree Financial Corp.,
6.27%, Ser 1998-6 Class A6 06/01/2030........... A 516
38 Green Tree Financial Corp.,
7.30%, Ser 1995-9 Class A6 01/15/2026........... AAA 40
300 Home Equity Asset Trust,
5.25%, Ser 2003-7 Class NIM23 04/27/2034(f)..... BBB+ 300
6,510 J.P. Morgan Chase Commercial Mortgage Securities
Co.,
1.20%, Ser 2004-C1 Class X2 01/15/2038(f)....... AAA 333
378 J.P. Morgan Chase Commercial Mortgage Securities,
2.92%, Ser 2003-CB7 Class A1 01/12/2038......... AAA 376
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MORTGAGE SECURITIES FINANCE -- (CONTINUED)
$2,762 LB-UBS Commercial Mortgage Trust PAC I/O,
3.69%, 12/15/2036(e)(f)......................... AAA $ 159
80 LB-UBS Commercial Mortgage Trust,
3.17%, 12/15/2026............................... AAA 80
40 Merrill Lynch Mortgage Investors, Inc.,
2.10%, Ser 2000-FF1 Class M2 03/01/2031(d)...... A 40
375 Morgan Stanley Capital I,
2.80%, Ser 2003-IQ6 Class A1 12/15/2041......... AAA 373
67 Morgan Stanley Dean Witter Capital I,
4.09%, Ser 2002-IQ2 Class A1 12/15/2035......... AAA 68
79 Morgan Stanley Dean Witter Capital I,
4.59%, Ser 2002-HQ Class A1 04/15/2034.......... AAA 81
461 Morgan Stanley Dean Witter Capital I,
5.38%, Ser 2002-TOP7 Class A1 01/15/2039........ Aaa* 484
245 Navistar Financial Corp. Owner Trust,
3.08%, Ser 2003-A Class B 11/15/2009............ A 244
150 Soundview Home Equity Loan Trust, Inc.,
8.64%, Ser 2000-1 Class M1 05/25/2030........... AA 158
6,844 Wachovia Bank Commercial Mortgage Trust I/O,
1.03%, Ser 2004-C10 Class XP 02/15/2041(e)(f)... AAA 335
102 Wachovia Bank Commercial Mortgage Trust,
4.54%, Ser 2002-C1 Class A1 04/15/2034.......... AAA 105
265 WFS Financial Owner Trust,
3.05%, Ser 2003-2 Class C 12/20/2010............ A 265
-------
6,877
-------
Total asset backed and commercial
mortgage securities
(cost $6,956)................................... 6,877
=======
</Table>
The accompanying notes are an integral part of this financial statement.
96
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- 61.0%
BASIC MATERIALS -- 4.9%
$ 350 Alcoa, Inc.,
5.875%, 06/01/2006.............................. A- $ 372
300 BOC Group, Inc.,
7.45%, 06/15/2006(f)............................ A 321
250 Carlisle Cos., Inc.,
6.70%, 05/15/2008............................... BBB 270
200 Dow Chemical Co.,
7.00%, 08/15/2005............................... A- 212
300 Falconbridge Ltd.,
7.375%, 09/01/2005.............................. BBB- 318
125 ICI North America,
8.875%, 11/15/2006.............................. BBB 141
100 International Flavors & Fragrances, Inc.,
6.45%, 05/15/2006............................... BBB+ 107
200 International Paper Co.,
3.80%, 04/01/2008............................... BBB 198
120 Lafarge North America, Inc.,
6.375%, 07/15/2005.............................. BBB 125
100 Pactiv Corp.,
8.00%, 04/15/2007............................... BBB 111
50 Phelps Dodge Corp.,
6.375%, 11/01/2004.............................. BBB- 51
380 Placer Dome, Inc.,
7.125%, 06/15/2007.............................. BBB+ 416
370 Potash Corp. of Saskatchewan, Inc.,
7.125%, 06/15/2007.............................. BBB+ 407
200 Temple-Inland, Inc.,
7.25%, 09/15/2004............................... BBB 203
300 Westvaco Corp.,
8.40%, 06/01/2007............................... BBB 340
300 Worthington Industries, Inc.,
7.125%, 05/15/2006.............................. BBB 321
-------
3,913
-------
CAPITAL GOODS -- 2.1%
360 Black & Decker Corp.,
7.00%, 02/01/2006............................... BBB 387
450 Ingersoll-Rand Co.,
6.25%, 05/15/2006............................... BBB+ 480
350 McDonnell Douglas Corp.,
6.875%, 11/01/2006.............................. A 380
100 Rockwell International Corp.,
6.625%, 06/01/2005.............................. A 104
300 Textron, Inc.,
6.625%, 11/15/2007.............................. A- 332
-------
1,683
-------
CONSUMER CYCLICAL -- 7.2%
125 Albertson's, Inc.,
6.55%, 08/01/2004............................... BBB 126
250 American Stores Co.,
7.40%, 05/15/2005............................... BBB 261
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CONSUMER CYCLICAL -- (CONTINUED)
$ 500 Centex Corp.,
4.75%, 01/15/2008............................... BBB $ 513
100 DaimlerChrysler N.A. Holding Corp.,
4.05%, 06/04/2008............................... BBB 98
500 DaimlerChrysler N.A. Holding Corp.,
7.75%, 06/15/2005............................... BBB 530
300 Federated Department Stores, Inc.,
6.625%, 09/01/2008.............................. BBB+ 328
75 Jones Apparel Group, Inc.,
7.50%, 06/15/2004............................... BBB 75
200 Jones Apparel Group, Inc.,
7.875%, 06/15/2006.............................. BBB 220
300 Kroger Co.,
7.80%, 08/15/2007............................... BBB 338
150 Kroger Co.,
8.15%, 07/15/2006............................... BBB 166
470 Masco Corp.,
6.75%, 03/15/2006............................... BBB+ 504
250 May Department Stores Co.,
5.95%, 11/01/2008............................... BBB+ 266
200 May Department Stores Co.,
6.875%, 11/01/2005.............................. BBB+ 212
240 Mohawk Industries, Inc.,
6.50%, 04/15/2007............................... BBB 259
150 Newell Rubbermaid, Inc.,
6.00%, 03/15/2007............................... BBB+ 160
250 Nine West Group, Inc.,
8.375%, Ser B 08/15/2005........................ BBB 265
300 PHH Corp.,
6.00%, 03/01/2008............................... BBB+ 321
300 Philips Electronics N.V.,
8.375%, 09/15/2006.............................. BBB+ 332
320 Pulte Homes, Inc.,
7.30%, 10/24/2005............................... BBB- 342
350 Rubbermaid Inc.,
6.60%, 11/15/2006............................... BBB+ 379
100 Safeway, Inc.,
3.80%, 08/15/2005............................... BBB 102
-------
5,797
-------
CONSUMER STAPLES -- 3.0%
300 Cadbury Schweppes Finance plc,
5.00%, 06/26/2007............................... BBB 311
350 ConAgra Foods, Inc.,
7.50%, 09/15/2005............................... BBB+ 373
90 ConAgra Foods, Inc.,
9.875%, 11/15/2005.............................. BBB+ 99
300 Dial Corp.,
7.00%, 08/15/2006............................... BBB+ 326
400 General Mills, Inc.,
2.625%, 10/24/2006.............................. BBB+ 394
350 Kellogg Co.,
6.00%, Ser B 04/01/2006......................... BBB 372
</Table>
The accompanying notes are an integral part of this financial statement.
97
THE HARTFORD SHORT DURATION FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
CONSUMER STAPLES -- (CONTINUED)
$ 150 Ralcorp Holdings, Inc.,
8.75%, 09/15/2004............................... BBB+ $ 154
350 Weyerhaeuser Co.,
5.50%, 03/15/2005............................... BBB 361
-------
2,390
-------
ENERGY -- 4.2%
200 Anadarko Petroleum Corp.,
5.375%, 03/01/2007.............................. BBB+ 211
100 Baker Hughes, Inc.,
8.00%, 05/15/2004............................... A- 100
50 Consolidated Natural Gas Co.,
5.375%, Ser B 11/01/2006........................ BBB+ 53
150 Global Marine, Inc.,
7.125%, 09/01/2007.............................. A-- 165
350 Louis Dreyfus Natural Gas Corp.,
6.875%, 12/01/2007.............................. BBB+ 379
150 Ocean Energy, Inc.,
7.625%, Ser B 07/01/2005........................ BBB 159
400 Petroleos Mexicanos,
8.85%, 09/15/2007............................... BBB- 452
350 Repsol International Finance B.V.,
7.45%, 07/15/2005............................... BBB+ 372
300 Transocean, Inc.,
6.75%, 04/15/2005............................... A- 312
50 Ultramar Diamond Shamrock Corp.,
8.00%, 03/15/2005............................... BBB 53
300 Union Oil Co. of California,
9.125%, 02/15/2006.............................. BBB+ 334
300 Union Pacific Resources Group, Inc.,
6.50%, 05/15/2005............................... BBB+ 313
451 Valero Energy Corp.,
6.125%, 04/15/2007.............................. BBB 485
-------
3,388
-------
FINANCE -- 17.3%
450 ACE INA Holdings, Inc.,
8.30%, 08/15/2006............................... BBB+ 500
451 Aetna, Inc.,
7.375%, 03/01/2006.............................. BBB 489
130 American General Finance Corp., 5.875%,
12/15/2005...................................... A+ 138
100 American General Finance Corp.,
5.91%, 06/12/2006............................... A+ 107
230 Aon Corp.,
8.65%, 05/15/2005............................... A- 243
400 Avalon Properties, Inc.,
6.875%, 12/15/2007.............................. BBB+ 442
100 AXA Financial, Inc.,
9.00%, 12/15/2004............................... A 104
100 Banca Commerciale Italiana,
8.25%, 07/15/2007............................... BBB+ 113
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
FINANCE -- (CONTINUED)
$ 150 Banesto Finance Ltd.,
7.50%, 03/25/2007............................... A $ 165
200 BankAmerica Corp.,
6.75%, 09/15/2005............................... A 212
250 BankBoston Corp.,
6.625%, 12/01/2005.............................. A 266
389 Bankers Trust Corp.,
7.125%, 03/15/2006.............................. A 421
290 BBV International Finance,
6.875%, 07/01/2005.............................. A+ 305
100 Bear Stearns & Co., Inc.,
7.625%, 02/01/2005.............................. A 104
100 Capital One Bank,
6.875%, 02/01/2006.............................. BBB- 107
400 Capital One Master Trust,
7.90%, Ser 2000-3 Class C 10/15/2010(f)......... BBB 446
193 Chase Commercial Mortgage Securities Corp.,
6.90%, Ser 1996-2 Class A2 11/19/2028........... AAA 206
300 Chase Funding Mortgage Loan Asset-Backed,
2.34%, CMO Class IA3 04/25/2024................. AAA 295
50 CIGNA Corp.,
8.25%, 01/01/2007............................... BBB 55
150 CIT Group, Inc.,
7.625%, 08/16/2005.............................. A 160
250 Countrywide Funding Corp.,
6.875%, 09/15/2005.............................. A 265
250 Credit Suisse First Boston USA, Inc.,
5.875%, 08/01/2006.............................. A+ 266
220 Credit Suisse First Boston USA, Inc.,
6.50%, 05/01/2008(f)............................ A 239
300 Equifax, Inc.,
4.95%, 11/01/2007............................... A- 314
200 Equitable Life Assurance Society,
6.95%, 12/01/2005(f)............................ A 214
100 ERAC USA Finance Co.,
6.625%, 02/15/2005(f)........................... BBB+ 103
225 ERAC USA Finance Co.,
8.25%, 05/01/2005(f)............................ BBB+ 237
200 Evans Withycombe Residential, Inc.,
7.625%, 04/15/2007.............................. BBB+ 223
700 Ford Motor Credit Co.,
6.875%, 02/01/2006.............................. BBB- 741
100 Gables Realty L.P.,
6.80%, 03/15/2005............................... BBB 103
100 General Motors Acceptance Corp.,
4.50%, 07/15/2006............................... BBB 102
150 General Motors Acceptance Corp.,
6.125%, 02/01/2007.............................. BBB 158
</Table>
The accompanying notes are an integral part of this financial statement.
98
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 600 General Motors Acceptance Corp.,
7.50%, 07/15/2005............................... BBB $ 633
100 Goldman Sachs Group, Inc.,
7.50%, 01/28/2005............................... A+ 104
100 Household Finance Corp.,
1.47%, 05/28/2004(d)............................ A 100
150 Household Finance Corp.,
5.75%, 01/30/2007............................... A 160
250 Household Finance Corp.,
7.65%, 05/15/2007............................... A 278
200 International Lease Finance Corp.,
2.95%, 05/23/2006............................... AA- 200
100 International Lease Finance Corp.,
5.95%, 06/06/2005............................... AA- 104
150 J.P. Morgan Chase & Co.,
5.625%, 08/15/2006.............................. A+ 159
200 J.P. Morgan Chase & Co.,
7.25%, 06/01/2007............................... A 223
100 Key Bank N.A., Inc.,
7.125%, 08/15/2006.............................. A- 110
150 Lehman Brothers Holdings, Inc.,
8.75%, 03/15/2005............................... A 159
120 Lincoln National Corp.,
5.25%, 06/15/2007............................... A- 128
293 MBNA America Bank N.A.,
6.50%, 06/20/2006............................... BBB+ 314
148 MBNA America Bank N.A.,
6.75%, 03/15/2008(f)............................ BBB 163
300 Merrill Lynch & Co., Inc.,
7.00%, 04/27/2008............................... A+ 335
150 Merrill Lynch & Co., Inc.,
8.00%, 06/01/2007............................... A+ 169
300 Merry Land & Investment, Inc.,
7.25%, 06/15/2005............................... BBB+ 316
150 Morgan Stanley,
7.75%, 06/15/2005............................... A+ 159
307 Nationslink Funding Corp.,
6.00%, Ser 1998-2 Class A1 08/20/2030........... AAA 320
250 PNC Funding Corp.,
5.75%, 08/01/2006............................... A- 265
300 Prudential Insurance Co. of America,
6.375%, 07/23/2006(f)........................... A+ 323
179 Residential Asset Securities Corp.,
7.51%, Ser 1999-KS3 Class AI7 10/25/2030........ AAA 188
350 Simon Property Group L.P.,
7.125%, 09/20/2007.............................. BBB 393
235 St. Paul Companies, Inc.,
7.875%, 04/15/2005.............................. BBB+ 247
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
FINANCE -- (CONTINUED)
$ 218 Vanderbilt Mortgage, Inc.,
3.28%, Ser 2002-1 Class A1 01/07/2013........... AAA $ 219
300 Wellpoint Health Networks, Inc.,
6.375%, 06/15/2006.............................. A- 322
-------
13,934
-------
HEALTH CARE -- 0.7%
200 Boston Scientific Corp.,
6.625%, 03/15/2005.............................. A- 208
300 Quest Diagnostics, Inc.,
6.75%, 7/12/2006................................ BBB 324
-------
532
-------
SERVICES -- 7.0%
100 ARAMARK Services, Inc.,
6.75%, 08/01/2004............................... BBB- 101
370 ARAMARK Services, Inc.,
8.15%, 05/01/2005............................... BBB- 390
550 Belo Corp.,
7.125%, 06/01/2007.............................. BBB- 604
389 Comcast Cable Communications, Inc.,
6.375%, 01/30/2006.............................. BBB 412
260 Computer Sciences Corp.,
6.75%, 06/15/2006............................... A 280
150 Cox Enterprises, Inc.,
4.375%, 05/01/2008(f)........................... BBB 151
100 Cox Enterprises, Inc.,
8.00%, 02/15/2007(f)............................ BBB 112
300 Fiserv, Inc.,
3.00%, 06/27/2008............................... BBB+ 286
450 Harrah's Operating Co., Inc.,
7.125%, 06/01/2007.............................. BBB- 497
355 Hyatt Equities LLC,
6.875%, 06/15/2007(f)........................... BBB 376
250 Marriott International, Inc.,
6.875%, Ser B 11/15/2005........................ BBB+ 266
200 Marriott International, Inc.,
7.00%, 01/15/2008............................... BBB+ 223
300 News America, Inc.,
6.625%, 01/09/2008.............................. BBB- 327
200 Scholastic Corp.,
5.75%, 01/15/2007............................... BBB- 212
200 TCI Communications, Inc.,
6.875%, 02/15/2006.............................. BBB 214
395 USA Networks, Inc.,
6.75%, 11/15/2005............................... BBB- 415
300 Walt Disney Co.,
7.30%, 02/08/2005............................... BBB+ 312
435 WMX Technologies, Inc.,
7.00%, 10/15/2006............................... BBB 473
-------
5,651
-------
</Table>
The accompanying notes are an integral part of this financial statement.
99
THE HARTFORD SHORT DURATION FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
TECHNOLOGY -- 8.5%
$ 300 AT&T Corp.,
7.75%, 03/01/2007............................... BBB $ 328
100 AT&T Wireless Services, Inc.,
6.875%, 04/18/2005.............................. BBB 105
500 AT&T Wireless Services, Inc.,
7.50%, 05/01/2007............................... BBB 555
550 British Telecommunications plc,
7.875%, 12/15/2005.............................. A- 595
450 Cingular Wireless LLC,
5.625%, 12/15/2006.............................. A+ 476
290 Cox Communications, Inc.,
7.75%, 08/15/2006............................... BBB 320
560 Deutsche Telekom International Finance B.V.,
8.25%, 06/15/2005............................... BBB+ 596
550 France Telecom S.A.,
8.20%, 03/01/2006............................... BBB+ 598
450 Hewlett-Packard Co.,
5.75%, 12/15/2006............................... A- 480
275 Maytag Corp.,
6.875%, 03/31/2006.............................. BBB 292
500 Motorola, Inc.,
6.75%, 02/01/2006............................... BBB 531
250 Puget Sound Energy, Inc.,
3.36%, 06/01/2008............................... BBB 239
600 Sprint Capital Corp.,
7.90%, 03/15/2005............................... BBB- 630
250 Time Warner Companies, Inc.,
8.11%, 08/15/2006............................... BBB+ 276
250 US Cellular Corp.,
7.25%, 08/15/2007............................... A- 253
475 Verizon Wireless Capital LLC,
5.375%, 12/15/2006.............................. A+ 501
75 Vodafone Group plc,
7.625%, 02/15/2005.............................. A 78
-------
6,853
-------
TRANSPORTATION -- 1.5%
325 CSX Corp.,
9.00%, 08/15/2006............................... BBB 367
280 Norfolk Southern Corp.,
7.40%, 09/15/2006............................... BBB 308
350 TTX Co.,
3.875%, 03/01/2008(f)........................... A+ 340
200 Union Pacific Corp.,
7.60%, 05/01/2005............................... BBB 211
-------
1,226
-------
UTILITIES -- 4.6%
340 Appalachian Power Co.,
4.80%, Ser E 06/15/2005......................... BBB 349
145 Appalachian Power Co.,
6.80%, 03/01/2006............................... BBB 155
204 Baltimore Gas & Electric Co., Inc.,
6.625%, 03/15/2008.............................. A 225
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
UTILITIES -- (CONTINUED)
$ 557 Commonwealth Edison Co.,
6.40%, 10/15/2005............................... BBB+ $ 587
325 Consumers Energy Co.,
6.25%, 09/15/2006............................... BBB- 347
200 DTE Energy Co.,
6.00%, 06/01/2004............................... BBB 201
250 FPL Group Capital, Inc.,
3.25%, 04/11/2006............................... A- 253
250 Georgia Power Co.,
6.20%, 02/01/2006............................... A 266
140 Niagara Mohawk Power Corp.,
9.75%, 11/01/2005............................... A+ 155
250 Northeast Utilities,
3.30%, 06/01/2008............................... BBB 240
300 Southwestern Public Service Co.,
5.125%, 11/01/2006.............................. BBB 314
270 Texas Eastern Transmission L.P.,
5.25%, 07/15/2007............................... BBB 282
300 TXU Electric Co.,
6.25%, 10/01/2004............................... BBB 306
-------
3,680
-------
Total corporate bonds:
investment grade
(cost $48,820).................................. $49,047
-------
U.S. GOVERNMENT SECURITIES -- 27.5%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 3.6%
$ 300 3.125% 2006....................................... $ 301
1,000 5.50% 2029........................................ 1,037
900 6.00% 2028........................................ 924
198 6.00% 2032........................................ 203
394 6.50% 2017........................................ 417
-------
2,882
-------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 1.3%
782 6.00% 2032 -- 2033................................ 801
261 6.50% 2032........................................ 271
-------
1,072
-------
GOVERNMENT NATIONAL MORTGAGE -- 5.9%
2,900 6.00% 2030 -- 2032................................ 3,060
1,377 6.00% 2033........................................ 1,416
234 7.00% 2032........................................ 248
-------
4,724
-------
OTHER DIRECT FEDERAL OBLIGATIONS -- 0.5%
FEDERAL HOME LOAN BANK
400 3.00% 2008........................................ 391
-------
</Table>
The accompanying notes are an integral part of this financial statement.
100
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(B)
- --------- --------
U.S. GOVERNMENT SECURITIES -- (CONTINUED)
U.S. TREASURY SECURITIES -- 16.2%
$6,990 3.375% 2007....................................... $ 8,858
3,285 3.875% 2009....................................... 4,182
-------
13,040
-------
Total U.S. government securities
(cost $22,324).................................. $22,109
-------
Total long-term investments
(cost $78,100).................................. $78,033
-------
SHORT-TERM INVESTMENTS -- 0.7%
FINANCE -- 0.7%
$ 160 BNP Paribas Repurchase Agreement,
0.91%, 05/03/2004 (Note 2f)..................... $ 160
191 Greenwich Repurchase Agreement,
0.92%, 05/03/2004 (Note 2f)..................... 191
46 State Street Repurchase Agreement,
0.89%, 05/03/2004 (Note 2f)..................... 46
192 UBS Warburg Repurchase Agreement,
0.91%, 05/03/2004 (Note 2f)..................... 192
-------
Total short-term investments (cost $589).......... $ 589
-------
Total investments in securities (cost
$78,689)(a)..................................... $78,622
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
<Table>
(a) At April 30, 2004, the cost of securities for federal income tax purposes
is $78,689 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation.......................... $ 478
Unrealized depreciation.......................... (545)
-----
Net unrealized appreciation...................... $ (67)
=====
</Table>
<Table>
(b) See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
(c) Market value of investments in foreign securities represents 6.15% of
total net assets as of April 30, 2004.
(d) Variable rate securities; the yield reported is the rate in effect as of
April 30, 2004.
(e) The interest rate disclosed for interest only strips represents the
effective yield at April 30, 2004, based upon the estimated timing and
amount of future cash flows.
(f) Securities exempt from registration under Rule 144A of the securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $5,694, which represents
7.08% of total net assets of the fund as of April 30, 2004.
(g) U.S. Treasury inflation-protection securities (TIPS) are securities in
which the principal amount is adjusted for inflation and the semiannual
interest payments equal a fixed percentage of the inflation-adjusted
principal amount.
* Moody's Rating
</Table>
The accompanying notes are an integral part of this financial statement.
101
THE HARTFORD SMALL COMPANY FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 96.0%
BASIC MATERIALS -- 3.7%
245 Alkermes, Inc. (with rights)(a)................... $ 3,762
104 Arch Coal, Inc. (with rights)..................... 3,183
51 Eagle Materials, Inc. (with rights)............... 3,377
16 Select Comfort Corp.(a)........................... 393
--------
10,715
--------
CAPITAL GOODS -- 2.4%
110 Moog, Inc. Class A(a)............................. 3,627
196 Scientific Games Corp. Class A(a)................. 3,545
--------
7,172
--------
CONSUMER CYCLICAL -- 13.7%
118 A.C. Moore Arts & Crafts, Inc.(a)................. 3,202
401 American Tower Corp. Class A(a)................... 4,993
114 Dick's Sporting Goods, Inc.(a).................... 3,082
116 Insight Enterprises, Inc.(a)...................... 1,943
40 Kenneth Cole Productions, Inc. Class A............ 1,380
73 K-Swiss, Inc. Class A............................. 1,418
203 Lexar Media, Inc.(a).............................. 1,883
77 Linens 'n Things, Inc.(a)......................... 2,501
46 M.D.C. Holdings, Inc. ............................ 2,868
139 Quicksilver, Inc.(a).............................. 3,007
85 RARE Hospitality International, Inc.(a)........... 2,330
99 Sharper Image Corp. (with rights)(a)H............. 3,015
182 Sotheby's Holdings, Inc. Class A(a)............... 2,360
54 Standard Pacific Corp. ........................... 2,744
88 Washington Group International, Inc.(a)........... 3,195
--------
39,921
--------
CONSUMER STAPLES -- 0.9%
118 Peet's Coffee & Tea, Inc.(a)...................... 2,582
--------
ENERGY -- 4.3%
89 Cabot Oil & Gas Corp. ............................ 3,174
241 Key Energy Services, Inc. (with rights)(a)........ 2,567
123 Patina Oil & Gas Corp. (with rights).............. 3,426
134 Whiting Petroleum Corp.(a)........................ 3,395
--------
12,562
--------
FINANCE AND INSURANCE -- 10.2%
61 Affiliated Managers Group, Inc.(a)H............... 2,964
80 AMCORE Financial, Inc. ........................... 2,280
171 American Equity Investment Life Holding Co. ...... 1,923
92 Arch Capital Group Ltd.(a)........................ 3,696
139 First Niagara Financial Group, Inc. .............. 1,750
196 HealthExtras, Inc.(a)............................. 2,497
89 IndyMac Bancorp, Inc. ............................ 2,849
259 NMS Communications Corp. (with rights)(a)......... 2,006
93 Platinum Underwriters Holdings Ltd. .............. 2,971
77 ProAssurance Corp.(a)............................. 2,626
288 U.S.I. Holdings Corp.(a)H......................... 4,360
--------
29,922
--------
HEALTH CARE -- 15.8%
78 Abaxis, Inc.(a)................................... 1,388
121 Abgenix, Inc. (with rights)(a).................... 1,976
81 Accredo Health, Inc. (with rights)(a)............. 3,123
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
167 ARIAD Pharmaceuticals, Inc. (with rights)(a)...... $ 1,901
113 AtheroGenics, Inc. (with rights)(a)............... 2,664
107 Covance, Inc.(a).................................. 3,617
119 DJ Orthopedics, Inc.(a)........................... 2,738
110 Genesis HealthCare Corp.(a)....................... 2,580
28 Kinetic Concepts, Inc.(a)......................... 1,350
31 KOSE Corp.(e)..................................... 1,055
127 Medicines Co.(a).................................. 4,149
79 Merit Medical Systems, Inc.(a).................... 1,237
27 Neurocrine Biosciences, Inc.(a)................... 1,759
79 NPS Pharmaceuticals, Inc.(a)...................... 1,981
106 Oriflame Cosmetics S.A. SDR(a).................... 3,289
74 Orthofix International N.V.(a).................... 3,329
57 Respironics, Inc.(a).............................. 2,963
99 Symbion, Inc.(a).................................. 1,610
62 Telik, Inc.(a).................................... 1,446
61 Zoll Medical Corp.(a)............................. 1,847
--------
46,002
--------
SERVICES -- 16.7%
205 Acxiom Corp. ..................................... 4,746
284 BISYS Group, Inc.(a).............................. 4,118
147 Cumulus Media, Inc. Class A(a).................... 3,092
304 DiamondCluster International, Inc.(a)............. 3,118
165 Embarcadero Technologies, Inc.(a)................. 2,133
181 Exelixis, Inc.(a)................................. 1,648
125 Gevity HR, Inc. .................................. 2,755
87 LECG Corp.(a)..................................... 1,645
114 Lin TV Corp. Class A(a)........................... 2,557
334 MPS Group, Inc.(a)................................ 3,656
150 Navigant Consulting, Inc.(a)...................... 2,622
52 SafeNet, Inc.(a).................................. 1,123
483 Sapient Corp.(a).................................. 2,702
498 Service Corp. International (with rights)(a)...... 3,678
1,088 Sirius Satellite Radio, Inc.(a)H.................. 3,589
43 University of Phoenix Online(a)................... 3,765
49 Wynn Resorts Ltd.(a)H............................. 1,949
--------
48,896
--------
TECHNOLOGY -- 22.5%
335 Aeroflex, Inc. (with rights)(a)................... 4,210
209 Agile Software Corp. (with rights)(a)............. 1,577
55 Ask Jeeves, Inc.(a)............................... 1,965
67 Cognex Corp. ..................................... 2,120
365 Crown Castle International Corp.(a)............... 5,085
354 Dobson Communications Corp.(a).................... 1,269
141 FuelCell Energy, Inc.(a)H......................... 2,323
158 Genesis Microchip, Inc.(a)........................ 2,367
262 Graftech International Ltd. (with rights)(a)...... 2,321
195 Harmonic, Inc.(a)................................. 1,289
508 MEMC Electronic Materials, Inc.(a)................ 4,048
185 Network Associates, Inc.(a)....................... 2,898
629 ON Semiconductor Corp.(a)......................... 3,039
158 Overland Storage, Inc.(a)......................... 2,248
141 Pixelworks, Inc.(a)............................... 2,527
63 Plantronics, Inc.(a).............................. 2,396
126 Polycom, Inc. (with rights)(a).................... 2,396
</Table>
The accompanying notes are an integral part of these financial statements.
102
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- (CONTINUED)
TECHNOLOGY -- (CONTINUED)
189 Quantum Fuel Systems Technologies Worldwide,
Inc.(a)......................................... $ 1,151
194 Red Hat, Inc.(a).................................. 4,415
57 SBS Technologies, Inc.(a)......................... 850
92 Semtech Corp.(a).................................. 1,943
166 SERENA Software, Inc.(a).......................... 2,950
235 SkillSoft plc ADR(a).............................. 2,938
1,221 Techtronic Industries Co. Ltd.(e)................. 3,255
224 TiVo, Inc.(a)H.................................... 1,570
323 Tumbleweed Communications Corp.(a)................ 1,216
49 Verint Systems, Inc.(a)........................... 1,311
--------
65,677
--------
TRANSPORTATION -- 5.7%
55 Arkansas Best Corp. (with rights)(a).............. 1,439
265 Fleetwood Enterprises, Inc. (with rights)(a)H..... 3,845
115 Forward Air Corp.(a).............................. 3,831
143 OMI Corp. (with rights)(a)........................ 1,444
93 Quality Distribution, Inc.(a)..................... 1,181
136 Sirva, Inc.(a).................................... 3,170
50 Yellow Roadway Corp.(a)........................... 1,699
--------
16,609
--------
UTILITIES -- 0.1%
68 ERG S.p.A.(e)..................................... 384
--------
Total common stock
(cost $250,844)................................. $280,442
--------
SHORT-TERM INVESTMENTS -- 8.5%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 5.0%
14,643 Boston Global Investment Trust.................... $ 14,643
--------
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(C)
- --------- --------
FINANCE -- 3.5%
$1,139 BNP Paribas Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ $ 1,139
3,799 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 3,799
5,337 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 5,337
--------
10,275
--------
Total Short-Term Investments
(cost $24,918).................................. $ 24,918
--------
Total Investments in Securities
(cost $275,762)(b).............................. $305,360
========
</Table>
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004 the cost of securities for federal income tax purposes
is $277,199 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation........................ $ 42,448
Unrealized depreciation........................ (14,287)
--------
Net unrealized appreciation.................... $ 28,161
========
</Table>
<Table>
(c) See Note 2b of accompanying Notes of Financial Statements regarding
valuation of securities.
(d) Market value of investments in foreign securities represents 4.88% of
total net assets as of April 30, 2004.
H Security is fully or partially on loan as of April 30, 2004. See Note 2d
of accompanying Notes to Financial Statements.
</Table>
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING
AT APRIL 30, 2004
<Table>
<Caption>
UNREALIZED
CONTRACT DELIVERY APPRECIATION
DESCRIPTION MARKET VALUE AMOUNT DATE (DEPRECIATION)
- ----------- ------------ -------- -------- --------------
Japanese Yen (Buy) $55 $55 05/06/2004 $@@
Japanese Yen (Buy) 37 38 05/07/2004 (1)
Japanese Yen (Buy) 27 27 05/10/2004 @@
--
$(1)
==
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
103
THE HARTFORD SMALLCAP GROWTH FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 98.7%
BASIC MATERIALS -- 4.1%
23 Arch Chemicals, Inc. ............................. $ 683
23 Eagle Materials, Inc. (with rights)............... 1,478
34 Glatfelter........................................ 382
114 Longview Fibre Co. (with rights)(a)............... 1,195
43 Oregon Steel Mills, Inc. (with rights)(a)......... 363
67 Precision Castparts Corp. ........................ 3,007
17 Schweitzer-Mauduit International, Inc. ........... 536
17 Select Comfort Corp.(a)........................... 400
39 Wausau-Mosinee Paper Corp. (with rights).......... 550
--------
8,594
--------
CAPITAL GOODS -- 3.4%
26 Albany International Corp. Class A................ 778
58 Callaway Golf Co. ................................ 988
95 Graco, Inc. (with rights)......................... 2,673
35 Moog, Inc. Class A(a)............................. 1,153
31 Photronics, Inc.(a)............................... 460
26 York International Corp. ......................... 1,027
--------
7,079
--------
CONSUMER CYCLICAL -- 12.0%
77 Aeropostale, Inc.(a).............................. 1,682
50 Bebe Stores, Inc.(a).............................. 1,607
32 Big 5 Sporting Goods Corp.(a)..................... 804
30 Casey's General Stores, Inc. ..................... 499
35 CEC Entertainment, Inc.(a)........................ 1,199
39 Genesco, Inc.(a).................................. 857
16 Guitar Center, Inc.(a)............................ 660
60 Hot Topic, Inc.(a)................................ 1,328
668 i2 Technologies, Inc. (with rights)(a)............ 735
27 Kenneth Cole Productions, Inc. Class A............ 930
31 Landry's Restaurants, Inc. ....................... 1,021
52 Navarre Corp.(a).................................. 465
120 Pacific Sunwear of California, Inc.(a)............ 2,568
106 PETCO Animal Supplies, Inc.(a).................... 3,109
112 PolyMedica Corp. ................................. 3,110
99 SCO Group, Inc.(a)H............................... 630
49 Starcraft Corp.(a)H............................... 643
73 Visteon Corp. .................................... 792
76 Washington Group International, Inc.(a)........... 2,756
--------
25,395
--------
CONSUMER STAPLES -- 0.2%
21 Sensient Technologies Corp. ...................... 421
--------
ENERGY -- 2.7%
49 Cabot Oil & Gas Corp. ............................ 1,735
113 Chesapeake Energy Corp. (with rights)............. 1,555
17 Houston Exploration Co.(a)........................ 774
59 Patina Oil & Gas Corp. (with rights).............. 1,628
--------
5,692
--------
FINANCE AND INSURANCE -- 12.0%
27 4Kids Entertainment, Inc.(a)...................... 592
54 Affiliated Managers Group, Inc.(a)H............... 2,644
97 American Capital Strategies Ltd. ................. 2,541
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
FINANCE AND INSURANCE -- (CONTINUED)
28 American Home Mortgage Investment Corp. (REIT).... $ 653
16 AMERIGROUP Corp.(a)............................... 660
42 Arch Capital Group Ltd.(a)........................ 1,676
38 CharterMac........................................ 735
40 Euronet Worldwide, Inc.(a)........................ 769
18 First BanCorp. Puerto Rico........................ 678
120 IndyMac Bancorp, Inc. ............................ 3,843
29 Irwin Financial Corp. ............................ 674
21 LandAmerica Financial Group, Inc. ................ 853
3 Old Second Bancorp, Inc. ......................... 172
27 Peoples Bancorp, Inc. ............................ 658
30 Platinum Underwriters Holdings Ltd. .............. 966
22 Provident Bankshares Corp. ....................... 606
9 PS Business Parks, Inc. (REIT).................... 330
46 Reinsurance Group of America, Inc. ............... 1,774
186 Scottish Re Group Ltd.H........................... 4,063
14 State Financial Services Corp. Class A (with
rights)......................................... 404
--------
25,291
--------
HEALTH CARE -- 17.4%
164 Abgenix, Inc. (with rights)(a).................... 2,673
68 Advanced Medical Optics, Inc.(a).................. 2,132
26 American Healthways, Inc.(a)H..................... 635
223 Applera Corp. -- Celera Genomics Group(a)......... 2,627
31 Apria Healthcare Group, Inc.(a)................... 880
110 ARIAD Pharmaceuticals, Inc. (with rights)(a)...... 1,244
25 Bradley Pharmaceuticals, Inc.(a).................. 666
160 Ciphergen Biosystems, Inc.(a)..................... 1,174
148 CV Therapeutics, Inc. (with rights)(a)H........... 2,125
5 Cytokinetics, Inc.(a)............................. 81
29 Diagnostic Products Corp. ........................ 1,246
83 Gene Logic, Inc.(a)............................... 351
26 Genesis HealthCare Corp.(a)....................... 617
183 Incyte Corp.(a)................................... 1,449
15 Invacare Corp. ................................... 585
62 Kos Pharmaceuticals, Inc.(a)...................... 2,552
81 Kosan Biosciences, Inc. (with rights)(a).......... 1,119
49 LifePoint Hospitals, Inc.(a)...................... 1,763
52 NPS Pharmaceuticals, Inc.(a)...................... 1,305
59 Nu Skin Enterprises, Inc. Class A................. 1,392
81 Perrigo Co. ...................................... 1,736
51 Pharmacopeia, Inc. (with rights)(a)............... 909
33 Province Healthcare Co.(a)........................ 526
113 Regeneron Pharmaceutical, Inc.(a)................. 1,420
39 Respironics, Inc.(a).............................. 2,039
50 Seattle Genetics, Inc.(a)......................... 418
36 Symbion, Inc.(a).................................. 579
59 Transkaryotic Therapies, Inc.(a).................. 859
17 Ventana Medical Systems, Inc.(a).................. 822
84 Vertex Pharmaceuticals, Inc.(a)................... 724
--------
36,648
--------
SERVICES -- 20.3%
70 Acxiom Corp. ..................................... 1,617
47 ADVO, Inc. ....................................... 1,480
58 Anteon International Corp.(a)..................... 1,803
</Table>
The accompanying notes are an integral part of these financial statements.
104
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- (CONTINUED)
SERVICES -- (CONTINUED)
50 Aspect Communications Corp.(a).................... $ 590
25 Avid Technology, Inc.(a).......................... 1,180
38 Aztar Corp. (with rights)(a)...................... 987
31 Black Box Corp. .................................. 1,579
26 CACI International, Inc. Class A (with
rights)(a)...................................... 1,165
36 Cerner Corp.(a)................................... 1,554
27 Coinstar, Inc.(a)H................................ 459
95 Cyberguard Corp.(a)............................... 817
161 Dendrite International, Inc. (with rights)(a)..... 2,761
394 Digital Generation Systems, Inc.(a)H.............. 516
34 Digital Insight Corp.(a).......................... 654
19 Digital River, Inc.(a)............................ 492
26 eFunds Corp.(a)................................... 418
141 Embarcadero Technologies, Inc.(a)................. 1,822
153 Exelixis, Inc.(a)................................. 1,394
280 Gartner, Inc. Class A(a).......................... 3,340
13 Global Imaging Systems, Inc.(a)................... 454
41 Imergent, Inc.(a)................................. 377
27 Isle of Capri Casinos, Inc.(a).................... 565
88 ITT Educational Services, Inc.(a)................. 3,545
14 Manhattan Associates, Inc.(a)..................... 387
31 MAXIMUS, Inc.(a).................................. 1,089
158 McDATA Corp. Class A (with rights)(a)............. 844
20 MTS Systems Corp. ................................ 476
38 PDI, Inc.(a)...................................... 971
170 Per-Se Technologies, Inc.(a)...................... 1,816
146 Radiant Systems, Inc.(a).......................... 649
17 Resources Connection, Inc.(a)..................... 681
43 SafeNet, Inc.(a).................................. 926
419 UnitedGlobalCom, Inc. Class A(a).................. 3,133
65 VitalWorks, Inc.(a)............................... 246
78 Watson Wyatt & Co. Holdings, Inc.(a).............. 2,038
--------
42,825
--------
TECHNOLOGY -- 24.4%
132 Activision, Inc.(a)............................... 1,994
21 Aladdin Knowledge Systems......................... 419
12 Ask Jeeves, Inc.(a)............................... 411
16 Benchmark Electronics, Inc. (with rights)(a)...... 419
170 Checkpoint Systems, Inc.(a)....................... 2,732
36 Comtech Telecommunications Corp.(a)............... 589
25 CSG Systems International, Inc.(a)................ 420
22 CTS Corp. ........................................ 290
43 Diodes, Inc.(a)................................... 927
98 Electronics for Imaging, Inc.(a).................. 2,480
102 ESS Technology, Inc.(a)........................... 1,091
118 Evolving Systems, Inc.(a)H........................ 473
22 Exar Corp.(a)..................................... 340
31 Fairchild Semiconductor International, Inc.(a).... 602
47 FLIR Systems, Inc.(a)............................. 2,205
27 FormFactor, Inc.(a)............................... 475
143 General Communication, Inc. Class A(a)............ 1,276
21 Genesis Microchip, Inc.(a)........................ 310
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
TECHNOLOGY -- (CONTINUED)
110 Hutchinson Technology, Inc.(a).................... $ 2,715
19 Hyperion Solutions Corp. (with rights)(a)......... 729
24 Intervoice, Inc.(a)............................... 302
28 j2 Global Communications, Inc.(a)H................ 655
33 Komag, Inc.(a).................................... 418
74 Kronos, Inc.(a)................................... 2,707
57 Methode Electronics, Inc. (with rights)........... 647
19 NDCHealth Corp. (with rights)..................... 434
122 NETGEAR, Inc.(a)H................................. 1,322
56 New Frontier Media, Inc. (with rights)(a)......... 357
25 OmniVision Technologies, Inc.(a).................. 549
257 ON Semiconductor Corp.(a)......................... 1,239
164 Pegasystems, Inc.(a).............................. 1,412
28 Plantronics, Inc.(a).............................. 1,066
68 Polycom, Inc. (with rights)(a).................... 1,305
219 Primus Telecommunications Group, Inc. (with
rights)(a)...................................... 1,221
334 PTEK Holdings, Inc.(a)............................ 3,395
62 SERENA Software, Inc.(a).......................... 1,102
17 Silicon Laboratories, Inc.(a)..................... 820
16 Siliconix, Inc.(a)................................ 600
23 Sybase, Inc. (with rights)(a)..................... 400
23 SYNNEX Corp.(a)................................... 387
123 TALK America Holdings, Inc.(a)H................... 1,100
34 Tekelec(a)........................................ 573
55 Transaction Systems Architects, Inc.(a)........... 1,161
285 Trizetto Group, Inc. (with rights)(a)............. 1,932
33 United Online, Inc. (with rights)(a).............. 548
72 Varian Semiconductor Equipment Associates,
Inc.(a)......................................... 2,338
99 WebEx Communications, Inc.(a)..................... 2,228
15 Websense, Inc.(a)................................. 431
--------
51,546
--------
TRANSPORTATION -- 1.7%
39 Arkansas Best Corp. (with rights)(a).............. 1,014
81 USF Corp. ........................................ 2,696
--------
3,710
--------
UTILITIES -- 0.5%
20 Cleco Corp. (with rights)......................... 359
99 Sierra Pacific Resources(a)H...................... 702
--------
1,061
--------
Total common stock
(cost $194,771)................................. $208,262
--------
</Table>
<Table>
SHORT-TERM INVESTMENTS -- 7.0%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 5.8%
6,043 Evergreen Institutional Money Market Fund......... $ 6,043
6,159 Evergreen Prime cash Management Money Market
Fund............................................ 6,159
--------
12,202
--------
</Table>
The accompanying notes are an integral part of these financial statements.
105
THE HARTFORD SMALLCAP GROWTH FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
PRINCIPAL MARKET
AMOUNT VALUE(C)
------- --------
SHORT-TERM INVESTMENTS -- (CONTINUED)
FINANCE -- 1.2%
$2,142 UBS Warburg Joint Repurchase Agreement, 0.92%,
05/03/2004 (Note 2f)............................ $ 2,142
350 US Treasury Bill, 0.92%, 07/08/2004............... 349
--------
2,491
--------
Total short-term investments
(cost $14,693).................................. $ 14,693
--------
Total investments in securities
(cost $209,464)(b).............................. $222,955
========
</Table>
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax purposes
is $210,850 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation........................ $ 27,466
Unrealized depreciation........................ (15,361)
--------
Net unrealized appreciation.................... $ 12,105
========
</Table>
<Table>
(c) See Note 2b of accompanying Notes of Financial Statements regarding
valuation of securities.
(d) Market value of investments in foreign securities represents 0.20% of
total net assets as of April 30, 2004.
H Security is fully or partially on loan as of April 30, 2004. See Note 2d
of accompanying Notes to Financial Statements.
</Table>
The accompanying notes are an integral part of these financial statements.
106
THE HARTFORD STOCK FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
COMMON STOCK -- 99.8%
BASIC MATERIALS -- 6.5%
389 3M Co. ........................................... $ 33,615
645 Alcoa, Inc. ...................................... 19,828
305 Dow Chemical Co. ................................. 12,117
499 DuPont (E.I.) de Nemours & Co. ................... 21,419
678 Gillette Co. (with rights)........................ 27,731
----------
114,710
----------
CAPITAL GOODS -- 3.8%
291 Illinois Tool Works, Inc. ........................ 25,078
170 Northrop Grumman Corp. (with rights).............. 16,873
294 United Technologies Corp. ........................ 25,361
----------
67,312
----------
CONSUMER CYCLICAL -- 6.8%
359 Caterpillar, Inc. (with rights)................... 27,866
478 Costco Wholesale Corp.(a)......................... 17,905
1,021 Gap, Inc. ........................................ 22,481
614 Home Depot, Inc. ................................. 21,600
306 Masco Corp. (with rights)......................... 8,579
285 NIKE, Inc. Class B................................ 20,470
----------
118,901
----------
CONSUMER STAPLES -- 9.5%
349.... Anheuser-Busch Companies, Inc. (with rights)...... 17,873
724 Coca-Cola Co. .................................... 36,592
319 Colgate-Palmolive Co. (with rights)............... 18,481
448 General Mills, Inc. .............................. 21,820
650 PepsiCo, Inc. .................................... 35,413
340 Procter & Gamble Co. ............................. 35,913
----------
166,092
----------
ENERGY -- 7.4%
402 ChevronTexaco Corp. .............................. 36,816
1,582 Exxon Mobil Corp. ................................ 67,327
431 Schlumberger Ltd. ................................ 25,250
----------
129,393
----------
FINANCE AND INSURANCE -- 21.4%
571 American Express Co. ............................. 27,956
772 American International Group, Inc. ............... 55,332
790 Bank of America Corp. ............................ 63,555
689 Bank One Corp. ................................... 33,996
1,553 Citigroup, Inc.................................... 74,665
266 Fannie Mae........................................ 18,245
253 HSBC Holdings plc ADR............................. 18,244
568 Marsh & McLennan Companies, Inc. (with rights).... 25,599
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- ----------
FINANCE AND INSURANCE -- (CONTINUED)
433 Morgan Stanley (with rights)...................... $ 22,262
439 St. Paul Travelers Companies, Inc. ............... 17,866
345.... State Street Corp. (with rights).................. 16,836
----------
374,556
----------
HEALTH CARE -- 12.5%
469.... Abbott Laboratories (with rights)................. 20,628
437.... Amgen, Inc. (with rights)(a)...................... 24,590
267.... Genzyme Corp.(a).................................. 11,644
542.... Lilly (Eli) & Co. (with rights)................... 40,027
599.... Medtronic, Inc. (with rights)..................... 30,215
2,044.. Pfizer, Inc. (with rights)........................ 73,076
520.... Wyeth (with rights)............................... 19,796
----------
219,976
----------
SERVICES -- 6.0%
733.... Accenture Ltd. Class A(a)......................... 17,423
402.... Computer Sciences Corp.(a)........................ 16,442
312 FedEx Corp........................................ 22,400
289.... Marriott International, Inc. Class A (with
rights)......................................... 13,624
562.... Viacom, Inc. Class B.............................. 21,714
468 Waste Management, Inc. ........................... 13,294
----------
104,897
----------
TECHNOLOGY -- 25.5%
659.... Applied Materials, Inc.(a)........................ 12,021
141 Broadcom Corp. Class A(a)......................... 5,339
1,692 Cisco Systems, Inc. (with rights)(a).............. 35,320
1,006 EMC Corp.(a)...................................... 11,230
459 First Data Corp. ................................. 20,821
2,324 General Electric Co. ............................. 69,598
1,420 Hewlett-Packard Co. .............................. 27,966
1,693 Intel Corp. ...................................... 43,561
377 International Business Machines Corp. ............ 33,249
454 Lockheed Martin Corp. ............................ 21,646
3,208 Microsoft Corp. .................................. 83,307
1,120 Motorola, Inc. (with rights)...................... 20,446
614 Texas Instruments, Inc. (with rights)............. 15,404
2,865 Time Warner, Inc. (with rights)(a)................ 48,194
----------
448,102
----------
TRANSPORTATION -- 0.4%
242 CSX Corp. (with rights)........................... 7,438
----------
Total common stock
(cost $1,697,830)............................... $1,751,377
----------
</Table>
The accompanying notes are an integral part of these financial statements.
107
THE HARTFORD STOCK FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(C)
- --------- ----------
SHORT-TERM INVESTMENTS -- 0.2%
FINANCE -- 0.2%
$ 453 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... $ 453
1,508 Deutsche Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 1,508
2,119 UBS Warburg Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 2,119
----------
Total short-term investments
(cost $4,080)................................... $ 4,080
----------
Total investments in securities
(cost $1,701,910)(b)............................ $1,755,457
==========
</Table>
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing
(b) At April 30, 2004, the cost of securities for federal income tax purposes
is $1,721,810 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation....................... $ 141,911
Unrealized depreciation....................... (108,264)
---------
Net unrealized appreciation................... $ 33,647
=========
</Table>
<Table>
(c) See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
(d) Market value of investments in foreign securities represents 1.04% of
total net assets as of April 30, 2004.
</Table>
The accompanying notes are an integral part of these financial statements.
108
THE HARTFORD TAX-FREE CALIFORNIA FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- 97.2%
AIRPORT REVENUES -- 2.5%
$400 San Francisco (City of), CA,
5.00%, City & County Airport Commission
International Airport Rev AMT Second Ser Issue
15A 05/01/2028.................................. AAA $ 390
-------
GENERAL OBLIGATIONS -- 21.3%
100 Azusa (City of), CA,
5.75%, Special Tax Comm Fac Dist #1 Mountain
Cove Ser-A 09/01/2021........................... NR 96
50 Beaumont (City of), CA,
7.25%, Financing Auth Rev Ser A 09/01/2020...... NR 53
250 California (State of),
5.25%, General Obligation 02/01/2033............ BBB 245
500 California Infrastructure &
Econ Dev, 5.00%, Bay Area Toll Brdgs 1st Lien
Ser A FSA Insured 07/01/2022.................... AAA 510
400 Contra Costa (County of), CA,
5.625%, Public Financing Auth Tax Alloc Rev
Multiple Proj Areas Ser A 08/01/2033............ BBB 392
200 Elk Grove (City of), CA,
5.85%, Special Tax East Franklin Community #02-1
08/01/2036...................................... NR 194
60 Indio (City of), CA,
6.35%, Public Improvement Act 1915 Special
Assessment #2002-3 09/02/2027................... NR 60
365 Los Angeles (City of) CA,
5.00%, Ser A 09/01/2015......................... AAA 388
300 Oceanside (City of) CA,
5.70%, General Obligation 09/01/2025............ NR 291
100 Perris (City of), CA,
6.25%, Public Financing Auth Local Agency Rev
Ser A 09/01/2033................................ NR 99
250 Puerto Rico Commonwealth,
5.00%, Ref-Ser A 07/01/2030(c).................. A- 268
250 San Jose Capital (city of), CA,
5.25%, Redevelopment Agency, 08/01/2014(c)...... AAA 274
425 Solano (County of), CA,
5.25%, General Obligation MBIA Insured
11/01/2021...................................... AAA 445
-------
3,315
-------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
HEALTH CARE/SERVICES -- 10.2%
$200 Abag Finance Auth for Nonprofit Corps, California,
5.375%, San Diego Hosp Assoc Ser C 03/01/2021... BBB+ $ 195
250 California (State of),
5.00%, Health Fac Fin Auth Rev Adv Health Sys
Ser A 03/01/2033................................ A 238
500 California (State of),
5.00%, Health Fac Fin Auth Rev Hosp-Marshall
Medical Center Ser A 11/01/2029................. BBB 459
250 California (State of),
5.25%, Health Fac Fin Catholic Healthcare West
Ser G 07/01/2023................................ BBB+ 246
200 California (State of),
5.375%, Public Works Board Dept of Mental
Health-Patton Ser B 04/01/2028.................. BBB- 182
250 California (State of),
6.00%, Statewide Communities Dev Auth Rev Health
Fac Memorial Health Services Ser A 10/01/2023... A 264
-------
1,584
-------
HIGHER EDUCATION
(UNIV., DORMS, ETC.) -- 9.3%
500 California (State of),
5.25%, Educ Fac Auth Rev Ref Santa Clara
University 09/01/2016........................... AAA 548
250 California Statewide Comm Dev Auth Rev,
6.75%, John F. Kennedy University 10/01/2033.... NR 237
250 Corona-Norco, CA,
5.625%, Unified School Dist Special Tax Comm Fac
Dist #02-1 09/01/2033........................... NR 246
415 University of California,
5.30%, Multi-Purpose Rev Ser K 09/01/2030....... AA- 423
-------
1,454
-------
LAND DEVELOPMENT -- 12.7%
350 Burbank (City of), CA,
5.50%, Financing Auth Rev South San Fernando
Redev Proj Ser B 12/01/2023..................... BBB 345
400 Fontana (City of), CA,
5.50%, Redev Agency Tax Allocation Ref Jurupa
Hills Redev Proj Ser A 10/01/2027............... A- 393
</Table>
The accompanying notes are an integral part of this financial statement.
109
THE HARTFORD TAX-FREE CALIFORNIA FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- (CONTINUED)
LAND DEVELOPMENT -- (CONTINUED)
$250 Oakland (City of), CA,
5.25%, Redev Agency Colliseum Area Redev Tax
Allocation 09/01/2033........................... A- $ 242
500 Rialto (City of), CA,
5.25%, Redev Agency Tax Allocation Ref Merged
Proj Area Ser A 09/01/2027...................... BBB+ 474
200 San Diego (City of), CA,
5.25%, Redev Agency Centre City Sub Pkg Ser B
09/01/2026...................................... A-* 194
175 San Diego (City of), CA,
5.30%, Redev Agency Tax Allocation North Park
Redev Proj 09/01/2016........................... A- 174
150 San Diego (City of), CA,
5.60%, Redev Agency Tax Allocation North Bay
Redev Proj 09/01/2017........................... BBB 152
-------
1,974
-------
MISCELLANEOUS -- 8.3%
500 Golden State Tobacco Securitization Corp.,
5.50%, California Tobacco Settlement Rev
Enhanced Asset Backed Ser B 06/01/2033.......... BBB- 492
135 Indio (State of) CA,
5.00%, Public Funding Auth Rev Local Agency
09/02/2014...................................... NR 133
100 Lake Elsinore, CA,
5.85%, Special Tax Impt - Community Fac Dist
#2-A 09/01/2024................................. NR 98
310 Long Beach (City of), CA,
5.00%, HBR Ewc AMT-Ref-Ser A 05/15/2015......... AAA 319
250 Virgin Islands Public Finance Auth, 6.125%,
Refinery Fac Rev Sr Secured - Hovenska Refinery
AMT 07/01/2022.................................. BBB- 260
-------
1,302
-------
PUBLIC FACILITIES -- 14.9%
250 California (State of), 5.00%, Public Works Board
Dept of Corrections Ref Ser D 12/01/2018........ AAA 258
100 Capistrano (City of), CA,
5.875%, Unified School Dist Comm Fac Dist
Special Tax #90-2 Talega 09/01/2022............. NR 100
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
PUBLIC FACILITIES -- (CONTINUED)
$450 Fresno (City of), CA,
5.00%, Unified School Dist Election 1995 Ser E
FGIC Insured 08/01/2025......................... AAA $ 457
100 Jurupa (City of), CA,
5.875%, Comm Services Dist #6 Special Tax Ser A
09/01/2032...................................... NR 97
450 Los Angeles (City of), CA,
5.00%, Unified School Dist Ser B 07/01/2023..... AAA 454
110 Moreno Valley (City of), CA,
5.60%, Unified School Dist Comm Fac Special Tax
#2002-1 09/01/2017.............................. NR 107
100 Orange (County of), CA,
5.20% Comm Fac Dist Special Tax #02-1 Ladera
Ranch Ser A 08/15/2019.......................... NR 96
200 Orange (County of), CA,
5.40%, Comm Fac Dist Special Tax #02-1 Ladera
Ranch Ser A 08/15/2022.......................... NR 193
250 Tustin (City of), CA,
5.60%, Unified School Dist Special Tax Jr Lien
Comm Fac Dist #97-1-B 09/01/2029................ NR 245
200 Val Verde (City of), CA,
6.00%, Unified School Dist Financing Auth
Special Tax Rev Jr Lien 10/01/2021.............. NR 197
125 William S. Hart Unified High School Dist,
5.85%, Special Tax Comm Fac Dist #2002-1
09/01/2022...................................... NR 126
-------
2,330
-------
UTILITIES -- COMBINED -- 1.8%
250 California (State of),
5.875%, Dept Water Res Power Supply Rev Ser A
05/01/2016...................................... BBB+ 275
-------
UTILITIES -- ELECTRIC -- 1.9%
300 Vernon (City of), CA,
5.50%, Elec Sys Rev Malburg Generating Station
Proj 04/01/2033................................. BBB+ 302
-------
UTILITIES -- WATER AND SEWER -- 11.9%
500 Atwater (City of), CA,
5.50%, Public Fin Auth Rev, Ref Sewer & Water
Proj Ser A 05/01/2028........................... BBB 485
</Table>
The accompanying notes are an integral part of this financial statement.
110
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- (CONTINUED)
UTILITIES -- WATER AND SEWER -- (CONTINUED)
$250 Big Bear Muni Water Dist, CA,
5.00%, Certificate Participation 1991 Ref Lake
Imports 11/01/2024.............................. NR $ 228
100 Eastern California Municipal Water Dist,
5.70%, Comm Fac Special Tax Improvement Area A
#2001-02 09/01/2018............................. NR 102
250 Lathrop (City of), CA,
6.00%, Financing Auth Rev Water Supply Proj
06/01/2035...................................... NR 247
150 Lee Lake (City of), CA,
5.75%, Water Dist Community Facs Dist No. 3
Special Tax Retreat 09/01/2023.................. NR 146
450 Metropolitan Water Dist,
5.00%, Southern CA Waterworks Rev Ser A
07/01/2037...................................... AA 447
200 Santa Margarita (City of), CA,
6.00%, Water Dist Special Tax Comm Fac Dist
#99-1 09/01/2030................................ NR 198
-------
1,853
-------
WASTE DISPOSAL -- 2.4%
375 Stockton (City of), CA,
5.20%, Wastewater Sys Proj Ser A MBIA Insured
09/01/2029...................................... AAA 382
-------
Total municipal bonds
(cost $15,388).................................. $15,161
-------
<Caption>
MARKET
SHARES VALUE(B)
- --------- --------
SHORT-TERM INVESTMENTS -- 3.3%
FINANCE -- 3.3%
519 Dreyfus Basic California Municipal Money Market Fund, current
rate 0.59%.................................................. $ 519
-------
Total short-term investments
(cost $519)................................................. $ 519
=======
Total investments in securities
(cost $15,907)(a)........................................... $15,680
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
<Table>
(a) At April 30, 2004, the cost of securities for federal income tax purposes
is $15,907 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation.......................... $ 70
Unrealized depreciation.......................... (297)
-----
Net unrealized depreciation...................... $(227)
=====
</Table>
<Table>
(b) See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
(c) The cost of securities purchased on a when-issued basis at April 30,
2004, was $539.
* Fitch Rating
</Table>
The accompanying notes are an integral part of this financial statement.
111
THE HARTFORD TAX-FREE MINNESOTA FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- 96.8%
AIRPORT REVENUES -- 5.0%
$ 750 Minneapolis & St. Paul (Cities of), MN,
5.00%, Metropolitan Airport Commission Airport
Rev Ser A MBIA Insured 01/01/2028............... AAA $ 757
1,000 Minneapolis & St. Paul (Cities of), MN,
5.625%, Metropolitan Airport Commission Airport
Rev Ser B AMT FGIC Insured
01/01/2018...................................... AAA 1,054
-------
1,811
-------
GENERAL OBLIGATIONS -- 32.4%
1,000 Anoka-Hennepin (Counties of), MN,
5.00%, Ind School Dist #11 General Obligation
School Dist Credit Enhancement Program Ser A
02/01/2015...................................... AA+ 1,056
1,300 Becker (City of), MN,
6.00%, Ind School Dist #726 General Obligation
Ser A FSA Insured 02/01/2017.................... AAA* 1,474
1,000 Bloomington (City of), MN,
5.45%, Ind School Dist #271 General Obligation
Ser A 02/01/2012................................ NR 1,090
500 Brainerd (City of), MN,
5.375%, Ind School Dist #181 General Obligation
Ser A FGIC Insured 02/01/2016................... AAA* 545
1,500 Brainerd (City of), MN,
6.65%, Rev Ref Evangelical Lutheran Good
Samaritan Proj Ser B FSA Insured 03/01/2017..... AAA 1,525
620 Hennepin (County of), MN,
5.00%, General Obligation Ser B 12/01/2017...... AAA 649
250 Minneapolis (City of), MN,
5.00%, Parking Assessment General Obligation
12/01/2020...................................... AAA 261
1,000 Minnesota (State of), 5.25%, General Obligation
08/01/2016...................................... AAA 1,077
375 Moorhead (City of), MN,
5.00%, Ind School Dist #152 General Obligation
FGIC Insured 04/01/2018......................... AAA* 393
785 Mounds View (City of), MN,
5.25%, Ind School Dist #621 General Obligation
Ser A 02/01/2014................................ NR 842
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
GENERAL OBLIGATIONS -- (CONTINUED)
$ 500 Osseo (City of), MN,
5.00%, Ind School Dist #279 General Obligation
Ser B 02/01/2012................................ NR $ 534
1,950 Rosemount (City of), MN,
5.70%, Ind School Dist #196 Zero Coupon General
Obligation Ser A MBIA Insured 04/01/2015(c)..... AA+ 1,191
1,000 University of MN (Regents of),
5.75%, General Obligation Ser A 07/01/2018...... AA 1,145
-------
11,782
-------
HEALTH CARE/SERVICES -- 10.6%
1,130 Duluth (City of), MN,
5.50%, Econ Dev Auth Health Care Fac Rev
Benedictine Health Sys St. Mary 02/15/2023...... A- 1,160
250 Minneapolis (City of), MN,
6.00%, Health Care Sys Rev Allina Health Sys Ser
A 11/15/2018.................................... A-* 268
1,000 Minnesota (State of) Agriculture and Economic Dev
Board,
5.25%, Healthcare Fac Rev Benedictine Health Ser
A 02/15/2014.................................... AAA 1,071
1,000 Waconia (City of), MN,
6.10%, Health Care Fac Rev Ridgeview Med Ctr
Proj Ser A Asset Guaranty Secured 01/01/2019.... AA 1,107
250 Willmar (City of), MN,
5.00%, Rice Memorial Hosp Proj FSA Insured
02/01/2025...................................... AAA* 252
-------
3,858
-------
HIGHER EDUCATION (UNIV., DORMS, ETC.) -- 5.7%
1,000 Minnesota (State of),
5.375%, Higher Ed Fac Auth Rev General
Obligation University of St. Thomas Ser 4-P
04/01/2018...................................... NR 1,040
1,000 Minnesota (State of),
5.40%, Higher Ed Fac Auth Rev General Obligation
University of St. Thomas Ser 4-P 04/01/2023..... NR 1,025
-------
2,065
-------
</Table>
The accompanying notes are an integral part of this financial statement.
112
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- (CONTINUED)
HOUSING (HFA'S, ETC.) -- 10.5%
$ 695 Minneapolis (City of), MN,
7.10%, Redev Mtg Rev Riverplace Proj Ser A
01/01/2020...................................... NR $ 685
995 Minnesota Housing Finance Agency,
5.00%, Residential Housing Finance Ser E
01/01/2020...................................... AA+ 998
750 Sartell (City of), MN,
5.20%, Environmental Impt Rev Ref Ser A
06/01/2027...................................... BBB 735
450 St. Paul (City of), MN,
6.25%, Housing Redev Hope Comm Academy Proj Ser
A 12/01/2019.................................... NR 450
1,000 Washington (County of), MN,
4.60%, Housing and Redev Auth Governmental Rev
Ref Woodland Park Apartment Proj 04/01/2022..... AA 952
-------
3,820
-------
MISCELLANEOUS -- 8.0%
1,000 Golden Valley (City of), MN,
5.875%, Breck School Proj Rev 10/01/2019........ NR 1,069
250 Ramsey (County of), MN,
6.50%, Lease Rev Pact Charter School Proj Ser A
12/01/2022...................................... NR 240
500 St. Paul (City of), MN,
5.00%, Port Auth Lease Rev Office Bldg
12/01/2019...................................... AA+ 520
300 St. Paul (City of), MN,
6.75%, Redev Auth Rev Ref Achieve Language
Academy 12/01/2022.............................. NR 294
750 Virgin Islands Public Finance Auth,
6.125%, Refinery Fac Rev Sr Secured Hovenska
Refinery AMT 07/01/2022......................... BBB- 779
-------
2,902
-------
POLLUTION CONTROL -- 2.1%
750 International Falls (City of), MN,
7.20%, Environmental Fac Rev Ref Boise Cascade
Corp Proj 10/01/2024............................ NR 762
-------
PUBLIC FACILITIES -- 2.2%
835 Minnesota (State of),
5.125%, Agricultural Society State Fair Rev
09/15/2023...................................... A- 800
-------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
REFUNDED WITH U.S. GOV'T SECURITIES -- 1.4%
$ 500 Red Wing (City of), MN,
6.50%, Elderly Housing Fac Rev River Region
Obligation Group Ser C 09/01/2022 (Prerefunded
09/01/2005
@ 100).......................................... NR $ 534
-------
TRANSPORTATION -- 5.1%
750 Duluth (City of), MN,
4.20%, Seaway Port Auth Industrial Dev Dock &
Wharf Rev Ref Cargill, Inc. Proj 05/01/2013..... A+ 746
1,000 Puerto Rico Commonwealth Highway & Transportation
Auth, 5.50%, Rev Ref Ser W FSA Insured
07/01/2013...................................... AAA 1,125
-------
1,871
-------
UTILITIES -- COMBINED -- 0.8%
300 Princeton (City of), MN,
5.00%, Public Utility Sys Rev 04/01/2024........ NR 283
-------
UTILITIES -- ELECTRIC -- 8.4%
1,000 Northern MN Municipal Power Agency,
5.30%, Elec Sys Rev FSA Insured 01/01/2021...... AAA 1,044
1,295 Northern MN Municipal Power Agency,
6.94%, Zero Coupon Elec Sys Rev Ref Ser A AMBAC
Insured 01/01/2011(c)........................... AAA 999
1,000 Western MN Municipal Power Agency, 5.00%, Ser A
MBIA Insured 01/01/2030......................... AAA* 1,004
-------
3,047
-------
UTILITIES -- WATER AND SEWER -- 4.6%
500 Minneapolis (City of), MN,
4.75%, Metropolitan Council Water Treatment Ser
B 12/01/2016.................................... AAA 522
1,000 Puerto Rico Commonwealth Aqueduct & Sewer Auth,
6.25%, Rev Ref 07/01/2013....................... A- 1,159
-------
1,681
-------
Total municipal bonds
(cost $33,721).................................. $35,216
-------
</Table>
The accompanying notes are an integral part of this financial statement.
113
THE HARTFORD TAX-FREE MINNESOTA FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(B)
- --------- --------
SHORT-TERM INVESTMENTS -- 3.3%
FINANCE -- 3.3%
$1,190 State Street Bank Tax Free Money Market, Current
rate -- 0.48%............................................... $ 1,190
-------
Total short-term investments
(cost $1,190)............................................... $ 1,190
-------
Total investments in securities
(cost $34,911)(a)........................................... $36,406
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) At April 30, 2004, the cost of securities for income tax purposes is
$34,911 and the aggregate gross unrealized appreciation and depreciation
based on that cost was:
<Table>
Unrealized appreciation.......................... $1,776
Unrealized depreciation.......................... (281)
------
Net unrealized appreciation...................... $1,495
======
</Table>
(b) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(c) The interest rate disclosed for these securities represents the
effective yield on the date of acquisition.
* Fitch Rating.
The accompanying notes are an integral part of this financial statement.
114
THE HARTFORD TAX-FREE NATIONAL FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- 99.1%
VIRGIN ISLANDS -- 0.8%
$ 750 Virgin Islands Public Finance Auth, 6.125%,
Refinery Fac Rev Sr Secured -- Hovenska Refinery
AMT 07/01/2022 (Miscellaneous).................. BBB- $ 779
-------
ALABAMA -- 2.1%
1,855 Huntsville (City of), AL,
5.25%, General Obligation Ser A 05/01/2022
(General Obligations)........................... AA 1,938
-------
ARIZONA -- 7.9%
1,800 Phoenix (City of), AZ,
6.25%, General Obligation Ref Ser A 07/01/2017
(General Obligations)........................... AA+ 2,162
1,000 Pima (County of), AZ,
5.60%, Noah Webster Basic School Ser A
12/15/2019 (Public Facilities).................. BBB- 955
1,100 Pima (County of), AZ,
5.75%, Arizona Charter Schools Proj 07/01/2016
(Public Facilities)............................. NR 1,090
1,000 Pima (County of), AZ,
6.10%, Arizona Charter Schools ProjSer 1
07/01/2024 (Public Facilities).................. NR 943
496 Sundance Community Fac Dist, AZ,
7.125%, Assessment Dist Special Assessment Rev
#2 07/01/2027 (Public Facilities)............... NR 498
1,225 Tucson (City of), AZ,
5.50%, Water Rev Ref 07/01/2014
(Utilities -- Water and Sewer).................. A+ 1,371
200 Vistancia Community Fac Dist, AZ,
6.75%, General Obligation 07/15/2022 (General
Obligations).................................... NR 202
-------
7,221
-------
CALIFORNIA -- 13.3%
750 California (State of),
5.25%, General Obligation 02/01/2033 (General
Obligations).................................... BBB 736
80 California (State of),
5.50%, Dept Water Res Rev 12/01/2010 (Escrowed
to Maturity) (Utilities -- Water and Sewer)..... AA 91
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
CALIFORNIA -- (CONTINUED)
$ 750 California (State of),
5.875%, Dept Water Res Power Supply Rev Ser A
05/01/2016 (Utilities -- Combined).............. BBB+ $ 824
500 California (State of),
6.75%, General Obligation 08/01/2011 (General
Obligations).................................... BBB 585
250 Capistrano (City of), CA,
5.875%, Unified School Dist Comm Fac Dist
Special Tax #90-2 Talega 09/01/2021 (Public
Facilities)..................................... NR 252
250 Capistrano (City of), CA,
5.90%, Unified School Dist Comm Fac Dist Special
Tax #90-2 Talega 09/01/2020 (Public
Facilities)..................................... NR 252
95 Eastern California Municipal Water Dist,
5.70%, Comm Fac Special Tax Improvement Area A
#2001-02 09/01/2018 (Utilities -- Water and
Sewer).......................................... NR 97
1,000 Golden State Tobacco Securitization Corp.,
5.50%, California Tobacco Settlement Rev
Enhanced Asset Backed Ser B 06/01/2033
(Miscellaneous)................................. BBB- 984
625 Indio (City of) CA,
5.625%, Public Funding Auth Rev Local Agency
09/02/2018 (Miscellaneous)...................... NR 614
40 Indio (City of), CA,
6.35%, Public Improvement Act 1915 Special
Assessment #2002-3 09/02/2027 (General
Obligations).................................... NR 40
400 Jurupa (City of), CA,
5.875%, Comm Services Dist #6 Special Tax Ser A
09/01/2032 (Public Facilities).................. NR 390
750 Lathrop (City of), CA,
6.00%, Financing Auth Rev Water Supply Proj
06/01/2035 (Utilities -- Water and Sewer)....... NR 740
500 Moreno Valley (City of), CA,
6.00%, Unified School Dist Comm Fac Dist Special
Tax #2002-1 09/01/2022 (Public Facilities)...... NR 493
</Table>
The accompanying notes are an integral part of this financial statement.
115
THE HARTFORD TAX-FREE NATIONAL FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- (CONTINUED)
CALIFORNIA -- (CONTINUED)
$ 700 Oceanside (City of), CA,
5.70%, Comm Dev Tax Allocation Sub Downtown
Redev Proj. Escrow Bonds 09/01/2025 (General
Obligations).................................... NR $ 679
495 Perris (City of), CA,
6.25%, Public Financing Auth Local Agency Rev
Ser A 09/01/2033 (General Obligations).......... NR 492
1,000 Pomona (City of), CA,
5.50%, Public Financing AuthRev Sub-Merged Redev
Proj Ser AI 02/01/2023 (Land Development)....... BBB- 981
500 San Diego (City of), CA,
5.25%, Redev Agency Centre City Sub Pkg Ser B
09/01/2026 (Land Development)................... A-* 485
4,000 Southern California Public Power Auth,
6.36%, Zero Coupon Transmission Proj Rev
07/01/2013 (c.) (Utilities -- Electric)......... A+ 2,619
800 Val Verde (City of), CA,
6.00%, Unified School Dist Financing Auth
Special Tax Rev Jr Lien 10/01/2021 (Public
Facilities)..................................... NR 786
-------
12,140
-------
FLORIDA -- 4.9%
1,000 Bellalgo (City of), FL, Education Facility Dist FL
Cap Impr Rev Ser A,
5.85%, 05/01/2022 (General Obligations)(d)...... NR 1,000
1,000 Collier (County of), FL,
5.375%, School Board Certificate of
Participation FSA Insured 02/15/2020 (Public
Facilities)..................................... AAA* 1,071
500 Colonial Country Club Comm Dev Dist, FL,
6.40%, Cap Impr Rev 05/01/2033(e) (Public
Facilities)..................................... NR 512
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
FLORIDA -- (CONTINUED)
$1,250 Florida (State of),
5.375%, Dept of Environmental Protection
Preservation Rev Ser A 07/01/2015 (Pollution
Control)........................................ AAA $ 1,371
490 Gateway Services Comm Dev Dist FL, 5.50%, Special
Assessment Sun City Center Fort Meyers Proj Ser
B 05/01/2010 (Miscellaneous).................... NR 491
-------
4,445
-------
GEORGIA -- 4.9%
1,105 Fulton (County of), GA,
5.375%, School Dist General Obligation
01/01/2018 (General Obligations)................ AA 1,225
1,765 Fulton (County of), GA,
6.375%, Water & Sewer Rev FGIC Insured
01/01/2014 (Escrowed to Maturity)
(Utilities -- Water and Sewer).................. AAA 2,053
35 Fulton (County of), GA,
6.375%, Water & Sewer Rev FGIC Insured
01/01/2014 (Unrefunded) (Utilities -- Water and
Sewer).......................................... AAA 41
40 Georgia Municipal Elec Auth Power,
6.50%, Rev Ser Y 01/01/2017 (Escrowed to
Maturity) (Utilities -- Electric)............... A 48
960 Georgia Municipal Elec Auth Power,
6.50%, Rev Ser Y 01/01/2017 (Unrefunded)
(Utilities -- Electric)......................... A 1,147
-------
4,514
-------
HAWAII 0.6%
500 Hawaii (State of),
5.50%, General Obligation Ref Ser CY 02/01/2011
(General Obligations)........................... AAA 558
-------
ILLINOIS -- 4.4%
960 Chicago (City of), IL,
5.25%, Board of Educ General Obligation Ser A
MBIA Insured 12/01/2019 (General Obligations)... AAA 1,014
500 Illinois (State of),
5.70%, Educ Fac Auth Rev Ref Augustana College
Ser A 10/01/2032 (Higher Education (Univ.,
Dorms, etc.))................................... NR 495
</Table>
The accompanying notes are an integral part of this financial statement.
116
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- (CONTINUED)
ILLINOIS -- (CONTINUED)
$ 500 Round Lake (City of), IL,
6.70%, Special Tax Rev 03/01/2033 (Public
Facilities)..................................... NR $ 510
1,000 Wauconda (City of), IL,
6.625%, Special Service Area #1 Special Tax
Liberty Lakes Proj 03/01/2033 (Miscellaneous)... NR 975
1,000 Yorkville (City of), IL,
6.875%, United City Special Svc Area Special
Tax #2003-100 Raintree Village Proj 03/01/2033
(Land Development).............................. NR 1,010
-------
4,004
-------
KENTUCKY -- 1.1%
1,000 Christian (County of), KY,
6.00%, Hosp Rev Ref Jennie Stuart Medical Ser A
07/01/2013 (Health Care/ Services).............. A- 1,058
-------
LOUISIANA -- 0.5%
500 Louisiana (State of),
5.50%, Public Fac Auth Rev Ochsner Clinic
Foundation Proj Ser B 05/15/2027 (General
Obligations).................................... A-* 503
-------
MARYLAND -- 3.9%
685 Harford (County of), MD,
5.25%, Economic Dev Rev Battelle Mem Institute
Proj 04/01/2034 (Housing (HFA's, etc.))......... A+ 678
1,000 Maryland (State of),
5.00%, Economic Dev Corp. Student Housing Rev
Salisbury University Proj 06/01/2034 (Higher
Education (Univ., Dorms, etc.))................. NR 904
1,000 Maryland (State of),
5.375%, Economic Dev Corp. Student Housing Rev
Bowie State University Proj 06/01/2033 (Higher
Education (Univ., Dorms, etc.))................. NR 958
1,000 Maryland (State of),
6.50%, Economic Dev Corp. Student Housing Rev
University of Maryland College Park Proj
06/01/2027 (Higher Education (Univ., Dorms,
etc.)).......................................... NR 1,059
-------
3,599
-------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MASSACHUSETTS -- 1.2%
$ 940 Massachusetts (State of),
5.25%, General Obligation Consolidated Loan Ser
B 03/01/2021 (Unrefunded) (General
Obligations).................................... AAA $ 1,026
60 Massachusetts (State of),
5.25%, General Obligation Consolidated Loan Ser
B FSA Insured 03/01/2021 (Prerefunded 03/01/2012
@ 100) (Refunded with U.S. Gov't Securities).... AAA 65
-------
1,091
-------
MICHIGAN -- 5.3%
500 Detroit (City of), MI,
5.50%, General Obligation MBIA Insured
04/01/2020 (General Obligations)................ AAA 542
1,750 Detroit (City of), MI,
6.50%, Water Supply Sys Ref Rev FGIC Insured
07/01/2015 (Utilities -- Water and Sewer)....... AAA 2,089
1,000 Macomb (County of), MI,
5.75%, Hosp Financial Auth Rev MT. Clemens
General Hospital Ser B 11/15/2025 (Health
Care/Services).................................. BBB- 919
750 Michigan (State of),
5.50%, Strategic Fund Ltd. Rev Ref Dow Chemical
Proj AMT 12/01/2028 (General Obligations)....... A- 787
500 Michigan (State of),
5.625%, Hosp Fin Auth Rev Ref Henry Ford Health
Sys Ser A 03/01/2017 (Health Care/Services)..... A- 521
-------
4,858
-------
MINNESOTA -- 4.0%
250 Duluth (City of), MN,
4.20%, Seaway Port Auth Industrial Dev Dock &
Wharf Rev Ref-Cargill, Inc. Proj 05/01/2013
(Transportation)................................ A+ 249
750 Minneapolis (City of), MN,
6.00%, Health Care Sys Rev Allina Health Sys Ser
A 11/15/2018 (Health Care/ Services)............ A-* 805
995 Minnesota Housing Finance Agency,
5.00%, Residential Housing Finance Ser E
01/01/2020 (Housing (HFA's, etc.)).............. AA+ 999
</Table>
The accompanying notes are an integral part of this financial statement.
117
THE HARTFORD TAX-FREE NATIONAL FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- (CONTINUED)
MINNESOTA -- (CONTINUED)
$ 500 Ramsey (County of), MN,
6.50%, Lease Rev Pact Charter School Proj Ser A
12/01/2022 (Miscellaneous)...................... NR $ 480
500 St. Paul (City of), MN,
6.75%, Redev Auth Rev Ref Achieve Language
Academy 12/01/2022 (Miscellaneous).............. NR 490
-------
3,023
-------
MISSISSIPPI -- 0.3%
250 Lowndes (County of), MS,
6.80%, Solid Waste Disposal & Pollution Control
Rev Ref Weyerhaeuser Co. Proj Ser A 04/01/2022
(Pollution Control)............................. BBB 285
-------
MISSOURI -- 0.5%
500 Missouri (State of),
5.50%, State Dev Financial Board Infrastructure
Fac Rev Branson Ser A 12/01/2032 (Public
Facilities)..................................... BBB+ 494
-------
NEVADA -- 1.6%
1,000 Clark (County of), NV,
6.375%, Impt Dist No 142-LOC 08/01/2023
(Miscellaneous)................................. NR 989
500 North Las Vegas (City of), NV,
6.40%, Local Special Improvement Dist #60
Aliante 12/01/2022 (Land Development)........... NR 506
-------
1,495
-------
NEW HAMPSHIRE -- 0.8%
750 New Hampshire (State of),
5.60%, Health & Educ Fac Auth Rev Elliot
Hospital Ser B 10/01/2022 (Health Care/
Services)....................................... BBB+ 730
-------
NEW JERSEY -- 4.7%
1,250 Middlesex (County of), NJ,
5.00%, Impt Auth Rev Street Student Housing Proj
Ser A 08/15/2018 (Higher Education (Univ.,
Dorms, etc.))................................... NR 1,271
750 New Jersey (State of),
5.125%, Educ Fac Auth Rev Stevens Institute of
Technology Ser C 07/01/2022 (Higher Education
(Univ., Dorms, etc.))........................... A- 734
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
NEW JERSEY -- (CONTINUED)
$1,000 New Jersey (State of),
5.50%, Health Care Fac Financing Auth Rev
Somerset Medical Center 07/01/2023 (Health
Care/Services).................................. NR $ 989
275 New Jersey (State of),
6.00%, Educ Fac Auth Rev Fairleigh Dickinson
University Ser D 07/01/2025 (Higher Education
(Univ., Dorms, etc.))........................... BBB-* 277
500 New Jersey (State of),
6.50%, Educ Fac Auth Rev Georgian Court College
Proj C 07/01/2033 (Higher Education (Univ.,
Dorms, etc.))................................... BBB+ 534
500 New Jersey (State of),
6.50%, Health Care Fac Financing Auth Rev
Pascack Valley Hosp Assoc 07/01/2023 (Health
Care/Services).................................. BB+ 515
-------
4,320
-------
NEW YORK -- 7.9%
250 Dutchess (County of), NY,
5.00%, Industrial Dev Agency Civic Fac Rev Ref
Marist College Ser A 07/01/2022 (Higher
Education (Univ., Dorms, etc.))................. NR 243
195 Monroe (County of), NY,
6.00% Industrial Dev Agency Civic Fac Rev
Cloverwood Senior Living Ser A 05/01/2013
(General Obligations)........................... NR 192
1,500 Nassau (County of) New York,
5.25%, Industrial Development Agency Industrial
Development Rev Keyspan-Glenwood 06/01/2027
(Industrial).................................... A 1,484
350 New York (City of), NY,
5.125%, Industrial Development Rev Empowerment
Zone-Harlen Mall 12/30/2023 (Land
Development).................................... BBB 335
260 New York (City of), NY,
5.25%, Industrial Dev Agency Civic Fac Rev
American Council Learned Societie 07/01/2027
(Industrial).................................... NR 265
400 New York (City of), NY,
5.65%, Industrial Dev Agency Rev Brooklyn Navy
Yard Cogen Partners AMT 10/01/2028 (Land
Development).................................... BBB- 357
</Table>
The accompanying notes are an integral part of this financial statement.
118
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- (CONTINUED)
NEW YORK -- (CONTINUED)
$1,000 New York (City of), NY,
5.75%, General Obligation Fiscal 2003 Ser I
03/01/2019 (General Obligations)................ A $ 1,079
425 New York (City of), NY,
8.25%, General Obligation Ser B 06/01/2005
(Escrowed to Maturity) (General Obligations).... NR 456
575 New York (City of), NY,
8.25%, General Obligation Ser B 06/01/2005
(Unrefunded) (General Obligations).............. NR 615
800 New York State Dormitory Authority NY Methodist
Hospital,
5.25%, 07/01/2019 (Health Care/Services)........ NR 826
1,000 Triborough Bridge & Tunnel Auth of NY,
5.125%, Rev Ref General Obligation Ser B
11/15/2029 (Transportation)..................... AA- 1,009
400 Westchester (County of), NY,
6.375%, Industrial Dev Agency Continuing Care
Retirement Mtg-Kendal on Hudson Proj A
01/01/2024 (Health Care/ Services).............. NR 396
-------
7,257
-------
NORTH CAROLINA -- 1.1%
500 North Carolina Eastern Municipal Power Agency,
5.375%, Power Sys Rev Ref Ser C 01/01/2017
(Utilities -- Electric)......................... BBB 515
500 North Carolina Municipal Power Agency #1,
5.50%, Catawba Elec Rev Ser A 01/01/2014
(Utilities -- Electric)......................... BBB+ 533
-------
1,048
-------
OHIO -- 3.3%
1,045 Cincinnati (City of), OH,
5.50%, Water Sys Rev 12/01/2011
(Utilities -- Water and Sewer).................. AA+ 1,169
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
OHIO -- (CONTINUED)
$ 300 Cuyahoga (County of), OH,
5.50%, Rev Ref Class A 01/01/2029
(Miscellaneous)................................. A $ 306
1,270 Hamilton (City of), OH,
6.15%, School Dist Improvement Ser A 12/01/2016
(General Obligations)........................... AA- 1,524
-------
2,999
-------
PENNSYLVANIA -- 4.6%
750 Carbon (County of), PA,
6.65%, Industrial Dev Auth Ref Panther Creek
Partners Proj AMT 05/01/2010 (Industrial)....... BBB- 812
1,000 Lehigh (County of), PA,
5.375%, General Purpose Auth Rev Saint Lukes
Bethlehem Hospital 08/15/2033 (Health
Care/Services).................................. BBB 969
1,000 Pennsylvania (State of),
5.25%, Higher Educ Fac Auth Rev Widener
University 07/15/2024 (Higher Education (Univ.,
Dorms, etc.))................................... BBB+ 983
1,000 Philadelphia (City of), PA,
5.00%, General Obligation 03/15/2028 (General
Obligations).................................... AAA 1,000
500 Susquehanna Area Regional Airport, PA,
5.375%, Auth Sys Rev Sub Ser D 01/01/2018
(Airport Revenues).............................. BBB* 478
-------
4,242
-------
PUERTO RICO -- 1.2%
1,000 Puerto Rico Commonwealth,
5.00%, Ref-Ser A, 07/01/2030 (General
Obligations)(d)................................. A- 1,073
-------
RHODE ISLAND -- 1.4%
1,000 Rhode Island (State of),
5.00%, Clean Water Finance Agency Water
Pollution Control Rev Fund Pooled Loan Issue Ser
B 10/01/2022 (Utilities -- Water and Sewer)..... AAA 1,027
250 Rhode Island (State of),
6.50%, Health & Educ Building Corp. Rev Hosp
Financing-Lifespan Obligation Group 08/15/2032
(Health Care/ Services)......................... BBB 257
-------
1,284
-------
</Table>
The accompanying notes are an integral part of this financial statement.
119
THE HARTFORD TAX-FREE NATIONAL FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- (CONTINUED)
SOUTH CAROLINA -- 2.4%
$1,000 Dorchester (County of), SC, 5.25%, School Dist No
2 Installment Pur Rev Growth Remedy Oppty Hike
12/01/2024 (Higher Education (Univ., Dorms,
etc.)).......................................... A $ 991
1,000 Piedmont Municipal Power Agency, SC,
6.25%, Elec Rev Ref FGIC Insured 01/01/2021
(Utilities -- Electric)......................... AAA 1,190
-------
2,181
-------
TENNESSEE -- 0.5%
500 McMinn (County of), TN,
7.625%, Industrial Dev Board Pollution Control
Rev Calhoun Newsprint Co. Proj AMT 03/01/2016
(Pollution Control)............................. BB 500
-------
TEXAS -- 5.2%
1,000 Clear Creek (City of), TX,
5.00%, Ind School Dist Ref General Obligation
PSF-GTD 02/15/2018 (General Obligations)........ AAA 1,041
750 Houston (City of), TX,
5.50%, Water & Sewer Rev Ref Jr Lien Ser A
12/01/2013 (Utilities -- Water and Sewer)....... AAA 824
1,000 Matagorda (County of), TX,
5.60%, Nav District #1 Rev Ref-Coll-Centerpoint
Energy Project 03/01/2027 (Utilities --
Electric)....................................... BBB 997
500 Sam Rayburn Municipal Power Agency, TX,
5.50%, Rev Ref 10/01/2010
(Utilities -- Electric)......................... BBB- 531
350 San Antonio (City of), TX,
5.25%, Elec & Gas Rev Ref Ser A 02/01/2014
(Prerefunded 02/01/2009 @ 101) (Refunded with
U.S. Gov't Securities).......................... AAA 389
1,000 Tyler (City of), TX,
5.75%, Health Fac Dev Corp Hosp Rev Mother
Frances Hospital 07/01/2027 (Health
Care/Services).................................. BBB+ 994
-------
4,776
-------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
UTAH -- 1.7%
$1,000 Utah (State of),
5.00%, Transportation Auth Sales Tax Rev Ser A
FSA Insured 06/15/2025 (Transportation)......... AAA $ 1,003
500 Utah (State of),
5.375%, General Obligation Ref Ser B 07/01/2011
(General Obligations)........................... AAA 559
-------
1,562
-------
VIRGINIA -- 2.3%
1,000 Peninsula Ports Auth of VA,
6.00%, Port Fac CSX Transportation Proj Rev Ref
12/15/2012 (Transportation)..................... NR 1,076
1,000 Virginia (State of),
5.00%, Port Auth Commonwealth Rev AMT 07/01/2027
(Transportation)................................ AA+ 980
-------
2,056
-------
WASHINGTON -- 0.8%
670 King (County of), WA,
5.00%, Ind School Dist #210 General Obligation
06/01/2019 (General Obligations)................ AA 693
-------
WISCONSIN -- 3.9%
1,305 Sparta (City of), WI,
5.90%, School Dist Ref General Obligation FGIC
Insured 03/01/2016 (Prerefunded 03/01/2010 @
100) (Refunded with U.S. Gov't Securities)...... AAA* 1,491
500 Wisconsin (State of),
4.85%, Housing & Economic Dev Auth General
Obligation Home Ownership Rev Ser G 09/01/2017
(Housing (HFA's, etc.))......................... AA 504
1,500 Wisconsin (State of),
6.40%, Health & Educ Fac Auth Rev Aurora Health
Care 04/15/2033 (Higher Education (Univ., Dorms,
etc.)).......................................... BBB+ 1,578
-------
3,573
-------
Total municipal bonds
(cost $87,503).................................. $90,299
=======
</Table>
The accompanying notes are an integral part of this financial statement.
120
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(B)
- --------- --------
SHORT-TERM INVESTMENTS -- 0.7%
FINANCE -- 0.7%
$ 656 State Street Bank Tax Free Money Market, Current
rate -- 0.48%............................................... $ 656
-------
Total short-term investments
(cost $656)................................................. $ 656
=======
Total investments in securities
(cost $88,159).............................................. $90,955
=======
</Table>
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) At April 30, 2004, the cost of securities for income tax purposes is
$88,159 and the aggregate gross unrealized appreciation and depre-
ciation based on that cost was:
</Table>
<Table>
Unrealized appreciation.......................... $3,374
Unrealized depreciation.......................... (578)
------
Net unrealized appreciation...................... $2,796
======
</Table>
<Table>
(b) See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
(c) The interest rate disclosed for these securities represents the effec-
tive yield on the date of acquisition.
(d) The cost of securities purchased on a when-issued basis at April 30, 2004
was $2,055.
(e) Securities exempt from registration under Rule 144A of the securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $512, which represents
0.56% of total net assets of the fund as of April 30, 2004.
@@ Due to the presentation of the financial statements in thousands, the
number or shares and/or dollars round to zero.
* Fitch's Rating.
</Table>
The accompanying notes are an integral part of this financial statement.
121
THE HARTFORD TAX-FREE NEW YORK FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- 95.5%
AIRPORT REVENUES -- 1.7%
$200 Monroe (County of), NY,
5.25%, Airport Auth Airport Rev Ref Greater
Rochester International 01/01/2014.............. AAA $ 208
-------
GENERAL OBLIGATIONS -- 14.4%
450 Holbrook (City of), NY,
5.00%, Sachem Central School Dist General
Obligation Ser B MBIA Insured 10/15/2029........ AAA 452
200 New York (City of), NY,
5.25%, General Obligation Ser G 08/01/2015...... A 211
425 New York (City of), NY,
5.75%, General Obligation Fiscal 2003 Ser I
03/01/2019...................................... A 459
250 Puerto Rico Commonwealth,
5.00%, Ser A, 07/01/2030(c)..................... A- 268
400 Tobacco Settlement, (State of), NY,
5.50%, Ser C-1 06/01/2022....................... AA- 425
-------
1,815
-------
HEALTH CARE/SERVICES -- 8.6%
125 Chemung (County of), NY,
5.00%, Industrial Dev Agency Civic Fac Rev Arnot
Ogden Medical Ctr Ser A 11/01/2034.............. A- 119
200 New York (State of),
5.00%, Dorm Auth Rev Memorial Sloan-Kettering
Center Ser 1 07/01/2034......................... AA 200
450 New York (State of),
5.00%, Dorm Auth Rev Mental Health Services Fac
Ser B 02/15/2018................................ AA- 459
200 New York (State of),
5.25%, Dorm Auth NY Methodist Hospital
07/01/2019...................................... A3* 207
100 Westchester (County of), NY,
6.375%, Industrial Dev Agency Continuing Care
Retirement Mtg-Kendal on Hudson Proj A
01/01/2024...................................... NR 99
-------
1,084
-------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
HIGHER EDUCATION (UNIV., DORMS, ETC.) -- 21.6%
$250 Dutchess (County of), NY,
5.00%, Industrial Dev Agency Civic Fac Rev Ref
Marist College Ser A 07/01/2022................. Baa1 $ 243
450 New York (State of),
5.00%, Dorm Auth Lease Rev State Univ Dorm Fac
07/01/2032...................................... AA- 493
190 New York (State of),
5.00%, Dorm Auth Rev Fordham University FGIC
Insured 07/01/2020.............................. AAA 195
400 New York (State of),
5.00%, Dorm Auth Rev Mount St. Mary College
Radian Insured 07/01/2027....................... AA 391
450 New York (State of),
5.125%, Dorm Auth Rev St. Barnabas Ser A FHA
Insured AMBAC Insured 02/01/2022................ AAA 461
425 New York (State of),
5.50%, Dorm Auth Lease Rev Court Facs Ser A
05/15/2020...................................... A 453
250 New York (State of),
5.50%, Dorm Auth Rev Brooklyn Law School Radian
Insured Ser A 07/01/2019........................ AA 265
200 Otsego (County of), NY,
6.00%, Industrial Dev Agency Civic Fac Rev
Hartwick College Proj Ser A 07/01/2011.......... Ba1* 220
-------
2,721
-------
HOUSING (HFA'S, ETC.) -- 5.3%
200 Grand Central (City of), NY,
5.00%, District Management Assoc. Ref Cap
Business Impt 01/01/2022........................ Aa3* 203
425 New York (State of),
5.50%, Urban Dev Corp Rev Personal Income Tax
Ser C-1 FGIC Insured 03/15/2017................. AAA 464
-------
667
-------
INDUSTRIAL -- 5.9%
250 Nassau (County of), NY,
5.25%, Industrial Dev Agency Industrial Rev
Keyspan-Glenwood 06/01/2027..................... A 247
245 New York (City of), NY,
5.25%, Industrial Dev Agency Civic Fac Rev
American Council Learned Societie 07/01/2027.... A1* 249
</Table>
The accompanying notes are an integral part of these financial statements.
122
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
MUNICIPAL BONDS -- (CONTINUED)
INDUSTRIAL -- (CONTINUED)
$250 New York (City of), NY,
5.25%, Industrial Dev Agency Civic Fac Rev YMCA
of Greater NY Proj 08/01/2021................... A- $ 251
-------
747
-------
LAND DEVELOPMENT -- 1.8%
150 New York (City of), NY,
5.125%, Industrial Dev Rev Empowerment
Zone-Harlen Mall 12/30/2023..................... BBB 144
100 New York (City of), NY,
5.65%, Industrial Dev Agency Rev Brooklyn Navy
Yard Cogen Partners AMT 10/01/2028.............. BBB- 89
-------
233
-------
MISCELLANEOUS -- 10.9%
450 New York (City of), NY,
5.00%, Transitional Financial Auth Future Tax
Secured C 08/01/2023............................ AA+ 455
200 New York (City of), NY,
5.50%, Dorm Auth Rev Winthrop South Nassau
University 07/01/2023........................... Baa1* 202
400 New York (State of),
6.00%, Local Assistance Corp Ref Ser E
04/01/2014...................................... AA- 456
250 Virgin Islands Public Finance Auth,
6.125%, Refinery Fac Rev Sr Secured -- Hovenska
Refinery AMT 07/01/2022......................... BBB- 260
-------
1,373
-------
POLLUTION CONTROL -- 3.6%
450 New York (State of),
5.00%, Environmental Fac Corp Clean Water Ser C
Revolving Funds 07/15/2026...................... AAA 454
-------
PUBLIC FACILITIES -- 3.5%
450 St. Lawrence (County of), NY,
5.00%, Industrial Dev Civic Fac Rev Clarkson
University Proj 07/01/2023...................... A3* 436
-------
TRANSPORTATION -- 12.6%
450 New York (State of),
5.00%, Triborough Bridge & Tunnel Auth Rev
General Purpose Ser A 01/01/2032................ AA- 445
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(B)
- --------- ---------- --------
TRANSPORTATION -- (CONTINUED)
$450 New York (State of),
5.125%, Metropolitan Transportation Auth Rev Ser
A 11/15/2031.................................... A $ 449
250 Port Auth of NY & NJ,
4.50%, Cons 135th 09/15/2024.................... AAA 232
450 Port Auth of NY & NJ,
5.00%, General Obligation Cons 128th Ser
11/01/2021...................................... AAA 464
-------
1,590
-------
UTILITIES -- ELECTRIC -- 2.0%
250 New York (State of),
5.30%, Energy Research & Dev Auth Elec Fac Rev
Adj Long Island Lighting Co. Proj A
08/01/2025...................................... A- 251
-------
UTILITIES -- WATER AND SEWER -- 3.6%
450 Jefferson (County of), NY,
5.20%, Indust Dev Agency Waste Disposal AMT
12/01/2020...................................... BBB 450
-------
Total municipal bonds
(cost $12,004).................................. $12,029
-------
SHORT-TERM INVESTMENTS -- 4.9%
FINANCE -- 4.9%
623 Dreyfus Basic New York Municipal Money Market
Fund, current rate -- 0.59%..................... 623
-------
Total short-term investments
(cost $623)................................................. $ 623
-------
Total investments in securities
(cost $12,627)(a)........................................... $12,652
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) At April 30, 2004, the cost of securities for federal income tax
purposes is $12,627 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
<Table>
Unrealized appreciation.......................... $ 125
Unrealized depreciation.......................... (100)
-----
Net unrealized appreciation...................... $ 25
=====
</Table>
(b) See Note 2b of accompanying Notes to Financial Statements
regarding valuation of securities.
(c) The cost of securities purchased on a when-issued basis at April 30,
2004 was $264.
The accompanying notes are an integral part of these financial statements.
123
THE HARTFORD TOTAL RETURN BOND FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
MUNICIPAL BONDS -- 0.5%
GENERAL OBLIGATIONS -- 0.5%
$ 3,000 Illinois (State of),
5.10%, General Obligation Taxable Pension
06/01/2033...................................... AA $ 2,723
--------
Total municipal bonds
(cost $3,000)................................... $ 2,723
--------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- 9.0%
FINANCE -- 8.8%
$ 1,800 American Express Credit Account Master Trust,
5.95%, Ser 1999-2 Class A 12/15/2006............ AAA $ 1,804
444 AQ Finance CEB Trust,
6.10%, Ser 2003-CE1A 08/25/2033(e)(h)........... BBB 439
532 Asset Backed Funding Corp. NIM Trust,
4.55%, Ser 2004-OPT1 Class N1
12/26/2033(e)(h)................................ BBB 532
800 Bank One Issuance Trust,
4.77%, Ser 2003-C3 Class C3 02/16/2016.......... BBB 758
1,900 Bear Stearns Commercial Mortgage Securities, Inc.,
4.74%, Ser 2003-T10 Class A2 03/13/2040......... AAA 1,858
1,900 Bear Stearns Commercial Mortgage Securities, Inc.,
4.83%, Ser 2002-TOP8 Class A2 08/15/2038........ AAA 1,880
26,657 Bear Stearns Commercial Mortgage Securities, Inc.,
5.50%, Ser 2004-PWR3 Class X1 I/O
02/11/2041(e)(h)(i)............................. AAA 555
1,315 California Infrastructure & Economic Development,
6.38%, Ser 1997-1 Class A6 09/25/2008........... AAA 1,385
960 Capital One Multi-Asset Execution Trust,
3.50%, Ser 2003-B2 Class B2 02/17/2009.......... A 971
2,040 Citibank Credit Card Issuance Trust,
5.00%, Ser 2003-C4 Class C4 06/10/2015.......... BBB 1,959
341 Comed Transitional Funding Trust,
5.44%, Ser 1998-1 Class A5 03/25/2007........... AAA 348
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
FINANCE -- (CONTINUED)
$ 778 Conseco Finance Securitizations Corp.,
5.79%, Ser 2001-3 Class A3 05/01/2033........... B+ $ 802
754 CS First Boston Mortgage Securities Corp.,
2.08%, Ser 2003-C3 Class A1 05/15/2038.......... AAA 734
1,741 Daimler Chrysler Auto Trust,
3.85%, Ser 2002-A Class A3 04/06/2006........... AAA 1,754
2,375 Discover Card Master Trust I,
5.30%, Ser 2001-5 Class A 11/16/2006............ AAA 2,377
1,650 Ford Credit Auto Owner Trust,
4.29%, Ser 2003-A Class C 11/15/2007............ BBB 1,660
2,500 GE Capital Commercial Mortgage Corp.,
4.12%, Ser 2004-C2 Class A2 03/10/2011.......... Aaa* 2,456
2,700 GE Capital Commercial Mortgage Corp.,
4.37%, Ser 2003-C1 Class A3 01/10/2038.......... AAA 2,672
485 Green Tree Financial Corp.,
6.27%, Ser 1998-6 Class A6 06/01/2030........... A 500
495 Green Tree Financial Corp.,
7.24%, Ser 1997-2 Class A6 06/15/2028........... AA+ 523
850 Home Equity Asset Trust,
5.25%, Ser 2003-7N Class A 04/27/2034(h)........ A- 848
2,516 Honda Auto Receivables Owner Trust,
1.34%, Ser 2003-2 Class A2 12/21/2005........... AAA 2,516
2,700 J.P. Morgan Chase Commercial Mortgage Securities
Co.,
3.84%, Ser 2004-CB8 Class A2 01/12/2039......... AAA 2,568
10,230 J.P. Morgan Chase Commercial Mortgage Securities
Co.,
5.50%, Ser 2004-C1 Class X2 01/15/2038(h)(i).... Aaa* 524
1,830 LB-UBS Commercial Mortgage Trust,
2.72%, Ser 2003-C1 Class A1 03/15/2027.......... AAA 1,808
1,924 LB-UBS Commercial Mortgage Trust,
3.33%, Ser 2003-C7 Class A1 09/15/2027.......... AAA 1,908
</Table>
The accompanying notes are an integral part of this financial statement.
124
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
ASSET BACKED AND COMMERCIAL MORTGAGE SECURITIES -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 1,793 LB-UBS Commercial Mortgage Trust,
3.97%, Ser 2004-C2 Class A3 03/01/2029.......... AAA $ 1,695
1,300 LB-UBS Commercial Mortgage Trust,
4.36%, Ser 2004-C1 Class A3 01/15/2029.......... AAA 1,244
873 LB-UBS Commercial Mortgage Trust,
5.12%, Ser 2003-C8 Class A4 11/15/2032.......... AAA 873
312 Morgan Stanley Capital I,
5.91%, Ser 1999-WF1 Class A1 11/15/2031......... Aaa* 328
744 Morgan Stanley Dean Witter Capital I,
4.57%, Ser 2001-IQA Class A1 12/18/2032......... Aaa* 764
1,900 Morgan Stanley Dean Witter Capital I,
4.74%, Ser 2003-TOP9 Class A2 11/13/2036........ AAA 1,863
524 PP&L Transition Bond Co. LLC,
6.83%, Ser 1999-1 Class A5 03/25/2007........... AAA 537
320 Soundview Home Equity Loan Trust,
8.64%, Ser 2000-1 Class M1 05/25/2030........... AA 336
2,184 Volkswagen Auto Loan Enhanced Trust,
1.11%, Ser 2003-1 Class A2 12/20/2005........... AAA 2,183
10,755 Wachovia Bank Commercial Mortgage Trust,
3.65%, Ser 2004-C10 Class XP 02/15/2041(h)(i)... AAA 526
1,920 WFS Financial Owner Trust,
2.41%, Ser 2003-2 Class A4 12/20/2010........... AAA 1,898
389 Whole Auto Loan Trust,
6.00%, Ser 2002-1 Class D 04/15/2009(h)......... BB 389
--------
48,775
--------
UTILITIES -- 0.2%
1,047 Illinois Power Special Purpose Trust,
5.38%, Ser 1998-1 Class A5 06/25/2007........... AAA 1,071
--------
Total asset backed and commercial mortgage
securities (cost $50,774)....................... $ 49,846
========
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- 36.1%
BASIC MATERIALS -- 1.7%
$ 1,240 Champion International Corp.,
7.20%, 11/01/2026............................... BBB $ 1,400
1,500 ICI Wilmington, Inc.,
4.375%, 12/01/2008.............................. BBB 1,489
1,200 Inco Ltd.,
7.75%, 05/15/2012............................... BBB- 1,391
600 Placer Dome, Inc.,
7.125%, 06/15/2007.............................. BBB+ 656
1,900 Potlatch Corp.,
12.50%, 12/01/2009.............................. BB+ 2,294
2,000 Union Camp Corp.,
7.00%, 08/15/2006............................... BBB 2,168
--------
9,398
--------
CAPITAL GOODS -- 1.3%
1,100 Bombardier, Inc.,
6.30%, 05/01/2014(h)H........................... BBB- 1,085
550 International Game Technology,
8.375%, 05/15/2009.............................. BBB 644
3,400 Northrop Grumman Corp.
8.625%, 10/15/2004.............................. BBB 3,505
495 Rockwell Automation Inc.,
5.20%, 01/15/2098............................... A 397
1,500 Rockwell Automation, Inc.,
6.70%, 01/15/2028............................... A 1,602
--------
7,233
--------
CONSUMER CYCLICAL -- 2.1%
1,175 Albertson's, Inc.,
7.50%, 02/15/2011............................... BBB 1,335
1,200 CRH America, Inc.,
6.95%, 03/15/2012............................... BBB+ 1,336
2,080 Ford Motor Co.,
6.625%, 10/01/2028.............................. BBB- 1,867
1,600 Fred Meyer, Inc.,
7.375%, 03/01/2005.............................. BBB 1,670
3,800 General Motors Corp.,
7.20%, 01/15/2011H.............................. BBB 4,041
300 Nine West Group, Inc.,
8.375%, Ser B 08/15/2005........................ BBB 318
930 Staples, Inc., 7.125%,
08/15/2007...................................... BBB- 1,024
--------
11,591
--------
CONSUMER STAPLES -- 1.7%
2,200 Cadbury Schweppes Finance plc,
5.00%, 06/26/2007............................... BBB 2,280
625 ConAgra Foods, Inc.,
7.00%, 10/01/2028............................... BBB+ 675
2,135 ConAgra Foods, Inc.,
7.50%, 09/15/2005H.............................. BBB+ 2,277
</Table>
The accompanying notes are an integral part of this financial statement.
125
THE HARTFORD TOTAL RETURN BOND FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
CONSUMER STAPLES -- (CONTINUED)
$ 2,200 General Mills, Inc.,
2.625%, 10/24/2006.............................. BBB+ $ 2,167
2,275 Kellogg Co.,
2.875%, 06/01/2008.............................. BBB 2,187
--------
9,586
--------
ENERGY -- 2.8%
1,700 Anadarko Petroleum Corp.,
5.375%, 03/01/2007.............................. BBB+ 1,795
370 Burlington Resources Finance Co.,
6.50%, 12/01/2011............................... BBB+ 408
1,885 Burlington Resources Finance Co.,
6.68%, 02/15/2011............................... BBB+ 2,074
1,275 Consolidated Natural Gas Co.,
5.375%, Ser B 11/01/2006........................ BBB+ 1,339
500 Lasmo (USA), Inc.,
7.50%, 06/30/2006............................... AA 548
650 Occidental Petroleum Corp.,
7.375%, 11/15/2008.............................. BBB+ 735
830 PanCanadian Petroleum Ltd.,
6.30%, 11/01/2011............................... A- 894
860 Panhandle Eastern Pipe Line Co.,
2.75%, 03/15/2007(h)............................ BBB 840
1,130 Pemex Finance Ltd.,
9.69%, Ser 1999-2 08/15/2009.................... A- 1,305
870 Petro-Canada,
5.35%, 07/15/2033............................... BBB 752
1,150 Petroleos Mexicanos,
9.25%, 03/30/2018H.............................. BBB- 1,317
820 Ras Laffan Liquefied Natural Gas Co. Ltd.,
3.44%, 09/15/2009(h)............................ A- 811
1,150 Repsol International Finance B.V.,
7.45%, 07/15/2005............................... BBB+ 1,222
2,150 Seariver Maritime, Inc., 4.47%
Zero Coupon, 09/01/2012(f)...................... AAA 1,409
--------
15,449
--------
FINANCE -- 14.2%
948 Abbey National plc,
6.69%, 10/17/2005............................... A 1,008
910 Abbey National plc,
6.70%, 06/29/2049............................... A- 989
800 ACE INA Holdings, Inc.,
8.20%, 08/15/2004............................... BBB+ 815
800 Aetna, Inc.,
7.375%, 03/01/2006.............................. BBB 867
1,125 Aetna, Inc.,
7.875%, 03/01/2011.............................. BBB 1,314
800 Anthem, Inc.,
6.80%, 08/01/2012............................... BBB+ 891
1,600 AvalonBay Communities, Inc.,
8.25%, 07/15/2008............................... BBB+ 1,849
1,300 Boeing Capital Corp.,
5.75%, 02/15/2007............................... A 1,382
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
FINANCE -- (CONTINUED)
$ 4,320 Bundeserepublik of Deutschland (Euro),
4.25%, 01/01/2014............................... AAA $ 5,212
13,620 Bundesobligation (Euro),
3.50% Ser 143 10/10/2008........................ AAA 16,449
780 Capital One Financial Corp.,
8.75%, 02/01/2007............................... BB+ 874
1,100 CNA Financial Corp.,
6.75%, 11/15/2006............................... BBB- 1,175
1,200 Credit Suisse First Boston USA, Inc.,
6.125%, 11/15/2011.............................. A+ 1,284
700 Duke Realty Corp.,
5.25%, 01/15/2010............................... BBB+ 727
465 ERAC USA Finance Co.,
8.25%, 05/01/2005(h)............................ BBB+ 491
1,100 ERP Operating LP,
6.63%, 04/13/2005............................... BBB+ 1,147
1,050 Fondo LatinoAmericano De Reservas,
3.00%, 08/01/2006(h)............................ A+ 1,051
1,400 Ford Motor Credit Co.,
7.375%, 02/01/2011.............................. BBB- 1,497
15,400 France (Republic of) (Euro),
4.00%, 10/25/2013............................... AAA 18,125
1,500 Fuji JGB Investment LLC,
9.87%, 12/31/2049(h)............................ B+ 1,733
850 Goldman Sachs Group, Inc.,
5.25%, 04/01/2013............................... A+ 842
2,300 Goldman Sachs Group, Inc.,
6.35%, 2/15/2034................................ A- 2,198
1,650 J.P. Morgan Chase & Co.,
5.25%, 05/01/2015............................... A 1,614
1,450 J.P. Morgan Chase & Co.,
7.875%, 06/15/2010.............................. A 1,701
3,570 KFW International Finance, Inc.,
3.00%, 09/15/2005............................... AAA 3,592
1,450 Liberty Mutual Group,
5.75%, 03/15/2014(h)............................ BBB 1,418
1,130 National Rural Utilities Cooperative Finance
Corp.,
3.00%, 02/15/2006............................... A+ 1,140
750 Prudential Insurance Co. of America,
6.375%, 07/23/2006(h)........................... A+ 808
1,000 Russian Federation,
8.25%, 03/31/2010............................... BB+ 1,082
250 Southern Investments UK plc,
6.80%, 12/01/2006............................... BBB- 262
820 Sovereign Bank,
5.125%, 03/15/2013.............................. BBB- 800
550 TuranAlem Finance B.V.,
7.875%, 06/02/2010.............................. BB- 532
</Table>
The accompanying notes are an integral part of this financial statement.
126
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
FINANCE -- (CONTINUED)
$ 515 TuranAlem Finance B.V.,
8.00%, 03/24/2014(h)............................ Baa3* $ 469
1,900 United Mexican States,
4.625%, 10/08/2008.............................. BBB- 1,890
720 Wachovia Corp.,
7.55%, 08/18/2005............................... A 770
720 Wellpoint Health Networks, Inc.,
6.375%, 06/15/2006.............................. A- 773
--------
78,771
--------
HEALTH CARE -- 1.5%
1,105 HCA, Inc.,
6.91%, 06/15/2005............................... BBB- 1,150
1,550 HCA, Inc.,
6.95%, 05/01/2012............................... BBB- 1,619
750 Humana, Inc.,
7.25%, 08/01/2006............................... BBB 816
785 Manor Care, Inc.,
7.50%, 06/15/2006............................... BBB 850
1,400 Merck & Co., Inc.,
2.50%, 03/30/2007............................... AAA 1,383
2,500 Pfizer, Inc.,
2.50%, 03/15/2007............................... AAA 2,471
--------
8,289
--------
SERVICES -- 2.0%
1,600 ARAMARK Services, Inc.,
7.10%, 12/01/2006............................... BBB- 1,743
1,100 Clear Channel Communications, Inc.,
6.00%, 11/01/2006............................... BBB- 1,170
1,350 Cox Enterprises, Inc.,
4.375%, 05/01/2008(h)........................... BBB 1,357
800 Cox Radio, Inc.,
6.375%, 05/15/2005.............................. BBB 828
670 FedEx Corp.,
3.50%, 04/01/2009(h)............................ BBB 648
575 Fiserv, Inc.,
3.00%, 06/27/2008............................... BBB+ 548
1,640 Liberty Media Corp.,
3.50%, 09/25/2006............................... BBB- 1,643
700 News America Holdings, Inc.,
7.70%, 10/30/2025............................... BBB- 798
1,025 Walt Disney Co.,
6.375%, 03/01/2012H............................. BBB+ 1,110
960 Walt Disney Co.,
7.30%, 02/08/2005............................... BBB+ 999
--------
10,844
--------
TECHNOLOGY -- 4.2%
2,410 AOL Time Warner, Inc.,
3.34%, Conv. 12/06/2019(f)...................... BBB 1,524
2,500 AT&T Wireless Services, Inc.,
8.75%, 03/01/2031............................... BBB 3,050
735 Citizens Communications Co.,
9.25%, 05/15/2011............................... BBB 774
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
TECHNOLOGY -- (CONTINUED)
$ 900 Comcast Cable Communications Holdings, Inc.,
8.375%, 03/15/2013.............................. BBB $ 1,074
1,600 Deutsche Telekom International Finance B.V.,
8.25%, 06/15/2005............................... BBB+ 1,703
2,450 France Telecom S.A.,
8.75%, 03/01/2011............................... BBB+ 2,896
1,175 Intelsat Ltd.,
6.50%, 11/01/2013............................... BBB+ 1,078
1,225 Motorola, Inc.,
7.50%, 05/15/2025............................... BBB 1,324
1,680 Raytheon Co.,
4.50%, 11/15/2007............................... BBB- 1,720
680 Raytheon Co.,
6.55%, 03/15/2010............................... BBB- 743
655 Raytheon Co.,
8.30%, 03/01/2010............................... BBB- 773
380 Rogers Cable, Inc.,
6.25%, 06/15/2013............................... BBB- 366
1,400 Sprint Capital Corp.,
8.75%, 03/15/2032............................... BBB- 1,672
1,000 Telefonica Europe B.V.,
7.35%, 09/15/2005............................... A 1,066
1,560 Time Warner Companies, Inc.,
7.25%, 10/15/2017............................... BBB+ 1,709
1,900 Time Warner Entertainment Co. LP,
8.375%, 03/15/2023.............................. BBB+ 2,235
--------
23,707
--------
UTILITIES -- 4.6%
1,590 Carolina Power & Light Co.,
5.125%, 09/15/2013.............................. BBB 1,587
1,140 Carolina Power & Light Co.,
6.125%, 09/15/2033.............................. BBB 1,124
250 Cleveland Electric Illuminating Co.,
7.13%, Ser B 07/01/2007......................... AAA 276
2,040 Commonwealth Edison Co.,
4.70%, 04/15/2015............................... A- 1,950
1,100 Consumers Energy Co.,
6.25%, 09/15/2006............................... BBB- 1,173
565 Detroit Edison Co.,
6.125%, 10/01/2010.............................. A- 608
1,175 Duke Energy Corp.,
3.75%, 03/05/2008............................... BBB+ 1,169
1,400 Florida Power & Light Co.,
5.65%, 02/01/2035............................... A 1,329
3,200 FPL Group Capital, Inc.,
3.25%, 04/11/2006............................... A- 3,235
1,660 Kinder Morgan, Inc.,
6.65%, 03/01/2005............................... BBB 1,723
800 Northern States Power Co.,
2.875%, 08/01/2006.............................. BBB+ 797
</Table>
The accompanying notes are an integral part of this financial statement.
127
THE HARTFORD TOTAL RETURN BOND FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: INVESTMENT GRADE -- (CONTINUED)
UTILITIES -- (CONTINUED)
$ 1,500 Northern States Power Co.,
8.00%, Ser B 08/28/2012......................... BBB+ $ 1,804
1,600 Pacificorp,
5.45%, 09/15/2013............................... A 1,640
200 Pacificorp, 6.12%, 01/15/2006..................... A 212
900 Public Service Co. of Colorado, 4.875%, Ser 12
03/01/2013...................................... BBB+ 886
1,400 Public Service Electric & Gas Co.,
5.375%, 09/01/2013.............................. A- 1,430
125 Public Service Electric & Gas Co.,
7.00%, 09/01/2024............................... AAA 127
2,007 Southern California Edison Co.,
8.00%, 02/15/2007............................... BBB 2,250
850 Texas-New Mexico Power Co.,
6.125%, 06/01/2008.............................. BB+ 867
1,250 TXU Corp.,
6.375%, Ser J 06/15/2006........................ BBB- 1,329
265 Westar Energy, Inc.,
8.50%, 07/01/2022............................... BBB- 273
--------
25,789
--------
Total corporate bonds: investment grade (cost
$200,740)....................................... $200,657
--------
CORPORATE BONDS: NON-INVESTMENT GRADE -- 3.6%
BASIC MATERIALS -- 0.5%
$ 530 Georgia-Pacific Corp.,
8.00%, 01/15/2024(h)............................ BB+ $ 557
1,125 Owens-Brockway Glass Container, Inc.,
8.75%, 11/15/2012............................... BB- 1,229
300 PolyOne Corp.,
6.875%, 12/01/2004(g)........................... BB- 301
575 Vale Overseas Ltd.,
8.25%, 01/17/2034............................... Ba2* 494
--------
2,581
--------
CONSUMER CYCLICAL -- 0.2%
950 AutoNation, Inc.,
9.00%, 08/01/2008............................... BB+ 1,083
--------
CONSUMER STAPLES -- 0.2%
1,075 Tembec Industries, Inc.,
8.625%, 06/30/2009.............................. BB- 1,096
--------
ENERGY -- 0.2%
1,500 El Paso CGP Co.,
6.50%, 06/01/2008............................... CCC+ 1,283
--------
</Table>
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
FINANCE -- 0.3%
$ 365 Colombia (Republic of),
10.375%, 01/28/2033............................. BB $ 367
970 Panama (Republic of),
9.625%, 02/08/2011.............................. BB 1,101
600 Peru (Republic of),
4.50%, 03/07/2017............................... BB- 510
--------
1,978
--------
HEALTH CARE -- 0.1%
290 Omnicare, Inc.,
6.125%, 06/01/2013.............................. BB+ 292
--------
SERVICES -- 0.6%
840 Browning-Ferris Industries, Inc.,
6.375%, 01/15/2008.............................. BB- 857
1,400 CSC Holdings, Inc.,
7.625%, 07/15/2018.............................. BB- 1,414
1,250 Starwood Hotels & Resorts Worldwide, Inc.,
7.875%, 05/01/2012.............................. BB+ 1,367
--------
3,638
--------
TECHNOLOGY -- 1.0%
440 Corning, Inc.,
8.30%, 04/04/2025............................... Ba2* 460
500 KPNQwest N.V.,
8.125%, 06/01/2009(1)........................... NR @@
647 Lucent Technologies, Inc.,
6.45%, 03/15/2029H.............................. B 513
280 Lucent Technologies, Inc.,
6.50%, 01/15/2028............................... B 222
492 Marconi Corp. plc,
8.00%, 04/30/2008(g)............................ NR 538
147 MCI, Inc.,
5.91%, 05/01/2007H.............................. NR 145
147 MCI, Inc.,
6.69%, 05/01/2009H.............................. NR 140
126 MCI, Inc.,
7.74%, 05/01/2014H.............................. NR 117
1,625 PerkinElmer, Inc.,
8.875%, 01/15/2013.............................. BB- 1,852
1,455 Qwest Corp.,
6.875%, 09/15/2033.............................. B- 1,193
420 Shaw Communications, Inc.,
8.25%, 04/11/2010............................... BB+ 472
--------
5,652
--------
UTILITIES -- 0.5%
1,100 DPL, Inc.,
6.875%, 09/01/2011.............................. B+ 1,084
275 Kansas Gas & Electric Co.,
6.20%, 01/15/2006............................... BB+ 287
135 Kansas Gas & Electric Co.,
8.29%, 03/29/2016............................... BB- 138
</Table>
The accompanying notes are an integral part of this financial statement.
128
- --------------------------------------------------------------------------------
<Table>
<Caption>
STANDARD
PRINCIPAL AND POOR'S MARKET
AMOUNT RATING VALUE(C)
- --------- ---------- --------
CORPORATE BONDS: NON-INVESTMENT GRADE -- (CONTINUED)
UTILITIES -- (CONTINUED)
$ 850 Montana Power Co.,
7.30%, 12/01/2006(h)............................ D $ 863
155 Tennessee Gas Pipeline Co.,
7.00%, 10/15/2028H.............................. B- 140
--------
2,512
--------
Total corporate bonds: non-investment grade (cost
$20,017)........................................ $ 20,115
--------
U.S. GOVERNMENT SECURITIES -- 36.3%
FEDERAL HOME LOAN MORTGAGE -- 1.9%
$ 1,400 3.125% 2006H.................................................. $ 1,403
3,800 4.10% 2014H................................................... 3,668
5,357 5.50% 2033 -- 2034(j)......................................... 5,353
--------
10,424
--------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 19.0%
26,271 5.00% 2018 -- 2034(j)......................................... 26,036
45,637 5.50% 2033 -- 2034(j)......................................... 45,553
26,757 6.00% 2013 -- 2033............................................ 27,444
5,037 6.50% 2031 -- 2033............................................ 5,244
1,260 7.50% 2029 -- 2031............................................ 1,348
--------
105,625
--------
GOVERNMENT NATIONAL MORTGAGE -- 5.8%
14,516 5.50% 2033.................................................... 14,535
1,975 6.00% 2032.................................................... 2,026
15,020 6.50% 2028 -- 2032............................................ 15,696
--------
32,257
--------
OTHER DIRECT FEDERAL OBLIGATIONS -- 0.4%
250 Federal Home Loan Bank,
4.19%, 02/20/2007(e)........................................ 265
8,800 Tennessee Valley Authority,
6.96%, 11/01/2025(f)........................................ 1,995
--------
2,260
--------
U.S. TREASURY SECURITIES -- 9.2%
18,915 1.875% 2005H.................................................. 18,863
4,375 3.375% 2007(k)H............................................... 5,544
2,175 3.625% 2008(k)H............................................... 2,758
680 4.00% 2014H................................................... 653
6,515 5.375% 2031H.................................................. 6,601
15,085 6.25% 2023H................................................... 16,762
--------
51,181
--------
Total U.S. government securities
(cost $204,690)............................................. $201,747
--------
<Caption>
MARKET
VALUE(C)
SHARES --------
COMMON STOCK -- 0.1%
TECHNOLOGY -- 0.1%
5 Global Crossing Ltd.(a)H...................................... $ 35
19 MCI, Inc.(a).................................................. 274
--------
309
--------
Total common stock
(cost $497)................................................. $ 309
--------
Total long-term investments
(cost $479,718)............................................. $475,397
--------
SHORT-TERM INVESTMENTS -- 29.4%
COLLATERAL FOR SECURITIES LENDING -- 11.0%
$61,243 Navigator Prime Portfolio..................................... $ 61,243
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 18.4%
$27,731 BNP Paribas Repurchase Agreement,
0.91%, 05/03/2004 (Note 2f)................................. 27,731
33,278 Greenwich Repurchase Agreement,
0.92%, 05/03/2004 (Note 2f)................................. 33,278
7,943 State Street Repurchase Agreement,
0.89%, 05/03/2004 (Note 2f)................................. 7,943
33,277 UBS Warburg Repurchase Agreement,
0.91%, 05/03/2004 (Note 2f)................................. 33,277
--------
102,229
--------
Total short-term investments
(cost $163,472)............................................. $163,472
--------
Total investments in securities
(cost $643,190)(b).......................................... $638,869
========
</Table>
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax purposes
is $643,704 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation......................... $ 3,124
Unrealized depreciation......................... (7,959)
-------
Net unrealized depreciation..................... $(4,835)
=======
</Table>
<Table>
(c) See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
(d) Market value of investments in foreign securities represents 13.14% of
total net assets as of April 30, 2004.
(e) Variable rate securities; the yield reported is the rate in effect as of
April 30, 2004.
(f) The interest rate disclosed for these securities represents the effec-
tive yield on the date of acquisition.
</Table>
The accompanying notes are an integral part of this financial statement.
129
THE HARTFORD TOTAL RETURN BOND FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
(g) The following securities are considered illiquid.
</Table>
<Table>
<Caption>
PERIOD COST
ACQUIRED SHARES/PAR SECURITY BASIS
-------- ---------- -------- -----
2003 492 Marconi Corp., due 2008 $450
2002 300 PolyOne Corp., due 2004 299
</Table>
The aggregate value of these securities as of April 30, 2004, was $839,
which represents 0.15% of total net assets.
<Table>
(h) Securities exempt from registration under Rule 144A of the securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $15,944, which represents
2.87% of total net assets of the fund as of April 30, 2004.
(i) The interest rates disclosed for interest only strips represent effec-
tive yields based upon estimated future cash flows at April 30, 2004.
(j) The cost of securities purchased on a when-issued basis at April 30, 2004
was $26,928.
(k) U.S. Treasury inflation-protection securities (TIP) are securities in
which the principal amount is adjusted for inflation and the semiannual
interest payments equal a fixed percentage of the inflation-adjusted
principal amount.
(1) Debt security in default due to bankruptcy.
</Table>
FORWARD FOREIGN CURRENCY CONTRACTS OUTSTANDING AS OF APRIL 30, 2004
<Table>
<Caption>
UNREALIZED
CONTRACT DELIVERY APPRECIATION
DESCRIPTION MARKET VA AMOUNT DATE (DEPRECIATION)
----------- --------- -------- ---------- --------------
Euro (Sell) 40,187 39,682 07/23/2004 (505)
</Table>
<Table>
H Security is fully or partially on loan as of April 30, 2004. See Note 2d
of accompanying Notes to Financial Statements.
@@ Due to the presentation of the financial statements in thousands, the
number or shares and/or dollars round to zero.
* Moody's Rating.
</Table>
The accompanying notes are an integral part of this financial statement.
130
THE HARTFORD U.S. GOVERNMENT SECURITIES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(B)
- --------- --------
U.S. GOVERNMENT SECURITIES -- 97.3%
FEDERAL HOME LOAN MORTGAGE CORPORATION -- 33.4%
MORTGAGE BACKED SECURITIES:
$ 5,168 5.00% 2033........................................ $ 5,014
5,588 5.50% 2032........................................ 5,584
3,377 6.00% 2032........................................ 3,456
28,625 6.50% 2031........................................ 30,108
216 7.00% 2029 -- 2031................................ 229
227 9.00% 2022........................................ 255
1 10.50% 2015....................................... 1
27 11.25% 2013....................................... 31
133 11.50% 2015 -- 2019............................... 150
135 11.75% 2010 -- 2011............................... 152
33 12.50% 2019....................................... 38
NOTES:
10,000 3.375% 2009....................................... 9,706
15,000 5.25% 2012........................................ 14,834
6,000 6.25% 2032........................................ 6,372
REMIC -- PAC'S:
7,000 5.50% 2029........................................ 7,259
10,000 6.00% 2028........................................ 10,263
--------
93,452
--------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 36.6%
MORTGAGE BACKED SECURITIES:
15,865 5.50% 2015 -- 2032................................ 15,876
2,259 5.85% 2009........................................ 2,420
2,809 5.89% 2008........................................ 3,013
27,097 6.00% 2016 -- 2034................................ 27,776
1,358 6.01% 2009........................................ 1,458
2,681 6.36% 2008........................................ 2,900
1,739 6.50% 2013 -- 2015................................ 1,844
5,655 6.52% 2008........................................ 6,133
6,004 7.184% 2006....................................... 6,467
191 7.50% 2030........................................ 204
59 8.00% 2025........................................ 65
77 8.50% 2022........................................ 84
44 9.00% 2020........................................ 50
97 9.75% 2020........................................ 108
211 10.00% 2020....................................... 238
72 10.50% 2012 -- 2018............................... 82
18 10.75% 2013....................................... 20
423 11.00% 2015 -- 2020............................... 477
68 11.25% 2013....................................... 75
17 11.50% 2015....................................... 20
56 12.00% 2011 -- 2014............................... 64
126 12.50% 2015....................................... 144
NOTES:
6,100 3.375% 2008....................................... 5,967
17,500 6.25% 2029........................................ 18,580
REMIC -- PAC'S:
8,000 6.50% 2032........................................ 8,517
--------
102,581
--------
</Table>
<Table>
<Caption>
PRINCIPAL MARKET
AMOUNT VALUE(B)
- --------- --------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 18.0%
REMIC -- PAC'S:
$35,916 6.00% 2030 -- 2032................................ $ 37,482
MORTGAGE BACKED SECURITIES:
995 6.00% 2034........................................ 1,020
10,091 6.50% 2031 -- 2032................................ 10,544
161 7.00% 2030........................................ 170
237 8.00% 2017 -- 2022................................ 260
831 9.50% 2016 -- 2019................................ 936
57 11.00% 2015 -- 2018............................... 65
--------
50,477
--------
OTHER DIRECT FEDERAL OBLIGATIONS -- 2.9%
FEDERAL HOME LOAN BANK:
7,750 5.75% 2012........................................ 8,197
--------
U.S. TREASURY SECURITIES -- 6.4%
BONDS:
8,870 7.875% 2021H...................................... 11,519
--------
NOTES:
5,000 3.875% 2009(c).................................... 6,366
--------
17,885
--------
Total U.S. government securities
(cost $272,724)................................. $272,592
--------
<Caption>
SHARES
- ---------
SHORT-TERM INVESTMENTS -- 5.3%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 3.4%
9,485 Boston Global Investment Trust.................... $ 9,485
--------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 1.9%
FINANCE AND INSURANCE
$ 1,429 BNP Paribas Repurchase Agreement,
0.91%, 05/03/2004 (Note 2f)..................... 1,429
1,715 Greenwich Repurchase Agreement,
0.92%, 05/03/2004 (Note 2f)..................... 1,715
409 State Street Repurchase Agreement,
0.89%, 05/03/2004 (Note 2f)..................... 409
1,715 UBS Warburg Repurchase Agreement,
0.91%, 05/03/2004 (Note 2f)..................... 1,715
--------
5,267
--------
Total short-term investments
(cost $14,752).................................. $ 14,752
--------
Total investments in securities
(cost $287,476)(a).............................. $287,344
========
</Table>
The accompanying notes are an integral part of this financial statement.
131
THE HARTFORD U.S. GOVERNMENT SECURITIES FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
(a) At April 30, 2004, the cost of securities for income tax purposes is
$287,476 and the aggregate gross unrealized appreciation and depreciation
based on that cost was:
</Table>
<Table>
Unrealized appreciation......................... $ 3,682
Unrealized depreciation......................... (3,814)
-------
Net unrealized appreciation..................... $ (132)
=======
</Table>
<Table>
(b) See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
(c) U.S. Treasury inflation-protection securities (TIPS) are securities in
which the principal amount is adjusted for inflation and the semiannual
interest payments equal a fixed percentage of the inflation-adjusted
principal amount.
</Table>
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
The accompanying notes are an integral part of this financial statement.
132
THE HARTFORD VALUE FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
COMMON STOCK -- 97.3%
BASIC MATERIALS -- 5.2%
47 Alcoa, Inc. ...................................... $ 1,455
34 DuPont (E.I.) de Nemours & Co. ................... 1,460
14 Kimberly-Clark Corp. ............................. 929
-------
3,844
-------
CAPITAL GOODS -- 6.4%
4 General Dynamics Corp. ........................... 374
11 Illinois Tool Works, Inc. ........................ 940
17 Rockwell Automation, Inc. ........................ 559
65 Teradyne, Inc. (with rights)(a)................... 1,327
57 Tyco International Ltd. (with rights)............. 1,551
-------
4,751
-------
CONSUMER CYCLICAL -- 6.8%
19 Caterpillar, Inc. (with rights)................... 1,461
42 Dollar General Corp. (with rights)................ 792
23 General Motors Corp. ............................. 1,105
28 McDonald's Corp. ................................. 754
13 NIKE, Inc. Class B................................ 936
-------
5,048
-------
CONSUMER STAPLES -- 6.4%
26 Coca-Cola Enterprises, Inc. ...................... 702
31 Kellogg Co. ...................................... 1,317
27 PepsiCo, Inc. .................................... 1,482
20 Weyerhaeuser Co. ................................. 1,208
-------
4,709
-------
ENERGY -- 9.2%
16 ChevronTexaco Corp. .............................. 1,473
19 ConocoPhillips (with rights)...................... 1,376
81 Exxon Mobil Corp. ................................ 3,434
7 National Fuel Gas Co. ............................ 181
7 Progress Energy, Inc. ............................ 282
-------
6,746
-------
FINANCE AND INSURANCE -- 28.9%
24 ACE Ltd. (with rights)............................ 1,035
12 Anthem, Inc.(a)................................... 1,028
34 Bank of America Corp. ............................ 2,769
19 Bank One Corp. ................................... 918
13 Chubb Corp. (with rights)......................... 890
71 Citigroup, Inc. .................................. 3,390
14 Fannie Mae........................................ 928
13 Goldman Sachs Group, Inc. ........................ 1,283
13 Marsh & McLennan Companies, Inc.
(with rights)................................... 564
25 Morgan Stanley (with rights)...................... 1,274
54 National City Corp. .............................. 1,855
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
FINANCE AND INSURANCE -- (CONTINUED)
13 PNC Financial Services Group, Inc.
(with rights)................................... $ 706
21 Principal Financial Group, Inc. .................. 755
43 St. Paul Travelers Companies, Inc. ............... 1,733
4 StanCorp Financial Group, Inc. ................... 223
5 SunTrust Banks, Inc. ............................. 347
13 Washington Mutual, Inc. (with rights)............. 506
20 Wells Fargo & Co. (with rights)................... 1,118
-------
21,322
-------
HEALTH CARE -- 8.3%
11 Bard (C.R.), Inc. (with rights)................... 1,201
28 Baxter International, Inc. (with rights).......... 896
34 CVS Corp. ........................................ 1,317
65 Pfizer, Inc. (with rights)........................ 2,326
10 Wyeth (with rights)............................... 373
-------
6,113
-------
SERVICES -- 3.1%
48 Comcast Corp. Special Class A(a).................. 1,400
31 Republic Services, Inc. .......................... 905
-------
2,305
-------
TECHNOLOGY -- 11.8%
65 Applied Materials, Inc.(a)........................ 1,185
15 Beckman Coulter, Inc. (with rights)............... 810
36 BellSouth Corp. (with rights)..................... 929
24 Emerson Electric Co. (with rights)................ 1,439
55 Hewlett-Packard Co. .............................. 1,080
42 Intel Corp. ...................................... 1,073
34 SBC Communications, Inc. ......................... 839
79 Time Warner, Inc. (with rights)(a)................ 1,336
-------
8,691
-------
TRANSPORTATION -- 6.2%
35 CSX Corp. (with rights)........................... 1,077
60 Shell Transport & Trading Co. plc ADRH............ 2,503
68 Southwest Airlines Co. (with rights).............. 975
-------
4,555
-------
UTILITIES -- 5.0%
13 Dominion Resources, Inc. ......................... 826
22 Exelon Corp. ..................................... 1,500
7 PPL Corp. ........................................ 304
17 SCANA Corp. ...................................... 571
14 TXU Corp. (with rights)........................... 478
-------
3,679
-------
Total common stock
(cost $65,880).................................. $71,763
-------
</Table>
The accompanying notes are an integral part of these financial statements.
133
THE HARTFORD VALUE FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- --------- --------
SHORT-TERM INVESTMENTS -- 2.2%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 0.9%
629 Boston Global Investment Trust.................... $ 629
-------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 1.3%
$108 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 108
362 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 362
508 UBS Warburg Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 508
-------
978
-------
Total short-term investments
(cost $1,607)................................... $ 1,607
-------
Total investments in securities
(cost $67,487)(b)............................... $73,370
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
<Table>
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax purposes
is $67,815 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation......................... $ 6,584
Unrealized depreciation......................... (1,029)
-------
Net unrealized appreciation..................... $ 5,555
=======
</Table>
<Table>
(c) See Note 2b of accompanying Notes to Financial Statements regarding
valuation of securities.
(d) Market value of investments in foreign securities represents 3.40% of
total net assets as of April 30, 2004.
</Table>
H Security is fully or partially on loan as of April 30, 2004. See
Note 2d of accompanying Notes to Financial Statements.
The accompanying notes are an integral part of these financial statements.
134
THE HARTFORD VALUE OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- ------ --------
COMMON STOCK -- 98.3%
BASIC MATERIALS -- 6.9%
9 Aracruz Celulose S.A. ADR......................... $ 277
14 Engelhard Corp. (with rights)..................... 398
40 IMC Global, Inc. (with rights).................... 498
41 Michelin (C.G.D.E.) Class B(e).................... 1,883
22... Pactiv Corp.(a)................................... 514
4 Peabody Energy Corp. ............................. 187
30 Sappi Ltd. ADR.................................... 413
32 Smurfit-Stone Container Corp. (with rights)(a).... 552
-------
4,722
-------
CAPITAL GOODS -- 7.7%
78 Axcelis Technologies, Inc.(a)..................... 821
106 Bombardier, Inc. Class B.......................... 465
10 IHC Caland N.V.(e)................................ 476
4 SPX Corp.(a)...................................... 195
33 Teradyne, Inc. (with rights)(a)................... 678
96 Tyco International Ltd. (with rights)............. 2,641
-------
5,276
-------
CONSUMER CYCLICAL -- 11.7%
2 Blockbuster, Inc. Class AH........................ 35
31 CBRL Group, Inc.(a)............................... 1,145
48 Foot Locker, Inc. ................................ 1,140
6 M.D.C. Holdings, Inc. ............................ 400
501 Rinker Group Ltd.(e).............................. 2,566
17 Ross Stores, Inc. ................................ 528
40 TJX Companies, Inc. .............................. 993
3 Toll Brothers, Inc.(a)............................ 107
45 WCI Communities, Inc.(a).......................... 1,084
-------
7,998
-------
CONSUMER STAPLES -- 1.3%
16 Bunge Ltd. ....................................... 600
7 EnCana Corp. ..................................... 268
-------
868
-------
ENERGY -- 8.0%
12 Devon Energy Corp. ............................... 759
23 GlobalSantaFe Corp. .............................. 607
18 Noble Corp. (with rights)(a)...................... 654
2 Progress Energy, Inc. ............................ 98
26 Royal Dutch Petroleum Co. NY Shares............... 1,250
7 Talisman Energy, Inc. ............................ 370
12 Total S.A. ADR.................................... 1,124
19 UGI Corp. ........................................ 608
-------
5,470
-------
FINANCE AND INSURANCE -- 36.4%
23 ACE Ltd. (with rights)............................ 1,013
22 Anthem, Inc.(a)................................... 1,984
46 Apollo Investment Corp.(a)........................ 627
36 Bank of America Corp. ............................ 2,900
27 CIT Group, Inc. .................................. 921
57 Citigroup, Inc. .................................. 2,764
</Table>
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- ------ --------
FINANCE AND INSURANCE -- (CONTINUED)
47 Fannie Mae........................................ $ 3,195
12 Freddie Mac....................................... 677
52 Hibernia Corp. Class A............................ 1,129
2 MBIA, Inc. ....................................... 106
42 National City Corp. .............................. 1,463
9 Oxford Health Plans, Inc. ........................ 495
25 Platinum Underwriters Holdings Ltd. .............. 784
16 Radian Group, Inc. ............................... 749
1 Regions Financial Corp. .......................... 24
15 Reinsurance Group of America, Inc. ............... 590
39 RenaissanceRe Holdings Ltd. ADR................... 2,029
54 Rent-A-Center, Inc.(a)............................ 1,586
23 St. Paul Travelers Companies, Inc. ............... 946
5 Union Planters Corp. ............................. 131
14 UnionBanCal Corp. ................................ 743
-------
24,856
-------
HEALTH CARE -- 6.4%
8 Aventis S.A. ADR.................................. 604
13 GlaxoSmithKline plc ADR........................... 559
14 Health Net, Inc. (with rights)(a)................. 348
11 Merck & Co., Inc. ................................ 498
25 Pfizer, Inc. (with rights)........................ 880
40 Wyeth (with rights)............................... 1,511
-------
4,400
-------
SERVICES -- 4.3%
26 BearingPoint, Inc. (with rights)(a)............... 258
49 Comcast Corp. Special Class A(a).................. 1,420
30 Unisys Corp.(a)................................... 391
115 UnitedGlobalCom, Inc. Class A(a).................. 860
-------
2,929
-------
TECHNOLOGY -- 8.3%
22 Arrow Electronics, Inc.(a)........................ 564
14 Cox Communications, Inc. Class A(a)............... 455
25 Fairchild Semiconductor International, Inc.(a).... 483
20 Lam Research Corp.(a)............................. 434
31 McLeod USA, Inc. Class A(a)....................... 27
56 Microsoft Corp. .................................. 1,454
20 Nextel Communications, Inc. Class A(a)............ 477
19 Seagate Technology(a)............................. 238
72 Time Warner, Inc. (with rights)(a)................ 1,216
19 Vishay Intertechnology, Inc.(a)................... 338
-------
5,686
-------
TRANSPORTATION -- 4.2%
44 AMR Corp.(a)H..................................... 497
53 Continental Airlines, Inc. Class B
(with rights)(a)................................ 569
35 Pinnacle Airlines Corp.(a)........................ 492
31 United Defense Industries, Inc.(a)................ 1,085
8 USF Corp. ........................................ 250
-------
2,893
-------
</Table>
The accompanying notes are an integral part of these financial statements.
135
THE HARTFORD VALUE OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
MARKET
SHARES VALUE(C)
- ------ --------
COMMON STOCK -- (CONTINUED)
UTILITIES -- 3.1%
7 Dominion Resources, Inc. ......................... $ 421
7 Exelon Corp. ..................................... 442
8 PPL Corp. ........................................ 347
26... TXU Corp. (with rights)........................... 881
-------
2,091
-------
Total common stock
(cost $57,995).................................. $67,189
-------
SHORT-TERM INVESTMENTS -- 2.5%
SECURITIES PURCHASED WITH PROCEEDS FROM SECURITIES
LENDING -- 0.7%
502.. Boston Global Investment Trust.................... $ 502
-------
<Caption>
PRINCIPAL
AMOUNT
- ---------
FINANCE -- 1.8%
$135 BNP Paribas Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 135
449 Deutsche Joint Repurchase Agreement,
1.00%, 05/03/2004 (Note 2f)..................... 449
632 UBS Warburg Joint Repurchase Agreement, 1.00%,
05/03/2004 (Note 2f)............................ 632
-------
1,216
-------
Total short-term investments
(cost $1,718)................................... $ 1,718
-------
Total investments in securities
(cost $59,713)(b)............................... $68,907
=======
</Table>
Note: Percentage of investments as shown is the ratio of the total market value
to total net assets.
<Table>
(a) Presently non-income producing.
(b) At April 30, 2004, the cost of securities for federal income tax purposes
is $60,826 and the aggregate gross unrealized appreciation and
depreciation based on that cost was:
</Table>
<Table>
Unrealized appreciation.......................... $9,018
Unrealized depreciation.......................... (937)
------
Net unrealized appreciation...................... $8,081
======
</Table>
<Table>
(c) See Note 2b of accompanying Notes of Financial Statements regarding
valuation of securities.
(d) Market value of investments in foreign securities represents 15.00% of
total net assets as of April 30, 2004.
(e) Security valued in good faith at fair value by, or under the direction
of, the Funds' Board of Directors. The aggregate value of these
securities as of April 30, 2004, was $4,925, which represents 4.21% of
total net assets.
H Security is fully or partially on loan as of April 30, 2004. See Note 2d
of accompanying Notes to Financial Statements.
</Table>
The accompanying notes are an integral part of these financial statements.
136
(This page intentionally left blank)
137
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF ASSETS AND LIABILITIES
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD
THE HARTFORD CAPITAL
ADVISERS APPRECIATION
FUND FUND
------------ ------------
ASSETS
Investments in securities, at value; (amortized cost for
Money Market)@........................................... $2,720,360 $6,458,940
Cash....................................................... 1 --
Foreign currency on deposit with custodian#................ -- 2,151
Unrealized appreciation in forward foreign currency
contracts................................................ -- --
Receivables:
Investment securities sold............................... 6,660 57,640
Fund shares sold......................................... 6,623 39,005
Dividends and interest................................... 9,388 8,960
Other assets............................................... 428 475
---------- ----------
Total assets................................................ 2,743,460 6,567,171
---------- ----------
LIABILITIES
Unrealized depreciation on forward foreign currency
contracts................................................ -- 5,215
Bank overdraft............................................. -- --
Payable upon return of securities loaned (Note 2d)......... 127,816 359,440
Payables:
Investment securities purchased.......................... 9,425 39,460
Fund shares redeemed..................................... 3,483 6,586
Investment advisory and management fees (Note 3)......... 183 460
Distribution fees (Note 3)............................... 204 508
Accrued expenses........................................... 1,270 2,421
---------- ----------
Total liabilities........................................... 142,381 414,090
---------- ----------
Net assets.................................................. $2,601,079 $6,153,081
========== ==========
SUMMARY OF NET ASSETS:
Capital stock and paid-in-capital........................... $2,798,057 $5,756,806
Accumulated undistributed (distribution in excess of) net
investment income (loss)................................... 2,072 (4,963)
Accumulated net realized gain (loss) on investments and
foreign currency transactions.............................. (345,375) (345,185)
Unrealized appreciation (depreciation) of investments in
securities and the translations of assets and liabilities
denominated in foreign currency............................ 146,325 746,423
---------- ----------
Net assets.................................................. $2,601,079 $6,153,081
========== ==========
Shares authorized........................................... 760,000 620,000
---------- ----------
Par value................................................... $ 0.001 $ 0.001
---------- ----------
CLASS A: Net asset value per share.......................... $ 14.59 $ 29.33
---------- ----------
Maximum offering price per share........................... $ 15.44 $ 31.04
---------- ----------
Shares outstanding......................................... 109,363 120,315
---------- ----------
CLASS B: Net asset value per share.......................... $ 14.44 $ 27.53
---------- ----------
Shares outstanding......................................... 40,761 48,465
---------- ----------
CLASS C: Net asset value per share.......................... $ 14.58 $ 27.58
---------- ----------
Maximum offering price per share........................... $ 14.73 $ 27.86
---------- ----------
Shares outstanding......................................... 27,806 43,921
---------- ----------
CLASS E: Net asset value per share.......................... -- --
---------- ----------
Maximum offering price per share........................... -- --
---------- ----------
Shares outstanding......................................... -- --
---------- ----------
CLASS H: Net asset value per share.......................... -- --
---------- ----------
Shares outstanding......................................... -- --
---------- ----------
CLASS L: Net asset value per share.......................... -- --
---------- ----------
Maximum offering price per share........................... -- --
---------- ----------
Shares outstanding......................................... -- --
---------- ----------
CLASS M: Net asset value per share.......................... -- --
---------- ----------
Shares outstanding......................................... -- --
---------- ----------
CLASS N: Net asset value per share.......................... -- --
---------- ----------
Shares outstanding......................................... -- --
---------- ----------
CLASS Y: Net asset value per share.......................... $ 14.77 $ 30.66
---------- ----------
Shares outstanding......................................... 800 2,566
---------- ----------
CLASS Z: Net asset value per share.......................... -- --
---------- ----------
Shares outstanding......................................... -- --
---------- ----------
@ Cost of securities........................................ $2,574,035 $5,707,240
---------- ----------
@ Market value of securities on loan........................ $ 123,102 $ 334,604
---------- ----------
# Cost of foreign currency on deposit with custodian........ $ -- $ 2,164
---------- ----------
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
138
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD
DISCIPLINED DIVIDEND AND EQUITY THE HARTFORD GLOBAL GLOBAL FINANCIAL GLOBAL
EQUITY GROWTH INCOME FOCUS COMMUNICATIONS SERVICES HEALTH
FUND FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ -------------- ---------------- ------------
$354,115 $2,337,381 $186,479 $123,447 $ 15,007 $ 21,478 $348,041
2 1 1 1 1 1 1
-- -- -- -- -- @@ @@
-- -- -- -- -- -- --
943 7,745 1,230 -- 45 112 1,803
799 13,077 4,321 415 8 36 1,765
470 4,426 472 117 64 139 320
47 178 81 34 12 9 41
-------- ---------- -------- -------- -------- -------- --------
356,376 2,362,808 192,584 124,014 15,137 21,775 351,971
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- @@ --
-- -- -- -- -- -- --
-- 15,170 -- -- 2,915 2,281 43,381
935 15,451 2,998 1,784 189 37 7,744
434 2,021 167 254 12 2 240
32 165 16 14 1 2 33
24 150 12 10 1 1 25
147 918 42 77 20 14 112
-------- ---------- -------- -------- -------- -------- --------
1,572 33,875 3,235 2,139 3,138 2,337 51,535
-------- ---------- -------- -------- -------- -------- --------
$354,804 $2,328,933 $189,349 $121,875 $ 11,999 $ 19,438 $300,436
======== ========== ======== ======== ======== ======== ========
$438,577 $2,144,698 $187,187 $138,785 $ 16,237 $ 19,113 $263,863
35 1,551 273 (480) (9) 131 (1,276)
(114,455) (11,060) 656 (21,132) (5,652) (1,218) 12,383
193,744 1,233 4,702 1,423 1,412 25,466
30,647
-------- ---------- -------- -------- -------- -------- --------
$354,804 $2,328,933 $189,349 $121,875 $ 11,999 $ 19,438 $300,436
======== ========== ======== ======== ======== ======== ========
300,000 500,000 300,000 300,000 300,000 300,000 300,000
-------- ---------- -------- -------- -------- -------- --------
$ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001
-------- ---------- -------- -------- -------- -------- --------
$ 10.71 $ 17.19 $ 10.94 $ 9.21 $ 5.25 $ 10.24 $ 15.38
-------- ---------- -------- -------- -------- -------- --------
$ 11.33 $ 18.19 $ 11.58 $ 9.75 $ 5.56 $ 10.84 $ 16.28
-------- ---------- -------- -------- -------- -------- --------
24,264 99,529 13,076 7,936 1,686 1,287 10,974
-------- ---------- -------- -------- -------- -------- --------
$ 10.27 $ 16.98 $ 10.92 $ 9.02 $ 5.13 $ 10.09 $ 14.92
-------- ---------- -------- -------- -------- -------- --------
4,738 17,739 1,075 2,303 292 307 4,550
-------- ---------- -------- -------- -------- -------- --------
$ 10.28 $ 16.95 $ 10.92 $ 9.01 $ 5.12 $ 10.10 $ 14.93
-------- ---------- -------- -------- -------- -------- --------
$ 10.38 $ 17.12 $ 11.03 $ 9.10 $ 5.17 $ 10.20 $ 15.08
-------- ---------- -------- -------- -------- -------- --------
4,437 15,858 3,161 3,008 243 252 4,185
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
$ 10.99 $ 17.38 $ 10.95 $ 9.33 $ 5.34 $ 10.32 $ 15.75
-------- ---------- -------- -------- -------- -------- --------
66 2,771 10 100 76 60 83
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
-- -- -- -- -- -- --
-------- ---------- -------- -------- -------- -------- --------
$323,468 $2,143,637 $185,246 $118,745 $ 13,584 $ 20,066 $322,570
-------- ---------- -------- -------- -------- -------- --------
$ -- $ 14,873 $ -- $ -- $ 2,762 $ 2,153 $ 41,131
-------- ---------- -------- -------- -------- -------- --------
$ -- $ -- $ -- $ -- $ -- @@ @@
-------- ---------- -------- -------- -------- -------- --------
</Table>
The accompanying notes are an integral part of these financial statements.
139
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF ASSETS AND LIABILITIES -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD
GLOBAL GLOBAL
LEADERS TECHNOLOGY
FUND FUND
------------ ------------
ASSETS
Investments in securities, at value; (amortized cost for
Money Market)@........................................... $801,615 $ 68,512
Cash....................................................... 1 @@
Foreign currency on deposit with custodian#................ 819 4
Unrealized appreciation in forward foreign currency
contracts................................................ 68 --
Receivables:
Investment securities sold............................... 33,106 682
Fund shares sold......................................... 3,061 275
Dividends and interest................................... 762 6
Other assets............................................... 57 25
-------- --------
Total assets................................................ 839,489 69,504
-------- --------
LIABILITIES
Unrealized depreciation on forward foreign currency
contracts................................................ 40 --
Bank overdraft............................................. -- --
Payable upon return of securities loaned (Note 2d)......... 125,726 2,049
Payables:
Investment securities purchased.......................... 35,609 1,296
Fund shares redeemed..................................... 712 121
Investment advisory and management fees (Note 3)......... 63 8
Distribution fees (Note 3)............................... 45 6
Accrued expenses........................................... 360 39
-------- --------
Total liabilities........................................... 162,555 3,519
-------- --------
Net assets.................................................. $676,934 $ 65,985
======== ========
SUMMARY OF NET ASSETS:
Capital stock and paid-in-capital........................... $681,863 $124,167
Accumulated undistributed (distribution in excess of) net
investment income (loss)................................... (2,274) (618)
Accumulated net realized gain (loss) on investments and
foreign currency transactions.............................. (56,769) (58,923)
Unrealized appreciation (depreciation) of investments in
securities and the translations of assets and liabilities
denominated in foreign currency............................ 54,114 1,359
-------- --------
Net assets.................................................. $676,934 $ 65,985
======== ========
Shares authorized........................................... 300,000 300,000
-------- --------
Par value................................................... $ 0.001 $ 0.001
-------- --------
CLASS A: Net asset value per share.......................... $ 15.79 $ 4.48
-------- --------
Maximum offering price per share........................... $ 16.71 $ 4.74
-------- --------
Shares outstanding......................................... 29,800 7,713
-------- --------
CLASS B: Net asset value per share.......................... $ 15.16 $ 4.35
-------- --------
Shares outstanding......................................... 5,853 3,211
-------- --------
CLASS C: Net asset value per share.......................... $ 15.21 $ 4.35
-------- --------
Maximum offering price per share........................... $ 15.36 $ 4.39
-------- --------
Shares outstanding......................................... 5,776 3,750
-------- --------
CLASS E: Net asset value per share.......................... -- --
-------- --------
Maximum offering price per share........................... -- --
-------- --------
Shares outstanding......................................... -- --
-------- --------
CLASS H: Net asset value per share.......................... -- --
-------- --------
Shares outstanding......................................... -- --
-------- --------
CLASS L: Net asset value per share.......................... -- --
-------- --------
Maximum offering price per share........................... -- --
-------- --------
Shares outstanding......................................... -- --
-------- --------
CLASS M: Net asset value per share.......................... -- --
-------- --------
Shares outstanding......................................... -- --
-------- --------
CLASS N: Net asset value per share.......................... -- --
-------- --------
Shares outstanding......................................... -- --
-------- --------
CLASS Y: Net asset value per share.......................... $ 16.27 $ 4.56
-------- --------
Shares outstanding......................................... 1,827 246
-------- --------
CLASS Z: Net asset value per share.......................... -- --
-------- --------
Shares outstanding......................................... -- --
-------- --------
@ Cost of securities........................................ $747,461 $ 67,153
-------- --------
@ Market value of securities on loan........................ $115,491 $ 1,932
-------- --------
# Cost of foreign currency on deposit with custodian........ $ 729 $ 4
-------- --------
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
140
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD
THE HARTFORD INTERNATIONAL THE HARTFORD
THE HARTFORD GROWTH THE HARTFORD THE HARTFORD THE HARTFORD CAPITAL INTERNATIONAL
GROWTH OPPORTUNITIES HIGH YIELD INCOME INFLATION PLUS APPRECIATION OPPORTUNITIES
FUND FUND FUND FUND FUND FUND FUND
------------ ------------- ------------ ------------ -------------- ------------- -------------
$ 664,189 $ 740,298 $428,871 $ 34,025 $ 591,756 $ 54,379 $156,039
@@ 32 -- -- 10 @@ 1
-- -- 93 -- -- 2 766
-- -- -- -- -- 5 52
4,754 -- 9,592 124 -- 1,896 4,501
6,059 910 1,528 335 13,113 1,160 824
218 189 8,075 476 3,486 60 711
166 56 112 16 269 41 13
----------- ----------- -------- -------- ---------- -------- --------
675,386 741,485 448,271 34,976 608,634 57,543 162,907
----------- ----------- -------- -------- ---------- -------- --------
-- -- -- -- -- 1 10
-- -- 7,621 23 -- -- --
6,195 40,808 61,725 -- -- 11,264 31,768
7,124 13,574 2,170 144 2,295 1,649 1,166
397 450 2,264 31 1,081 15 147
57 60 31 2 39 5 12
35 33 30 2 58 3 9
145 134 152 18 182 32 117
----------- ----------- -------- -------- ---------- -------- --------
13,953 55,059 73,993 220 3,655 12,969 33,229
----------- ----------- -------- -------- ---------- -------- --------
$ 661,433 $ 686,426 $374,278 $ 34,756 $ 604,979 $ 44,574 $129,678
=========== =========== ======== ======== ========== ======== ========
$ 651,017 $ 681,526 $451,851 $ 34,386 $ 609,281 $ 40,629 $163,661
(2,128) (2,658) (173) (18) (91) (124) 16
(70,930) (71,524) (85,025) 187 3,473 2,198 (42,085)
79,082 7,625 201 (7,684) 1,871 8,086
83,474
----------- ----------- -------- -------- ---------- -------- --------
$ 661,433 $ 686,426 $374,278 $ 34,756 $ 604,979 $ 44,574 $129,678
=========== =========== ======== ======== ========== ======== ========
21,000,000 19,250,000 300,000 300,000 400,000 300,000 300,000
----------- ----------- -------- -------- ---------- -------- --------
$ 0.0001 $ 0.0001 $ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.001
----------- ----------- -------- -------- ---------- -------- --------
$ 16.07 $ 22.74 $ 7.97 $ 10.48 $ 10.54 $ 10.81 $ 10.67
----------- ----------- -------- -------- ---------- -------- --------
$ 17.01 $ 24.06 $ 8.35 $ 10.97 $ 11.04 $ 11.44 $ 11.29
----------- ----------- -------- -------- ---------- -------- --------
14,949 1,898 28,721 2,355 23,880 2,957 7,956
----------- ----------- -------- -------- ---------- -------- --------
$ 14.43 $ 20.16 $ 7.95 $ 10.49 $ 10.54 $ 10.59 $ 10.15
----------- ----------- -------- -------- ---------- -------- --------
1,515 458 8,749 455 8,252 475 2,246
----------- ----------- -------- -------- ---------- -------- --------
$ 14.43 $ 20.16 $ 7.95 $ 10.51 $ 10.54 $ 10.60 $ 10.10
----------- ----------- -------- -------- ---------- -------- --------
$ 14.58 $ 20.36 $ 8.03 $ 10.62 $ 10.65 $ 10.71 $ 10.20
----------- ----------- -------- -------- ---------- -------- --------
1,816 514 9,546 503 25,271 683 1,592
----------- ----------- -------- -------- ---------- -------- --------
-- -- -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
-- -- -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
-- -- -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
$ 14.50 $ 20.28 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
1,799 2,114 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
$ 16.16 $ 22.89 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
$ 16.97 $ 24.03 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
19,794 22,656 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
$ 14.48 $ 20.25 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
1,562 1,174 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
$ 14.48 $ 20.25 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
317 252 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
$ 16.23 $ 22.98 $ 7.97 $ 10.49 $ 10.54 $ 10.91 $ 10.93
----------- ----------- -------- -------- ---------- -------- --------
@@ @@ 2 1 2 30 538
----------- ----------- -------- -------- ---------- -------- --------
-- 23.79 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
-- 1,397 -- -- -- -- --
----------- ----------- -------- -------- ---------- -------- --------
$ 580,715 $ 661,216 $421,237 $ 33,824 $ 599,440 $ 52,505 $148,007
----------- ----------- -------- -------- ---------- -------- --------
$ 6,086 $ 32,674 $ 58,875 $ -- $ -- $ 10,476 $ 29,916
----------- ----------- -------- -------- ---------- -------- --------
$ -- $ -- $ 94 $ -- $ -- $ 2 $ 766
----------- ----------- -------- -------- ---------- -------- --------
</Table>
The accompanying notes are an integral part of these financial statements.
141
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF ASSETS AND LIABILITIES -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD
INTERNATIONAL
SMALL THE HARTFORD
COMPANY MIDCAP
FUND FUND
------------- ------------
ASSETS
Investments in securities, at value; (amortized cost for
Money Market)@........................................... $ 81,344 $2,627,275
Cash....................................................... @@ 1
Foreign currency on deposit with custodian#................ 1 @@
Unrealized appreciation in forward foreign currency
contracts................................................ 496 --
Receivables:
Investment securities sold............................... 946 3,102
Fund shares sold......................................... 608 3,298
Dividends and interest................................... 315 1,274
Other assets............................................... 80 210
-------- ----------
Total assets................................................ 83,790 2,635,160
-------- ----------
LIABILITIES
Unrealized depreciation on forward foreign currency
contracts................................................ 57 --
Bank overdraft............................................. -- --
Payable upon return of securities loaned (Note 2d)......... 13,658 81,716
Payables:
Investment securities purchased.......................... 1,046 14,371
Fund shares redeemed..................................... 41 2,516
Investment advisory and management fees (Note 3)......... 8 210
Distribution fees (Note 3)............................... 2 194
Accrued expenses........................................... 38 1,141
-------- ----------
Total liabilities........................................... 14,850 100,148
-------- ----------
Net assets.................................................. $ 68,940 $2,535,012
======== ==========
SUMMARY OF NET ASSETS:
Capital stock and paid-in-capital........................... $ 58,885 $2,157,807
Accumulated undistributed (distribution in excess of) net
investment income (loss)................................... 204 (10,002)
Accumulated net realized gain (loss) on investments and
foreign currency transactions.............................. 7,883 (6,001)
Unrealized appreciation (depreciation) of investments in
securities and the translations of assets and liabilities
denominated in foreign currency............................ 1,968 393,208
-------- ----------
Net assets.................................................. $ 68,940 $2,535,012
======== ==========
Shares authorized........................................... 300,000 460,000
-------- ----------
Par value................................................... $ 0.001 $ 0.001
-------- ----------
CLASS A: Net asset value per share.......................... $ 13.56 $ 21.49
-------- ----------
Maximum offering price per share........................... $ 14.35 $ 22.74
-------- ----------
Shares outstanding......................................... 1,659 70,776
-------- ----------
CLASS B: Net asset value per share.......................... $ 13.40 $ 20.48
-------- ----------
Shares outstanding......................................... 243 21,256
-------- ----------
CLASS C: Net asset value per share.......................... $ 13.28 $ 20.52
-------- ----------
Maximum offering price per share........................... $ 13.41 $ 20.73
-------- ----------
Shares outstanding......................................... 634 23,793
-------- ----------
CLASS E: Net asset value per share.......................... -- --
-------- ----------
Maximum offering price per share........................... -- --
-------- ----------
Shares outstanding......................................... -- --
-------- ----------
CLASS H: Net asset value per share.......................... -- --
-------- ----------
Shares outstanding......................................... -- --
-------- ----------
CLASS L: Net asset value per share.......................... -- --
-------- ----------
Maximum offering price per share........................... -- --
-------- ----------
Shares outstanding......................................... -- --
-------- ----------
CLASS M: Net asset value per share.......................... -- --
-------- ----------
Shares outstanding......................................... -- --
-------- ----------
CLASS N: Net asset value per share.......................... -- --
-------- ----------
Shares outstanding......................................... -- --
-------- ----------
CLASS Y: Net asset value per share.......................... $ 13.64 $ 22.21
-------- ----------
Shares outstanding......................................... 2,549 4,083
-------- ----------
CLASS Z: Net asset value per share.......................... -- --
-------- ----------
Shares outstanding......................................... -- --
-------- ----------
@ Cost of securities........................................ $ 79,806 $2,234,064
-------- ----------
@ Market value of securities on loan........................ $ 12,816 $ 78,113
-------- ----------
# Cost of foreign currency on deposit with custodian........ $ 2 @@
-------- ----------
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
142
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD
MIDCAP MONEY SHORT SMALL SMALLCAP THE HARTFORD
VALUE MARKET DURATION COMPANY GROWTH STOCK
FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------ ------------
$385,853 $ 293,190 $ 78,622 $305,360 $ 222,955 $1,755,457
@@ 13 -- @@ 1 1
@@ -- -- -- -- --
-- -- -- -- -- --
2,194 -- 993 4,016 3,764 --
3,411 1,095 1,597 1,533 504 4,612
282 658 1,068 1 47 2,097
126 116 36 93 46 301
-------- ---------- --------- -------- ----------- ----------
391,866 295,072 82,316 311,003 227,317 1,762,468
-------- ---------- --------- -------- ----------- ----------
-- -- -- 1 -- --
-- -- -- -- -- --
12,296 -- -- 14,643 12,202 --
5,876 3,000 1,509 1,879 3,766 3,065
348 1,551 333 2,326 223 2,772
35 16 5 28 21 138
27 19 7 24 18 136
146 167 35 120 23 843
-------- ---------- --------- -------- ----------- ----------
18,728 4,753 1,889 19,021 16,253 6,954
-------- ---------- --------- -------- ----------- ----------
$373,138 $ 290,319 $ 80,427 $291,982 $ 211,064 $1,755,514
======== ========== ========= ======== =========== ==========
$323,547 $ 290,319 $ 80,757 $345,025 $ 264,355 $2,289,691
(1,123) -- 5 (2,191) (1,045) (885)
14,810 -- (268) (80,450) (65,737) (586,839)
-- (67) 29,598 13,491 53,547
35,904
-------- ---------- --------- -------- ----------- ----------
$373,138 $ 290,319 $ 80,427 $291,982 $ 211,064 $1,755,514
======== ========== ========= ======== =========== ==========
300,000 2,700,000 300,000 300,000 21,000,000 300,000
-------- ---------- --------- -------- ----------- ----------
$ 0.001 $ 0.001 $ 0.001 $ 0.001 $ 0.0001 $ 0.001
-------- ---------- --------- -------- ----------- ----------
$ 12.21 $ 1.00 $ 10.09 $ 15.05 $ 23.89 $ 16.94
-------- ---------- --------- -------- ----------- ----------
$ 12.92 $ 1.00 $ 10.40 $ 15.93 $ 25.28 $ 17.93
-------- ---------- --------- -------- ----------- ----------
20,697 214,791 3,477 11,347 1,508 60,429
-------- ---------- --------- -------- ----------- ----------
$ 11.96 $ 1.00 $ 10.09 $ 14.19 $ 21.81 $ 15.99
-------- ---------- --------- -------- ----------- ----------
4,687 48,560 1,092 4,368 474 23,451
-------- ---------- --------- -------- ----------- ----------
$ 11.97 $ 1.00 $ 10.09 $ 14.20 $ 21.81 $ 16.06
-------- ---------- --------- -------- ----------- ----------
$ 12.09 $ 1.01 $ 10.19 $ 14.34 $ 22.03 $ 16.22
-------- ---------- --------- -------- ----------- ----------
5,368 25,956 3,401 3,826 387 18,476
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- -- --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- -- --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- -- --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- $ 21.87 --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- 880 --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- $ 23.89 --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- $ 25.08 --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- 4,754 --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- $ 21.84 --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- 788 --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- $ 21.86 --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- 286 --
-------- ---------- --------- -------- ----------- ----------
$ 12.40 $ 1.00 $ 10.09 $ 15.67 $ 24.10 $ 17.62
-------- ---------- --------- -------- ----------- ----------
3 1,012 1 312 @@ 3,409
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- -- --
-------- ---------- --------- -------- ----------- ----------
-- -- -- -- -- --
-------- ---------- --------- -------- ----------- ----------
$349,949 $ 293,190 $ 78,689 $275,762 $ 209,464 $1,701,910
-------- ---------- --------- -------- ----------- ----------
$ 11,602 $ -- $ -- $ 14,139 $ 10,986 $ --
-------- ---------- --------- -------- ----------- ----------
@@ $ -- $ -- $ -- $ -- $ --
-------- ---------- --------- -------- ----------- ----------
</Table>
The accompanying notes are an integral part of these financial statements.
143
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF ASSETS AND LIABILITIES -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD
TAX-FREE TAX-FREE
CALIFORNIA MINNESOTA
FUND FUND
------------ ------------
ASSETS
Investments in securities, at value; (amortized cost for
Money Market)@........................................... $ 15,680 $ 36,406
Cash....................................................... 1 --
Foreign currency on deposit with custodian#................ -- --
Unrealized appreciation in forward foreign currency
contracts................................................ -- --
Receivables:
Investment securities sold............................... -- --
Fund shares sold......................................... 258 13
Dividends and interest................................... 194 416
Other assets............................................... 15 22
-------- -----------
Total assets................................................ 16,148 36,857
-------- -----------
LIABILITIES
Unrealized depreciation on forward foreign currency
contracts................................................ -- --
Bank overdraft............................................. -- --
Payable upon return of securities loaned (Note 2d)......... -- --
Payables:
Investment securities purchased.......................... 538 450
Fund shares redeemed..................................... -- 2
Investment advisory and management fees (Note 3)......... 1 3
Distribution fees (Note 3)............................... 1 @@
Accrued expenses........................................... 10 11
-------- -----------
Total liabilities........................................... 550 466
-------- -----------
Net assets.................................................. $ 15,598 $ 36,391
======== ===========
SUMMARY OF NET ASSETS:
Capital stock and paid-in-capital........................... $ 15,846 $ 34,618
Accumulated undistributed (distribution in excess of) net
investment income (loss)................................... @@ 7
Accumulated net realized gain (loss) on investments and
foreign currency transactions.............................. (21) 271
Unrealized appreciation (depreciation) of investments in
securities and the translations of assets and liabilities
denominated in foreign currency............................ (227) 1,495
-------- -----------
Net assets.................................................. $ 15,598 $ 36,391
======== ===========
Shares authorized........................................... 300,000 19,250,000
-------- -----------
Par value................................................... $ 0.001 $ 0.001
-------- -----------
CLASS A: Net asset value per share.......................... $ 9.90 $ 10.32
-------- -----------
Maximum offering price per share........................... $ 10.37 $ 10.81
-------- -----------
Shares outstanding......................................... 1,449 381
-------- -----------
CLASS B: Net asset value per share.......................... $ 9.89 $ 10.33
-------- -----------
Shares outstanding......................................... 97 51
-------- -----------
CLASS C: Net asset value per share.......................... $ 9.92 $ 10.34
-------- -----------
Maximum offering price per share........................... $ 10.02 $ 10.44
-------- -----------
Shares outstanding......................................... 29 40
-------- -----------
CLASS E: Net asset value per share.......................... -- $ 10.38
-------- -----------
Maximum offering price per share........................... -- $ 10.87
-------- -----------
Shares outstanding......................................... -- 2,716
-------- -----------
CLASS H: Net asset value per share.......................... -- $ 10.37
-------- -----------
Shares outstanding......................................... -- 12
-------- -----------
CLASS L: Net asset value per share.......................... -- $ 10.35
-------- -----------
Maximum offering price per share........................... -- $ 10.84
-------- -----------
Shares outstanding......................................... -- 257
-------- -----------
CLASS M: Net asset value per share.......................... -- $ 10.36
-------- -----------
Shares outstanding......................................... -- 31
-------- -----------
CLASS N: Net asset value per share.......................... -- $ 10.37
-------- -----------
Shares outstanding......................................... -- 21
-------- -----------
CLASS Y: Net asset value per share.......................... -- $ 10.33
-------- -----------
Shares outstanding......................................... -- @@
-------- -----------
CLASS Z: Net asset value per share.......................... -- --
-------- -----------
Shares outstanding......................................... -- --
-------- -----------
@ Cost of securities........................................ $ 15,907 $ 34,911
-------- -----------
@ Market value of securities on loan........................ $ -- $ --
-------- -----------
# Cost of foreign currency on deposit with custodian........ $ -- $ --
-------- -----------
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
144
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD
TAX-FREE TAX-FREE TOTAL RETURN U.S. GOVERNMENT THE HARTFORD VALUE
NATIONAL NEW YORK BOND SECURITIES VALUE OPPORTUNITIES
FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ --------------- ------------ -------------
$ 90,955 $ 12,652 $638,869 $287,344 $ 73,370 $ 68,907
-- 31 1 @@ 1 1
-- -- -- -- -- @@
-- -- -- -- -- --
-- -- 22,457 4 809 185
832 -- 2,316 148 399 433
1,371 182 5,008 2,504 185 120
75 11 103 74 18 58
----------- -------- -------- -------- -------- -----------
93,233 12,876 668,754 290,074 74,782 69,704
----------- -------- -------- -------- -------- -----------
-- -- 505 -- -- --
-- -- -- -- -- --
-- -- 61,243 9,485 629 502
2,055 264 49,927 -- 337 797
71 -- 1,139 438 50 29
8 1 39 22 6 8
4 1 39 12 5 5
17 8 252 106 29 20
----------- -------- -------- -------- -------- -----------
2,155 274 113,144 10,063 1,056 1,361
----------- -------- -------- -------- -------- -----------
$ 91,078 $ 12,602 $555,610 $280,011 $ 73,726 $ 68,343
=========== ======== ======== ======== ======== ===========
$ 88,083 $ 12,540 $555,487 $292,660 $ 74,151 $ 66,725
11 1 (1,745) (40) 176 (127)
188 36 6,714 (12,477) (6,484) (7,449)
25 (4,846) (132) 5,883 9,194
2,796
----------- -------- -------- -------- -------- -----------
$ 91,078 $ 12,602 $555,610 $280,011 $ 73,726 $ 68,343
=========== ======== ======== ======== ======== ===========
19,250,000 300,000 300,000 19,250 300,000 21,000,000
----------- -------- -------- -------- -------- -----------
$ 0.001 $ 0.001 $ 0.001 $ 0.0001 $ 0.001 $ 0.0001
----------- -------- -------- -------- -------- -----------
$ 10.94 $ 10.06 $ 10.70 $ 9.57 $ 9.42 $ 13.36
----------- -------- -------- -------- -------- -----------
$ 11.46 $ 10.53 $ 11.20 $ 10.02 $ 9.97 $ 14.14
----------- -------- -------- -------- -------- -----------
3,040 974 27,659 5,941 5,722 1,415
----------- -------- -------- -------- -------- -----------
$ 10.87 $ 10.07 $ 10.65 $ 9.53 $ 9.34 $ 12.63
----------- -------- -------- -------- -------- -----------
619 123 9,042 3,114 930 348
----------- -------- -------- -------- -------- -----------
$ 10.89 $ 10.07 $ 10.69 $ 9.53 $ 9.34 $ 12.63
----------- -------- -------- -------- -------- -----------
$ 11.00 $ 10.17 $ 10.80 $ 9.63 $ 9.43 $ 12.76
----------- -------- -------- -------- -------- -----------
767 155 9,293 1,816 1,189 325
----------- -------- -------- -------- -------- -----------
$ 10.93 -- -- $ 9.55 -- --
----------- -------- -------- -------- -------- -----------
$ 11.45 -- -- $ 10.00 -- --
----------- -------- -------- -------- -------- -----------
2,937 -- -- 13,171 -- --
----------- -------- -------- -------- -------- -----------
$ 10.90 -- -- $ 9.52 -- $ 12.64
----------- -------- -------- -------- -------- -----------
141 -- -- 503 -- 503
----------- -------- -------- -------- -------- -----------
$ 10.91 -- -- $ 9.56 -- $ 13.36
----------- -------- -------- -------- -------- -----------
$ 11.42 -- -- $ 10.01 -- $ 14.03
----------- -------- -------- -------- -------- -----------
659 -- -- 4,224 -- 1,809
----------- -------- -------- -------- -------- -----------
$ 10.90 -- -- $ 9.53 -- $ 12.63
----------- -------- -------- -------- -------- -----------
124 -- -- 425 -- 655
----------- -------- -------- -------- -------- -----------
$ 10.88 -- -- $ 9.52 -- $ 12.64
----------- -------- -------- -------- -------- -----------
52 -- -- 120 -- 169
----------- -------- -------- -------- -------- -----------
$ 10.93 -- $ 10.80 $ 9.58 $ 9.43 $ 13.45
----------- -------- -------- -------- -------- -----------
@@ -- 5,924 @@ 3 @@
----------- -------- -------- -------- -------- -----------
-- -- -- -- -- --
----------- -------- -------- -------- -------- -----------
-- -- -- -- -- --
----------- -------- -------- -------- -------- -----------
$ 88,159 $ 12,627 $643,190 $287,476 $ 67,487 $ 59,713
----------- -------- -------- -------- -------- -----------
$ -- $ -- $ 58,132 $ 9,091 $ 615 $ 476
----------- -------- -------- -------- -------- -----------
$ -- $ -- $ -- $ -- $ -- $ --
----------- -------- -------- -------- -------- -----------
</Table>
The accompanying notes are an integral part of these financial statements.
145
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD
THE HARTFORD CAPITAL
ADVISERS APPRECIATION
FUND FUND
------------ ------------
INVESTMENT INCOME:
Dividends................................................. $13,830 $ 39,061
Interest.................................................. 17,840 1,741
Securities lending........................................ 87 145
Less: Foreign tax withheld................................ -- (1,121)
------- --------
Total investment income (loss), net..................... 31,757 39,826
------- --------
EXPENSES:
Investment management and advisory fees................... 8,358 18,481
Transfer agent fees....................................... 3,723 7,253
Distribution fees
Class A................................................. 2,375 4,573
Class B................................................. 3,022 6,409
Class C................................................. 2,109 5,690
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Custodian fees............................................ 16 767
Accounting services....................................... 262 553
Registration and filing fees.............................. 136 225
Board of Director's fees.................................. 11 17
Other expenses............................................ 821 1,395
------- --------
Total expenses (before reimbursements and waivers)...... 20,833 45,363
------- --------
Expense waivers........................................... -- --
Fees paid indirectly...................................... (277) (516)
------- --------
Total reimbursements and waivers........................ (277) (516)
------- --------
Total expenses, net..................................... 20,556 44,847
------- --------
Net investment income (loss).............................. 11,201 (5,021)
------- --------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments................... 32,301 448,835
Net realized gain (loss) on futures contracts............. -- --
Net realized gain (loss) on foreign currency
transactions............................................ -- (136)
------- --------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS......................... 32,301 448,699
------- --------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net unrealized appreciation (depreciation) of
investments............................................. 37,972 39,153
Net unrealized appreciation (depreciation) of futures
contracts............................................... -- --
Net unrealized appreciation (depreciation) on translation
of other assets and liabilities in foreign currencies... -- (5,308)
------- --------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. 37,972 33,845
------- --------
NET GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS............................. 70,273 482,544
------- --------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $81,474 $477,523
======= ========
</Table>
(a) Includes $467 of waiver of investment management and advisory fees and $58
of practical waiver of transfer agent fees and distribution fees. (See note
3)
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
146
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD
DISCIPLINED DIVIDEND EQUITY THE HARTFORD GLOBAL GLOBAL FINANCIAL GLOBAL
EQUITY AND GROWTH INCOME FOCUS COMMUNICATIONS SERVICES HEALTH
FUND FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ -------------- ---------------- ------------
$ 2,929 $ 23,068 $1,627 $ 697 $ 84 $ 330 $ 1,355
12 581 24 7 14 3 40
-- 21 -- -- 2 1 47
-- (236) (2) -- (7) (14) (58)
------- -------- ------ ------- ------ ------ -------
2,941 23,434 1,649 704 93 320 1,384
------- -------- ------ ------- ------ ------ -------
1,435 6,982 467 619 57 102 1,368
494 2,964 121 168 16 28 366
391 2,361 134 110 13 21 227
248 1,431 34 109 7 16 315
237 1,284 104 139 6 13 290
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
8 11 26 4 8 9 16
36 216 12 12 1 2 27
17 112 2 3 @@ 1 11
2 7 @@ 1 @@ @@ 1
92 581 34 45 7 11 65
------- -------- ------ ------- ------ ------ -------
2,960 15,949 934 1,210 115 203 2,686
------- -------- ------ ------- ------ ------ -------
(34) -- (467) (21) (11) (14) (23)
(20) (77) (58) (5) (2) (3) (3)
------- -------- ------ ------- ------ ------ -------
(54) (77) (525)(a) (26) (13) (17) (26)
------- -------- ------ ------- ------ ------ -------
2,906 15,872 409 1,184 102 186 2,660
------- -------- ------ ------- ------ ------ -------
35 7,562 1,240 (480) (9) 134 (1,276)
------- -------- ------ ------- ------ ------ -------
17,734 50,562 656 10,993 2,066 1,345 13,334
299 -- -- -- -- -- --
-- -- -- -- (12) 2 8
------- -------- ------ ------- ------ ------ -------
18,033 50,562 656 10,993 2,054 1,347 13,342
------- -------- ------ ------- ------ ------ -------
3,140 98,596 587 (7,173) (989) (387) 17,015
-- -- -- -- -- -- --
-- -- -- -- 1 (1) (10)
------- -------- ------ ------- ------ ------ -------
3,140 98,596 587 (7,173) (988) (388) 17,005
------- -------- ------ ------- ------ ------ -------
21,173 149,158 1,243 3,820 1,066 959 30,347
------- -------- ------ ------- ------ ------ -------
$21,208 $156,720 $2,483 $ 3,340 $1,057 $1,093 $29,071
======= ======== ====== ======= ====== ====== =======
</Table>
147
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF OPERATIONS -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD
GLOBAL LEADERS GLOBAL TECHNOLOGY
FUND FUND
-------------- -----------------
INVESTMENT INCOME:
Dividends................................................. $ 3,495 $ 65
Interest.................................................. 68 8
Securities lending........................................ 101 3
Less: Foreign tax withheld................................ (198) (5)
-------- -------
Total investment income (loss), net..................... 3,466 71
-------- -------
EXPENSES:
Investment management and advisory fees................... 2,830 356
Transfer agent fees....................................... 959 101
Distribution fees
Class A................................................. 735 56
Class B................................................. 434 74
Class C................................................. 428 90
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Custodian fees............................................ 87 11
Accounting services....................................... 69 7
Registration and filing fees.............................. 33 2
Board of Director's fees.................................. 2 @@
Other expenses............................................ 206 20
-------- -------
Total expenses (before reimbursements and waivers)...... 5,783 717
-------- -------
Expense waivers........................................... -- (18)
Fees paid indirectly...................................... (75) (10)
-------- -------
Total reimbursements and waivers........................ (75) (28)
-------- -------
Total expenses, net..................................... 5,708 689
-------- -------
Net investment income (loss).............................. (2,242) (618)
-------- -------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments................... 106,778 7,201
Net realized gain (loss) on futures contracts............. -- --
Net realized gain (loss) on foreign currency
transactions............................................ 33 (1)
-------- -------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS......................... 106,811 7,200
-------- -------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net unrealized appreciation (depreciation) of
investments............................................. (20,437) (9,708)
Net unrealized appreciation (depreciation) of futures
contracts............................................... -- --
Net unrealized appreciation (depreciation) on translation
of other assets and liabilities in foreign currencies... (69) @@
-------- -------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. (20,506) (9,708)
-------- -------
NET GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS............................. 86,305 (2,508)
-------- -------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $ 84,063 $(3,126)
======== =======
</Table>
(a) The number includes $222 of practical waiver of distribution fees for
Classes B and C. (See Note 3)
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
148
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD
THE HARTFORD GROWTH THE HARTFORD THE HARTFORD THE HARTFORD INTERNATIONAL INTERNATIONAL
GROWTH OPPORTUNITIES HIGH YIELD INCOME INFLATION CAPITAL APPRECIATION OPPORTUNITIES
FUND FUND FUND FUND PLUS FUND FUND FUND
------------ ------------- ------------ ------------ ------------- -------------------- -------------
$ 1,480 $ 1,290 $ 26 $ -- $ -- $ 149 $ 1,349
59 41 14,232 882 7,976 12 16
25 107 50 -- -- 8 20
-- -- -- -- -- (21) (255)
------- -------- ------- ----- -------- ------ -------
1,564 1,438 14,308 882 7,976 148 1,130
------- -------- ------- ----- -------- ------ -------
2,233 2,637 1,448 94 1,406 150 530
250 63 581 42 551 35 163
240 50 350 33 285 33 120
83 36 367 22 384 17 113
93 42 396 25 1,019 23 79
136 229 -- -- -- -- --
404 664 -- -- -- -- --
118 124 -- -- -- -- --
23 25 -- -- -- -- --
10 33 8 2 5 45 65
19 5 39 3 47 3 12
39 54 16 1 36 1 17
3 2 1 @@ 1 @@ @@
160 200 89 8 130 13 40
------- -------- ------- ----- -------- ------ -------
3,811 4,164 3,295 230 3,864 320 1,139
------- -------- ------- ----- -------- ------ -------
(2) (1) (78) (40) (529) (42) (2)
(117) (68) @@ @@ @@ (5) (18)
------- -------- ------- ----- -------- ------ -------
(119) (69) (78) (40) (529) (47) (20)
------- -------- ------- ----- -------- ------ -------
3,692 4,095 3,217 190 3,335 273 1,119
------- -------- ------- ----- -------- ------ -------
(2,128) (2,657) 11,091 692 4,641 (125) 11
------- -------- ------- ----- -------- ------ -------
17,220 79,906 1,399 127 3,736 2,225 16,160
-- -- -- -- -- -- --
-- 2 210 80 -- (3) 16
------- -------- ------- ----- -------- ------ -------
17,220 79,908 1,609 207 3,736 2,222 16,176
------- -------- ------- ----- -------- ------ -------
13,332 (30,142) (959) (456) (11,393) 269 (4,360)
-- -- -- -- -- -- --
-- @@ 26 (23) -- (4) 43
------- -------- ------- ----- -------- ------ -------
13,332 (30,142) (933) (479) (11,393) 265 (4,317)
------- -------- ------- ----- -------- ------ -------
30,552 49,766 676 (272) (7,657) 2,487 11,859
------- -------- ------- ----- -------- ------ -------
$28,424 $ 47,109 $11,767 $ 420 $ (3,016) $2,362 $11,870
======= ======== ======= ===== ======== ====== =======
</Table>
149
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF OPERATIONS -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD
INTERNATIONAL THE HARTFORD
SMALL COMPANY MIDCAP
FUND FUND
------------- -------------
INVESTMENT INCOME:
Dividends................................................. $ 635 $ 10,835
Interest.................................................. 9 80
Securities lending........................................ 30 119
Less: Foreign tax withheld................................ (67) (36)
------- --------
Total investment income (loss), net..................... 607 10,998
------- --------
EXPENSES:
Investment management and advisory fees................... 272 9,377
Transfer agent fees....................................... 37 3,471
Distribution fees
Class A................................................. 25 2,264
Class B................................................. 13 2,209
Class C................................................. 26 2,485
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Custodian fees............................................ 104 27
Accounting services....................................... 5 254
Registration and filing fees.............................. 1 191
Board of Director's fees.................................. @@ 8
Other expenses............................................ 14 814
------- --------
Total expenses (before reimbursements and waivers)...... 497 21,100
------- --------
Expense waivers........................................... (87) --
Fees paid indirectly...................................... (3) (104)
------- --------
Total reimbursements and waivers........................ (90) (104)
------- --------
Total expenses, net..................................... 407 20,996
------- --------
Net investment income (loss).............................. 200 (9,998)
------- --------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments................... 7,972 128,528
Net realized gain (loss) on futures contracts............. -- --
Net realized gain (loss) on foreign currency
transactions............................................ (6) 4
------- --------
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS......................... 7,966 128,532
------- --------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net unrealized appreciation (depreciation) of
investments............................................. (2,743) (14,563)
Net unrealized appreciation (depreciation) of futures
contracts............................................... -- --
Net unrealized appreciation (depreciation) on translation
of other assets and liabilities in foreign currencies... 424 (2)
------- --------
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. (2,319) (14,565)
------- --------
NET GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND
FOREIGN CURRENCY TRANSACTIONS............................. 5,647 113,967
------- --------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $ 5,847 $103,969
======= ========
</Table>
(a) The number includes $222 of practical waiver of distribution fees for
Classes B and C. (See Note 3)
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
150
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD SMALLCAP THE HARTFORD
MIDCAP VALUE MONEY MARKET SHORT DURATION SMALL COMPANY GROWTH STOCK
FUND FUND FUND FUND FUND FUND
------------ ------------ -------------- ------------- ------------ ------------
1,$583.... $ -- $ -- $ 189 $ 577 $13,466
43....... 1,774 1,484 49 16 71
16....... -- -- 35 35 8
(3).. -- -- -- -- --
------- ------ ------ -------- -------- -------
1,639.... 1,774 1,484 273 628 13,545
------- ------ ------ -------- -------- -------
1,392.... 770 204 1,237 932 6,295
439...... 464 96 394 63 2,465
326...... 338 47 246 43 1,548
255...... 283 52 315 44 1,933
296...... 127 162 277 37 1,562
-- -- -- -- 105 --
-- -- -- -- 265 --
-- -- -- -- 92 --
-- -- -- -- 32 --
31....... 3 4 19 9 12
33....... 31 7 29 4 178
14....... 21 3 15 33 108
1........ 2 @@ 1 1 9
87....... 95 26 81 48 549
------- ------ ------ -------- -------- -------
2,874.... 2,134 601 2,614 1,708 14,659
------- ------ ------ -------- -------- -------
(108).. (313) (99) (108) (29) --
(5).. (223)(a) -- (42) (6) (229)
------- ------ ------ -------- -------- -------
(113).. (536) (99) (150) (35) (229)
------- ------ ------ -------- -------- -------
2,761.... 1,598 502 2,464 1,673 14,430
------- ------ ------ -------- -------- -------
(1,122).. 176 982 (2,191) (1,045) (885)
------- ------ ------ -------- -------- -------
15,702... 1 (47) 29,913 19,604 3,598
-- -- -- -- 82 --
2........ -- -- (3) -- --
------- ------ ------ -------- -------- -------
15,704... 1 (47) 29,910 19,686 3,598
------- ------ ------ -------- -------- -------
5,121.... -- (379) (13,686) (11,187) 73,522
-- -- -- -- -- --
@@ -- -- 3 -- --
------- ------ ------ -------- -------- -------
5,121.... -- (379) (13,683) (11,187) 73,522
------- ------ ------ -------- -------- -------
20,825... 1 (426) 16,227 8,499 77,120
------- ------ ------ -------- -------- -------
19$,703... $ 177 $ 556 $ 14,036 $ 7,454 $76,235
======= ====== ====== ======== ======== =======
</Table>
151
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF OPERATIONS -- (CONTINUED)
FOR THE SIX-MONTH PERIOD ENDED APRIL 30, 2004
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD
TAX-FREE TAX-FREE
CALIFORNIA MINNESOTA
FUND FUND
------------ ------------
INVESTMENT INCOME:
Dividends................................................. $ -- $ --
Interest.................................................. 397 911
Securities lending........................................ -- --
Less: Foreign tax withheld................................ -- --
----- -----
Total investment income (loss), net..................... 397 911
----- -----
EXPENSES:
Investment management and advisory fees................... 46 136
Transfer agent fees....................................... 23 6
Distribution fees
Class A................................................. 22 6
Class B................................................. 6 3
Class C................................................. 3 2
Class H................................................. -- 1
Class L................................................. -- 4
Class M................................................. -- 2
Class N................................................. -- 1
Custodian fees............................................ 2 2
Accounting services....................................... 2 1
Registration and filing fees.............................. 4 6
Board of Director's fees.................................. @@ @@
Other expenses............................................ 4 12
----- -----
Total expenses (before reimbursements and waivers)...... 112 182
----- -----
Expense waivers........................................... (28) (10)
Fees paid indirectly...................................... (1) @@
----- -----
Total reimbursements and waivers........................ (29) (10)
----- -----
Total expenses, net..................................... 83 172
----- -----
Net investment income (loss).............................. 314 739
----- -----
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on investments................... 59 271
Net realized gain (loss) on futures contracts............. -- --
Net realized gain (loss) on foreign currency
transactions............................................ -- --
----- -----
NET REALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS
AND FOREIGN CURRENCY TRANSACTIONS......................... 59 271
----- -----
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS:
Net unrealized appreciation (depreciation) of
investments............................................. (159) (394)
Net unrealized appreciation (depreciation) of futures
contracts............................................... -- --
Net unrealized appreciation (depreciation) on translation
of other assets and liabilities in foreign currencies... -- --
----- -----
NET CHANGES IN UNREALIZED APPRECIATION OR DEPRECIATION OF
INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY
TRANSACTIONS.............................................. (159) (394)
----- -----
NET GAIN(LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN
CURRENCY TRANSACTIONS..................................... (100) (123)
----- -----
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $ 214 $ 616
===== =====
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
The accompanying notes are an integral part of these financial statements.
152
- --------------------------------------------------------------------------------
<Table>
<Caption>
THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD THE HARTFORD
TAX-FREE TAX-FREE TOTAL RETURN U.S. GOVERNMENT THE HARTFORD VALUE
NATIONAL NEW YORK BOND SECURITIES VALUE OPPORTUNITIES
FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ --------------- ------------ -------------
$ -- $ -- $ 16 $ -- $ 788 $ 384
2,252 277 11,754 7,905 7 5
-- -- 69 9 1 6
-- -- -- -- -- (2)
------ ---- ------- ------- ------ ------
2,252 277 11,849 7,914 796 393
------ ---- ------- ------- ------ ------
338 33 1,776 1,078 276 303
63 16 710 166 97 23
45 14 430 91 75 19
34 6 506 168 41 17
40 8 528 107 54 15
8 -- -- 28 -- 34
10 -- -- 52 -- 30
7 -- -- 22 -- 42
3 -- -- 7 11
2 2 17 8 2 5
4 1 56 12 7 2
37 4 33 57 3 36
1 @@ 3 1 @@ @@
22 6 155 92 20 19
------ ---- ------- ------- ------ ------
614 90 4,214 1,889 575 556
------ ---- ------- ------- ------ ------
(89) (24) (168) (134) (9) (34)
@@ @@ (4) @@ (3) (2)
------ ---- ------- ------- ------ ------
(89) (24) (172) (134) (12) (36)
------ ---- ------- ------- ------ ------
525 66 4,042 1,755 563 521
------ ---- ------- ------- ------ ------
1,727 211 7,797 6,159 233 (127)
------ ---- ------- ------- ------ ------
188 36 4,260 (1,611) 913 2,937
-- -- -- -- -- --
-- -- 2,734 -- -- @@
------ ---- ------- ------- ------ ------
188 36 6,994 (1,611) 913 2,937
------ ---- ------- ------- ------ ------
(556) (49) (6,706) (1,259) 2,678 2,031
-- -- -- -- -- --
-- -- (1,599) -- -- @@
------ ---- ------- ------- ------ ------
(556) (49) (8,305) (1,259) 2,678 2,031
------ ---- ------- ------- ------ ------
(368) (13) (1,311) (2,870) 3,591 4,968
------ ---- ------- ------- ------ ------
$1,359 $198 $ 6,486 $ 3,289 $3,824 $4,841
====== ==== ======= ======= ====== ======
</Table>
153
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF CHANGES IN NET ASSETS
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
ADVISERS FUND CAPITAL APPRECIATION FUND
------------------------------- -------------------------------
FOR THE FOR THE
FOR THE YEAR FOR THE YEAR
SIX-MONTH ENDED SIX-MONTH ENDED
PERIOD ENDED OCTOBER 31, PERIOD ENDED OCTOBER 31,
APRIL 30, 2004 2003 APRIL 30, 2004 2003
-------------- ----------- -------------- -----------
(UNAUDITED) (UNAUDITED)
OPERATIONS:
Net investment income (loss)............................. $ 11,201 $ 26,995 $ (5,021) $ (16,601)
Net realized gain (loss) on investments.................. 32,301 (122,548) 448,699 (86,039)
Net unrealized appreciation (depreciation) of
investments............................................ 37,972 387,775 33,845 1,077,398
---------- ---------- ---------- ----------
Net increase (decrease) in net assets resulting from
operations............................................. 81,474 292,222 477,523 974,758
---------- ---------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................ (8,612) (18,988) -- --
Class B................................................ (1,100) (4,119) -- --
Class C................................................ (1,002) (3,387) -- --
Class E................................................ -- -- -- --
Class H................................................ -- -- -- --
Class L................................................ -- -- -- --
Class M................................................ -- -- -- --
Class N................................................ -- -- -- --
Class Y................................................ (86) (119) -- --
Class Z................................................ -- -- -- --
From net realized gain on investments
Class A................................................ -- -- -- --
Class B................................................ -- -- -- --
Class C................................................ -- -- -- --
Class E................................................ -- -- -- --
Class H................................................ -- -- -- --
Class L................................................ -- -- -- --
Class M................................................ -- -- -- --
Class N................................................ -- -- -- --
Class Y................................................ -- -- -- --
Class Z................................................ -- -- -- --
---------- ---------- ---------- ----------
Total distributions.................................... (10,800) (26,613) -- --
---------- ---------- ---------- ----------
CAPITAL SHARE TRANSACTIONS:
Class A................................................ 83,267 71,427 916,692 149,541
Class B................................................ (21,522) (39,062) 77,533 7,721
Class C................................................ (28,511) (47,453) 128,770 32,787
Class E................................................ -- -- -- --
Class H................................................ -- -- -- --
Class L................................................ -- -- -- --
Class M................................................ -- -- -- --
Class N................................................ -- -- -- --
Class Y................................................ 2,895 3,954 24,878 13,194
Class Z................................................ -- -- -- --
---------- ---------- ---------- ----------
Net increase (decrease) from capital share
transactions........................................... 36,129 (11,134) 1,147,873 203,243
---------- ---------- ---------- ----------
Net increase (decrease) in net assets.................... 106,803 254,475 1,625,396 1,178,001
NET ASSETS:
Beginning of period...................................... 2,494,276 2,239,801 4,527,685 3,349,684
---------- ---------- ---------- ----------
End of period............................................ $2,601,079 $2,494,276 $6,153,081 $4,527,685
========== ========== ========== ==========
Accumulated undistributed (distribution in excess of) net
investment income (loss)................................. $ 2,072 $ 1,671 $ (4,963) $ 58
========== ========== ========== ==========
</Table>
* Included in these amounts was a return of capital in the amounts of $253, 12,
16 and 12 for Classes A, B, C and Y, respectively.
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
The accompanying notes are an integral part of these financial statements.
154
- --------------------------------------------------------------------------------
<Table>
<Caption>
DISCIPLINED EQUITY FUND DIVIDEND AND GROWTH FUND EQUITY INCOME FUND FOCUS FUND
---------------------------- ---------------------------- ---------------------------- ----------------------------
FOR THE
PERIOD
FOR THE FOR THE AUGUST 28, FOR THE
FOR THE YEAR FOR THE YEAR FOR THE 2003 FOR THE YEAR
SIX-MONTH ENDED SIX-MONTH ENDED SIX-MONTH THROUGH SIX-MONTH ENDED
PERIOD ENDED OCTOBER 31, PERIOD ENDED OCTOBER 31, PERIOD ENDED OCTOBER 31, PERIOD ENDED OCTOBER 31,
APRIL 30, 2004 2003 APRIL 30, 2004 2003 APRIL 30, 2004 2003 APRIL 30, 2004 2003
-------------- ----------- -------------- ----------- -------------- ----------- -------------- -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 35 $ 154 $ 7,562 $ 10,232 $ 1,240 $ 50 $ (480) $ (638)
18,033 (26,818) 50,562 (46,900) 656 12 10,993 (14,697)
3,140 81,279 98,596 290,474 587 646 (7,173) 37,235
-------- -------- ---------- ---------- -------- -------- -------- --------
21,208 54,615 156,720 253,806 2,483 708 3,340 21,900
-------- -------- ---------- ---------- -------- -------- -------- --------
(151) -- (5,564) (9,066)* (853) -- -- --
-- -- (42) (435)* (39) -- -- --
-- -- (115) (586)* (131) -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(3) -- (290) (434)* (1) -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- (9) -- -- --
-- -- -- -- (1) -- -- --
-- -- -- -- (2) -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- @@ -- -- --
-- -- -- -- -- -- -- --
-------- -------- ---------- ---------- -------- -------- -------- --------
(154) -- (6,011) (10,521) (1,036) -- -- --
-------- -------- ---------- ---------- -------- -------- -------- --------
507 (26,437) 305,015 317,247 115,101 26,127 1,024 (9,612)
(2,042) (3,043) 23,109 36,875 9,281 2,376 (854) (1,556)
(3,293) (5,146) 20,207 34,556 26,706 7,502 (776) (3,523)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
64 (166) 2,600 21,916 1 100 204 78
-- -- -- -- -- -- -- --
-------- -------- ---------- ---------- -------- -------- -------- --------
(4,764) (34,792) 350,931 410,594 151,089 36,105 (402) (14,613)
-------- -------- ---------- ---------- -------- -------- -------- --------
16,290 19,823 501,640 653,879 152,536 36,813 2,938 7,287
338,514 318,691 1,827,293 1,173,414 36,813 -- 118,937 111,650
-------- -------- ---------- ---------- -------- -------- -------- --------
$354,804 $338,514 $2,328,933 $1,827,293 $189,349 $ 36,813 $121,875 $118,937
======== ======== ========== ========== ======== ======== ======== ========
$ 35 $ 154 $ 1,551 $ -- $ 273 $ 57 $ (480) $ --
======== ======== ========== ========== ======== ======== ======== ========
</Table>
155
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
GLOBAL FINANCIAL SERVICES
GLOBAL COMMUNICATIONS FUND FUND
------------------------------- -------------------------------
FOR THE FOR THE
FOR THE YEAR FOR THE YEAR
SIX-MONTH ENDED SIX-MONTH ENDED
PERIOD ENDED OCTOBER 31, PERIOD ENDED OCTOBER 31,
APRIL 30, 2004 2003 APRIL 30, 2004 2003
-------------- ----------- -------------- -----------
(UNAUDITED) (UNAUDITED)
OPERATIONS:
Net investment income (loss)............................. $ (9) $ (17) $ 134 $ 128
Net realized gain (loss) on investments.................. 2,054 (454) 1,347 (493)
Net unrealized appreciation (depreciation) of
investments............................................ (988) 3,197 (388) 3,897
------- ------- ------- -------
Net increase (decrease) in net assets resulting from
operations............................................. 1,057 2,726 1,093 3,532
------- ------- ------- -------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................ -- -- (112) (45)
Class B................................................ -- -- (8) --
Class C................................................ -- -- (6) --
Class E................................................ -- -- -- --
Class H................................................ -- -- -- --
Class L................................................ -- -- -- --
Class M................................................ -- -- -- --
Class N................................................ -- -- -- --
Class Y................................................ -- -- (7) (13)
Class Z................................................ -- -- -- --
From net realized gain on investments
Class A................................................ -- -- -- --
Class B................................................ -- -- -- --
Class C................................................ -- -- -- --
Class E................................................ -- -- -- --
Class H................................................ -- -- -- --
Class L................................................ -- -- -- --
Class M................................................ -- -- -- --
Class N................................................ -- -- -- --
Class Y................................................ -- -- -- --
Class Z................................................ -- -- -- --
------- ------- ------- -------
Total distributions.................................... -- -- (133) (58)
------- ------- ------- -------
CAPITAL SHARE TRANSACTIONS:
Class A................................................ 1,620 1,163 (168) 827
Class B................................................ (182) 304 (719) 323
Class C................................................ (152) 222 (768) 151
Class E................................................ -- -- -- --
Class H................................................ -- -- -- --
Class L................................................ -- -- -- --
Class M................................................ -- -- -- --
Class N................................................ -- -- -- --
Class Y................................................ (347) 19 (977) (142)
Class Z................................................ -- -- -- --
------- ------- ------- -------
Net increase (decrease) from capital share
transactions........................................... 939 1,708 (2,632) 1,159
------- ------- ------- -------
Net increase (decrease) in net assets.................... 1,996 4,434 (1,672) 4,633
NET ASSETS:
Beginning of period...................................... 10,003 5,569 21,110 16,477
------- ------- ------- -------
End of period............................................ $11,999 $10,003 $19,438 $21,110
======= ======= ======= =======
Accumulated undistributed (distribution in excess of) net
investment income (loss)................................. $ (9) $ -- $ 131 $ 130
======= ======= ======= =======
</Table>
* Included in these amounts was a return of capital in the amounts of $253, 12,
16 and 12 for Classes A, B, C and Y, respectively.
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
The accompanying notes are an integral part of these financial statements.
156
- --------------------------------------------------------------------------------
<Table>
<Caption>
GLOBAL HEALTH FUND GLOBAL LEADERS FUND GLOBAL TECHNOLOGY FUND GROWTH FUND
---------------------------- ---------------------------- ---------------------------- ----------------------------
FOR THE FOR THE FOR THE FOR THE
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
SIX-MONTH ENDED SIX-MONTH ENDED SIX-MONTH ENDED SIX-MONTH ENDED
PERIOD ENDED OCTOBER 31, PERIOD ENDED OCTOBER 31, PERIOD ENDED OCTOBER 31, PERIOD ENDED OCTOBER 31,
APRIL 30, 2004 2003 APRIL 30, 2004 2003 APRIL 30, 2004 2003 APRIL 30, 2004 2003
-------------- ----------- -------------- ----------- -------------- ----------- -------------- -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
$ (1,276) $ (1,913) $ (2,242) $ (2,459) $ (618) $ (739) $ (2,128) $ (1,780)
13,342 4,003 106,811 72,742 7,200 6,749 17,220 4,681
17,005 40,508 (20,506) 52,485 (9,708) 15,472 13,332 90,071
-------- -------- -------- -------- ------- ------- -------- --------
29,071 42,598 84,063 122,768 (3,126) 21,482 28,424 92,972
-------- -------- -------- -------- ------- ------- -------- --------
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(595) (2,668) -- -- -- -- -- --
(269) (1,215) -- -- -- -- -- --
(246) (1,151) -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(5) (23) -- -- -- -- -- --
-- -- -- -- -- -- -- --
-------- -------- -------- -------- ------- ------- -------- --------
(1,115) (5,057) -- -- -- -- -- --
-------- -------- -------- -------- ------- ------- -------- --------
26,570 4,398 (55,187) 21,429 3,768 3,006 162,582 59,287
5,125 1,797 (245) (6,606) 665 1,130 9,634 8,512
4,990 488 (359) (12,415) 617 1,510 13,625 9,068
-- -- -- -- -- -- -- --
-- -- -- -- -- -- (2,436) (5,061)
-- -- -- -- -- -- (15,181) (29,332)
-- -- -- -- -- -- (2,206) (3,081)
-- -- -- -- -- -- (149) (877)
86 22 7,783 9,675 283 87 -- --
-- -- -- -- -- -- -- --
-------- -------- -------- -------- ------- ------- -------- --------
36,771 6,705 (48,008) 12,083 5,333 5,733 165,869 38,516
-------- -------- -------- -------- ------- ------- -------- --------
64,727 44,246 36,055 134,851 2,207 27,215 194,293 131,488
235,709 191,463 640,879 506,028 63,778 36,563 467,140 335,652
-------- -------- -------- -------- ------- ------- -------- --------
$300,436 $235,709 $676,934 $640,879 $65,985 $63,778 $661,433 $467,140
======== ======== ======== ======== ======= ======= ======== ========
$ (1,276) $ -- $ (2,274) $ (32) $ (618) $ -- $ (2,128) $ --
======== ======== ======== ======== ======= ======= ======== ========
</Table>
157
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
GROWTH OPPORTUNITIES FUND HIGH YIELD FUND
-------------------------------- --------------------------------
FOR THE FOR THE FOR THE FOR THE
SIX-MONTH YEAR SIX-MONTH YEAR
PERIOD ENDED ENDED PERIOD ENDED ENDED
APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31,
2004 2003 2004 2003
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
OPERATIONS:
Net investment income (loss)........................ $ (2,657) $ (3,530) $ 11,091 $ 20,583
Net realized gain (loss) on investments............. 79,908 70,198 1,609 (26,008)
Net unrealized appreciation (depreciation) of
investments....................................... (30,142) 119,332 (933) 68,299
-------- -------- -------- --------
Net increase (decrease) in net assets resulting from
operations........................................ 47,109 186,000 11,767 62,874
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A........................................... -- -- (6,836) (13,219)
Class B........................................... -- -- (1,868) (4,711)
Class C........................................... -- -- (2,039) (4,648)
Class E........................................... -- -- -- --
Class H........................................... -- -- -- --
Class L........................................... -- -- -- --
Class M........................................... -- -- -- --
Class N........................................... -- -- -- --
Class Y........................................... -- -- @@ @@
Class Z........................................... -- -- -- --
From net realized gain on investments
Class A........................................... -- -- -- --
Class B........................................... -- -- -- --
Class C........................................... -- -- -- --
Class E........................................... -- -- -- --
Class H........................................... -- -- -- --
Class L........................................... -- -- -- --
Class M........................................... -- -- -- --
Class N........................................... -- -- -- --
Class Y........................................... -- -- -- --
Class Z........................................... -- -- -- --
-------- -------- -------- --------
Total distributions............................... -- -- (10,743) (22,578)
-------- -------- -------- --------
CAPITAL SHARE TRANSACTIONS:
Class A........................................... 24,435 11,239 14,930 95,014
Class B........................................... 4,472 3,007 (2,999) 18,863
Class C........................................... 4,755 3,723 (2,330) 28,735
Class E........................................... -- -- -- --
Class H........................................... (5,362) (7,338) -- --
Class L........................................... (36,669) (45,091) -- --
Class M........................................... (2,238) (2,817) -- --
Class N........................................... 7 (780) -- --
Class Y........................................... -- -- 14 @@
Class Z........................................... (1,573) (4,243) -- --
-------- -------- -------- --------
Net increase (decrease) from capital share
transactions...................................... (12,173) (42,300) 9,615 142,612
-------- -------- -------- --------
Net increase (decrease) in net assets............... 34,936 143,700 10,639 182,908
NET ASSETS:
Beginning of period................................. 651,490 507,790 363,639 180,731
-------- -------- -------- --------
End of period....................................... $686,426 $651,490 $374,278 $363,639
======== ======== ======== ========
Accumulated undistributed (distribution in excess of)
net investment income (loss)........................ $ (2,658) $ (1) $ (173) $ (521)
======== ======== ======== ========
</Table>
* Included in these amounts was a return of capital in the amounts of $253, 12,
16 and 12 for Classes A, B, C and Y, respectively.
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
The accompanying notes are an integral part of these financial statements.
158
- --------------------------------------------------------------------------------
<Table>
<Caption>
INTERNATIONAL CAPITAL INTERNATIONAL
INCOME FUND INFLATION PLUS FUND APPRECIATION FUND OPPORTUNITIES FUND
-------------------------- -------------------------- -------------------------- --------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX-MONTH YEAR SIX-MONTH YEAR SIX-MONTH YEAR SIX-MONTH YEAR
PERIOD ENDED ENDED PERIOD ENDED ENDED PERIOD ENDED ENDED PERIOD ENDED ENDED
APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31,
2004 2003 2004 2003 2004 2003 2004 2003
------------ ----------- ------------ ----------- ------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 692 $ 834 $ 4,641 $ 4,335 $ (125) $ (48) $ 11 $ 56
207 -- 3,736 1,187 2,222 2,073 16,176 (695)
(479) 680 (11,393) 3,709 265 1,285 (4,317) 20,926
------- ------- -------- -------- ------- ------- -------- --------
1,514 (3,016) 9,231 2,362 3,310 11,870 20,287
420
------- ------- -------- -------- ------- ------- -------- --------
(542) (600) (2,453) (1,950) -- (5) (32) --
(91) (126) (676) (653) -- -- -- --
(107) (131) (1,886) (1,491) -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
@@ -- @@ -- -- (1) (31) --
-- -- -- -- -- -- -- --
-- -- (560) -- (74) -- -- --
-- -- (264) -- (12) -- -- --
-- -- (626) -- (13) -- -- --
-- -- -- -- (2) -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
------- ------- -------- -------- ------- ------- -------- --------
(740) (857) (6,465) (4,094) (101) (6) (63) --
------- ------- -------- -------- ------- ------- -------- --------
9,118 7,349 112,780 132,787 18,903 4,449 8,179 (10,923)
90 3,615 20,132 66,087 2,658 908 274 (1,535)
267 3,970 110,301 157,218 4,663 911 (205) (1,298)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
10 -- 16 -- 2 1 (837) 505
-- -- -- -- -- -- -- --
------- ------- -------- -------- ------- ------- -------- --------
9,485 14,934 243,229 356,092 26,226 6,269 7,411 (13,251)
------- ------- -------- -------- ------- ------- -------- --------
9,165 15,591 233,748 361,229 28,487 9,573 19,218 7,036
25,591 10,000 371,231 10,002 16,087 6,514 110,460 103,424
------- ------- -------- -------- ------- ------- -------- --------
$34,756 $25,591 $604,979 $371,231 $44,574 $16,087 $129,678 $110,460
======= ======= ======== ======== ======= ======= ======== ========
(18) $ 30 $ (91) $ 283 $ (124) $ 1 $ 16 $ 68
$
======= ======= ======== ======== ======= ======= ======== ========
</Table>
159
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
INTERNATIONAL SMALL
COMPANY FUND MIDCAP FUND
-------------------------------- --------------------------------
FOR THE FOR THE FOR THE FOR THE
SIX-MONTH YEAR SIX-MONTH YEAR
PERIOD ENDED ENDED PERIOD ENDED ENDED
APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31,
2004 2003 2004 2003
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
OPERATIONS:
Net investment income (loss)........................ $ 200 $ 113 $ (9,998) $ (14,264)
Net realized gain (loss) on investments............. 7,966 3,455 128,532 12,089
Net unrealized appreciation (depreciation) of
investments....................................... (2,319) 4,882 (14,565) 511,646
------- ------- ---------- ----------
Net increase (decrease) in net assets resulting from
operations........................................ 5,847 8,450 103,969 509,471
------- ------- ---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A........................................... (5) (10) -- --
Class B........................................... -- -- -- --
Class C........................................... -- -- -- --
Class E........................................... -- -- -- --
Class H........................................... -- -- -- --
Class L........................................... -- -- -- --
Class M........................................... -- -- -- --
Class N........................................... -- -- -- --
Class Y........................................... (108) (7) -- --
Class Z........................................... -- -- -- --
From net realized gain on investments
Class A........................................... (858) -- -- --
Class B........................................... (155) -- -- --
Class C........................................... (240) -- -- --
Class E........................................... -- -- -- --
Class H........................................... -- -- -- --
Class L........................................... -- -- -- --
Class M........................................... -- -- -- --
Class N........................................... -- -- -- --
Class Y........................................... (1,683) -- -- --
Class Z........................................... -- -- -- --
------- ------- ---------- ----------
Total distributions............................... (3,049) (17) -- --
------- ------- ---------- ----------
CAPITAL SHARE TRANSACTIONS:
Class A........................................... 9,347 4,140 45,064 413,840
Class B........................................... 904 697 (7,087) 63,698
Class C........................................... 5,190 1,424 (9,452) 99,708
Class E........................................... -- -- -- --
Class H........................................... -- -- -- --
Class L........................................... -- -- -- --
Class M........................................... -- -- -- --
Class N........................................... -- -- -- --
Class Y........................................... 7,986 20,669 2,651 39,638
Class Z........................................... -- -- -- --
------- ------- ---------- ----------
Net increase (decrease) from capital share
transactions...................................... 23,427 26,930 31,176 616,884
------- ------- ---------- ----------
Net increase (decrease) in net assets............... 26,225 35,363 135,145 1,126,355
NET ASSETS:
Beginning of period................................. 42,715 7,352 2,399,867 1,273,512
------- ------- ---------- ----------
End of period....................................... $68,940 $42,715 $2,535,012 $2,399,867
======= ======= ========== ==========
Accumulated undistributed (distribution in excess of)
net investment income (loss)........................ $ 204 $ 117 $ (10,002) $ (4)
======= ======= ========== ==========
</Table>
* Included in these amounts was a return of capital in the amounts of $253, 12,
16 and 12 for Classes A, B, C and Y, respectively.
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
The accompanying notes are an integral part of these financial statements.
160
- --------------------------------------------------------------------------------
<Table>
<Caption>
MIDCAP VALUE FUND MONEY MARKET FUND SHORT DURATION FUND SMALL COMPANY FUND
-------------------------- -------------------------- -------------------------- --------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX-MONTH YEAR SIX-MONTH YEAR SIX-MONTH YEAR SIX-MONTH YEAR
PERIOD ENDED ENDED PERIOD ENDED ENDED PERIOD ENDED ENDED PERIOD ENDED ENDED
APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31,
2004 2003 2004 2003 2004 2003 2004 2003
------------ ----------- ------------ ----------- ------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
$ (1,122) $ (1,113) $ 176 $ 946 $ 982 $ 1,276 $ (2,191) $ (2,963)
15,704 1,497 1 8 (47) (221) 29,910 26,132
5,121 57,080 -- -- (379) 312 (13,683) 53,303
-------- -------- -------- --------- ------- ------- -------- --------
57,464 177 954 556 1,367 14,036 76,472
19,703
-------- -------- -------- --------- ------- ------- -------- --------
-- -- (173) (929) (484) (646) -- --
-- -- -- (5) (126) (160) -- --
-- -- -- (3) (395) (477) -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- (3) (17) -- -- -- --
-- -- -- -- -- -- -- --
-- -- (1) -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-------- -------- -------- --------- ------- ------- -------- --------
-- -- (177) (954) (1,005) (1,283) -- --
-------- -------- -------- --------- ------- ------- -------- --------
84,286 25,155 (31,408) (56,663) 2,536 24,661 21,932 4,590
10,541 6,035 (19,172) (31,316) 870 9,191 750 (24)
10,992 5,627 (3,999) (35,939) 3,841 29,681 (268) (1,922)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- (279) (150) (1,653) 10 -- (10,563) (534)
-- -- -- -- -- -- -- --
-------- -------- -------- --------- ------- ------- -------- --------
105,819 36,538 (54,729) (125,571) 7,257 63,533 11,851 2,110
-------- -------- -------- --------- ------- ------- -------- --------
125,522 94,002 (54,729) (125,571) 6,808 63,617 25,887 78,582
247,616 153,614 345,048 470,619 73,619 10,002 266,095 187,513
-------- -------- -------- --------- ------- ------- -------- --------
$373,138 $247,616 $290,319 $ 345,048 $80,427 $73,619 $291,982 $266,095
======== ======== ======== ========= ======= ======= ======== ========
(1,123) $ (1) $ -- $ -- $ 5 $ 28 $ (2,191) $ --
$
======== ======== ======== ========= ======= ======= ======== ========
</Table>
161
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SMALLCAP GROWTH FUND
--------------------------------
FOR THE FOR THE
SIX-MONTH YEAR
PERIOD ENDED ENDED
APRIL 30, OCTOBER 31,
2004 2003
------------ -----------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ (1,045) $ (1,410)
Net realized gain (loss) on investments................... 19,686 (3,965)
Net unrealized appreciation (depreciation) of
investments............................................. (11,187) 63,633
-------- --------
Net increase (decrease) in net assets resulting from
operations.............................................. 7,454 58,258
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. -- --
Class B................................................. -- --
Class C................................................. -- --
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. -- --
Class Z................................................. -- --
From net realized gain on investments
Class A................................................. -- --
Class B................................................. -- --
Class C................................................. -- --
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. -- --
Class Z................................................. -- --
-------- --------
Total distributions..................................... -- --
-------- --------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. 18,179 10,372
Class B................................................. 3,605 3,446
Class C................................................. 3,211 2,486
Class E................................................. -- --
Class H................................................. (2,451) (2,779)
Class L................................................. (3,947) (11,123)
Class M................................................. (1,556) (1,596)
Class N................................................. (113) (588)
Class Y................................................. -- --
Class Z................................................. -- --
-------- --------
Net increase (decrease) from capital share transactions... 16,928 218
-------- --------
Net increase (decrease) in net assets..................... 24,382 58,476
NET ASSETS:
Beginning of period....................................... 186,682 128,206
-------- --------
End of period............................................. $211,064 $186,682
======== ========
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ (1,045) $ --
======== ========
</Table>
(a) Included in these amounts was a return of capital in the amounts of $253,
12, 15 and 12 for Classes A, B, C and Y, respectively.
@@ Due to the presentation of the financial statements in thousands, the number
rounds to zero.
The accompanying notes are an integral part of these financial statements.
162
- --------------------------------------------------------------------------------
<Table>
<Caption>
STOCK FUND TAX-FREE CALIFORNIA FUND TAX-FREE MINNESOTA FUND TAX-FREE NATIONAL FUND
-------------------------- -------------------------- -------------------------- --------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX-MONTH YEAR SIX-MONTH YEAR SIX-MONTH YEAR SIX-MONTH YEAR
PERIOD ENDED ENDED PERIOD ENDED ENDED PERIOD ENDED ENDED PERIOD ENDED ENDED
APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31,
2004 2003 2004 2003 2004 2003 2004 2003
------------ ----------- ------------ ----------- ------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
$ (885) $ (154) $ 314 $ 443 $ 739 $ 1,490 $ 1,727 $ 2,859
3,598 (211,855) 59 (80) 271 361 188 808
73,522 472,384 (159) (68) (394) (193) (556) (694)
---------- ---------- ------- ------- ------- ------- ------- -------
76,235 260,375 214 295 616 1,658 1,359 2,973
---------- ---------- ------- ------- ------- ------- ------- -------
-- -- (317) (367) (70) (105) (602) (656)
-- -- (19) (48) (8) (16) (111) (170)
-- -- (8) (35) (6) (11) (130) (185)
-- -- -- -- (592) (1,234) (696) (1,434)
-- -- -- -- (2) (9) (27) (77)
-- -- -- -- (55) (117) (150) (279)
-- -- -- -- (6) (16) (22) (44)
-- -- -- -- (3) (6) (10) (19)
-- -- -- -- @@ @@ @@ --
-- -- -- -- -- -- -- --
-- -- -- -- (31) (11) (225) (282)
-- -- -- -- (5) (1) (65) (85)
-- -- -- -- (4) (2) (76) (72)
-- -- -- -- (284) (158) (333) (886)
-- -- -- -- (2) (2) (17) (65)
-- -- -- -- (28) (17) (73) (166)
-- -- -- -- (4) (3) (12) (35)
-- -- -- -- (2) (1) (6) (13)
-- -- -- -- @@ @@ @@ --
-- -- -- -- -- -- -- --
---------- ---------- ------- ------- ------- ------- ------- -------
-- -- (344) (450) (1,102) (1,709) (2,555) (4,468)
---------- ---------- ------- ------- ------- ------- ------- -------
2,110 (54,575) 3,706 2,917 748 1,190 12,307 9,628
(17,338) (31,128) (878) 852 3 297 222 2,940
(28,582) (49,483) (956) 242 9 112 866 4,570
-- -- -- -- (1,217) (1,608) (1,528) (4,737)
-- -- -- -- (31) (427) (193) (1,094)
-- -- -- -- (227) (415) (180) 234
-- -- -- -- (128) (107) 134 (287)
-- -- -- -- 4 9 (39) 18
15,221 3,637 -- -- -- -- -- --
-- -- -- -- -- -- -- --
---------- ---------- ------- ------- ------- ------- ------- -------
(28,589) (131,549) 1,872 4,011 (839) (949) 11,589 11,272
---------- ---------- ------- ------- ------- ------- ------- -------
47,646 128,826 1,742 3,856 (1,325) (1,000) 10,393 9,777
1,707,868 1,579,042 13,856 10,000 37,716 38,716 80,685 70,908
---------- ---------- ------- ------- ------- ------- ------- -------
$1,755,514 $1,707,868 $15,598 $13,856 $36,391 $37,716 $91,078 $80,685
========== ========== ======= ======= ======= ======= ======= =======
$ (885) $ -- $ @@ $ 30 $ 7 $ 10 $ 11 $ 32
========== ========== ======= ======= ======= ======= ======= =======
</Table>
163
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
STATEMENT OF CHANGES IN NET ASSETS -- (CONTINUED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TAX-FREE NEW YORK FUND
--------------------------------
FOR THE FOR THE
SIX-MONTH YEAR
PERIOD ENDED ENDED
APRIL 30, OCTOBER 31,
2004 2003
------------ -----------
(UNAUDITED)
OPERATIONS:
Net investment income (loss).............................. $ 211 $ 338
Net realized gain (loss) on investments................... 36 89
Net unrealized appreciation (depreciation) of
investments............................................. (49) 74
------- -------
Net increase (decrease) in net assets resulting from
operations.............................................. 198 501
------- -------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income
Class A................................................. (192) (286)
Class B................................................. (19) (28)
Class C................................................. (26) (35)
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. -- --
Class Z................................................. -- --
From net realized gain on investments
Class A................................................. (69) --
Class B................................................. (8) --
Class C................................................. (12) --
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. -- --
Class Z................................................. -- --
------- -------
Total distributions..................................... (326) (349)
------- -------
CAPITAL SHARE TRANSACTIONS:
Class A................................................. 1,299 480
Class B................................................. 203 36
Class C................................................. 182 378
Class E................................................. -- --
Class H................................................. -- --
Class L................................................. -- --
Class M................................................. -- --
Class N................................................. -- --
Class Y................................................. -- --
Class Z................................................. -- --
------- -------
Net increase (decrease) from capital share transactions... 1,684 894
------- -------
Net increase (decrease) in net assets..................... 1,556 1,046
NET ASSETS:
Beginning of period....................................... 11,046 10,000
------- -------
End of period............................................. $12,602 $11,046
======= =======
Accumulated undistributed (distribution in excess of) net
investment income......................................... $ 1 $ 27
======= =======
</Table>
The accompanying notes are an integral part of these financial statements.
164
- --------------------------------------------------------------------------------
<Table>
<Caption>
TOTAL RETURN BOND FUND U.S. GOVERNMENT SECURITIES FUND VALUE FUND VALUE OPPORTUNITIES FUND
-------------------------- -------------------------------- -------------------------- --------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX-MONTH YEAR SIX-MONTH YEAR SIX-MONTH YEAR SIX-MONTH YEAR
PERIOD ENDED ENDED PERIOD ENDED ENDED PERIOD ENDED ENDED PERIOD ENDED ENDED
APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31, APRIL 30, OCTOBER 31,
2004 2003 2004 2003 2004 2003 2004 2003
------------ ----------- --------------- -------------- ------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
$ 7,797 $ 15,031 $ 6,159 $ 15,586 $ 233 $ 394 $ (127) $ (160)
6,994 25,764 (1,611) (42) 913 (3,212) 2,937 (861)
(8,305) 1,999 (1,259) (7,693) 2,678 11,241 2,031 12,036
-------- -------- -------- -------- ------- ------- ------- -------
6,486 42,794 3,289 7,851 3,824 8,423 4,841 11,015
-------- -------- -------- -------- ------- ------- ------- -------
(5,367) (11,495) (1,238) (3,401) (373) (236) -- --
(1,521) (4,147) (566) (1,645) (14) -- -- --
(1,583) (4,443) (355) (1,473) (19) -- -- --
-- -- (2,960) (6,861) -- -- -- --
-- -- (96) (285) -- -- -- --
-- -- (888) (2,045) -- -- -- --
-- -- (75) (213) -- -- -- --
-- -- (22) (58) -- -- -- --
(1,290) (2,523) @@ @@ -- (3) -- --
(9,077) (2,184) -- -- -- -- -- --
(3,538) (983) -- -- -- -- -- --
(3,675) (1,069) -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(2,000) (393) -- -- -- -- -- --
-------- -------- -------- -------- ------- ------- ------- -------
(28,051) (27,237) (6,200) (15,981) (406) (239) -- --
-------- -------- -------- -------- ------- ------- ------- -------
38,365 46,299 (7,908) (8,185) 9,384 6,481 12,350 2,347
(5,791) 4,755 (8,231) 104 964 1,084 2,271 1,168
(6,753) (859) (9,181) (13,021) 296 (431) 2,335 960
-- -- (8,777) (17,167) -- -- -- --
-- -- (1,448) (2,903) -- -- (809) (678)
-- -- (2,387) (4,907) -- -- (776) (2,566)
-- -- (496) (1,961) -- -- (516) (575)
-- -- (239) (300) -- -- (47) (225)
6,283 18,951 @@ @@ @@ (226) -- --
-- -- -- -- -- -- -- --
-------- -------- -------- -------- ------- ------- ------- -------
32,104 69,146 (38,667) (48,340) 10,644 6,908 14,808 431
-------- -------- -------- -------- ------- ------- ------- -------
10,539 84,703 (41,578) (56,470) 14,062 15,092 19,649 11,446
545,071 460,368 321,589 378,059 59,664 44,572 48,694 37,248
-------- -------- -------- -------- ------- ------- ------- -------
$555,610 $545,071 $280,011 $321,589 $73,726 $59,664 $68,343 $48,694
======== ======== ======== ======== ======= ======= ======= =======
$ (1,745) $ 219 $ (40) $ 1 $ 176 $ 349 $ (127) $ (1)
======== ======== ======== ======== ======= ======= ======= =======
</Table>
165
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
1. ORGANIZATION: The Hartford Mutual Funds, Inc. and The Hartford Mutual Funds
II, Inc. (the Companies) are open-end management investment companies
comprised of thirty-four portfolios (each a "Fund" or together the "Funds").
They are The Hartford Advisers Fund, The Hartford Capital Appreciation Fund,
The Hartford Disciplined Equity Fund, The Hartford Dividend and Growth Fund,
The Hartford Equity Income Fund, The Hartford Focus Fund, The Hartford
Global Communications Fund, The Hartford Global Financial Services Fund, The
Hartford Global Health Fund, The Hartford Global Leaders Fund, The Hartford
Global Technology Fund, The Hartford Growth Fund, The Hartford Growth
Opportunities Fund, The Hartford High Yield Fund, The Hartford Income Fund,
The Hartford Inflation Plus Fund, The Hartford International Capital
Appreciation Fund, The Hartford International Opportunities Fund, The
Hartford International Small Company Fund, The Hartford MidCap Fund, The
Hartford MidCap Value Fund, The Hartford Money Market Fund, The Hartford
Short Duration Fund, The Hartford Small Company Fund, The Hartford SmallCap
Growth Fund, The Hartford Stock Fund, The Hartford Tax-Free California Fund,
The Hartford Tax-Free Minnesota Fund, The Hartford Tax-Free National Fund,
The Hartford Tax-Free New York Fund, The Hartford Total Return Bond Fund,
The Hartford U.S. Government Securities Fund, The Hartford Value Fund and
The Hartford Value Opportunities Fund. The Companies are organized under the
laws of the State of Maryland and are registered with the Securities and
Exchange Commission (SEC) under the Investment Company Act of 1940, as
amended, as diversified open-end management investment companies, except for
The Hartford Focus Fund, The Hartford Global Communications Fund, The
Hartford Global Financial Services Fund, The Hartford Global Health Fund,
The Hartford Global Technology Fund, The Hartford Inflation Plus Fund, The
Hartford Tax-Free California Fund and The Hartford Tax-Free New York Fund
which are non-diversified.
The Funds, their classes and investment objectives are listed below:
<Table>
The Hartford Advisers Fund (Advisers Fund) Seeks maximum long-term total return.
Classes A, B, C and Y
The Hartford Capital Appreciation Fund Seeks growth of capital.
(Capital Appreciation Fund)
Classes A, B, C and Y
The Hartford Disciplined Equity Fund Seeks growth of capital and current income.
(Disciplined Equity Fund)
Classes A, B, C and Y
The Hartford Dividend and Growth Fund Seeks a high level of current income consistent with growth
(Dividend and Growth Fund) of capital.
Classes A, B, C and Y
The Hartford Equity Income Fund Seeks a high level of current income consistent with growth
(Equity Income Fund) of capital.
Classes A, B, C and Y
The Hartford Focus Fund Seeks long-term capital appreciation.
(Focus Fund)
Classes A, B, C and Y
The Hartford Global Communications Fund Seeks long-term capital appreciation.
(Global Communications Fund)
Classes A, B, C and Y
The Hartford Global Financial Services Fund Seeks long-term capital appreciation.
(Global Financial Services Fund)
Classes A, B, C and Y
The Hartford Global Health Fund Seeks long-term capital appreciation.
(Global Health Fund)
Classes A, B, C and Y
The Hartford Global Leaders Fund Seeks growth of capital.
(Global Leaders Fund)
Classes A, B, C and Y
The Hartford Global Technology Fund Seeks long-term capital appreciation.
(Global Technology Fund)
Classes A, B, C and Y
The Hartford Growth Fund Seeks long-term capital appreciation.
(Growth Fund)
Classes A, B, C, H, L, M, N and Y
The Hartford Growth Opportunities Fund Seeks short- and long-term capital appreciation.
(Growth Opportunities Fund)
Classes A, B, C, H, L, M, N, Y and Z
</Table>
166
- --------------------------------------------------------------------------------
<Table>
The Hartford High Yield Fund Seeks high current income. Growth of capital is a secondary
(High Yield Fund) objective.
Classes A, B, C and Y
The Hartford Income Fund Seeks to provide a high level of current income. Capital
(Income Fund) appreciation is a secondary objective.
Classes A, B, C and Y
The Hartford Inflation Plus Fund Seeks a total return that exceeds the rate of inflation over
(Inflation Plus Fund) an economic cycle.
Classes A, B, C and Y
The Hartford International Capital Appreciation Fund Seeks capital appreciation.
(International Capital Appreciation Fund)
Classes A, B, C and Y
The Hartford International Opportunities Fund Seeks growth of capital.
(International Opportunities Fund)
Classes A, B, C and Y
The Hartford International Small Company Fund Seeks capital appreciation.
(International Small Company Fund)
Classes A, B, C and Y
The Hartford MidCap Fund Seeks long-term growth of capital.
(MidCap Fund)
Classes A, B, C and Y
The Hartford MidCap Value Fund Seeks long-term capital appreciation.
(MidCap Value Fund)
Classes A, B, C and Y
The Hartford Money Market Fund Seeks maximum current income consistent with liquidity and
(Money Market Fund) preservation of capital.
Classes A, B, C and Y
The Hartford Short Duration Fund Seeks to provide a high level of income.
(Short Duration Fund)
Classes A, B, C and Y
The Hartford Small Company Fund Seeks growth of capital.
(Small Company Fund)
Classes A, B, C and Y
The Hartford SmallCap Growth Fund Seeks to maximize short- and long-term capital appreciation.
(SmallCap Growth Fund)
Classes A, B, C, H, L, M, N and Y
The Hartford Stock Fund Seeks long-term growth of capital, with income as a
(Stock Fund) secondary consideration.
Classes A, B, C and Y
The Hartford Tax-Free California Fund Seeks to provide current income exempt from both federal and
(Tax-Free California Fund) California income tax.
Classes A, B and C
The Hartford Tax-Free Minnesota Fund Seeks to provide current income exempt from both federal
(Tax-Free Minnesota Fund) income tax and Minnesota state personal income tax.
Classes A, B, C, E, H, L, M, N and Y
The Hartford Tax-Free National Fund Seeks to provide current income exempt from federal income
(Tax-Free National Fund) tax.
Classes A, B, C, E, H, L, M, N and Y
The Hartford Tax-Free New York Fund Seeks to provide current income exempt from federal, New
(Tax-Free New York Fund) York State and New York City income tax.
Classes A, B and C
The Hartford Total Return Bond Fund Seeks a competitive total return, with income as a secondary
(Total Return Bond Fund) objective.
Classes A, B, C and Y
The Hartford U.S. Government Securities Fund Seeks to provide current income while maintaining
(U.S. Government Securities Fund) preservation of capital consistent with prudent investment
Classes A, B, C, E, H, L, M, N and Y risk.
</Table>
167
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
The Hartford Value Fund Seeks long-term total return.
(Value Fund)
Classes A, B, C and Y
The Hartford Value Opportunities Fund Seeks short- and long-term capital appreciation.
(Value Opportunities Fund)
Classes A, B, C, H, L, M, N and Y
</Table>
Effective October 30, 2002, the name of The Hartford Bond Income Strategy
Fund was changed to The Hartford Total Return Bond Fund and effective August
1, 2003, the name of The Hartford Growth and Income Fund was changed to The
Hartford Disciplined Equity Fund.
Class A shares are sold with a front-end sales charge of up to 5.50%. Class
B shares are sold with a contingent deferred sales charge which is assessed
on the lesser of the net asset value of the shares at the time of redemption
or the original purchase price, and declines from up to 5.00% to zero
depending on the period of time the shares are held. Class C shares are sold
with a front-end sales charge of up to 1% and a contingent deferred sales
charge of up to 1%. Class E is sold with a front-end sales charge of 4.50%.
Classes H and M are sold with a contingent deferred sales charge, which is
assessed on the lesser of the net asset value of the shares at the time of
redemption or the original purchase price, and declines from 4.00% to zero
depending on the period of time the shares are held. Class L is sold with a
sales charge up to 4.75%. Class N is sold with a contingent deferred sales
charge of 1.00% if redeemed within 1 year. Class Y shares are sold to
certain eligible institutional investors without a sales charge. Class Z is
sold without sales charges. 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 convert to
Class A shares after 8 years. Classes H and N shares will automatically
convert to Class L after 8 years.
2. SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of significant
accounting policies of the Funds, which are in accordance with generally
accepted accounting principles in the investment company industry:
A) SECURITY TRANSACTIONS -- Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Security gains and losses
are determined on the basis of identified cost.
B) SECURITY VALUATION AND INVESTMENT INCOME -- Equity securities are valued
at the last sale price or official closing price reported on the principal
securities exchange on which such securities are traded (domestic or
foreign) or on the principal over-the-counter market on which such
securities are traded, as of the close of business on the day the securities
are being valued. If no sale took place on a particular day, then such
securities are valued at the mean between the bid and asked prices. The
difference between cost and market value for debt and equity securities is
recorded in the Statement of Operations and accumulated in net assets.
Debt securities (other than short-term obligations) are valued on the basis
of valuations furnished by an unaffiliated pricing service, which determines
valuations for normal institutional size trading units of debt securities.
Mortgage securities are valued at the bid price. Short-term securities held
in the Money Market Fund are valued at amortized cost or original cost plus
accrued interest receivable, both of which approximate market value. In the
remaining Funds, short-term investments with maturity of 60 days or less are
valued at amortized cost.
The funds use market prices in valuing portfolio securities, but may use
fair value estimates, under procedures established by the Board of
Directors, if reliable market prices are unavailable. Fair value pricing may
be used by a fund when current market values are unavailable or when an
event occurs after the close of the exchange on which the fund's portfolio
securities are principally traded that is likely to have changed the value
of the securities. For substantially each determination of net asset value
per share, the Funds are supplied with information from an unaffiliated
third party with respect to the fair value of foreign securities. Price
movements in futures contacts and ADRs, and various other indices, may be
reviewed in the course of making a good faith determination of a security's
fair value. The use of fair value pricing by a fund may cause the net asset
value of its shares to differ significantly from net asset value that would
be calculated using current market values.
Securities of foreign issuers and non-dollar securities are valued on the
basis of quotations from the primary market in which they are traded, and
are translated from the local currency into U.S. dollars using current
exchange rates. Options are valued at the last sales price. If no sale took
place on such day, then options are valued at the mean between the bid and
asked prices.
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 or from an approved quotation system.
Investment income such as dividend income is recorded on the ex-dividend
date. Interest income, including amortization of bond premium and discount,
is recorded on the accrual basis.
C) FOREIGN CURRENCY TRANSACTIONS -- The accounting records of the Funds are
maintained in U.S. dollars. All assets and liabilities initially expressed
in foreign currencies are converted into U.S. dollars at prevailing exchange
rates. Purchases and sales of investment securities, dividend and interest
income and certain expenses are translated at the rates of exchange
prevailing on the respective dates of such transactions.
The Funds do not isolate that portion of portfolio security valuation
resulting from fluctuations in foreign currency exchange rates on portfolio
securities from the fluctuations arising from changes in the market prices
of securities held. Such fluctuations are included with the net realized and
unrealized gain or loss on investments in the accompanying financial
statements.
Net realized foreign exchange gains or losses arise from sales of foreign
currencies and the difference between asset and liability amounts initially
stated in foreign currencies and the U.S. dollar value of the amounts
actually received or paid. Net unrealized foreign exchange gains or losses
arise from changes in the value of other assets and liabilities at the end
of the reporting period, resulting from changes in the exchange rates.
168
- --------------------------------------------------------------------------------
D) SECURITIES LENDING -- The Funds, except for the Money Market Fund, may
lend their securities to certain qualified brokers who pay these Funds
negotiated lender fees. The loans are collateralized at all times with cash,
which is then invested in short-term money market instruments with a market
value at least equal to the market value of the securities on loan. As with
other extensions of credit, these Funds may bear the risk of delay in
recovery of the loaned securities or even loss of rights in the collateral
should the borrower of the securities fail financially.
E) JOINT TRADING ACCOUNT -- Pursuant to an exemptive order issued by the
Securities and Exchange Commission (SEC), the Funds may transfer uninvested
cash balances into a joint trading account managed by The Hartford
Investment Management Company (Hartford Investment) or Wellington Management
Company LLP, (Wellington). These balances may be invested in one or more
repurchase agreements and/or short-term money market instruments.
F) REPURCHASE AGREEMENTS -- A repurchase agreement is an agreement by which
the seller of a security agrees to repurchase the security sold at a
mutually agreed upon time and price. At the time the Funds enter into a
repurchase agreement, the value of the underlying collateral security (ies),
including accrued interest, will be equal to or exceed the value of the
repurchase agreement. Securities that serve to collateralize the repurchase
agreement are held by each Fund's custodian in book entry or physical form
in the custodial account of the Fund. Repurchase agreements are valued at
cost plus accrued interest receivable.
Certain Funds, together with other investment management companies having
investment advisory agreements with Wellington, have an interest in
$1,352,615 joint repurchase agreements dated 04/30/04 with Deutsche, BNP
Paribas and UBS Warburg due 05/03/04. These joint repurchase agreements are
collateralized as follows:
<Table>
<Caption>
BROKER RATE PRINCIPAL COLLATERAL VALUE SECURITY TYPE COUPON RATE MATURITY
------ ----- --------- ---------------- ---------------------- ------------- ---------
Deutsche.......................... 1.00% $500,000 $510,000 FMAC 4.50%-7.00% 2016-2034
FMNA 4.50%-8.00% 2017-2034
BNP Paribas....................... 1.00% 150,000 151,369 U.S. Treasury Bonds 7.125%-9.25% 2016-2023
UBS Warburg....................... 1.00% 500,000 510,004 FHLB Floating Rate 2004
FMAC 1.14%-6.30% 2004-2013
Sallie Mae 3.375%-7.30% 2004-2012
UBS Warburg....................... 1.00% 202,615 206,990 U.S. Treasury 1.875%-3.875% 2013-2029
Inflation Linked Bonds
</Table>
The maturity amounts are as follows:
<Table>
<Caption>
MATURITY
FUND AMOUNT
---- --------
Advisers Fund............................................... $ 78,517
Capital Appreciation Fund................................... 245,862
Disciplined Equity Fund..................................... 196
Dividend and Growth Fund.................................... 117,731
Equity Income Fund.......................................... 3,110
Focus Fund.................................................. 3,664
Global Communications Fund.................................. 414
Global Financial Services Fund.............................. 431
Global Health Fund.......................................... 10,353
Global Leaders Fund......................................... 4,292
Global Technology Fund...................................... 771
Growth Fund................................................. 5,470
Growth Opportunities Fund................................... 4,203
International Capital Appreciation Fund..................... 1,736
International Opportunities Fund............................ 3,949
International Small Company Fund............................ 2,134
MidCap Fund................................................. 36,486
MidCap Value Fund........................................... 8,621
Small Company Fund.......................................... 10,276
Stock Fund.................................................. 4,080
Value Fund.................................................. 978
Value Opportunities Fund.................................... 1,216
</Table>
169
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
Certain Funds, together with other investment management companies having
investment advisory agreements with Hartford Investment, have an interest in
a $1,254,868 joint repurchase agreements dated 4/30/04 with BNP Paribas,
Greenwich, State Street Bank and UBS Warburg due 5/03/04. These joint
repurchase agreements are collateralized as follows:
<Table>
<Caption>
BROKER RATE PRINCIPAL COLLATERAL VALUE SECURITY TYPE COUPON RATE MATURITY
------ ----- --------- ---------------- ------------------- ------------- ---------
BNP Paribas.......................... 0.91% 363,432 367,270 U.S. Treasury Bonds 5.50%-9.875% 2015-2028
U.S. Treasury Note 12.00% 2013
Greenwich............................ 0.92% 313,351 316,632 U.S. Treasury Bonds 6.00%-8.125% 2019-2026
U.S. Treasury Note 6.00% 2009
State Street Bank.................... 0.89% 217,846 233,441 U.S. Treasury Note 4.875%-9.125% 2005-2012
UBS Warburg.......................... 0.91% 360,239 361,797 U.S. Treasury Bonds 6.25%-11.75% 2014-2023
</Table>
The maturity amounts are as follows:
<Table>
<Caption>
MATURITY
FUND AMOUNT
---- --------
Inflation Plus Fund.............................. $ 63,087
Money Market Fund................................ 6,329
Short Duration Fund.............................. 589
Total Return Bond Fund........................... 102,237
U.S. Government Securities Fund.................. 5,267
</Table>
The SmallCap Growth Fund has an interest in a $2,142 repurchase agreement
dated 4/30/04 with UBS Warburg, 0.92% due 5/03/04. This repurchase agreement
is collateralized by $2,157 U.S. Treasury Bond 6.125% due 2027.
In addition, the Capital Appreciation Fund holds collateral for securities
out on loan in a repurchase agreement. The lending agreement was
collateralized by an interest in a $600,000 repurchase agreement dated
4/30/04 with Bear, Stearns & Co., 1.04% due 5/3/04. This repurchase
agreement is collateralized by $612,003, in a FNCL's 4.50%-5.50% due
2033-2034.
G) FUTURES, OPTIONS ON FUTURES AND OPTIONS TRANSACTIONS -- Certain Funds may
invest in futures contracts and options contracts in order to gain exposure
to or protect against changes in the market. A futures contract is an
agreement between two parties to buy and sell a security at a set price on a
future date. When the Funds enter into such contracts, they are required to
deposit with their custodian an amount of "initial margin" of cash,
commercial paper or U.S. Treasury Bills. Subsequent payments, called
maintenance margin, to and from the broker, are made on a daily basis as the
price of the underlying security fluctuates, making the long and short
positions in the futures contract more or less valuable (i.e.,
mark-to-market), which results in an unrealized gain or loss to the Funds.
The market value of a traded futures contract is the last sale price. In the
absence of a last sale price, the last offering price is used. In the
absence of either of these prices, fair value is determined according to
procedures established by the Funds' Board of Directors.
At any time prior to expiration of the futures contract, the Funds may close
the position by taking an opposite position, which would operate to
terminate the position in the futures contract. A final determination of
maintenance margin is then made, additional cash is required to be paid by
or released to the Funds and the Funds realize a gain or loss.
The use of futures contracts involve elements of market risk, which may
exceed the amounts recognized in the Statements of Assets and Liabilities.
Change in the value of the futures contracts may decrease the effectiveness
of a Fund's strategies and potentially result in loss. The Fund's had no
futures contracts outstanding as of April 30, 2004.
The premium paid by a Fund for the purchase of a call or put option is
included in the Funds' Statements of Assets and Liabilities as an investment
and subsequently "marked-to-market" through net unrealized appreciation
(depreciation) of options to reflect the current market value of the option
as of the end of the reporting period. If a purchased option expires on its
stipulated expiration date, the Fund realizes a loss in the amount of the
cost of the option. If the Fund exercises a put option, it realizes a gain
or loss from the sale of the underlying security and the proceeds from such
sale will be decreased by the premium originally paid. If the Fund exercises
a call option, the cost of the security, which the Fund purchases upon
exercise, will be increased by the premium originally paid to buy the call.
The Funds may write covered options. "Covered" means that so long as a Fund
is obligated as the writer of an option, it will own either the underlying
securities or currency or the option to purchase or sell the same underlying
securities or currency having the expiration date of the covered option and
an exercise price equal to or less than the exercise price of the covered
option, or will establish or maintain with its custodian for the term of the
option a "segregated account" consisting of cash or other liquid securities
having a value equal to the fluctuating market value of the option
securities or currencies. A Fund receives a premium for writing a call or
put option, recorded as a component of other liabilities on the Statements
of Assets and Liabilities, which increases the Funds' return, recorded as a
realized gain, if the option expires unexercised or is closed out at a net
profit. Any loss realized from the covered option is offset by the gain
realized on the sale of the underlying securities or currency. Covered
options, at times before exercise or close out, are marked-to-market through
net unrealized appreciation (depreciation) of options. There is a risk of
loss from a change in value of such options, which may exceed the related
premiums received. For the six-month period ended April 30, 2004, the Funds
had no option activity.
H) FORWARD FOREIGN CURRENCY CONTRACTS -- For the six-month period ended
April 30, 2004, the Capital Appreciation Fund, the Income Fund, the
International Small Company Fund and the Total Return Bond Fund entered into
forward foreign currency exchange contracts that obligate the Funds to
repurchase/replace or sell currencies at specified future dates. The Funds
enter into forward foreign currency contracts to hedge against adverse
fluctuations in exchange rates between currencies.
Forward contracts involve elements of market risk in excess of the amount
reflected in the Statements of Assets and Liabilities. In
170
- --------------------------------------------------------------------------------
addition, risks may arise upon entering into these contracts from the
potential inability of counterparties to meet the terms of the contract and
from unanticipated movement in the value of foreign currencies relative to
the U.S. dollar.
I) INDEXED SECURITIES -- The Funds may invest in indexed securities whose
values are linked to changes in interest rates, indices, or other underlying
instruments. The Funds use these securities to increase or decrease their
exposure to different underlying instruments and to gain exposure to markets
that might be difficult to invest through conventional securities. Indexed
securities may be more volatile than their underlying instruments, but any
loss is limited to the amount of the original investment and there is a
limit to the potential appreciation of the investment.
J) FEDERAL INCOME TAXES -- For federal income tax purposes, the Funds intend
to continue to qualify as regulated investment companies under Subchapter M
of the Internal Revenue Code by distributing substantially all of their
taxable net investment income and net realized capital gains to their
shareholders or otherwise complying with the requirements of regulated
investment companies. On a calendar year basis, the Funds are subject to a
4% federal excise tax to the extent they do not distribute substantially all
of their net investment income and realized gains, if any. Accordingly, no
provision for federal income taxes has been made in the accompanying
financial statements.
The tax character of distributions paid for the periods indicated are as
follows:
<Table>
<Caption>
FOR THE PERIOD FOR THE PERIOD
ENDED ENDED
APRIL 30, 2004 OCTOBER 31, 2003
-------------- ----------------
ADVISERS FUND
Ordinary income............. $10,800 $26,613
DISCIPLINED EQUITY FUND
Ordinary Income............. 151 --
DIVIDEND AND GROWTH FUND
Ordinary income............. 6,011 10,229
Return of capital........... -- 293
EQUITY INCOME FUND
Ordinary Income............. 1,036 --
GLOBAL FINANCIAL SERVICES FUND
Ordinary income............. 133 58
</Table>
<Table>
<Caption>
FOR THE PERIOD FOR THE PERIOD
ENDED ENDED
APRIL 30, 2004 OCTOBER 31, 2003
-------------- ----------------
GLOBAL HEALTH FUND
Ordinary income............. -- $ 1,236
Long-term capital gains..... $ 1,115 3,821
HIGH YIELD FUND
Ordinary income............. 10,743 22,578
INCOME FUND
Ordinary income............. 740 857
INFLATION PLUS FUND
Ordinary income............. 6,465 4,094
INTERNATIONAL CAPITAL
APPRECIATION FUND
Ordinary income............. 36 6
Long-term capital gains..... 65 --
INTERNATIONAL OPPORTUNITIES
Ordinary Income............. 63 --
INTERNATIONAL SMALL COMPANY
FUND
Ordinary income............. 2,966 17
Long-term capital gains..... 83 --
MONEY MARKET FUND
Ordinary income............. 177 954
SHORT DURATION FUND
Ordinary income............. 1,005 1,283
TAX-FREE CALIFORNIA FUND
Ordinary income............. 344 450
TAX-FREE MINNESOTA FUND
Ordinary income............. 754 1,514
Long-term capital gains..... 348 195
TAX-FREE NATIONAL FUND
Ordinary income............. 1,997 2,864
Long-term capital gains..... 558 1,604
TAX-FREE NEW YORK
Ordinary income............. 326 349
TOTAL RETURN BOND FUND
Ordinary income............. 27,511 25,854
Long-term capital gains..... 540 1,383
U.S. GOVERNMENT SECURITIES
FUND
Ordinary income............. 6,200 15,981
VALUE FUND
Ordinary income............. 406 239
</Table>
As of October 31, 2003, the components of distributable earnings on a tax
basis are as follows:
<Table>
<Caption>
TOTAL
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED UNREALIZED ACCUMULATED
ORDINARY LONG-TERM CAPITAL GAINS APPRECIATION EARNINGS
INCOME CAPITAL GAIN (LOSSES)* (DEPRECIATION)** (DEFICIT)
------------- ------------- ------------- ---------------- -----------
Advisers Fund................................ $ 1,654 $ -- $(357,815) $ 88,493 $(267,652)
Capital Appreciation Fund.................... -- -- (791,427) 710,179 (81,248)
Disciplined Equity Fund...................... 154 -- (129,537) 24,556 (104,827)
Dividend and Growth Fund..................... -- -- (51,709) 85,235 33,526
Equity Income Fund........................... 69 -- -- 646 715
Focus Fund................................... -- -- (30,183) 9,933 (20,250)
Global Communications Fund................... -- -- (7,672) 2,377 (5,295)
Global Financial Services Fund............... 130 -- (2,480) 1,715 (635)
Global Health Fund........................... -- 1,115 -- 7,502 8,617
Global Leaders Fund.......................... -- -- (161,940) 72,948 (88,992)
Global Technology Fund....................... -- -- (65,114) 10,058 (55,056)
Growth Fund.................................. -- -- (87,248) 69,240 (18,008)
Growth Opportunities Fund.................... -- -- (151,238) 109,029 (42,209)
High Yield Fund.............................. 6 -- (86,634) 8,031 (78,597)
Income Fund.................................. 30 -- (20) 680 690
Inflation Plus Fund.......................... 1,736 -- -- 3,443 5,179
International Capital Appreciation Fund...... 37 65 -- 1,582 1,684
International Opportunities Fund............. 63 -- (56,670) 11,817 (45,790)
International Small Company Fund............. 2,967 86 -- 4,204 7,257
</Table>
171
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
TOTAL
UNDISTRIBUTED UNDISTRIBUTED ACCUMULATED UNREALIZED ACCUMULATED
ORDINARY LONG-TERM CAPITAL GAINS APPRECIATION EARNINGS
INCOME CAPITAL GAIN (LOSSES)* (DEPRECIATION)** (DEFICIT)
------------- ------------- ------------- ---------------- -----------
MidCap Fund.................................. -- -- (122,776) 396,012 273,236
MidCap Value Fund............................ -- -- (474) 30,362 29,888
Money Market Fund............................ -- -- -- -- --
Short Duration Fund.......................... 28 -- (221) 312 119
Small Company Fund........................... -- -- (108,923) 41,844 (67,079)
SmallCap Growth Fund......................... -- -- (84,008) 23,263 (60,745)
Stock Fund................................... -- -- (570,537) (39,875) (610,412)
Tax-Free California Fund..................... 30 -- (80) (68) (118)
Tax-Free Minnesota Fund...................... 21 348 -- 1,889 2,258
Tax-Free National Fund....................... 281 558 -- 3,352 4,191
Tax-Free New York Fund....................... 116 -- -- 74 190
Total Return Bond Fund....................... 17,671 1,196 -- 2,821 21,688
U.S. Government Securities Fund.............. 1 -- (10,866) 1,127 (9,738)
Value Fund................................... 349 -- (7,069) 2,877 (3,843)
Value Opportunities Fund..................... -- -- (9,273) 6,050 (3,223)
</Table>
* Certain Funds had capital loss carryforwards that are identified in
footnote 8.
** The differences between book-basis and tax-basis, unrealized appreciation
(depreciation) is attributable primarily to the tax deferral of wash sale
losses and differing treatments for the interest accrual on defaulted
securities.
K) FUND SHARE VALUATION AND DIVIDEND DISTRIBUTIONS TO SHAREHOLDERS -- Orders
for a Fund's shares are executed in accordance with the investment
instructions of the shareholders. Dividend income is accrued as of the
ex-dividend date, except that certain dividends for foreign securities where
the ex-dividend date may have passed are recorded as soon as the Fund is
informed of the dividend in the exercise of reasonable diligence. Interest
income and expenses are accrued on a daily basis. The net asset value of
each Fund's shares is determined as of the close of each business day of the
New York Stock Exchange (the Exchange). The net asset value per share is
determined separately for each class of each fund by dividing the Fund's net
assets attributable to that class by the number of shares of the class
outstanding. Orders for the purchase of a Fund's shares received prior to
the close of the Exchange on any day on which the Exchange is open for
business are priced at the per-share net asset value determined as of the
close of the Exchange. Orders received after the close of the Exchange, or
on a day on which the Exchange and/or the Fund is not open for business, are
priced at the next determined per-share net asset value.
Each Fund intends to distribute substantially all of its net investment
income and net realized capital gains to shareholders no less frequently
than once a year. Normally, dividends from net investment income of the
Capital Appreciation Fund, the Disciplined Equity Fund, the Focus Fund,
Global Communications Fund, the Global Financial Services Fund, the Global
Health Fund, the Global Leaders Fund, the Global Technology Fund, the Growth
Fund, the Growth Opportunities Fund, the International Capital Appreciation
Fund, the International Opportunities Fund, the International Small Company
Fund, the MidCap Fund, the MidCap Value Fund, the Small Company Fund, the
SmallCap Growth Fund, the Stock Fund, the Value Fund, and the Value
Opportunities Fund will be declared and paid annually; dividends from net
investment income of the Advisers Fund, the Dividend and Growth Fund and the
Equity Income Fund will be declared and paid quarterly; dividends from the
net investment income of the High Yield Fund, the Income Fund, the Inflation
Plus Fund, the Short Duration Fund, the Tax-Free California Fund, the Tax-
Free Minnesota Fund, the Tax-Free National Fund, the Tax-Free New York Fund,
the Total Return Bond Fund and the U.S. Government Securities Fund will be
declared and paid monthly and dividends from net investment income of the
Money Market Fund will be declared daily and paid monthly. Dividends from
the Money Market Fund are not paid on shares until the day following the
date on which the shares are issued. Unless shareholders specify otherwise,
all dividends and distributions will be automatically reinvested in
additional full or fractional shares of each Fund.
Distributions from net investment income, realized capital gains and capital
are determined in accordance with federal income tax regulations, which may
differ from generally accepted accounting principles. These differences
include the treatment of non-taxable dividends, expiring capital loss
carryforwards, foreign currency gains and losses, losses deferred due to
wash sales and excise tax regulations. Permanent book and federal income tax
basis differences relating to shareholder distributions will result in
reclassifications to certain of the Funds' capital accounts (see Note 7).
L) USE OF ESTIMATES -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities as of the date of the financial statements
and the reported amounts of income and expenses during the period. Operating
results in the future could vary from the amounts derived from management's
estimates.
M) ILLIQUID SECURITIES AND OTHER INVESTMENTS -- Each Fund is permitted to
invest up to 15% of its net assets in illiquid securities, except for the
Money Market Fund, which may invest up to 10% in such securities. "Illiquid
Securities" are those that may not be sold or disposed of in the ordinary
course of business within seven days, at approximately the price used to
determine a Fund's net asset value per share. A Fund may not be able to sell
illiquid securities or other investments when their sub-advisor considers it
desirable to do so or may have to sell such securities or investments at a
price that is lower than the price that could be obtained if the securities
or investments were more liquid. A sale of illiquid securities or other
investments may require more time and may result in higher dealer discounts
and other selling expenses than does the sale of those that are liquid.
Illiquid securities and investments also may be more difficult to value, do
172
- --------------------------------------------------------------------------------
to the unavailability of reliable market quotations for such securities or
investments, and investment in them may have an adverse impact on net asset
value. Each Fund may also purchase certain restricted securities, commonly
known as Rule 144A securities, that can be resold to institutions and which
may be determined to be liquid pursuant to policies and guidelines
established by the Funds' Board of Directors.
N) SECURITIES PURCHASED ON A WHEN-ISSUED OR DELAYED DELIVERY
BASIS -- Delivery and payment for securities that have been purchased by the
fund on a when-issued or delayed delivery basis take place beyond the
customary settlement period. During this period, such securities are subject
to market fluctuations and the fund maintains in a segregated account with
its custodian, assets sufficient to meet the purchase price. As of April 30,
2004 the Funds entered into outstanding when-issued or delayed delivery
securities as follows:
<Table>
<Caption>
FUND AMOUNT
---- -------
Advisers Fund..................................... $ 6,496
Tax-Free California Fund.......................... 538
Tax-Free Minnesota Fund........................... 450
Tax-Free National Fund............................ 2,055
Tax-Free New York Fund............................ 264
Total Return Bond Fund............................ 26,928
</Table>
O) CREDIT RISK -- Credit risk depends largely on the perceived financial
health of bond issuers. In general, lower rated bonds have higher credit
risks. High yield bond prices can fall on bad news about the economy, an
industry or a company. Share price, yield and total return may fluctuate
more than with less aggressive bond funds.
3. EXPENSES:
A) INVESTMENT MANAGEMENT AND ADVISORY AGREEMENTS -- Hartford Investment
Financial Services, LLC (HIFSCO), a wholly-owned indirect subsidiary of The
Hartford Financial Services Group, Inc. (The Hartford), serves as investment
manager to each Fund pursuant to an Investment Advisory Agreement dated
March 3, 1997 for Hartford Mutual Funds, Inc. and dated February 19, 2002
for Hartford Mutual Funds II, Inc. As investment manager, HIFSCO has overall
investment supervisory responsibility for each Fund. In addition, HIFSCO
provides administrative personnel, services, equipment and facilities and
office space for proper operation of the Funds. HIFSCO has contracted with
Wellington for the provision of day to day investment management services to
the Advisers Fund, the Capital Appreciation Fund, the Disciplined Equity
Fund, the Dividend and Growth Fund, the Equity Income Fund, the Focus Fund,
the Global Communications Fund, the Global Financial Services Fund, the
Global Health Fund, the Global Leaders Fund, the Global Technology Fund, the
Growth Fund, the Growth Opportunities Fund, the International Capital
Appreciation Fund, the International Opportunities Fund, the International
Small Company Fund, the MidCap Fund, the MidCap Value Fund, the Small
Company Fund, the SmallCap Growth Fund, the Stock Fund, the Value Fund and
the Value Opportunities Fund in accordance with each Fund's investment
objective and policies. In addition, HIFSCO has contracted with Hartford
Investment, a wholly owned subsidiary of The Hartford, for the provision of
day to day investment management services for the High Yield Fund, the
Income Fund, the Inflation Plus Fund, the Money Market Fund, the Short
Duration Fund, the Tax-Free California Fund, the Tax-Free Minnesota Fund,
the Tax-Free National Fund, the Tax-Free New York Fund, the Total Return
Bond Fund and the U.S. Government Securities Fund. Each Fund pays a fee to
HIFSCO, a portion of which may be used to compensate Wellington or Hartford
Investment.
The schedule below reflects the rates of compensation paid to HIFSCO for
investment advisory services rendered:
<Table>
<Caption>
MONEY MARKET FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $500 million.......................... .50%
On next $500 million........................... .45%
Over $1 billion................................ .40%
</Table>
<Table>
<Caption>
TAX-FREE NATIONAL FUND
AND U.S. GOVERNMENT SECURITIES FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $50 million........................... .80%
Over $50 million............................... .70%
</Table>
<Table>
<Caption>
TOTAL RETURN BOND FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $500 million.......................... .65%
On next $500 million........................... .55%
Over $1 billion................................ .50%
</Table>
<Table>
<Caption>
GLOBAL LEADERS FUND,
INTERNATIONAL OPPORTUNITIES FUND,
MIDCAP FUND,
MIDCAP VALUE FUND
AND SMALL COMPANY FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $500 million.......................... .85%
On next $500 million........................... .75%
Over $1 billion................................ .70%
</Table>
<Table>
<Caption>
TAX-FREE MINNESOTA FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $50 million........................... .72%
Over $50 million............................... .70%
</Table>
<Table>
<Caption>
GROWTH FUND,
GROWTH OPPORTUNITIES FUND,
SMALLCAP GROWTH FUND
AND VALUE OPPORTUNITIES FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $100 million.......................... 1.00%
On next $150 million........................... .80%
Over $250 million.............................. .70%
</Table>
<Table>
<Caption>
ADVISERS FUND,
DIVIDEND AND GROWTH FUND
AND HIGH YIELD FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $500 million.......................... .75%
On next $500 million........................... .65%
Over $1 billion................................ .60%
</Table>
173
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
INTERNATIONAL CAPITAL APPRECIATION FUND
AND INTERNATIONAL SMALL COMPANY FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $500 million.......................... 1.00%
On next $500 million........................... .90%
Over $1 billion................................ .85%
</Table>
<Table>
<Caption>
CAPITAL APPRECIATION FUND,
DISCIPLINED EQUITY FUND,
EQUITY INCOME FUND,
STOCK FUND
AND VALUE FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $500 million.......................... .80%
On next $500 million........................... .70%
Over $1 billion................................ .65%
</Table>
<Table>
<Caption>
FOCUS FUND,
GLOBAL COMMUNICATIONS FUND,
GLOBAL FINANCIAL SERVICES FUND,
GLOBAL HEALTH FUND
AND GLOBAL TECHNOLOGY FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $500 million.......................... 1.00%
On next $500 million........................... .95%
Over $1 billion................................ .90%
</Table>
<Table>
<Caption>
INCOME FUND
AND INFLATION PLUS FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $500 million.......................... .60%
Over $500 million.............................. .55%
</Table>
<Table>
<Caption>
SHORT DURATION FUND,
TAX-FREE CALIFORNIA FUND
AND TAX-FREE NEW YORK FUND
AVERAGE DAILY NET ASSETS ANNUAL FEE
------------------------ ----------
On first $500 million.......................... .55%
Over $500 million.............................. .50%
</Table>
B) DISTRIBUTION AND SERVICE PLAN FOR CLASS A, B, C, H, L, M AND N
SHARES -- HIFSCO, is the principal underwriter and distributor of the Funds.
HIFSCO is engaged in distribution activities, which include marketing,
distribution and clearing of shares through broker-dealers, financing
distribution costs and maintaining financial books and records. For the
six-month period ended, April 30, 2004, the following revenues were received
by HIFSCO:
<Table>
<Caption>
FRONT-END LOAD CONTINGENT
SALES CHARGE DEFERRED SALES CHARGE
-------------- ---------------------
HIFSCO................... $48,089 $4,451
</Table>
The Funds have adopted Distribution and Service Plans 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, H, L, M and N shares and for providing
services for shareholders. The Distributor is compensated at an annual rate
that may not exceed 0.35% of the average daily net asset value of Class A
shares of the Fund, some or all of which may be remitted to brokers. Up to
0.25% of the fee may be used for shareholder servicing expenses with the
remainder used for distribution expenses. The Class A Rule 12b-1 fee for
each Fund has been voluntarily capped at 0.30%. The cap may be removed at
any time. Some or the entire 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% for each Fund, except for SmallCap Growth
Fund, which has a 0.45% fee. Classes H, M and N have a distribution fee of
1.00% of average daily net assets on an annual basis, to be used to
compensate those who sell shares of the fund and pay certain other expenses
of selling fund shares.
For the six-month period ended April 30, 2004, total sales commissions paid
to affiliated brokers/dealers of The Hartford for distributing the Funds'
shares were $2,229. These commissions are in turn paid to sales
representatives of the broker/dealers.
C) OPERATING EXPENSES -- Allocable expenses incurred by the Funds are
allocated to each Fund in proportion to the average daily net assets of each
Fund, except where allocation of certain expenses is more fairly made
directly to the Fund or to specific classes within a Fund. The Hartford has
voluntarily agreed to limit the total operating expenses of the Class A, B,
C, H, L, M, N and Y shares of some of the Funds, exclusive of taxes,
interest, brokerage commissions, certain distribution expenses and
extraordinary expenses as follows:
174
- --------------------------------------------------------------------------------
<Table>
<Caption>
FUND CLASS A CLASS B CLASS C CLASS H CLASS L CLASS M CLASS N CLASS Y
---- ------- ------- ------- ------- ------- ------- ------- -------
Disciplined Equity Fund....................... 1.45% 2.15% 2.15% NA NA NA NA 1.00%
Focus Fund.................................... 1.65% 2.35% 2.35% NA NA NA NA 1.20%
Global Communications Fund.................... 1.65% 2.35% 2.35% NA NA NA NA 1.20%
Global Financial Services Fund................ 1.65% 2.35% 2.35% NA NA NA NA 1.20%
Global Health Fund............................ 1.65% 2.35% 2.35% NA NA NA NA 1.20%
Global Leaders Fund........................... 1.65% 2.35% 2.35% NA NA NA NA 1.20%
Global Technology Fund........................ 1.65% 2.35% 2.35% NA NA NA NA 1.20%
Growth Fund................................... 1.45% 2.15% 2.15% 2.15% 1.45% 2.15% 2.15% 1.00%
Growth Opportunities Fund..................... 1.45% 2.15% 2.15% 2.15% 1.45% 2.15% 2.15% 1.00%
High Yield Fund............................... 1.40% 2.10% 2.10% NA NA NA NA 0.95%
Income Fund................................... 1.00% 1.70% 1.70% NA NA NA NA NA
Inflation Plus Fund........................... 1.00% 1.70% 1.70% NA NA NA NA NA
International Capital Appreciation Fund....... 1.65% 2.35% 2.35% NA NA NA NA 1.20%
International Opportunities Fund.............. 1.65% 2.35% 2.35% NA NA NA NA 1.20%
International Small Company Fund.............. 1.65% 2.35% 2.35% NA NA NA NA 1.20%
MidCap Value Fund............................. 1.45% 2.15% 2.15% NA NA NA NA 1.00%
Money Market Fund............................. 1.00% 1.70% 1.70% NA NA NA NA 0.55%
Short Duration Fund........................... 0.95% 1.65% 1.65% NA NA NA NA NA
SmallCap Growth Fund.......................... 1.45% 2.15% 2.15% 2.15% 1.45% 2.15% 2.15% 1.10%
Small Company Fund............................ 1.45% 2.15% 2.15% NA NA NA NA 1.00%
Tax-Free California Fund...................... 0.95% 1.65% 1.65% NA NA NA NA NA
Tax-Free Minnesota Fund....................... 0.90% 1.60% 1.60% 1.60% 0.90% 1.60% 1.60% NA
Tax-Free National Fund........................ 1.05% 1.75% 1.75% 1.75% 1.05% 1.75% 1.75% NA
Tax-Free New York Fund........................ 0.90% 1.60% 1.60% NA NA NA NA NA
Total Return Bond Fund........................ 1.25% 1.95% 1.95% NA NA NA NA 0.80%
U.S. Government Securities Fund............... 1.20% 1.90% 1.90% 1.90% 1.20% 1.90% 1.90% 0.80%
Value Fund.................................... 1.45% 2.15% 2.15% NA NA NA NA 1.00%
Value Opportunities Fund...................... 1.45% 2.15% 2.15% 2.15% 1.45% 2.15% 2.15% 1.25%
</Table>
The Hartford voluntarily agreed to waive management fees for the Equity
Income Fund until August 28, 2005.
For the six-month period ended April 30, 2004, The Hartford waived a portion
of Distribution and Transfer Agent fees for the Equity Income Fund.
Prior to March 1, 2004, the expense limitation for the following Funds were
as follows: Tax-Free Minnesota Fund (Classes A and L 1.15%, Classes B, C, H,
M and N 1.85%, Class Y 0.80%) Tax-Free National Fund (Classes A and L 1.15%,
Classes B, C, H, M and N 1.85%, Class Y 0.85%) Tax-Free New York Fund (Class
A 0.95%, Classes B and C 1.65%)
For the six-month period ended April 30, 2004, The Hartford waived a portion
of Distribution fees for the Money Market Fund, Classes B and C.
The Hartford may terminate such voluntary and temporary fee waivers and
expense limitation arrangements at any time.
Amounts incurred which exceed the above limits, are deducted from expenses
and are reported as expense reimbursements or waivers on the accompanying
Statements of Operations.
As of March 1, 2003, the fee waivers and expense limitation arrangements
ended for the Capital Appreciation Fund, the MidCap Fund, the Stock Fund,
the Dividend and Growth Fund and the Advisers Fund.
D) EXPENSE OFFSET -- The Funds have entered into an agreement with State
Street Global Advisors to partially recapture non-discounted trade
commissions. Such rebates are used solely to reduce the Funds' operating
expenses. The Funds' custodian bank has also agreed to reduce its fees when
the Funds maintain cash on deposit in the non-interest-bearing custody
account. For the six-month period ended April 30, 2004, directed brokerage
and custodian fee offset arrangements reduced expenses by $1,095 and $25,
respectively. The total expense reduction represented an effective annual
rate of 0.01% of the Funds' average net assets. These amounts are included
on the fees paid indirectly line of the Statement of Operations.
E) ACCOUNTING SERVICES AGREEMENT -- Pursuant to the Fund Accounting
Agreement between Hartford Life Insurance Co. (HLIC) and the Funds, HLIC
provides accounting services to the Funds and receives monthly compensation
at the annual rate of 0.02% of each Fund's Class A, B, C and Y average daily
net assets.
F) OTHER RELATED PARTY TRANSACTIONS -- For the six-month period ended April
30, 2004, Hartford Fire was reimbursed $95 for legal expenses on behalf of
the Funds. Certain officers of the Funds are directors and/or officers of
HIFSCO, Hartford Investment and/or The Hartford or its subsidiaries. No
officer of the Funds receives any compensation directly from the Funds.
Hartford Administrative Services Company (HASCO), a wholly owned subsidiary
of The Hartford, provides transfer agent services to the Funds.
4. AFFILIATE HOLDINGS: As of April 30, 2004, affiliates of The Hartford had
ownership of shares in the Funds as follows:
<Table>
<Caption>
FUND CLASS A CLASS B CLASS C CLASS Y
---- ------- ------- ------- -------
Equity Income Fund........ -- -- -- 10
Global Communications
Fund.................... 700 -- -- --
Global Financial Services
Fund.................... 564 -- -- --
Growth Fund............... -- -- -- @@
Growth Opportunities
Fund.................... -- -- -- @@
High Yield Fund........... -- -- -- @@
Income Fund............... 720 -- -- 1
International Capital
Appreciation Fund....... -- -- -- 30
MidCap Value Fund......... -- -- -- 3
Short Duration Fund....... -- -- -- 1
SmallCap Growth Fund...... -- -- -- @@
Tax-Free California
Fund.................... 747 -- -- NA
</Table>
175
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
4. AFFILIATE HOLDINGS: (CONTINUED)
<Table>
<Caption>
FUND CLASS A CLASS B CLASS C CLASS Y
---- ------- ------- ------- -------
Tax-Free Minnesota Fund... -- -- -- @@
Tax-Free National Fund.... -- -- -- @@
Tax-Free New York Fund.... 851 105 105 NA
U.S. Government Securities
Fund.................... -- -- -- @@
Value Fund................ -- -- -- 3
Value Opportunities
Fund.................... -- -- -- @@
</Table>
@@ Due to the presentation of the financial statements in thousands, the
number of shares held round to zero.
NA Not applicable
5. INVESTMENT TRANSACTIONS: For the six-month period ended April 30, 2004, the
cost of purchases and proceeds from sales of securities for Money Market
Fund were $2,284,018 and $2,337,011, respectively. The cost of purchases and
proceeds from sales of securities (excluding short-term investments) for the
other portfolios were as follows:
<Table>
<Caption>
COST OF PROCEEDS
FUND PURCHASES FROM SALES
---- ---------- ----------
Advisers Fund....................... $ 617,629 $ 571,439
Capital Appreciation Fund........... 3,441,149 2,090,117
Disciplined Equity Fund............. 116,068 118,896
Dividend and Growth Fund............ 645,494 305,548
Equity Income Fund.................. 161,211 10,864
Focus Fund.......................... 80,901 83,488
</Table>
<Table>
<Caption>
COST OF PROCEEDS
FUND PURCHASES FROM SALES
---- ---------- ----------
Global Communications Fund.......... $ 7,084 $ 6,126
Global Financial Services Fund...... 10,103 12,332
Global Health Fund.................. 93,249 57,581
Global Leaders Fund................. 921,977 962,781
Global Technology Fund.............. 71,666 63,479
Growth Fund......................... 358,747 180,215
Growth Opportunities Fund........... 499,285 493,225
High Yield Fund..................... 177,708 156,176
Income Fund......................... 43,245 33,941
Inflation Plus Fund................. 310,838 143,577
International Capital Appreciation
Fund.............................. 58,081 33,989
International Opportunities Fund.... 100,689 99,329
International Small Company Fund.... 63,766 42,555
MidCap Fund......................... 737,673 651,413
MidCap Value Fund................... 174,421 66,942
Short Duration Fund................. 55,990 49,217
Small Company Fund.................. 222,634 204,052
SmallCap Growth Fund................ 121,737 105,389
Stock Fund.......................... 345,806 362,783
Tax-Free California Fund............ 5,537 3,483
Tax-Free Minnesota Fund............. 4,578 5,472
Tax-Free National Fund.............. 17,171 3,887
Tax-Free New York Fund.............. 3,008 1,693
Total Return Bond Fund.............. 515,173 567,468
U.S. Government Securities Fund..... 145,812 186,362
Value Fund.......................... 20,778 11,295
Value Opportunities Fund............ 31,705 17,424
</Table>
6. CAPITAL SHARE TRANSACTIONS: The following information is for the six-month
period ended April 30, 2004 and year ended October 31, 2003:
<Table>
<Caption>
SHARES ISSUED FOR NET INCREASE
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED (DECREASE) OF SHARES
---------------------- -------------------- ---------------------- --------------------
2004 2003 2004 2003 2004 2003 2004 2003
---------- -------- -------- -------- --------- --------- -------- --------
ADVISERS FUND:
Class A Shares................. 14,372 20,836 573 1,405 (9,191) (16,930) 5,754 5,311
Amount.................. $ 210,637 $276,476 $ 8,419 $18,517 $(135,789) $(223,566) $ 83,267 $ 71,427
Class B Shares................. 2,074 4,637 71 299 (3,616) (7,994) (1,471) (3,058)
Amount.................. $ 30,306 $ 60,761 $ 1,040 $ 3,881 $ (52,868) $(103,704) $(21,522) $(39,062)
Class C Shares................. 1,978 4,392 63 237 (3,976) (8,264) (1,935) (3,635)
Amount.................. $ 29,237 $ 58,068 $ 924 $ 3,113 $ (58,672) $(108,634) $(28,511) $(47,453)
Class Y Shares................. 205 301 6 8 (17) (15) 194 294
Amount.................. $ 3,062 $ 4,038 $ 86 $ 119 $ (253) $ (203) $ 2,895 $ 3,954
CAPITAL APPRECIATION FUND:
Class A Shares................. 37,817 20,811 -- -- (6,472) (14,908) 31,345 5,903
Amount.................. $1,106,003 $474,094 $ -- $ -- $(189,311) $(324,553) $916,692 $149,541
Class B Shares................. 5,405 6,504 -- -- (2,596) (6,361) 2,809 143
Amount.................. $ 148,966 $138,655 $ -- $ -- $ (71,433) $(130,934) $ 77,533 $ 7,721
Class C Shares................. 7,953 8,629 -- -- (3,275) (7,407) 4,678 1,222
Amount.................. $ 218,966 $185,768 $ -- $ -- $ (90,196) $(152,981) $128,770 $ 32,787
Class Y Shares................. 904 936 -- -- (88) (382) 816 554
Amount.................. $ 27,570 $ 21,401 $ -- $ -- $ (2,692) $ (8,207) $ 24,878 $ 13,194
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
176
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR NET INCREASE
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED (DECREASE) OF SHARES
---------------------- -------------------- ---------------------- --------------------
2004 2003 2004 2003 2004 2003 2004 2003
---------- -------- -------- -------- --------- --------- -------- --------
DISCIPLINED EQUITY FUND:
Class A Shares................. 2,529 4,602 14 -- (2,466) (7,751) 77 (3,149)
Amount.................. $ 26,733 $ 40,782 $ 149 $ -- $ (26,375) $ (67,219) $ 507 $(26,437)
Class B Shares................. 299 770 -- -- (498) (1,148) (199) (378)
Amount.................. $ 3,086 $ 6,568 $ -- $ -- $ (5,128) $ (9,611) $ (2,042) $ (3,043)
Class C Shares................. 250 841 -- -- (568) (1,474) (318) (633)
Amount.................. $ 2,563 $ 7,184 $ -- $ -- $ (5,856) $ (12,330) $ (3,293) $ (5,146)
Class Y Shares................. 8 21 @@ -- (2) (38) 6 (17)
Amount.................. $ 85 $ 187 $ 3 $ -- $ (24) $ (353) $ 64 $ (166)
DIVIDEND AND GROWTH FUND:
Class A Shares................. 23,043 30,101 317 609 (5,215) (8,875) 18,145 21,835
Amount.................. $ 388,898 $435,362 $ 5,394 $ 8,814 $ (89,277) $(126,929) $305,015 $317,247
Class B Shares................. 2,372 4,757 2 30 (1,008) (2,247) 1,366 2,540
Amount.................. $ 40,143 $ 67,912 $ 40 $ 417 $ (17,074) $ (31,454) $ 23,109 $ 36,875
Class C Shares................. 2,602 5,187 7 38 (1,408) (2,830) 1,201 2,395
Amount.................. $ 43,898 $ 73,923 $ 107 $ 546 $ (23,798) $ (39,913) $ 20,207 $ 34,556
Class Y Shares................. 874 3,551 17 29 (733) (2,045) 158 1,535
Amount.................. $ 15,109 $ 53,476 $ 290 $ 434 $ (12,799) $ (31,994) $ 2,600 $ 21,916
EQUITY INCOME FUND:
Class A Shares................. 11,014 2,610 76 -- (583) (41) 10,507 2,569
Amount.................. $ 120,702 $ 26,551 $ 831 $ -- $ (6,432) $ (424) $115,101 $ 26,127
Class B Shares................. 877 235 3 -- (39) (1) 841 234
Amount.................. $ 9,679 $ 2,391 $ 37 $ -- $ (435) $ (15) $ 9,281 $ 2,376
Class C Shares................. 2,466 737 10 -- (52) @@ 2,424 737
Amount.................. $ 27,177 $ 7,502 $ 107 $ -- $ (578) $ @@ $ 26,706 $ 7,502
Class Y Shares................. -- 10 @@ -- @@ -- @@ 10
Amount.................. $ -- $ 100 $ 1 $ -- $ @@ $ -- $ 1 $ 100
FOCUS FUND:
Class A Shares................. 1,050 985 -- -- (947) (2,225) 103 (1,240)
Amount.................. $ 9,930 $ 7,885 $ -- $ -- $ (8,906) $ (17,497) $ 1,024 $ (9,612)
Class B Shares................. 127 257 -- -- (220) (463) (93) (206)
Amount.................. $ 1,186 $ 2,008 $ -- $ -- $ (2,040) $ (3,564) $ (854) $ (1,556)
Class C Shares................. 274 407 -- -- (359) (883) (85) (476)
Amount.................. $ 2,528 $ 3,218 $ -- $ -- $ (3,304) $ (6,741) $ (776) $ (3,523)
Class Y Shares................. 40 20 -- -- (20) (9) 20 11
Amount.................. $ 391 $ 158 $ -- $ -- $ (187) $ (80) $ 204 $ 78
GLOBAL COMMUNICATIONS FUND:
Class A Shares................. 461 422 -- -- (149) (132) 312 290
Amount.................. $ 2,435 $ 1,657 $ -- $ -- $ (815) $ (494) $ 1,620 $ 1,163
Class B Shares................. 90 133 -- -- (138) (58) (48) 75
Amount.................. $ 465 $ 526 $ -- $ -- $ (647) $ (222) $ (182) $ 304
Class C Shares................. 82 95 -- -- (124) (41) (42) 54
Amount.................. $ 427 $ 368 $ -- $ -- $ (579) $ (146) $ (152) $ 222
Class Y Shares................. 27 37 -- -- (104) (31) (77) 6
Amount.................. $ 143 $ 147 $ -- $ -- $ (490) $ (128) $ (347) $ 19
GLOBAL FINANCIAL SERVICES FUND:
Class A Shares................. 181 231 11 6 (209) (145) (17) 92
Amount.................. $ 1,871 $ 2,013 $ 110 $ 44 $ (2,149) $ (1,230) $ (168) $ 827
Class B Shares................. 35 73 1 -- (114) (36) (78) 37
Amount.................. $ 352 $ 613 $ 7 $ -- $ (1,078) $ (290) $ (719) $ 323
Class C Shares................. 43 79 1 -- (127) (66) (83) 13
Amount.................. $ 443 $ 673 $ 5 $ -- $ (1,216) $ (522) $ (768) $ 151
Class Y Shares................. 1 4 1 2 (103) (22) (101) (16)
Amount.................. $ 11 $ 36 $ 7 $ 13 $ (995) $ (191) $ (977) $ (142)
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
177
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR NET INCREASE
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED (DECREASE) OF SHARES
---------------------- -------------------- ---------------------- --------------------
2004 2003 2004 2003 2004 2003 2004 2003
---------- -------- -------- -------- --------- --------- -------- --------
GLOBAL HEALTH FUND:
Class A Shares................. 2,544 3,203 43 228 (791) (3,174) 1,796 257
Amount.................. $ 37,780 $ 40,388 $ 579 $ 2,589 $ (11,789) $ (38,579) $ 26,570 $ 4,398
Class B Shares................. 552 700 19 102 (218) (681) 353 121
Amount.................. $ 8,036 $ 8,608 $ 252 $ 1,130 $ (3,163) $ (7,941) $ 5,125 $ 1,797
Class C Shares................. 698 725 18 98 (371) (823) 345 --
Amount.................. $ 10,142 $ 9,058 $ 231 $ 1,089 $ (5,383) $ (9,659) $ 4,990 $ 488
Class Y Shares................. 12 34 @@ 2 (7) (34) 5 2
Amount.................. $ 192 $ 412 $ 5 $ 23 $ (111) $ (413) $ 86 $ 22
GLOBAL LEADERS FUND:
Class A Shares................. 6,028 24,925 -- -- (9,518) (23,238) (3,490) 1,687
Amount.................. $ 92,400 $292,646 $ -- $ -- $(147,587) $(271,217) $(55,187) $ 21,429
Class B Shares................. 479 542 -- -- (495) (1,130) (16) (588)
Amount.................. $ 7,227 $ 6,308 $ -- $ -- $ (7,472) $ (12,914) $ (245) $ (6,606)
Class C Shares................. 568 844 -- -- (599) (1,932) (31) (1,088)
Amount.................. $ 8,558 $ 9,733 $ -- $ -- $ (8,917) $ (22,148) $ (359) $(12,415)
Class Y Shares................. 611 829 -- -- (112) (39) 499 790
Amount.................. $ 9,638 $ 10,182 $ -- $ -- $ (1,855) $ (507) $ 7,783 $ 9,675
GLOBAL TECHNOLOGY FUND:
Class A Shares................. 2,530 3,806 -- -- (1,732) (3,043) 798 763
Amount.................. $ 12,253 $ 14,169 $ -- $ -- $ (8,485) $ (11,163) $ 3,768 $ 3,006
Class B Shares................. 464 896 -- -- (322) (626) 142 270
Amount.................. $ 2,177 $ 3,306 $ -- $ -- $ (1,512) $ (2,176) $ 665 $ 1,130
Class C Shares................. 617 1,253 -- -- (486) (906) 131 347
Amount.................. $ 2,918 $ 4,613 $ -- $ -- $ (2,301) $ (3,103) $ 617 $ 1,510
Class Y Shares................. 101 242 -- -- (41) (226) 60 16
Amount.................. $ 492 $ 921 $ -- $ -- $ (209) $ (834) $ 283 $ 87
GROWTH FUND:
Class A Shares................. 10,779 4,711 -- -- (581) (462) 10,198 4,249
Amount.................. $ 171,952 $ 65,217 $ -- $ -- $ (9,370) $ (5,930) $162,582 $ 59,287
Class B Shares................. 751 750 -- -- (79) (64) 672 686
Amount.................. $ 10,781 $ 9,255 $ -- $ -- $ (1,147) $ (743) $ 9,634 $ 8,512
Class C Shares................. 1,039 807 -- -- (92) (75) 947 732
Amount.................. $ 14,942 $ 9,924 $ -- $ -- $ (1,317) $ (856) $ 13,625 $ 9,068
Class H Shares................. 56 130 -- -- (224) (568) (168) (438)
Amount.................. $ 803 $ 1,503 $ -- $ -- $ (3,239) $ (6,564) $ (2,436) $ (5,061)
Class L Shares................. 417 993 -- -- (1,365) (3,309) (948) (2,316)
Amount.................. $ 6,723 $ 12,856 $ -- $ -- $ (21,904) $ (42,188) $(15,181) $(29,332)
Class M Shares................. 69 163 -- -- (221) (438) (152) (275)
Amount.................. $ 990 $ 1,881 $ -- $ -- $ (3,196) $ (4,962) $ (2,206) $ (3,081)
Class N Shares................. 14 32 -- -- (25) (106) (11) (74)
Amount.................. $ 201 $ 378 $ -- $ -- $ (350) $ (1,255) $ (149) $ (877)
Class Y Shares................. -- -- -- -- -- -- -- --
Amount.................. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
178
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR NET INCREASE
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED (DECREASE) OF SHARES
---------------------- -------------------- ---------------------- --------------------
2004 2003 2004 2003 2004 2003 2004 2003
---------- -------- -------- -------- --------- --------- -------- --------
GROWTH OPPORTUNITIES FUND:
Class A Shares................. 1,203 757 -- -- (112) (168) 1,091 589
Amount.................. $ 26,981 $ 14,186 $ -- $ -- $ (2,546) $ (2,947) $ 24,435 $ 11,239
Class B Shares................. 249 201 -- -- (27) (22) 222 179
Amount.................. $ 5,016 $ 3,353 $ -- $ -- $ (544) $ (346) $ 4,472 $ 3,007
Class C Shares................. 288 285 -- -- (51) (73) 237 212
Amount.................. $ 5,792 $ 4,860 $ -- $ -- $ (1,037) $ (1,137) $ 4,755 $ 3,723
Class H Shares................. 88 209 -- -- (350) (684) (262) (475)
Amount.................. $ 1,797 $ 3,188 $ -- $ -- $ (7,159) $ (10,526) $ (5,362) $ (7,338)
Class L Shares................. 510 1,072 -- -- (2,095) (3,729) (1,585) (2,657)
Amount.................. $ 11,759 $ 18,661 $ -- $ -- $ (48,428) $ (63,752) $(36,669) $(45,091)
Class M Shares................. 55 137 -- -- (165) (323) (110) (186)
Amount.................. $ 1,116 $ 2,091 $ -- $ -- $ (3,354) $ (4,908) $ (2,238) $ (2,817)
Class N Shares................. 12 24 -- -- (12) (76) @@ (52)
Amount.................. $ 242 $ 364 $ -- $ -- $ (235) $ (1,144) $ 7 $ (780)
Class Y Shares................. -- -- -- -- -- -- -- --
Amount.................. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
Class Z Shares................. 23 63 -- -- (91) (289) (68) (226)
Amount.................. $ 555 $ 1,121 $ -- $ -- $ (2,128) $ (5,364) $ (1,573) $ (4,243)
HIGH YIELD FUND:
Class A Shares................. 8,254 21,777 710 1,432 (7,102) (10,570) 1,862 12,639
Amount.................. $ 66,966 $164,279 $ 5,749 $10,772 $ (57,785) $ (80,037) $ 14,930 $ 95,014
Class B Shares................. 1,064 4,300 158 385 (1,591) (2,167) (369) 2,518
Amount.................. $ 8,605 $ 32,275 $ 1,277 $ 2,883 $ (12,881) $ (16,295) $ (2,999) $ 18,863
Class C Shares................. 1,476 5,820 153 373 (1,918) (2,401) (289) 3,792
Amount.................. $ 11,951 $ 44,021 $ 1,236 $ 2,801 $ (15,517) $ (18,087) $ (2,330) $ 28,735
Class Y Shares................. 2 -- @@ @@ -- -- 2 @@
Amount.................. $ 14 $ -- $ @@ $ @@ $ -- $ -- $ 14 $ @@
INCOME FUND:
Class A Shares................. 1,150 924 46 56 (345) (276) 851 704
Amount.................. $ 12,281 $ 9,639 $ 489 $ 583 $ (3,652) $ (2,873) $ 9,118 $ 7,349
Class B Shares................. 175 435 6 10 (173) (98) 8 347
Amount.................. $ 1,878 $ 4,536 $ 62 $ 101 $ (1,850) $ (1,022) $ 90 $ 3,615
Class C Shares................. 261 481 7 11 (244) (113) 24 379
Amount.................. $ 2,809 $ 5,041 $ 71 $ 111 $ (2,613) $ (1,182) $ 267 $ 3,970
Class Y Shares................. 1 -- @@ -- -- -- 1 --
Amount.................. $ 10 $ -- $ @@ $ -- $ -- $ -- $ 10 $ --
INFLATION PLUS FUND:
Class A Shares................. 14,289 16,391 233 154 (4,091) (3,896) 10,431 12,649
Amount.................. $ 154,767 $171,999 $ 2,500 $ 1,621 $ (44,487) $ (40,833) $112,780 $132,787
Class B Shares................. 2,444 7,264 70 50 (653) (1,023) 1,861 6,291
Amount.................. $ 26,436 $ 76,272 $ 754 $ 521 $ (7,058) $ (10,706) $ 20,132 $ 66,087
Class C Shares................. 12,433 17,734 186 114 (2,420) (2,876) 10,199 14,972
Amount.................. $ 134,448 $186,158 $ 1,990 $ 1,191 $ (26,137) $ (30,131) $110,301 $157,218
Class Y Shares................. 1 -- @@ -- -- -- 2 --
Amount.................. $ 16 $ -- $ @@ $ -- $ -- $ -- $ 16 $ --
INTERNATIONAL CAPITAL APPRECIATION FUND:
Class A Shares................. 2,152 2,549 7 1 (383) (2,042) 1,776 508
Amount.................. $ 22,691 $ 20,230 $ 69 $ 5 $ (3,857) $ (15,786) $ 18,904 $ 4,449
Class B Shares................. 415 320 1 -- (168) (212) 248 108
Amount.................. $ 4,338 $ 2,602 $ 11 $ -- $ (1,691) $ (1,694) $ 2,658 $ 908
Class C Shares................. 565 1,095 1 -- (124) (974) 442 121
Amount.................. $ 5,918 $ 8,473 $ 13 $ -- $ (1,268) $ (7,562) $ 4,663 $ 911
Class Y Shares................. -- -- @@ @@ -- -- @@ @@
Amount.................. $ -- $ -- $ 2 $ 1 $ -- $ -- $ 2 $ 1
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
179
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR NET INCREASE
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED (DECREASE) OF SHARES
---------------------- -------------------- ---------------------- --------------------
2004 2003 2004 2003 2004 2003 2004 2003
---------- -------- -------- -------- --------- --------- -------- --------
INTERNATIONAL OPPORTUNITIES FUND:
Class A Shares................. 1,618 25,564 3 -- (827) (26,722) 794 (1,158)
Amount.................. $ 16,951 $206,831 $ 31 $ -- $ (8,803) $(217,754) $ 8,179 $(10,923)
Class B Shares................. 225 396 -- -- (199) (596) 26 (200)
Amount.................. $ 2,266 $ 3,188 $ -- $ -- $ (1,992) $ (4,723) $ 274 $ (1,535)
Class C Shares................. 304 6,856 -- -- (327) (6,993) (23) (137)
Amount.................. $ 3,035 $ 53,002 $ -- $ -- $ (3,240) $ (54,300) $ (205) $ (1,298)
Class Y Shares................. 168 589 3 -- (244) (532) (73) 57
Amount.................. $ 1,817 $ 5,041 $ 28 $ -- $ (2,682) $ (4,536) $ (837) $ 505
INTERNATIONAL SMALL COMPANY FUND:
Class A Shares................. 978 1,516 64 1 (336) (1,113) 706 404
Amount.................. $ 12,705 $ 14,976 $ 789 $ 10 $ (4,147) $ (10,846) $ 9,347 $ 4,140
Class B Shares................. 114 101 12 -- (57) (38) 69 63
Amount.................. $ 1,474 $ 1,105 $ 140 $ -- $ (710) $ (408) $ 904 $ 697
Class C Shares................. 473 332 19 -- (94) (200) 398 132
Amount.................. $ 6,108 $ 3,285 $ 229 $ -- $ (1,147) $ (1,861) $ 5,190 $ 1,424
Class Y Shares................. 614 1,855 145 1 (143) (38) 616 1,818
Amount.................. $ 8,060 $ 21,094 $ 1,779 $ 7 $ (1,853) $ (432) $ 7,986 $ 20,669
MIDCAP FUND:
Class A Shares................. 6,807 31,557 -- -- (4,704) (8,330) 2,103 23,227
Amount.................. $ 147,117 $556,422 $ -- $ -- $(102,053) $(142,582) $ 45,064 $413,840
Class B Shares................. 719 6,247 -- -- (1,059) (2,513) (340) 3,734
Amount.................. $ 14,845 $104,470 $ -- $ -- $ (21,932) $ (40,772) $ (7,087) $ 63,698
Class C Shares................. 1,081 9,074 -- -- (1,533) (3,257) (452) 5,817
Amount.................. $ 22,349 $152,841 $ -- $ -- $ (31,801) $ (53,133) $ (9,452) $ 99,708
Class Y Shares................. 970 2,757 -- -- (848) (516) 122 2,241
Amount.................. $ 21,672 $ 48,718 $ -- $ -- $ (19,021) $ (9,080) $ 2,651 $ 39,638
MIDCAP VALUE FUND:
Class A Shares................. 7,784 4,780 -- -- (836) (2,373) 6,948 2,407
Amount.................. $ 94,573 $ 46,718 $ -- $ -- $ (10,287) $ (21,563) $ 84,286 $ 25,155
Class B Shares................. 1,130 1,287 -- -- (255) (694) 875 593
Amount.................. $ 13,589 $ 12,186 $ -- $ -- $ (3,048) $ (6,151) $ 10,541 $ 6,035
Class C Shares................. 1,382 1,597 -- -- (468) (1,054) 914 543
Amount.................. $ 16,608 $ 15,411 $ -- $ -- $ (5,616) $ (9,784) $ 10,992 $ 5,627
Class Y Shares................. -- -- -- -- -- (27) -- (27)
Amount.................. $ -- $ -- $ -- $ -- $ -- $ (279) $ -- $ (279)
MONEY MARKET FUND:
Class A Shares................. 150,163 445,008 166 873 (181,737) (502,544) (31,408) (56,663)
Amount.................. $ 150,163 $445,008 $ 166 $ 873 $(181,737) $(502,544) $(31,408) $(56,663)
Class B Shares................. 14,281 53,900 -- 4 (33,453) (85,220) (19,172) (31,316)
Amount.................. $ 14,281 $ 53,900 $ -- $ 4 $ (33,453) $ (85,220) $(19,172) $(31,316)
Class C Shares................. 21,671 78,941 -- 3 (25,670) (114,883) (3,999) (35,939)
Amount.................. $ 21,671 $ 78,941 $ -- $ 3 $ (25,670) $(114,883) $ (3,999) $(35,939)
Class Y Shares................. -- 1,293 3 17 (153) (2,963) (150) (1,653)
Amount.................. $ -- $ 1,293 $ 3 $ 17 $ (153) $ (2,963) $ (150) $ (1,653)
SHORT DURATION FUND:
Class A Shares................. 2,417 3,485 39 59 (2,209) (1,114) 247 2,430
Amount.................. $ 24,623 $ 35,368 $ 405 $ 595 $ (22,492) $ (11,302) $ 2,536 $ 24,661
Class B Shares................. 295 1,336 11 14 (221) (443) 85 907
Amount.................. $ 3,011 $ 13,547 $ 108 $ 142 $ (2,249) $ (4,498) $ 870 $ 9,191
Class C Shares................. 1,245 4,226 32 39 (899) (1,342) 378 2,923
Amount.................. $ 12,670 $ 42,908 $ 322 $ 397 $ (9,151) $ (13,624) $ 3,841 $ 29,681
Class Y Shares................. 1 -- @@ -- -- -- 1 --
Amount.................. $ 10 $ -- $ @@ $ -- $ -- $ -- $ 10 $ --
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
180
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR NET INCREASE
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED (DECREASE) OF SHARES
---------------------- -------------------- ---------------------- --------------------
2004 2003 2004 2003 2004 2003 2004 2003
---------- -------- -------- -------- --------- --------- -------- --------
SMALL COMPANY FUND:
Class A Shares................. 3,120 4,197 -- -- (1,672) (3,992) 1,448 205
Amount.................. $ 47,279 $ 48,158 $ -- $ -- $ (25,347) $ (43,568) $ 21,932 $ 4,590
Class B Shares................. 446 656 -- -- (393) (719) 53 (63)
Amount.................. $ 6,442 $ 7,407 $ -- $ -- $ (5,692) $ (7,431) $ 750 $ (24)
Class C Shares................. 545 1,028 -- -- (566) (1,291) (21) (263)
Amount.................. $ 7,905 $ 11,105 $ -- $ -- $ (8,173) $ (13,027) $ (268) $ (1,922)
Class Y Shares................. 22 440 -- -- (686) (519) (664) (79)
Amount.................. $ 340 $ 5,313 $ -- $ -- $ (10,903) $ (5,847) $(10,563) $ (534)
SMALLCAP GROWTH FUND:
Class A Shares................. 1,069 833 -- -- (327) (289) 742 544
Amount.................. $ 26,199 $ 15,670 $ -- $ -- $ (8,020) $ (5,298) $ 18,179 $ 10,372
Class B Shares................. 203 233 -- -- (42) (42) 161 191
Amount.................. $ 4,567 $ 4,143 $ -- $ -- $ (962) $ (697) $ 3,605 $ 3,446
Class C Shares................. 181 193 -- -- (36) (51) 145 142
Amount.................. $ 3,999 $ 3,421 $ -- $ -- $ (788) $ (935) $ 3,211 $ 2,486
Class H Shares................. 34 82 -- -- (142) (255) (108) (173)
Amount.................. $ 758 $ 1,313 $ -- $ -- $ (3,209) $ (4,092) $ (2,451) $ (2,779)
Class L Shares................. 210 382 -- -- (373) (1,019) (163) (637)
Amount.................. $ 5,185 $ 6,709 $ -- $ -- $ (9,132) $ (17,832) $ (3,947) $(11,123)
Class M Shares................. 31 84 -- -- (99) (183) (68) (99)
Amount.................. $ 699 $ 1,347 $ -- $ -- $ (2,255) $ (2,943) $ (1,556) $ (1,596)
Class N Shares................. 17 29 -- -- (22) (69) (5) (40)
Amount.................. $ 377 $ 464 $ -- $ -- $ (490) $ (1,052) $ (113) $ (588)
Class Y Shares................. -- -- -- -- -- -- -- --
Amount.................. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
STOCK FUND:
Class A Shares................. 6,319 8,443 -- -- (6,148) (12,312) 171 (3,869)
Amount.................. $ 107,285 $123,104 $ -- $ -- $(105,175) $(177,679) $ 2,110 $(54,575)
Class B Shares................. 972 1,969 -- -- (2,046) (4,275) (1,074) (2,306)
Amount.................. $ 15,725 $ 27,216 $ -- $ -- $ (33,063) $ (58,344) $(17,338) $(31,128)
Class C Shares................. 974 2,360 -- -- (2,742) (5,967) (1,768) (3,607)
Amount.................. $ 15,887 $ 32,634 $ -- $ -- $ (44,469) $ (82,117) $(28,582) $(49,483)
Class Y Shares................. 881 1,029 -- -- (24) (888) 857 141
Amount.................. $ 15,642 $ 15,485 $ -- $ -- $ (421) $ (11,848) $ 15,221 $ 3,637
TAX-FREE CALIFORNIA FUND:
Class A Shares................. 614 334 27 36 (280) (82) 361 288
Amount.................. $ 6,203 $ 3,372 $ 279 $ 363 $ (2,776) $ (818) $ 3,706 $ 2,917
Class B Shares................. 15 86 2 4 (104) (6) (87) 84
Amount.................. $ 147 $ 864 $ 16 $ 46 $ (1,041) $ (58) $ (878) $ 852
Class C Shares................. 12 23 1 3 (108) (2) (95) 24
Amount.................. $ 121 $ 227 $ 8 $ 35 $ (1,085) $ (20) $ (956) $ 242
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
181
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR NET INCREASE
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED (DECREASE) OF SHARES
---------------------- -------------------- ---------------------- --------------------
2004 2003 2004 2003 2004 2003 2004 2003
---------- -------- -------- -------- --------- --------- -------- --------
TAX-FREE MINNESOTA FUND:
Class A Shares................. 104 252 9 10 (42) (150) 71 112
Amount.................. $ 1,098 $ 2,656 $ 92 $ 103 $ (442) $ (1,569) $ 748 $ 1,190
Class B Shares................. 6 48 1 1 (7) (21) @@ 28
Amount.................. $ 63 $ 506 $ 9 $ 11 $ (69) $ (220) $ 3 $ 297
Class C Shares @@ 21 1 1 @@ (12) 1 10
Amount.................. $ 2 $ 228 $ 10 $ 11 $ (3) $ (127) $ 9 $ 112
Class E Shares 25 36 62 93 (202) (281) (115) (152)
Amount.................. $ 271 $ 377 $ 646 $ 985 $ (2,134) $ (2,970) $ (1,217) $ (1,608)
Class H Shares 5 -- @@ 1 (8) (41) (3) (40)
Amount.................. $ 50 $ -- $ 4 $ 6 $ (85) $ (433) $ (31) $ (427)
Class L Shares 4 38 6 10 (32) (88) (22) (40)
Amount.................. $ 41 $ 403 $ 70 $ 111 $ (338) $ (929) $ (227) $ (415)
Class M Shares @@ 1 1 1 (13) (12) (12) (10)
Amount.................. $ 1 $ 6 $ 8 $ 15 $ (137) $ (128) $ (128) $ (107)
Class N Shares @@ 1 1 1 @@ (1) 1 1
Amount.................. $ 2 $ 14 $ 4 $ 5 $ (2) $ (10) $ 4 $ 9
Class Y Shares -- -- @@ @@ -- -- @@ @@
Amount.................. $ -- $ -- $ @@ $ @@ $ -- $ -- $ @@ $ @@
TAX-FREE NATIONAL FUND:
Class A Shares 1,516 2,067 64 66 (479) (1,275) 1,101 858
Amount.................. $ 16,944 $ 23,066 $ 709 $ 736 $ (5,346) $ (14,174) $ 12,307 $ 9,628
Class B Shares 63 411 13 19 (57) (166) 19 264
Amount.................. $ 711 $ 4,558 $ 145 $ 209 $ (634) $ (1,827) $ 222 $ 2,940
Class C Shares 206 661 14 18 (141) (269) 79 410
Amount.................. $ 2,295 $ 7,349 $ 152 $ 196 $ (1,581) $ (2,975) $ 866 $ 4,570
Class E Shares 24 28 68 155 (231) (604) (139) (421)
Amount.................. $ 297 $ 307 $ 751 $ 1,718 $ (2,576) $ (6,762) $ (1,528) $ (4,737)
Class H Shares @@ @@ 3 10 (20) (110) (17) (100)
Amount.................. $ 2 $ 7 $ 32 $ 110 $ (227) $ (1,211) $ (193) $ (1,094)
Class L Shares 52 90 16 32 (85) (100) (17) 22
Amount.................. $ 583 $ 993 $ 180 $ 351 $ (943) $ (1,110) $ (180) $ 234
Class M Shares 23 1 2 6 (13) (33) 12 (26)
Amount.................. $ 259 $ 9 $ 26 $ 72 $ (151) $ (368) $ 134 $ (287)
Class N Shares @@ 3 1 2 (4) (4) (3) 1
Amount.................. $ 1 $ 34 $ 15 $ 30 $ (55) $ (46) $ (39) $ 18
Class Y Shares -- -- @@ @@ -- -- @@ @@
Amount.................. $ -- $ -- $ @@ $ @@ $ -- $ -- $ @@ $ @@
TAX-FREE NEW YORK FUND:
Class A Shares 113 21 25 28 (11) (2) 127 47
Amount.................. $ 1,165 $ 218 $ 258 $ 284 $ (124) $ (22) $ 1,299 $ 480
Class B Shares 17 11 2 3 -- (10) 19 4
Amount.................. $ 176 $ 109 $ 27 $ 28 $ -- $ (101) $ 203 $ 36
Class C Shares 21 37 4 3 (7) (3) 18 37
Amount.................. $ 220 $ 378 $ 36 $ 34 $ (74) $ (34) $ 182 $ 378
TOTAL RETURN BOND FUND:
Class A Shares 6,437 20,815 1,282 1,161 (4,186) (17,801) 3,533 4,175
Amount.................. $ 70,221 $230,384 $13,806 $12,816 $ (45,662) $(196,901) $ 38,365 $ 46,299
Class B Shares 844 3,361 418 405 (1,789) (3,330) (527) 436
Amount.................. $ 9,172 $ 37,093 $ 4,471 $ 4,445 $ (19,434) $ (36,783) $ (5,791) $ 4,755
Class C Shares 1,127 4,024 416 407 (2,158) (4,503) (615) (72)
Amount.................. $ 12,304 $ 44,598 $ 4,470 $ 4,477 $ (23,527) $ (49,934) $ (6,753) $ (859)
Class Y Shares 1,324 3,008 303 261 (1,053) (1,577) 574 1,692
Amount.................. $ 14,585 $ 33,786 $ 3,290 $ 2,916 $ (11,592) $ (17,751) $ 6,283 $ 18,951
</Table>
@@ Due to the presentation of the financial statements in thousands, the number
or shares and/or dollars round to zero.
182
- --------------------------------------------------------------------------------
<Table>
<Caption>
SHARES ISSUED FOR NET INCREASE
SHARES SOLD REINVESTED DIVIDENDS SHARES REDEEMED (DECREASE) OF SHARES
---------------------- -------------------- ---------------------- --------------------
2004 2003 2004 2003 2004 2003 2004 2003
---------- -------- -------- -------- --------- --------- -------- --------
U.S. GOVERNMENT SECURITIES FUND:
Class A Shares 1,116 11,235 117 314 (2,046) (12,412) (813) (863)
Amount.................. $ 10,867 $111,585 $ 1,138 $ 3,103 $ (19,913) $(122,873) $ (7,908) $ (8,185)
Class B Shares 236 2,842 51 148 (1,138) (3,017) (851) (27)
Amount.................. $ 2,296 $ 28,199 $ 492 $ 1,464 $ (11,019) $ (29,559) $ (8,231) $ 104
Class C Shares 206 5,479 30 100 (1,183) (6,954) (947) (1,375)
Amount.................. $ 1,993 $ 54,470 $ 286 $ 985 $ (11,460) $ (68,476) $ (9,181) $(13,021)
Class E Shares 61 264 227 516 (1,191) (2,526) (903) (1,746)
Amount.................. $ 594 $ 2,616 $ 2,199 $ 5,089 $ (11,570) $ (24,872) $ (8,777) $(17,167)
Class H Shares 10 30 9 25 (169) (350) (150) (295)
Amount.................. $ 109 $ 299 $ 87 $ 241 $ (1,644) $ (3,443) $ (1,448) $ (2,903)
Class L Shares 141 351 75 168 (462) (1,017) (246) (498)
Amount.................. $ 1,376 $ 3,476 $ 727 $ 1,662 $ (4,490) $ (10,045) $ (2,387) $ (4,907)
Class M Shares 16 51 7 19 (74) (271) (51) (201)
Amount.................. $ 153 $ 510 $ 67 $ 187 $ (716) $ (2,658) $ (496) $ (1,961)
Class N Shares 3 12 2 6 (29) (48) (24) (30)
Amount.................. $ 25 $ 120 $ 21 $ 56 $ (285) $ (476) $ (239) $ (300)
Class Y Shares -- -- @@ @@ -- -- @@ @@
Amount.................. $ -- $ -- $ @@ $ @@ $ -- $ -- $ @@ $ @@
VALUE FUND:
Class A Shares................. 1,356 1,775 39 30 (391) (1,040) 1,004 765
Amount.................. $ 12,708 $ 14,409 $ 368 $ 231 $ (3,692) $ (8,159) $ 9,384 $ 6,481
Class B Shares................. 155 275 1 -- (53) (144) 103 131
Amount.................. $ 1,451 $ 2,202 $ 13 $ -- $ (500) $ (1,118) $ 964 $ 1,084
Class C Shares................. 157 328 2 -- (128) (383) 31 (55)
Amount.................. $ 1,467 $ 2,572 $ 18 $ -- $ (1,189) $ (3,003) $ 296 $ (431)
Class Y Shares................. -- @@ @@ -- -- (27) @@ (27)
Amount.................. $ -- $ 3 $ @@ $ -- $ -- $ (229) $ @@ $ (226)
VALUE OPPORTUNITIES FUND:
Class A Shares................. 974 384 -- -- (46) (178) 928 206
Amount.................. $ 12,962 $ 4,094 $ -- $ -- $ (612) $ (1,747) $ 12,350 $ 2,347
Class B Shares................. 198 126 -- -- (18) (12) 180 114
Amount.................. $ 2,502 $ 1,291 $ -- $ -- $ (231) $ (123) $ 2,271 $ 1,168
Class C Shares................. 211 106 -- -- (26) (15) 185 91
Amount.................. $ 2,660 $ 1,098 $ -- $ -- $ (325) $ (138) $ 2,335 $ 960
Class H Shares................. 15 40 -- -- (78) (110) (63) (70)
Amount.................. $ 191 $ 371 $ -- $ -- $ (1,000) $ (1,049) $ (809) $ (678)
Class L Shares................. 100 156 -- -- (159) (414) (59) (258)
Amount.................. $ 1,347 $ 1,619 $ -- $ -- $ (2,123) $ (4,185) $ (776) $ (2,566)
Class M Shares................. 23 65 -- -- (63) (124) (40) (59)
Amount.................. $ 294 $ 621 $ -- $ -- $ (810) $ (1,196) $ (516) $ (575)
Class N Shares................. 6 14 -- -- (9) (39) (3) (25)
Amount.................. $ 79 $ 135 $ -- $ -- $ (126) $ (360) $ (47) $ (225)
Class Y Shares................. -- -- -- -- -- -- -- --
Amount.................. $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
</Table>
7. RECLASSIFICATION OF CAPITAL ACCOUNTS: In accordance with American Institute
of Certified Public Accountants Statement of Position 93-2, Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain,
and Return of Capital Distributions by Investment Companies, the Funds have
recorded several reclassifications in their capital accounts. These
reclassifications had no impact on the net asset value of the Funds and are
designed generally to present accumulated undistributed (distribution in
excess of) net investment income and realized gain on investments on a tax
basis which is considered to be more informative to the shareholder. The
reclassifications are a result of permanent differences between GAAP and tax
accounting for such items as foreign currency and passive foreign investment
company (PFIC) income classifications, and net operating losses that reduce
capital gain distribution requirements. Adjustments are made to reflect the
impact these items have on current and future distributions to shareholders.
Therefore, the source of the Funds' distributions may be shown in the
accompanying Statements of Changes in Net Assets as from net investment
income, from net realized gains on investments or from capital depending on
the type of book and tax differences that exist. For the period ended
October 31, 2003, the Funds recorded the following reclassifications to
increase (decrease) the accounts listed below.
<Table>
<Caption>
UNDISTRIBUTED ACCUMULATED
NET INVESTMENT NET REALIZED PAID-IN-
INCOME GAIN (LOSS) CAPITAL
-------------- ------------ --------
Advisers Fund........................... $ 123 $ (123) $ --
Capital Appreciation Fund............... 15,762 1,449 (17,211)
</Table>
183
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2004 (UNAUDITED)
(000'S OMITTED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
UNDISTRIBUTED ACCUMULATED
NET INVESTMENT NET REALIZED PAID-IN-
INCOME GAIN (LOSS) CAPITAL
-------------- ------------ --------
Dividend and Growth Fund................ 280 12 (292)
Equity Income Fund...................... 7 -- (7)
Focus Fund.............................. 638 -- (638)
Global Communications Fund.............. 17 6 (23)
Global Financial Services Fund.......... 2 (2) --
Global Health Fund...................... 1,913 (1,081) (832)
Global Leaders Fund..................... 2,379 (88) (2,291)
Global Technology Fund.................. 739 -- (739)
Growth Fund............................. 1,780 -- (1,780)
Growth Opportunities Fund............... 3,535 -- (3,535)
High Yield Fund......................... 1,778 (15,403) 13,625
Income Fund............................. 53 (20) (33)
Inflation Plus Fund..................... 42 -- (42)
International Capital Appreciation
Fund.................................. 49 (49) --
International Opportunities Fund........ 12 (5) (7)
International Small Company Fund........ 3 (3) --
MidCap Fund............................. 14,260 (19) (14,241)
MidCap Value Fund....................... 1,112 77 (1,189)
Money Market Fund....................... 8 (8) --
Short Duration Fund..................... 35 -- (35)
Small Company Fund...................... 2,963 12 (2,975)
SmallCap Growth Fund.................... 1,410 16 (1,426)
Stock Fund.............................. 154 -- (154)
Tax-Free California Fund................ 37 -- (37)
Tax-Free New York Fund.................. 38 -- (38)
Total Return Bond Fund.................. 7,241 (7,241) --
U.S. Government Securities Fund......... 354 17,873 (18,227)
Value Opportunities Fund................ 159 -- (159)
</Table>
8. CAPITAL LOSS CARRYFORWARDS: As of October 31, 2003 (tax year-end), the
following Funds had capital loss carryforwards for U.S. federal income tax
purposes of approximately:
<Table>
<Caption>
YEAR OF
FUND AMOUNT EXPIRATION
---- -------- ----------
Advisers Fund................................ $357,815 2009-2011
Capital Appreciation Fund.................... 791,427 2009-2011
</Table>
<Table>
<Caption>
YEAR OF
FUND AMOUNT EXPIRATION
---- -------- ----------
Disciplined Equity Fund...................... 129,537 2009-2011
Dividend and Growth Fund..................... 51,709 2010-2011
Focus Fund................................... 30,183 2009-2011
Global Communications Fund................... 7,672 2009-2011
Global Financial Services Fund............... 2,480 2009-2011
Global Leaders Fund.......................... 161,940 2009-2010
Global Technology Fund....................... 65,114 2009-2010
Growth Fund.................................. 87,248 2009-2011
Growth Opportunities Fund.................... 151,238 2009-2010
High Yield Fund.............................. 86,634 2007-2011
Income Fund.................................. 20 2011
International Opportunities Fund............. 57,670 2009-2011
MidCap Fund.................................. 122,776 2009-2010
MidCap Value Fund............................ 474 2009-2010
Short Duration Fund.......................... 221 2011
Small Company Fund........................... 108,923 2009-2010
SmallCap Growth Fund......................... 84,008 2009-2011
Stock Fund................................... 570,537 2009-2011
U.S. Government Securities Fund.............. 10,866 2004-2011
Value Fund................................... 7,069 2010-2011
Value Opportunities Fund..................... 9,273 2009-2011
</Table>
In accordance with Section 382 of the Internal Revenue Code, utilization of
all or a portion of the above capital loss carryforwards (acquired via
merger) is limited on an annual basis in the amounts as follows:
<Table>
<Caption>
ANNUAL
ACQUIRING FUND LIMITATION
-------------- ----------
High Yield Fund................................. $3,813
International Opportunities Fund................ 960
</Table>
9. LINE OF CREDIT: The Funds participate in a $650,000 committed revolving line
of credit facility. The facility is to be used for temporary or emergency
purposes. Under the arrangement, the Funds are required to own securities
having a market value in excess of 300% of the total bank borrowings. The
interest rate on borrowings varies depending on the nature of the loan. The
facility also requires a fee to be paid based on the amount of the
commitment, which has not been utilized. For the six-month period ended
April 30, 2004, the Funds did not have any borrowings under this facility.
184
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD ADVISERS FUND
For the Six-Month Period
Ended April 30, 2004(g)
Class A...................... $14.19 $ 0.08 $ 0.40 $ (0.08) $ -- $ --
Class B...................... 14.05 0.03 0.39 (0.03) -- --
Class C...................... 14.18 0.04 0.40 (0.04) -- --
Class Y...................... 14.37 (0.14) 0.66 (0.12) -- --
For the Year Ended October
31, 2003(g)
Class A...................... 12.67 0.19 1.52 (0.19) -- --
Class B...................... 12.54 0.09 1.51 (0.09) -- --
Class C...................... 12.66 0.11 1.52 (0.11) -- --
Class Y...................... 12.82 0.27 1.54 (0.26) -- --
For the Year Ended October
31, 2002(g)
Class A...................... 14.38 0.21 (1.69) (0.23) -- --
Class B...................... 14.24 0.11 (1.68) (0.13) -- --
Class C...................... 14.37 0.12 (1.69) (0.14) -- --
Class Y...................... 14.54 0.13 (1.55) (0.30) -- --
For the Year Ended October
31, 2001
Class A...................... 17.07 0.30 (2.04) (0.31) (0.64) --
Class B...................... 16.90 0.20 (2.03) (0.19) (0.64) --
Class C...................... 17.05 0.20 (2.04) (0.20) (0.64) --
Class Y...................... 17.24 0.38 (2.06) (0.38) (0.64) --
For the Ten Months Ended
October 31, 2000
Class A...................... 17.02 0.24 0.19 (0.22) (0.16) --
Class B...................... 16.87 0.15 0.17 (0.13) (0.16) --
Class C...................... 17.02 0.15 0.17 (0.13) (0.16) --
Class Y...................... 17.16 0.33 0.16 (0.25) (0.16) --
For the Year Ended December
31, 1999
Class A...................... 15.71 0.27 1.60 (0.25) (0.31) --
Class B...................... 15.59 0.16 1.58 (0.15) (0.31) --
Class C...................... 15.73(f) 0.17(f) 1.58(f) (0.15)(f) (0.31)(f) --
Class Y...................... 15.80 0.35 1.61 (0.29) (0.31) --
For the Year Ended December
31, 1998
Class A...................... 13.41 0.23 2.58 (0.25) (0.26) --
Class B...................... 13.33 0.15 2.54 (0.17) (0.26) --
Class Y...................... 13.46 0.29 2.59 (0.28) (0.26) --
From inception August 1,
1998, through December 31,
1998
Class C...................... 15.56(f) 0.16(f) 0.63(f) (0.22)(f) (0.40)(f) --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD ADVISERS FUND
For the Six-Month Period
Ended April 30, 2004(g)
Class A...................... $14.59 3.38(b)% $1,595,505 1.32(b)% 1.32(b)(j)% 1.13(b)% 22%
Class B...................... 14.44 2.96(b) 588,429 2.06(b) 2.06(b)(j) 0.39(b) --
Class C...................... 14.58 3.07(b) 405,326 1.95(b) 1.95(b)(j) 0.50(b) --
Class Y...................... 14.77 3.61(b) 11,819 0.78(b) 0.78(b)(j) 1.67(b) --
For the Year Ended October
31, 2003(g)
Class A...................... 14.19 13.62 1,470,569 1.40 1.39 1.44 46
Class B...................... 14.05 12.86 593,179 2.13 2.12 0.72 --
Class C...................... 14.18 12.92 421,814 2.00 2.00 0.84 --
Class Y...................... 14.37 14.28 8,714 0.81 0.81 1.98 --
For the Year Ended October
31, 2002(g)
Class A...................... 12.67 (10.42) 1,245,331 1.41 1.36 1.56 44
Class B...................... 12.54 (11.11) 567,953 2.08 2.08 0.84 --
Class C...................... 12.66 (10.99) 422,520 1.97 1.97 0.95 --
Class Y...................... 12.82 (9.89) 3,997 0.78 0.78 2.15 --
For the Year Ended October
31, 2001
Class A...................... 14.38 (10.67) 1,088,858 1.27 1.22 1.99 37
Class B...................... 14.24 (11.27) 622,519 1.93 1.93 1.28 --
Class C...................... 14.37 (11.26) 478,194 1.93 1.93 1.28 --
Class Y...................... 14.54 (10.20) 56,320 0.74 0.74 2.48 --
For the Ten Months Ended
October 31, 2000
Class A...................... 17.07 2.52(d) 893,954 1.26(b) 1.21(b) 1.76(b) 38
Class B...................... 16.90 1.89(d) 631,930 1.92(b) 1.92(b) 1.05(b) --
Class C...................... 17.05 1.89(d) 432,171 1.92(b) 1.92(b) 1.05(b) --
Class Y...................... 17.24 2.90(d) 64,889 0.75(b) 0.75(b) 2.22(b) --
For the Year Ended December
31, 1999
Class A...................... 17.02 12.08 693,136 1.31 1.26 1.72 35
Class B...................... 16.87 11.29 555,338 1.97 1.97 1.00 --
Class C...................... 17.02(f) 11.29 323,631 1.99 1.99 0.99 --
Class Y...................... 17.16 12.62 68,133 0.79 0.79 2.18 --
For the Year Ended December
31, 1998
Class A...................... 15.71 21.09 316,435 1.43 1.38 1.67 40
Class B...................... 15.59 20.27 237,959 2.11 2.10 0.98 --
Class Y...................... 15.80 21.62 57,891 0.90 0.90 2.09 --
From inception August 1,
1998, through December 31,
1998
Class C...................... 15.73(f) 5.25(d) 54,907 2.18(b) 2.10(b) 1.06(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.31%, 2.05%, 1.94% and
0.77% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
185
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD CAPITAL
APPRECIATION FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $26.50 $ 0.02 $ 2.81 $ -- $ -- $ --
Class B...................... 24.97 (0.09) 2.65 -- -- --
Class C...................... 25.00 (0.07) 2.65 -- -- --
Class Y...................... 27.64 0.08 2.94 -- -- --
For the Year Ended October
31, 2003
Class A...................... 20.47 (0.04) 6.07 -- -- --
Class B...................... 19.44 (0.19) 5.72 -- -- --
Class C...................... 19.44 (0.16) 5.72 -- -- --
Class Y...................... 21.23 0.08 6.33 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 24.12 (0.06) (3.59) -- -- --
Class B...................... 23.06 (0.25) (3.37) -- -- --
Class C...................... 23.04 (0.22) (3.38) -- -- --
Class Y...................... 24.85 0.04 (3.66) -- -- --
For the Year Ended October
31, 2001
Class A...................... 33.20 0.05 (5.12) -- (4.01) --
Class B...................... 32.14 (0.02) (5.05) -- (4.01) --
Class C...................... 32.10 (0.06) (4.99) -- (4.01) --
Class Y...................... 33.94 0.08 (5.16) -- (4.01) --
For the Ten Months Ended
October 31, 2000
Class A...................... 31.72 (0.01) 3.15 -- (1.66) --
Class B...................... 30.92 (0.12) 3.00 -- (1.66) --
Class C...................... 30.89 (0.15) 3.02 -- (1.66) --
Class Y...................... 32.27 0.03 3.30 -- (1.66) --
For the Year Ended December
31, 1999
Class A...................... 20.42 (0.07) 13.28 -- (1.91) --
Class B...................... 20.08 (0.19) 12.94 -- (1.91) --
Class C...................... 20.08(f) (0.12)(f) 12.84(f) -- (1.91)(f) --
Class Y...................... 20.66 -- 13.52 -- (1.91) --
For the Year Ended December
31, 1998
Class A...................... 19.90 (0.10) 0.75 -- (0.13) --
Class B...................... 19.71 (0.21) 0.71 -- (0.13) --
Class Y...................... 20.05 (0.06) 0.80 -- (0.13) --
From inception August 1,
1998, through December 31,
1998
Class C...................... 19.67(f) (0.06)(f) 0.47(f) -- --(f) --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD CAPITAL
APPRECIATION FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $29.33 10.68(b)% $3,528,566 1.35(b)% 1.35(b)(j)% 0.13(b)% 67%
Class B...................... 27.53 10.25(b) 1,344,380 2.09(b) 2.09(b)(j) (0.65)(b) --
Class C...................... 27.58 10.32(b) 1,211,454 1.98(b) 1.98(b)(j) (0.53)(b) --
Class Y...................... 30.66 10.92(b) 78,682 0.82(b) 0.82(b)(j) 0.67(b) --
For the Year Ended October
31, 2003
Class A...................... 26.50 29.46 2,357,913 1.45 1.43 (0.13) 113
Class B...................... 24.97 28.45 1,140,154 2.17 2.17 (0.87) --
Class C...................... 25.00 28.60 981,246 2.05 2.05 (0.75) --
Class Y...................... 27.64 30.19 48,372 0.85 0.85 0.46 --
For the Year Ended October
31, 2002(g)
Class A...................... 20.47 (15.13) 1,700,765 1.45 1.40 (0.28) 112
Class B...................... 19.44 (15.70) 884,553 2.14 2.14 (1.04) --
Class C...................... 19.44 (15.62) 738,988 2.02 2.02 (0.92) --
Class Y...................... 21.23 (14.57) 25,378 0.80 0.80 0.27 --
For the Year Ended October
31, 2001
Class A...................... 24.12 (17.24) 1,585,508 1.33 1.28 (0.22) 132
Class B...................... 23.06 (17.88) 876,826 1.99 1.99 (0.93) --
Class C...................... 23.04 (17.84) 666,372 1.99 1.99 (0.93) --
Class Y...................... 24.85 (16.85) 76,592 0.78 0.78 0.28 --
For the Ten Months Ended
October 31, 2000
Class A...................... 33.20 10.18(d) 1,309,836 1.32(b) 1.27(b) (0.42)(b) 130
Class B...................... 32.14 9.59(d) 826,495 1.97(b) 1.97(b) (1.12)(b) --
Class C...................... 32.10 9.56(d) 494,391 1.99(b) 1.99(b) (1.14)(b) --
Class Y...................... 33.94 10.60(d) 89,477 0.80(b) 0.80(b) 0.05(b) --
For the Year Ended December
31, 1999
Class A...................... 31.72 66.76 797,656 1.38 1.33 (0.61) 169
Class B...................... 30.92 65.58 569,201 2.02 2.02 (1.31) --
Class C...................... 30.89(f) 65.44 191,466 2.09 2.09 (1.37) --
Class Y...................... 32.27 67.49 64,688 0.87 0.87 (0.16) --
For the Year Ended December
31, 1998
Class A...................... 20.42 3.26 364,951 1.49 1.44 (0.70) 123
Class B...................... 20.08 2.52 290,756 2.15 2.15 (1.39) --
Class Y...................... 20.66 3.68 27,700 0.96 0.96 (0.27) --
From inception August 1,
1998, through December 31,
1998
Class C...................... 20.08(f) 2.10(d) 15,231 2.29(b) 2.15(b) (1.34)(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.34%, 2.08%, 1.97% and
0.81% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
186
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD DISCIPLINED
EQUITY FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $10.08 $ 0.01 $ 0.63 $ (0.01) $ -- $ --
Class B...................... 9.70 (0.03) 0.60 -- -- --
Class C...................... 9.71 (0.03) 0.60 -- -- --
Class Y...................... 10.36 0.03 0.65 (0.05) -- --
For the Year Ended October
31, 2003
Class A...................... 8.43 0.02 1.63 -- -- --
Class B...................... 8.17 (0.04) 1.57 -- -- --
Class C...................... 8.18 (0.04) 1.57 -- -- --
Class Y...................... 8.63 0.08 1.65 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 10.36 -- (1.93) -- -- --
Class B...................... 10.10 (0.11) (1.82) -- -- --
Class C...................... 10.11 (0.06) (1.87) -- -- --
Class Y...................... 10.52 0.05 (1.94) -- -- --
For the Year Ended October
31, 2001
Class A...................... 13.63 -- (2.75) -- (0.52) --
Class B...................... 13.40 (0.05) (2.73) -- (0.52) --
Class C...................... 13.41 (0.06) (2.72) -- (0.52) --
Class Y...................... 13.78 0.03 (2.77) -- (0.52) --
For the Ten Months Ended
October 31, 2000
Class A...................... 13.72 (0.02) 0.04 -- (0.11) --
Class B...................... 13.58 (0.06) (0.01) -- (0.11) --
Class C...................... 13.58 (0.06) -- -- (0.11) --
Class Y...................... 13.83 0.02 0.04 -- (0.11) --
For the Year Ended December
31, 1999
Class A...................... 11.45 0.01 2.36 -- (0.10) --
Class B...................... 11.41 (0.02) 2.29 -- (0.10) --
Class C...................... 11.41(f) (0.03)(f) 2.30(f) -- (0.10)(f) --
Class Y...................... 11.48 0.06 2.39 -- (0.10) --
From inception April 30,
1998, through December 31,
1998
Class A...................... 10.00 0.02 1.45 -- -- (0.02)
Class B...................... 10.00 (0.01) 1.43 -- -- (0.01)
Class Y...................... 10.00 0.05 1.46 -- -- (0.03)
From inception August 1,
1998, through December 31,
1998
Class C...................... 10.14(f) 0.01(f) 1.29(f) -- -- (0.03)(f)
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD DISCIPLINED
EQUITY FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $10.71 6.31(b)% $ 259,794 1.47(b)% 1.45(b)(j)% 0.20(b)% 33%
Class B...................... 10.27 5.88(b) 48,664 2.21(b) 2.15(b)(j) (0.50)(b) --
Class C...................... 10.28 5.87(b) 45,623 2.10(b) 2.10(b)(j) (0.45)(b) --
Class Y...................... 10.99 6.55(b) 723 0.94(b) 0.94(b)(j) 0.72(b) --
For the Year Ended October
31, 2003
Class A...................... 10.08 19.57 243,842 1.56 1.45 0.24 76
Class B...................... 9.70 18.73 47,888 2.30 2.15 (0.46) --
Class C...................... 9.71 18.70 46,162 2.17 2.15 (0.46) --
Class Y...................... 10.36 20.05 622 0.98 0.98 0.70 --
For the Year Ended October
31, 2002(g)
Class A...................... 8.43 (18.63) 230,545 1.57 1.45 (0.03) 89
Class B...................... 8.17 (19.11) 43,431 2.26 2.15 (1.03) --
Class C...................... 8.18 (19.09) 44,054 2.13 2.13 (0.80) --
Class Y...................... 8.63 (17.97) 661 0.93 0.93 0.46 --
For the Year Ended October
31, 2001
Class A...................... 10.36 (20.90) 239,698 1.43 1.38 (0.07) 80
Class B...................... 10.10 (21.51) 43,210 2.11 2.11 (0.80) --
Class C...................... 10.11 (21.50) 60,409 2.09 2.09 (0.78) --
Class Y...................... 10.52 (20.60) 440 0.96 0.96 0.34 --
For the Ten Months Ended
October 31, 2000
Class A...................... 13.63 0.15(d) 197,176 1.43(b) 1.38(b) (0.17)(b) 63
Class B...................... 13.40 (0.51)(d) 41,126 2.11(b) 2.11(b) (0.90)(b) --
Class C...................... 13.41 (0.44)(d) 63,650 2.09(b) 2.09(b) (0.88)(b) --
Class Y...................... 13.78 0.44(d) 490 0.95(b) 0.95(b) 0.26(b) --
For the Year Ended December
31, 1999
Class A...................... 13.72 20.80 74,764 1.49 1.44 0.01 53
Class B...................... 13.58 20.00 20,375 2.13 2.13 (0.68) --
Class C...................... 13.58(f) 19.98 29,265 2.16 2.15 (0.69) --
Class Y...................... 13.83 21.45 480 0.93 0.93 0.51 --
From inception April 30,
1998, through December 31,
1998
Class A...................... 11.45 14.78(d) 11,120 1.63(b) 1.45(b) 0.23(b) 35
Class B...................... 11.41 14.21(d) 3,538 2.32(b) 2.15(b) (0.47)(b) --
Class Y...................... 11.48 15.18(d) 386 1.20(b) 1.00(b) 0.76(b) --
From inception August 1,
1998, through December 31,
1998
Class C...................... 11.41(f) 12.80(d) 3,726 2.38(b) 2.15(b) (0.53)(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.44%, 2.14%, 2.09% and
0.93% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
187
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD DIVIDEND AND
GROWTH FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $15.94 $ 0.07 $ 1.24 $ (0.06) $ -- $ --
Class B...................... 15.75 0.01 1.22 @@ -- --
Class C...................... 15.72 0.02 1.22 (0.01) -- --
Class Y...................... 16.11 0.11 1.27 (0.11) -- --
For the Year Ended October
31, 2003
Class A...................... 13.58 0.12 2.37 (0.13)(i) -- --
Class B...................... 13.43 0.03 2.32 (0.03)(i) -- --
Class C...................... 13.40 0.04 2.32 (0.04)(i) -- --
Class Y...................... 13.73 0.19 2.40 (0.21)(i) -- --
For the Year Ended October
31, 2002(g)
Class A...................... 15.53 0.12 (1.71) (0.12) (0.24) --
Class B...................... 15.37 0.02 (1.70) (0.02) (0.24) --
Class C...................... 15.33 0.03 (1.69) (0.03) (0.24) --
Class Y...................... 15.71 0.12 (1.65) (0.21) (0.24) --
For the Year Ended October
31, 2001
Class A...................... 17.78 0.18 (1.49) (0.17) (0.77) --
Class B...................... 17.60 0.07 (1.48) (0.05) (0.77) --
Class C...................... 17.57 0.08 (1.48) (0.07) (0.77) --
Class Y...................... 17.96 0.25 (1.48) (0.25) (0.77) --
For the Ten Months Ended
October 31, 2000
Class A...................... 16.85 0.15 0.98 (0.12) (0.08) --
Class B...................... 16.69 0.04 0.99 (0.04) (0.08) --
Class C...................... 16.67 0.07 0.95 (0.04) (0.08) --
Class Y...................... 16.96 0.22 1.02 (0.16) (0.08) --
For the Year Ended December
31, 1999
Class A...................... 16.62 0.15 0.60 (0.17) (0.35) --
Class B...................... 16.47 0.04 0.58 (0.05) (0.35) --
Class C...................... 16.48(f) 0.04(f) 0.58(f) (0.08)(f) (0.35)(f) --
Class Y...................... 16.69 0.21 0.63 (0.22) (0.35) --
For the Year Ended December
31, 1998
Class A...................... 14.72 0.15 1.97 (0.15) (0.07) --
Class B...................... 14.61 0.06 1.92 (0.05) (0.07) --
Class Y...................... 14.77 0.24 1.94 (0.19) (0.07) --
From inception August 1,
1998, through December 31,
1998
Class C...................... 15.94(f) 0.05(f) 0.70(f) (0.10)(f) (0.11)(f) --
THE HARTFORD EQUITY INCOME
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.37 0.09 0.58 (0.10) @@ --
Class B...................... 10.36 0.06 0.56 (0.06) @@ --
Class C...................... 10.36 0.07 0.55 (0.06) @@ --
Class Y...................... 10.39 0.14 0.53 (0.11) @@ --
From inception August 28,
2003, through October 31,
2003
Class A...................... 10.00 0.02 0.35 -- -- --
Class B...................... 10.00 0.01 0.35 -- -- --
Class C...................... 10.00 0.01 0.35 -- -- --
Class Y...................... 10.00 0.04 0.35 -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
-------------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD DIVIDEND AND
GROWTH FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $17.19 8.22(b)% $1,710,781 1.32(b)% 1.32(b)(j)% 0.86(b)% 15%
Class B...................... 16.98 7.83(b) 301,229 2.05(b) 2.05(b)(j) 0.13(b) --
Class C...................... 16.95 7.87(b) 268,768 1.94(b) 1.94(b)(j) 0.24(b) --
Class Y...................... 17.38 8.55(b) 48,155 0.78(b) 0.78(b)(j) 1.40(b) --
For the Year Ended October
31, 2003
Class A...................... 15.94 18.42 1,296,982 1.41 1.40 0.88 31
Class B...................... 15.75 17.52 257,856 2.14 2.13 0.16 --
Class C...................... 15.72 17.67 230,348 2.02 2.02 0.27 --
Class Y...................... 16.11 19.03 42,107 0.81 0.81 1.44 --
For the Year Ended October
31, 2002(g)
Class A...................... 13.58 (10.64) 808,633 1.46 1.40 0.78 33
Class B...................... 13.43 (11.15) 185,731 2.13 2.10 0.08 --
Class C...................... 13.40 (11.08) 164,260 2.02 2.02 0.15 --
Class Y...................... 13.73 (10.00) 14,790 0.82 0.82 1.36 --
For the Year Ended October
31, 2001
Class A...................... 15.53 (7.67) 521,543 1.36 1.31 1.06 55
Class B...................... 15.37 (8.34) 150,592 2.03 2.03 0.34 --
Class C...................... 15.33 (8.33) 117,108 2.03 2.03 0.35 --
Class Y...................... 15.71 (7.20) 26,326 0.82 0.82 1.55 --
For the Ten Months Ended
October 31, 2000
Class A...................... 17.78 6.77(d) 294,903 1.36(b) 1.31(b) 0.99(b) 56
Class B...................... 17.60 6.17(d) 118,936 2.03(b) 2.03(b) 0.27(b) --
Class C...................... 17.57 6.17(d) 63,503 2.03(b) 2.03(b) 0.27(b) --
Class Y...................... 17.96 7.37(d) 22,441 0.85(b) 0.85(b) 1.45(b) --
For the Year Ended December
31, 1999
Class A...................... 16.85 4.57 242,054 1.38 1.33 0.94 50
Class B...................... 16.69 3.82 121,977 2.02 2.02 0.25 --
Class C...................... 16.67(f) 3.76 42,869 2.07 2.07 0.21 --
Class Y...................... 16.96 5.10 23,616 0.87 0.87 1.42 --
For the Year Ended December
31, 1998
Class A...................... 16.62 14.47 182,495 1.43 1.38 1.08 46
Class B...................... 16.47 13.62 108,344 2.10 2.10 0.39 --
Class Y...................... 16.69 14.86 17,098 0.91 0.91 1.53 --
From inception August 1,
1998, through December 31,
1998
Class C...................... 16.48(f) 4.82(d) 9,682 2.20(b) 2.10(b) 0.23(b) --
THE HARTFORD EQUITY INCOME
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.94 6.46(b) 142,982 1.45(b) 0.55(b) 2.27(b) 10
Class B...................... 10.92 5.99(b) 11,742 2.16(b) 1.26(b) 1.59(b) --
Class C...................... 10.92 6.04(b) 34,514 2.08(b) 1.19(b) 1.66(b) --
Class Y...................... 10.95 6.51(b) 111 0.99(b) 0.17(b) 2.61(b) --
From inception August 28,
2003, through October 31,
2003
Class A...................... 10.37 3.70(d) 26,649 1.53(b) 0.73(b) 1.81(b) 1
Class B...................... 10.36 3.60(d) 2,421 2.27(b) 1.47(b) 1.10(b) --
Class C...................... 10.36 3.60(d) 7,639 2.15(b) 1.35(b) 1.23(b) --
Class Y...................... 10.39 3.90(d) 104 0.93(b) 0.13(b) 2.17(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.32%, 2.05%, 1.94% and
0.78% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
188
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD FOCUS FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 8.94 $ -- $ 0.27 $ -- $ -- $ --
Class B...................... 8.79 0.02 0.21 -- -- --
Class C...................... 8.78 0.03 0.20 -- -- --
Class Y...................... 9.04 (0.01) 0.30 -- -- --
For the Year Ended October
31, 2003
Class A...................... 7.32 (0.02) 1.64 -- -- --
Class B...................... 7.25 (0.08) 1.62 -- -- --
Class C...................... 7.24 (0.08) 1.62 -- -- --
Class Y...................... 7.37 0.01 1.66 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 8.82 (0.05) (1.45) -- -- --
Class B...................... 8.79 (0.12) (1.42) -- -- --
Class C...................... 8.79 (0.12) (1.43) -- -- --
Class Y...................... 8.83 -- (1.46) -- -- --
From inception May 24, 2001,
through October 31, 2001
Class A...................... 10.00 (0.01) (1.17) -- -- --
Class B...................... 10.00 (0.03) (1.18) -- -- --
Class C...................... 10.00 (0.04) (1.17) -- -- --
Class Y...................... 10.00 0.01 (1.18) -- -- --
THE HARTFORD GLOBAL
COMMUNICATIONS FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 4.67 (0.01) 0.59 -- -- --
Class B...................... 4.58 (0.03) 0.58 -- -- --
Class C...................... 4.57 (0.03) 0.58 -- -- --
Class Y...................... 4.74 -- 0.60 -- -- --
For the Year Ended October
31, 2003
Class A...................... 3.24 (0.01) 1.44 -- -- --
Class B...................... 3.19 (0.03) 1.42 -- -- --
Class C...................... 3.19 (0.03) 1.41 -- -- --
Class Y...................... 3.26 0.01 1.47 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 4.57 -- (1.33) -- -- --
Class B...................... 4.54 (0.04) (1.31) -- -- --
Class C...................... 4.54 (0.04) (1.31) -- -- --
Class Y...................... 4.60 -- (1.34) -- -- --
For the Year Ended October
31, 2001
Class A...................... 10.00 (0.02) (5.41) -- -- --
Class B...................... 10.00 (0.05) (5.41) -- -- --
Class C...................... 10.00 (0.05) (5.41) -- -- --
Class Y...................... 10.00 -- (5.40) -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD FOCUS FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 9.21 3.02(b)% $ 73,054 1.69(b)% 1.65(b)(j)% (0.51)(b)% 66%
Class B...................... 9.02 2.62(b) 20,783 2.43(b) 2.35(b)(j) (1.21)(b) --
Class C...................... 9.01 2.62(b) 27,107 2.32(b) 2.32(b)(j) (1.17)(b) --
Class Y...................... 9.33 3.21(b) 931 1.16(b) 1.16(b)(j) (0.02)(b) --
For the Year Ended October
31, 2003
Class A...................... 8.94 22.13 70,002 1.76 1.65 (0.29) 138
Class B...................... 8.79 21.24 21,058 2.49 2.35 (1.00) --
Class C...................... 8.78 21.27 27,158 2.36 2.35 (0.99) --
Class Y...................... 9.04 22.66 719 1.17 1.17 0.17 --
For the Year Ended October
31, 2002(g)
Class A...................... 7.32 (17.01) 66,432 1.76 1.65 (0.53) 215
Class B...................... 7.25 (17.52) 18,862 2.43 2.35 (1.23) --
Class C...................... 7.24 (17.63) 25,847 2.34 2.34 (1.22) --
Class Y...................... 7.37 (16.54) 509 1.14 1.14 0.09 --
From inception May 24, 2001,
through October 31, 2001
Class A...................... 8.82 (11.80)(d) 66,970 1.68(b) 1.63(b) (0.18)(b) 109
Class B...................... 8.79 (12.10)(d) 18,524 2.35(b) 2.35(b) (0.89)(b) --
Class C...................... 8.79 (12.10)(d) 24,142 2.35(b) 2.35(b) (0.89)(b) --
Class Y...................... 8.83 (11.70)(d) 9 1.20(b) 1.20(b) 0.25(b) --
THE HARTFORD GLOBAL
COMMUNICATIONS FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 5.25 12.42(b) 8,852 1.84(b) 1.65(b)(k) (0.43)(b) 56
Class B...................... 5.13 12.01(b) 1,498 2.60(b) 2.35(b)(k) (1.17)(b) --
Class C...................... 5.12 12.04(b) 1,244 2.49(b) 2.35(b)(k) (1.16)(b) --
Class Y...................... 5.34 12.66(b) 405 1.33(b) 1.20(b)(k) (0.14)(b) --
For the Year Ended October
31, 2003
Class A...................... 4.67 44.14 6,419 1.95 1.65 (0.08) 100
Class B...................... 4.58 43.57 1,555 2.68 2.35 (0.79) --
Class C...................... 4.57 43.26 1,305 2.55 2.35 (0.77) --
Class Y...................... 4.74 45.40 724 1.35 1.20 0.38 --
For the Year Ended October
31, 2002(g)
Class A...................... 3.24 (29.10) 3,506 2.03 1.65 (0.10) 84
Class B...................... 3.19 (29.74) 846 2.70 2.35 (0.80) --
Class C...................... 3.19 (29.74) 736 2.57 2.35 (0.78) --
Class Y...................... 3.26 (29.13) 481 1.27 1.20 0.40 --
For the Year Ended October
31, 2001
Class A...................... 4.57 (54.30) 4,050 1.73 1.66 (0.42) 84
Class B...................... 4.54 (54.60) 832 2.46 2.36 (1.12) --
Class C...................... 4.54 (54.60) 875 2.44 2.36 (1.12) --
Class Y...................... 4.60 (54.00) 460 1.20 1.20 0.03 --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.65%, 2.35%, 2.32% and
1.16% for classes A, B, C and Y, respectively.
(k) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.65%, 2.35%, 2.35% and
1.20% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
189
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD GLOBAL FINANCIAL
SERVICES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 9.71 $ 0.08 $ 0.53 $ (0.08) $ -- $ --
Class B...................... 9.55 0.04 0.53 (0.03) -- --
Class C...................... 9.55 0.04 0.54 (0.03) -- --
Class Y...................... 9.79 0.37 0.28 (0.12) -- --
For the Year Ended October
31, 2003
Class A...................... 8.03 0.07 1.65 (0.04) -- --
Class B...................... 7.92 0.02 1.61 -- -- --
Class C...................... 7.92 0.02 1.61 -- -- --
Class Y...................... 8.10 0.13 1.64 (0.08) -- --
For the Year Ended October
31, 2002(g)
Class A...................... 9.37 0.04 (1.38) -- -- --
Class B...................... 9.30 (0.02) (1.36) -- -- --
Class C...................... 9.30 (0.02) (1.36) -- -- --
Class Y...................... 9.41 0.08 (1.39) -- -- --
For the Year Ended October
31, 2001
Class A...................... 10.00 0.02 (0.65) -- -- --
Class B...................... 10.00 (0.03) (0.67) -- -- --
Class C...................... 10.00 (0.03) (0.67) -- -- --
Class Y...................... 10.00 0.07 (0.66) -- -- --
THE HARTFORD GLOBAL HEALTH
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 13.80 0.03 1.61 -- (0.06) --
Class B...................... 13.43 0.06 1.49 -- (0.06) --
Class C...................... 13.44 0.07 1.48 -- (0.06) --
Class Y...................... 14.09 0.01 1.71 -- (0.06) --
For the Year Ended October
31, 2003
Class A...................... 11.42 (0.07) 2.75 -- (0.30) --
Class B...................... 11.20 (0.15) 2.68 -- (0.30) --
Class C...................... 11.21 (0.15) 2.68 -- (0.30) --
Class Y...................... 11.61 (0.02) 2.80 -- (0.30) --
For the Year Ended October
31, 2002(g)
Class A...................... 13.47 (0.09) (1.68) -- (0.28) --
Class B...................... 13.31 (0.18) (1.65) -- (0.28) --
Class C...................... 13.32 (0.18) (1.65) -- (0.28) --
Class Y...................... 13.58 (0.02) (1.67) -- (0.28) --
For the Year Ended October
31, 2001
Class A...................... 13.86 (0.06) 0.23 -- (0.56) --
Class B...................... 13.81 (0.12) 0.18 -- (0.56) --
Class C...................... 13.81 (0.13) 0.20 -- (0.56) --
Class Y...................... 13.89 (0.01) 0.26 -- (0.56) --
From inception May 1, 2000,
through October 31, 2000
Class A...................... 10.00 (0.01) 3.87 -- -- --
Class B...................... 10.00 (0.04) 3.85 -- -- --
Class C...................... 10.00 (0.04) 3.85 -- -- --
Class Y...................... 10.00 0.01 3.88 -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GLOBAL FINANCIAL
SERVICES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $10.24 6.34(b)% $ 13,175 1.83(b)% 1.65(b)(j)% 1.50(b)% 51%
Class B...................... 10.09 5.92(b) 3,102 2.59(b) 2.35(b)(j) 0.77(b) --
Class C...................... 10.10 6.03(b) 2,541 2.47(b) 2.35(b)(j) 0.77(b) --
Class Y...................... 10.32 6.68(b) 620 1.33(b) 1.20(b)(j) 1.79(b) --
For the Year Ended October
31, 2003
Class A...................... 9.71 21.48 12,652 1.90 1.65 0.93 93
Class B...................... 9.55 20.58 3,681 2.62 2.35 0.22 --
Class C...................... 9.55 20.58 3,197 2.50 2.35 0.23 --
Class Y...................... 9.79 22.01 1,580 1.31 1.20 1.38 --
For the Year Ended October
31, 2002(g)
Class A...................... 8.03 (14.30) 9,739 1.98 1.65 0.51 76
Class B...................... 7.92 (14.84) 2,755 2.68 2.35 (0.20) --
Class C...................... 7.92 (14.84) 2,548 2.54 2.35 (0.20) --
Class Y...................... 8.10 (13.92) 1,435 1.25 1.20 0.96 --
For the Year Ended October
31, 2001
Class A...................... 9.37 (6.30) 9,946 1.89 1.70 0.25 115
Class B...................... 9.30 (7.00) 2,052 2.61 2.40 (0.45) --
Class C...................... 9.30 (7.00) 2,053 2.60 2.40 (0.45) --
Class Y...................... 9.41 (5.90) 941 1.35 1.24 0.70 --
THE HARTFORD GLOBAL HEALTH
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 15.38 11.98(b) 168,761 1.67(b) 1.65(b)(k) (0.64)(b) 22
Class B...................... 14.92 11.64(b) 67,878 2.40(b) 2.35(b)(k) (1.34)(b) --
Class C...................... 14.93 11.63(b) 62,483 2.29(b) 2.29(b)(k) (1.28)(b) --
Class Y...................... 15.75 12.30(b) 1,314 1.14(b) 1.14(b)(k) (0.13)(b) --
For the Year Ended October
31, 2003
Class A...................... 13.80 24.02 126,630 1.76 1.65 (0.62) 37
Class B...................... 13.43 23.13 56,378 2.49 2.35 (1.31) --
Class C...................... 13.44 23.11 51,606 2.36 2.35 (1.31) --
Class Y...................... 14.09 24.50 1,095 1.19 1.19 (0.15) --
For the Year Ended October
31, 2002(g)
Class A...................... 11.42 (13.43) 101,881 1.79 1.65 (0.70) 63
Class B...................... 11.20 (14.05) 45,659 2.48 2.35 (1.40) --
Class C...................... 11.21 (14.08) 43,042 2.35 2.35 (1.40) --
Class Y...................... 11.61 (12.68) 881 1.17 1.17 (0.22) --
For the Year Ended October
31, 2001
Class A...................... 13.47 1.18 98,971 1.67 1.62 (0.61) 58
Class B...................... 13.31 0.36 42,578 2.36 2.35 (1.33) --
Class C...................... 13.32 0.43 44,306 2.33 2.33 (1.31) --
Class Y...................... 13.58 1.78 4,340 1.12 1.12 (0.11) --
From inception May 1, 2000,
through October 31, 2000
Class A...................... 13.86 38.74(d) 44,917 1.72(b) 1.65(b) (0.33)(b) 92
Class B...................... 13.81 38.24(d) 20,574 2.43(b) 2.35(b) (1.03)(b) --
Class C...................... 13.81 38.24(d) 26,830 2.40(b) 2.35(b) (1.03)(b) --
Class Y...................... 13.89 39.04(d) 2,507 1.20(b) 1.20(b) 0.12(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.65%, 2.35%, 2.35% and
1.20% for classes A, B, C and Y, respectively.
(k) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.65%, 2.35%, 2.29% and
1.14% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
190
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD GLOBAL LEADERS
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $13.96 $(0.04) $ 1.87 $ -- $ -- $ --
Class B...................... 13.45 (0.09) 1.80 -- -- --
Class C...................... 13.49 (0.08) 1.80 -- -- --
Class Y...................... 14.34 0.01 1.92 -- -- --
For the Year Ended October
31, 2003
Class A...................... 11.21 (0.03) 2.78 -- -- --
Class B...................... 10.88 (0.12) 2.69 -- -- --
Class C...................... 10.90 (0.11) 2.70 -- -- --
Class Y...................... 11.45 0.03 2.86 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 12.83 0.02 (1.64) -- -- --
Class B...................... 12.54 (0.07) (1.59) -- -- --
Class C...................... 12.55 (0.06) (1.59) -- -- --
Class Y...................... 13.03 0.05 (1.63) -- -- --
For the Year Ended October
31, 2001
Class A...................... 17.55 0.01 (4.54) -- (0.18) (0.01)
Class B...................... 17.29 (0.08) (4.48) -- (0.18) (0.01)
Class C...................... 17.30 (0.10) (4.46) -- (0.18) (0.01)
Class Y...................... 17.73 0.08 (4.59) -- (0.18) (0.01)
For the Ten Months Ended
October 31, 2000
Class A...................... 18.56 -- (0.92) -- (0.09) --
Class B...................... 18.40 (0.06) (0.96) -- (0.09) --
Class C...................... 18.40 (0.06) (0.95) -- (0.09) --
Class Y...................... 18.68 0.03 (0.89) -- (0.09) --
For the Year Ended December
31, 1999
Class A...................... 12.67 -- 6.01 -- (0.12) --
Class B...................... 12.65 (0.02) 5.89 -- (0.12) --
Class C...................... 12.65 (0.02) 5.89 -- (0.12) --
Class Y...................... 12.69 0.03 6.08 -- (0.12) --
From inception September 30,
1998, through December 31,
1998
Class A...................... 10.00 (0.01) 3.03 -- (0.35) --
Class B...................... 10.00 (0.02) 3.02 -- (0.35) --
Class C...................... 10.00 (0.02) 3.02 -- (0.35) --
Class Y...................... 10.00 0.01 3.03 -- (0.35) --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GLOBAL LEADERS
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $15.79 13.11(b)% $ 470,596 1.54(b)% 1.54(b)(j)% (0.51)(b)% 137%
Class B...................... 15.16 12.71(b) 88,748 2.25(b) 2.25(b)(j) (1.22)(b) --
Class C...................... 15.21 12.75(b) 87,867 2.14(b) 2.14(b)(j) (1.11)(b) --
Class Y...................... 16.27 13.46(b) 29,723 0.99(b) 0.99(b)(j) 0.07(b) --
For the Year Ended October
31, 2003
Class A...................... 13.96 24.53 464,610 1.62 1.61 (0.29) 320
Class B...................... 13.45 23.62 78,923 2.36 2.35 (1.01) --
Class C...................... 13.49 23.76 78,303 2.23 2.23 (0.89) --
Class Y...................... 14.34 25.24 19,043 1.00 1.00 0.28 --
For the Year Ended October
31, 2002(g)
Class A...................... 11.21 (12.63) 354,407 1.66 1.61 0.24 323
Class B...................... 10.88 (13.24) 70,280 2.33 2.33 (0.48) --
Class C...................... 10.90 (13.15) 75,174 2.21 2.21 (0.36) --
Class Y...................... 11.45 (12.13) 6,167 1.00 1.00 0.84 --
For the Year Ended October
31, 2001
Class A...................... 12.83 (26.07) 247,094 1.53 1.48 0.08 382
Class B...................... 12.54 (26.64) 62,973 2.23 2.23 (0.66) --
Class C...................... 12.55 (26.62) 103,574 2.19 2.19 (0.63) --
Class Y...................... 13.03 (25.68) 7,908 0.98 0.98 0.58 --
For the Ten Months Ended
October 31, 2000
Class A...................... 17.55 (4.98)(d) 255,959 1.53(b) 1.48(b) (0.06)(b) 290
Class B...................... 17.29 (5.56)(d) 75,702 2.22(b) 2.22(b) (0.80)(b) --
Class C...................... 17.30 (5.51)(d) 142,549 2.19(b) 2.19(b) (0.77)(b) --
Class Y...................... 17.73 (4.62)(d) 10,001 1.01(b) 1.01(b) 0.41(b) --
For the Year Ended December
31, 1999
Class A...................... 18.56 47.68 84,632 1.62 1.57 (0.15) 204
Class B...................... 18.40 46.64 24,588 2.29 2.29 (0.86) --
Class C...................... 18.40 46.64 43,012 2.33 2.33 (0.89) --
Class Y...................... 18.68 48.39 4,423 1.10 1.10 0.32 --
From inception September 30,
1998, through December 31,
1998
Class A...................... 12.67 30.36(d) 3,771 2.71(b) 1.65(b) (0.19)(b) 49
Class B...................... 12.65 30.16(d) 486 3.55(b) 2.35(b) (0.92)(b) --
Class C...................... 12.65 30.16(d) 517 3.57(b) 2.35(b) (0.90)(b) --
Class Y...................... 12.69 30.57(d) 392 2.46(b) 1.20(b) 0.31(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.53%, 2.24%, 2.13% and
0.98% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
191
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD GLOBAL TECHNOLOGY
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 4.68 $(0.03) $(0.17) $ -- $ -- $ --
Class B...................... 4.56 (0.05) (0.16) -- -- --
Class C...................... 4.56 (0.05) (0.16) -- -- --
Class Y...................... 4.75 (0.02) (0.17) -- -- --
For the Year Ended October
31, 2003
Class A...................... 2.98 (0.04) 1.74 -- -- --
Class B...................... 2.92 (0.06) 1.70 -- -- --
Class C...................... 2.92 (0.06) 1.70 -- -- --
Class Y...................... 3.01 (0.03) 1.77 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 4.01 (0.12) (0.91) -- -- --
Class B...................... 3.96 (0.18) (0.86) -- -- --
Class C...................... 3.97 (0.19) (0.86) -- -- --
Class Y...................... 4.04 (0.14) (0.89) -- -- --
For the Year Ended October
31, 2001
Class A...................... 8.72 (0.08) (4.55) -- (0.08) --
Class B...................... 8.68 (0.11) (4.53) -- (0.08) --
Class C...................... 8.68 (0.11) (4.52) -- (0.08) --
Class Y...................... 8.73 (0.04) (4.57) -- (0.08) --
From inception May 1, 2000,
through October 31, 2000
Class A...................... 10.00 (0.05) (1.23) -- -- --
Class B...................... 10.00 (0.07) (1.25) -- -- --
Class C...................... 10.00 (0.06) (1.26) -- -- --
Class Y...................... 10.00 (0.02) (1.25) -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GLOBAL TECHNOLOGY
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 4.48 (4.27)(b)% $ 34,581 1.72(b)% 1.65(b)(j)% (1.43)(b)% 93%
Class B...................... 4.35 (4.60)(b) 13,963 2.46(b) 2.35(b)(j) (2.13)(b) --
Class C...................... 4.35 (4.60)(b) 16,321 2.33(b) 2.33(b)(j) (2.10)(b) --
Class Y...................... 4.56 (4.00)(b) 1,120 1.17(b) 1.16(b)(j) (0.93)(b) --
For the Year Ended October
31, 2003
Class A...................... 4.68 57.05 32,388 1.77 1.65 (1.28) 163
Class B...................... 4.56 56.16 13,991 2.50 2.35 (1.98) --
Class C...................... 4.56 56.16 16,513 2.37 2.35 (1.99) --
Class Y...................... 4.75 57.81 886 1.18 1.18 (0.82) --
For the Year Ended October
31, 2002(g)
Class A...................... 2.98 (25.69) 18,321 1.86 1.65 (1.44) 174
Class B...................... 2.92 (26.26) 8,170 2.54 2.35 (2.14) --
Class C...................... 2.92 (26.45) 9,560 2.39 2.35 (2.15) --
Class Y...................... 3.01 (25.50) 512 1.15 1.15 (0.97) --
For the Year Ended October
31, 2001
Class A...................... 4.01 (53.56) 24,824 1.71 1.66 (1.24) 253
Class B...................... 3.96 (53.93) 10,962 2.43 2.36 (1.94) --
Class C...................... 3.97 (53.81) 15,581 2.37 2.36 (1.94) --
Class Y...................... 4.04 (53.27) 4,602 1.13 1.13 (0.71) --
From inception May 1, 2000,
through October 31, 2000
Class A...................... 8.72 (14.26)(d) 33,221 1.77(b) 1.66(b) (1.37)(b) 104
Class B...................... 8.68 (14.65)(d) 15,676 2.46(b) 2.35(b) (2.07)(b) --
Class C...................... 8.68 (14.65)(d) 21,615 2.43(b) 2.35(b) (2.07)(b) --
Class Y...................... 8.73 (14.16)(d) 4,677 1.32(b) 1.20(b) (0.92)(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.64%, 2.34%, 2.32% and
1.15% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
192
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD GROWTH FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $15.19 $(0.04) $ 0.92 $ -- $ -- $ --
Class B...................... 13.70 (0.09) 0.82 -- -- --
Class C...................... 13.70 (0.08) 0.81 -- -- --
Class H...................... 13.74 (0.10) 0.86 -- -- --
Class L...................... 15.26 (0.04) 0.94 -- -- --
Class M...................... 13.72 (0.10) 0.86 -- -- --
Class N...................... 13.72 (0.09) 0.85 -- -- --
Class Y...................... 15.31 (0.03) 0.95 -- -- --
For the Year Ended October
31, 2003
Class A...................... 11.90 (0.03) 3.32 -- -- --
Class B...................... 10.80 (0.07) 2.97 -- -- --
Class C...................... 10.80 (0.07) 2.97 -- -- --
Class H...................... 10.81 (0.14) 3.07 -- -- --
Class L...................... 11.91 (0.05) 3.40 -- -- --
Class M...................... 10.80 (0.14) 3.06 -- -- --
Class N...................... 10.80 (0.14) 3.06 -- -- --
Class Y...................... 11.94 (0.03) 3.40 -- -- --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 14.57 (0.02) (2.65) -- -- --
Class B...................... 13.28 (0.04) (2.44) -- -- --
Class C...................... 13.28 (0.04) (2.44) -- -- --
Class Y...................... 14.57 -- (2.63) -- -- --
For the Year Ended October
31, 2002
Class H...................... 13.02 (0.23) (1.98) -- -- --
Class L...................... 14.23 (0.03) (2.29) -- -- --
Class M...................... 13.00 (0.16) (2.04) -- -- --
Class N...................... 13.00 (0.26) (1.94) -- -- --
For the Two-Month Period
Ended October 31, 2001
Class H...................... 13.83 (0.03) (0.78) -- -- --
Class L...................... 15.09 (0.01) (0.85) -- -- --
Class M...................... 13.81 (0.03) (0.78) -- -- --
Class N...................... 13.81 (0.03) (0.78) -- -- --
For the Year Ended August 31,
2001
Class H...................... 22.30 (0.21) (4.94) -- (3.32) --
Class L...................... 23.85 (0.05) (5.39) -- (3.32) --
Class M...................... 22.27 (0.21) (4.93) -- (3.32) --
Class N...................... 22.27 (0.21) (4.93) -- (3.32) --
For the Year Ended August 31,
2000
Class H...................... 21.78 (0.62) 6.49 -- (5.35) --
Class L...................... 22.81 (0.08) 6.47 -- (5.35) --
Class M...................... 21.77 (0.62) 6.47 -- (5.35) --
Class N...................... 21.76 (0.62) 6.48 -- (5.35) --
For the Year Ended August 31,
1999
Class H...................... 21.74 (0.43) 6.73 -- (6.26) --
Class L...................... 22.37 (0.03) 6.73 -- (6.26) --
Class M...................... 21.73 (0.43) 6.73 -- (6.26) --
Class N...................... 21.73 (0.44) 6.73 -- (6.26) --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GROWTH FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $16.07 5.79(b)% $ 240,179 1.43(b)% 1.43(b)(j)% (0.83)(b)% 32%
Class B...................... 14.43 5.33(b) 21,863 2.18(b) 2.15(b)(j) (1.57)(b) --
Class C...................... 14.43 5.33(b) 26,212 2.14(b) 2.14(b)(j) (1.55)(b) --
Class H...................... 14.50 5.53(b) 26,090 1.85(b) 1.85(b)(j) (1.27)(b) --
Class L...................... 16.16 5.90(b) 319,871 1.10(b) 1.10(b)(j) (0.52)(b) --
Class M...................... 14.48 5.54(b) 22,622 1.85(b) 1.85(b)(j) (1.27)(b) --
Class N...................... 14.48 5.54(b) 4,595 1.85(b) 1.85(b)(j) (1.27)(b) --
Class Y...................... 16.23 6.01(b) 1 0.93(b) 0.93(b)(j) (0.37)(b) --
For the Year Ended October
31, 2003
Class A...................... 15.19 27.65 72,186 1.52 1.45 (0.65) 129
Class B...................... 13.70 26.85 11,552 2.26 2.12 (1.35) --
Class C...................... 13.70 26.85 11,896 2.15 2.15 (1.36) --
Class H...................... 13.74 27.10 27,032 1.90 1.90 (1.09) --
Class L...................... 15.26 28.13 316,451 1.15 1.15 (0.34) --
Class M...................... 13.72 27.04 23,523 1.90 1.90 (1.09) --
Class N...................... 13.72 27.04 4,499 1.90 1.90 (1.09) --
Class Y...................... 15.31 28.22 1 0.96 0.96 (0.17) --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 11.90 (18.33)(d) 5,970 1.65(b) 1.45(b) (0.44)(b) 107
Class B...................... 10.80 (18.67)(d) 1,698 2.32(b) 2.15(b) (1.10)(b) --
Class C...................... 10.80 (18.68)(d) 1,480 2.18(b) 2.15(b) (1.13)(b) --
Class Y...................... 11.94 (18.05)(d) 1 0.90(b) 0.90(b) (0.01)(b) --
For the Year Ended October
31, 2002
Class H...................... 10.81 (16.95) 26,002 1.89 1.89 (1.03) 107
Class L...................... 11.91 (16.28) 274,683 1.14 1.14 (0.28) --
Class M...................... 10.80 (16.90) 21,478 1.89 1.89 (1.03) --
Class N...................... 10.80 (16.90) 4,340 1.89 1.89 (1.03) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... 13.02 (5.86)(d) 37,750 1.86(b) 1.86(b) (1.09)(b) 13
Class L...................... 14.23 (5.70)(d) 385,620 1.11(b) 1.11(b) (0.34)(b) --
Class M...................... 13.00 (5.87)(d) 28,112 1.86(b) 1.86(b) (1.09)(b) --
Class N...................... 13.00 (5.87)(d) 6,911 1.86(b) 1.86(b) (1.09)(b) --
For the Year Ended August 31,
2001
Class H...................... 13.83 (25.59) 40,645 1.83 1.83 (0.91) 161
Class L...................... 15.09 (25.08) 416,544 1.08 1.08 (0.16) --
Class M...................... 13.81 (25.58) 29,777 1.83 1.83 (0.91) --
Class N...................... 13.81 (25.58) 7,557 1.83 1.83 (0.91) --
For the Year Ended August 31,
2000
Class H...................... 22.30 31.68 56,771 1.82 1.82 (1.04) 165
Class L...................... 23.85 32.70 615,473 1.07 1.07 (0.29) --
Class M...................... 22.27 31.59 38,264 1.82 1.82 (1.04) --
Class N...................... 22.27 31.66 10,932 1.82 1.82 (1.04) --
For the Year Ended August 31,
1999
Class H...................... 21.78 36.91 40,760 1.85 1.85 (0.83) 177
Class L...................... 22.81 37.88 551,551 1.10 1.10 (0.08) --
Class M...................... 21.77 36.94 24,847 1.85 1.85 (0.83) --
Class N...................... 21.76 36.87 5,715 1.85 1.85 (0.83) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.41%, 2.13%, 2.12%,
1.83%, 1.08%, 1.83%, 1.83% and 0.91% for classes A, B, C, H, L, M, N and Y,
respectively.
@@ The amount per share rounds to zero.
193
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD GROWTH
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $21.25 $(0.09) $ 1.58 $ -- $ -- $ --
Class B...................... 18.91 (0.13) 1.38 -- -- --
Class C...................... 18.91 (0.13) 1.38 -- -- --
Class H...................... 18.99 (0.15) 1.44 -- -- --
Class L...................... 21.36 (0.08) 1.61 -- -- --
Class M...................... 18.97 (0.15) 1.43 -- -- --
Class N...................... 18.97 (0.14) 1.42 -- -- --
Class Y...................... 21.42 (0.06) 1.62 -- -- --
Class Z...................... 22.17 (0.05) 1.67 -- -- --
For the Year Ended October
31, 2003
Class A...................... 15.31 (0.07) 6.01 -- -- --
Class B...................... 13.71 (0.12) 5.32 -- -- --
Class C...................... 13.70 (0.09) 5.30 -- -- --
Class H...................... 13.73 (0.22) 5.48 -- -- --
Class L...................... 15.33 (0.10) 6.13 -- -- --
Class M...................... 13.71 (0.22) 5.48 -- -- --
Class N...................... 13.71 (0.22) 5.48 -- -- --
Class Y...................... 15.35 (0.07) 6.14 -- -- --
Class Z...................... 15.87 (0.06) 6.36 -- -- --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 19.80 (0.06) (4.43) -- -- --
Class B...................... 17.80 (0.10) (3.99) -- -- --
Class C...................... 17.80 (0.09) (4.01) -- -- --
Class Y...................... 19.80 (0.06) (4.39) -- -- --
For the Year Ended October
31, 2002
Class H...................... 17.36 (0.32) (3.10) -- (0.21) --
Class L...................... 19.21 (0.13) (3.54) -- (0.21) --
Class M...................... 17.33 (0.28) (3.13) -- (0.21) --
Class N...................... 17.34 (0.34) (3.08) -- (0.21) --
Class Z...................... 19.77 0.72 (4.41) -- (0.21) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... 19.55 (0.11) (2.08) -- -- --
Class L...................... 21.62 (0.11) (2.30) -- -- --
Class M...................... 19.53 (0.12) (2.08) -- -- --
Class N...................... 19.53 (0.11) (2.08) -- -- --
Class Z...................... 22.24 (0.10) (2.37) -- -- --
For the Year Ended August 31,
2001
Class H...................... 42.35 (0.70) (13.55) -- (8.55) --
Class L...................... 45.45 (0.30) (14.98) -- (8.55) --
Class M...................... 42.31 (0.70) (13.53) -- (8.55) --
Class N...................... 42.32 (0.71) (13.53) -- (8.55) --
Class Z...................... 46.35 (0.15) (15.41) -- (8.55) --
For the Year Ended August 31,
2000
Class H...................... 29.28 (0.30) 20.22 -- (6.85) --
Class L...................... 30.80 (0.20) 21.70 -- (6.85) --
Class M...................... 29.26 (0.30) 20.20 -- (6.85) --
Class N...................... 29.26 (0.30) 20.21 -- (6.85) --
Class Z...................... 31.23 (0.16) 22.13 -- (6.85) --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GROWTH
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $22.74 7.01(b)% $ 43,154 1.44(b)% 1.44(b)(j)% (1.00)(b)% 72%
Class B...................... 20.16 6.61(b) 9,239 2.19(b) 2.15(b)(j) (1.71)(b) --
Class C...................... 20.16 6.61(b) 10,371 2.07(b) 2.07(b)(j) (1.63)(b) --
Class H...................... 20.28 6.79(b) 42,863 1.85(b) 1.85(b)(j) (1.41)(b) --
Class L...................... 22.89 7.16(b) 518,693 1.10(b) 1.10(b)(j) (0.66)(b) --
Class M...................... 20.25 6.75(b) 23,770 1.85(b) 1.85(b)(j) (1.41)(b) --
Class N...................... 20.25 6.75(b) 5,100 1.85(b) 1.85(b)(j) (1.41)(b) --
Class Y...................... 22.98 7.28(b) 1 0.94(b) 0.94(b)(j) (0.50)(b) --
Class Z...................... 23.79 7.31(b) 33,235 0.85(b) 0.85(b)(j) (0.41)(b) --
For the Year Ended October
31, 2003
Class A...................... 21.25 38.80 17,149 1.49 1.45 (0.88) 158
Class B...................... 18.91 37.93 4,470 2.22 2.15 (1.58) --
Class C...................... 18.91 38.03 5,238 2.10 2.10 (1.54) --
Class H...................... 18.99 38.31 45,121 1.85 1.85 (1.31) --
Class L...................... 21.36 39.34 517,892 1.10 1.10 (0.56) --
Class M...................... 18.97 38.36 24,361 1.85 1.85 (1.31) --
Class N...................... 18.97 38.36 4,773 1.85 1.85 (1.31) --
Class Y...................... 21.42 39.54 1 0.91 0.91 (0.38) --
Class Z...................... 22.17 39.70 32,485 0.85 0.85 (0.31) --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 15.31 (22.68)(d) 3,338 1.62(b) 1.45(b) (0.92)(b) 182
Class B...................... 13.71 (22.99)(d) 777 2.30(b) 2.15(b) (1.60)(b) --
Class C...................... 13.70 (23.05)(d) 892 2.09(b) 2.09(b) (1.56)(b) --
Class Y...................... 15.35 (22.47)(d) 1 0.89(b) 0.89(b) (0.44)(b) --
For the Year Ended October
31, 2002
Class H...................... 13.73 (19.99) 39,151 1.85 1.85 (1.42) 182
Class L...................... 15.33 (19.36) 412,454 1.10 1.10 (0.67) --
Class M...................... 13.71 (19.97) 20,163 1.85 1.85 (1.42) --
Class N...................... 13.71 (20.01) 4,172 1.85 1.85 (1.42) --
Class Z...................... 15.87 (18.90) 26,842 0.84 0.84 (0.43) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... 17.36 (11.20)(d) 54,539 1.83(b) 1.83(b) (1.27)(b) 28
Class L...................... 19.21 (11.15)(d) 593,267 1.08(b) 1.08(b) (0.52)(b) --
Class M...................... 17.33 (11.26)(d) 27,013 1.83(b) 1.83(b) (1.27)(b) --
Class N...................... 17.34 (11.21)(d) 6,131 1.83(b) 1.83(b) (1.27)(b) --
Class Z...................... 19.77 (11.11)(d) 94,961 0.83(b) 0.83(b) (0.27)(b) --
For the Year Ended August 31,
2001
Class H...................... 19.55 (38.91) 61,764 1.79 1.79 (1.15) 198
Class L...................... 21.62 (38.44) 681,941 1.04 1.04 (0.40) --
Class M...................... 19.53 (38.90) 30,268 1.79 1.79 (1.15) --
Class N...................... 19.53 (38.92) 6,866 1.79 1.79 (1.15) --
Class Z...................... 22.24 (38.26) 110,221 0.79 0.79 (0.15) --
For the Year Ended August 31,
2000
Class H...................... 42.35 80.72 97,410 1.79 1.79 (1.29) 140
Class L...................... 45.45 82.06 1,203,376 1.04 1.04 (0.54) --
Class M...................... 42.31 80.70 43,250 1.79 1.79 (1.29) --
Class N...................... 42.32 80.74 10,352 1.79 1.79 (1.29) --
Class Z...................... 46.35 82.51 231,410 0.79 0.79 (0.29) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.43%, 2.14%, 2.06%,
1.84%, 1.09%, 1.84%, 1.84%, 0.93% and 0.84% for classes A, B, C, H, L, M,
N, Y and Z, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
194
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD GROWTH
OPPORTUNITIES FUND
(CONTINUED)
For the Year Ended August 31,
1999
Class H...................... $28.86 $(0.73) $10.72 $ -- $(9.57) $ --
Class L...................... 29.78 (0.13) 10.72 -- (9.57) --
Class M...................... 28.85 (0.74) 10.72 -- (9.57) --
Class N...................... 28.85 (0.74) 10.72 -- (9.57) --
Class Z...................... 30.00 (0.06) 10.86 -- (9.57) --
THE HARTFORD HIGH YIELD FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 7.94 0.24 0.03 (0.24) -- --
Class B...................... 7.93 0.22 0.01 (0.21) -- --
Class C...................... 7.93 0.22 0.01 (0.21) -- --
Class Y...................... 7.94 0.19 0.10 (0.26) -- --
For the Year Ended October
31, 2003(g)
Class A...................... 6.73 0.60 1.26 (0.65) -- --
Class B...................... 6.72 0.57 1.24 (0.60) -- --
Class C...................... 6.72 0.55 1.26 (0.60) -- --
Class Y...................... 6.73 0.65 1.24 (0.68) -- --
For the Year Ended October
31, 2002(g)
Class A...................... 8.45 0.82 (1.78) (0.76) -- --
Class B...................... 8.43 0.80 (1.81) (0.70) -- --
Class C...................... 8.43 0.72 (1.73) (0.70) -- --
Class Y...................... 8.48 0.34 (1.30) (0.79) -- --
For the Year Ended October
31, 2001
Class A...................... 9.06 0.78 (0.61) (0.78) -- --
Class B...................... 9.05 0.72 (0.62) (0.72) -- --
Class C...................... 9.05 0.72 (0.62) (0.72) -- --
Class Y...................... 9.10 0.83 (0.63) (0.82) -- --
For the Ten Months Ended
October 31, 2000
Class A...................... 9.75 0.66 (0.69) (0.66) -- --
Class B...................... 9.74 0.62 (0.71) (0.60) -- --
Class C...................... 9.74 0.61 (0.70) (0.60) -- --
Class Y...................... 9.78 0.69 (0.69) (0.68) -- --
For the Year Ended December
31, 1999
Class A...................... 10.15 0.75 (0.40) (0.75) -- --
Class B...................... 10.14 0.68 (0.40) (0.68) -- --
Class C...................... 10.14 0.68 (0.40) (0.68) -- --
Class Y...................... 10.16 0.78 (0.39) (0.77) -- --
From inception September 30,
1998, through December 31,
1998
Class A...................... 10.00 0.19 0.13 (0.17) -- --
Class B...................... 10.00 0.16 0.14 (0.16) -- --
Class C...................... 10.00 0.16 0.14 (0.16) -- --
Class Y...................... 10.00 0.21 0.13 (0.18) -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD GROWTH
OPPORTUNITIES FUND
(CONTINUED)
For the Year Ended August 31,
1999
Class H...................... $29.28 39.00% $ 50,547 1.81% 1.81% (1.19)% 166%
Class L...................... 30.80 40.00 734,282 1.06 1.06 (0.44) --
Class M...................... 29.26 38.98 20,236 1.81 1.81 (1.19) --
Class N...................... 29.26 38.98 4,629 1.81 1.81 (1.19) --
Class Z...................... 31.23 40.49 119,548 0.81 0.81 (0.19) --
THE HARTFORD HIGH YIELD FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 7.97 3.33(b) 228,804 1.44(b) 1.40(b) 6.02(b) 42
Class B...................... 7.95 2.84(b) 69,565 2.17(b) 2.10(b) 5.32(b) --
Class C...................... 7.95 2.86(b) 75,894 2.06(b) 2.06(b) 5.36(b) --
Class Y...................... 7.97 3.62(b) 15 0.91(b) 0.91(b) 6.75(b) --
For the Year Ended October
31, 2003(g)
Class A...................... 7.94 28.69 213,377 1.49 1.40 7.98 54
Class B...................... 7.93 27.83 72,293 2.23 2.10 7.39 --
Class C...................... 7.93 27.84 77,968 2.10 2.10 7.31 --
Class Y...................... 7.94 29.27 1 1.69 0.95 8.70 --
For the Year Ended October
31, 2002(g)
Class A...................... 6.73 (12.16) 95,760 1.55 1.40 9.48 22
Class B...................... 6.72 (12.70) 44,359 2.24 2.10 8.78 --
Class C...................... 6.72 (12.65) 40,611 2.10 2.10 8.78 --
Class Y...................... 6.73 (12.01) 1 0.84 0.84 10.04 --
For the Year Ended October
31, 2001
Class A...................... 8.45 1.80 45,753 1.40 1.35 9.00 63
Class B...................... 8.43 0.99 16,922 2.08 2.08 8.28 --
Class C...................... 8.43 1.01 27,605 2.08 2.08 8.28 --
Class Y...................... 8.48 2.15 4,223 0.88 0.88 9.48 --
For the Ten Months Ended
October 31, 2000
Class A...................... 9.06 (0.35)(d) 23,214 1.38(b) 1.33(b) 8.55(b) 57
Class B...................... 9.05 (0.92)(d) 7,929 2.04(b) 2.04(b) 7.84(b) --
Class C...................... 9.05 (0.90)(d) 9,534 2.04(b) 2.04(b) 7.83(b) --
Class Y...................... 9.10 0.02(d) 2,955 0.89(b) 0.89(b) 8.99(b) --
For the Year Ended December
31, 1999
Class A...................... 9.75 3.47 17,465 1.41 1.36 7.74 53
Class B...................... 9.74 2.80 7,436 2.08 2.08 7.03 --
Class C...................... 9.74 2.81 8,573 2.09 2.09 7.01 --
Class Y...................... 9.78 3.98 2,314 0.90 0.90 8.20 --
From inception September 30,
1998, through December 31,
1998
Class A...................... 10.15 3.33(d) 8,507 1.58(b) 1.40(b) 7.06(b) 11
Class B...................... 10.14 3.09(d) 2,322 2.31(b) 2.10(b) 6.50(b) --
Class C...................... 10.14 3.08(d) 2,278 2.31(b) 2.10(b) 6.49(b) --
Class Y...................... 10.16 3.51(d) 1,034 1.17(b) 0.95(b) 7.48(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
@@ The amount per share rounds to zero.
195
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD INCOME FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $10.53 $ 0.28 $(0.07) $ (0.26) $ -- $ --
Class B...................... 10.53 0.26 (0.08) (0.22) -- --
Class C...................... 10.55 0.26 (0.08) (0.22) -- --
From inception November 28,
2003, through April 30,
2004
Class Y...................... 10.54 0.24 (0.06) (0.23) -- --
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.00 0.52 0.54 (0.53) -- --
Class B...................... 10.00 0.44 0.54 (0.45) -- --
Class C...................... 10.00 0.44 0.56 (0.45) -- --
THE HARTFORD INFLATION PLUS
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.63 0.12 (0.04) (0.13) (0.04) --
Class B...................... 10.64 0.08 (0.05) (0.09) (0.04) --
Class C...................... 10.63 0.08 (0.04) (0.09) (0.04) --
From inception November 28,
2003, through April 30,
2004
Class Y...................... 10.57 0.12 (0.03) (0.12) -- --
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.00 0.27 0.62 (0.26) -- --
Class B...................... 10.00 0.21 0.63 (0.20) -- --
Class C...................... 10.00 0.20 0.63 (0.20) -- --
THE HARTFORD INTERNATIONAL
CAPITAL APPRECIATION FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 9.62 (0.03) 1.27 -- (0.05) --
Class B...................... 9.46 (0.05) 1.23 -- (0.05) --
Class C...................... 9.46 (0.05) 1.24 -- (0.05) --
Class Y...................... 9.69 (0.02) 1.29 -- (0.05) --
For the Year Ended October
31, 2003
Class A...................... 6.93 (0.02) 2.72 (0.01) -- --
Class B...................... 6.86 (0.04) 2.64 -- -- --
Class C...................... 6.86 (0.04) 2.64 -- -- --
Class Y...................... 6.98 0.01 2.74 (0.04) -- --
For the Year Ended October
31, 2002(g)
Class A...................... 7.62 0.02 (0.71) -- -- --
Class B...................... 7.59 (0.03) (0.70) -- -- --
Class C...................... 7.59 (0.03) (0.70) -- -- --
Class Y...................... 7.63 0.07 (0.72) -- -- --
From inception April 30,
2001, through October 31,
2001
Class A...................... 10.00 -- (2.38) -- -- --
Class B...................... 10.00 (0.03) (2.38) -- -- --
Class C...................... 10.00 (0.02) (2.39) -- -- --
Class Y...................... 10.00 0.02 (2.39) -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD INCOME FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $10.48 1.97(b)% $ 24,694 1.25(b)% 1.00(b)% 4.64(b)% 112%
Class B...................... 10.49 1.71(b) 4,770 2.05(b) 1.70(b) 3.93(b) --
Class C...................... 10.51 1.71(b) 5,282 1.90(b) 1.70(b) 3.93(b) --
From inception November 28,
2003, through April 30,
2004
Class Y...................... 10.49 1.65(d) 10 0.72(b) 0.70(b) 4.91(b) --
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.53 10.79 15,836 1.54(b) 1.00(b) 5.06(b) 124
Class B...................... 10.53 10.01 4,705 2.31(b) 1.70(b) 4.31(b) --
Class C...................... 10.55 10.22 5,050 2.17(b) 1.70(b) 4.28(b) --
THE HARTFORD INFLATION PLUS
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.54 0.73(b) 251,646 1.25(b) 1.00(b) 2.43(b) 31
Class B...................... 10.54 0.28(b) 87,007 1.99(b) 1.70(b) 1.54(b) --
Class C...................... 10.54 0.38(b) 266,310 1.88(b) 1.70(b) 1.71(b) --
From inception November 28,
2003, through April 30,
2004
Class Y...................... 10.54 0.86(d) 16 0.75(b) 0.70(b) 2.41(b) --
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.63 9.02 142,992 1.34(b) 1.00(b) 2.63(b) 23
Class B...................... 10.64 8.41 67,986 2.09(b) 1.70(b) 1.98(b) --
Class C...................... 10.63 8.31 160,253 1.95(b) 1.70(b) 1.97(b) --
THE HARTFORD INTERNATIONAL
CAPITAL APPRECIATION FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.81 12.99(b) 31,972 1.96(b) 1.65(b)(j) (0.70)(b) 123
Class B...................... 10.59 12.57(b) 5,030 2.69(b) 2.35(b)(j) (1.38)(b) --
Class C...................... 10.60 12.68(b) 7,241 2.58(b) 2.35(b)(j) (1.37)(b) --
Class Y...................... 10.91 13.21(b) 331 1.43(b) 1.20(b)(j) (0.35)(b) --
For the Year Ended October
31, 2003
Class A...................... 9.62 38.95 11,362 2.36 1.65 (0.35) 281
Class B...................... 9.46 37.90 2,148 3.08 2.35 (1.04) --
Class C...................... 9.46 37.90 2,285 2.95 2.35 (1.01) --
Class Y...................... 9.69 39.57 292 1.80 1.20 0.16 --
For the Year Ended October
31, 2002(g)
Class A...................... 6.93 (9.06) 4,666 2.98 1.65 0.34 330
Class B...................... 6.86 (9.62) 813 3.69 2.35 (0.42) --
Class C...................... 6.86 (9.62) 826 3.55 2.35 (0.34) --
Class Y...................... 6.98 (8.52) 209 2.19 1.20 0.79 --
From inception April 30,
2001, through October 31,
2001
Class A...................... 7.62 (23.80)(d) 2,579 2.64(b) 1.65(b) (0.09)(b) 135
Class B...................... 7.59 (24.10)(d) 327 3.35(b) 2.35(b) (0.79)(b) --
Class C...................... 7.59 (24.10)(d) 316 3.32(b) 2.35(b) (0.79)(b) --
Class Y...................... 7.63 (23.70)(d) 229 2.10(b) 1.20(b) 0.36(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.64%, 2.34%, 2.34% and
1.19% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
196
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD INTERNATIONAL
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 9.66 $ 0.01 $ 1.00 $ @@ $ -- $ --
Class B...................... 9.22 (0.02) 0.95 -- -- --
Class C...................... 9.16 (0.02) 0.96 -- -- --
Class Y...................... 9.91 0.04 1.03 (0.05) -- --
For the Year Ended October
31, 2003
Class A...................... 8.03 0.02 1.61 -- -- --
Class B...................... 7.71 (0.04) 1.55 -- -- --
Class C...................... 7.67 (0.04) 1.53 -- -- --
Class Y...................... 8.19 0.06 1.66 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 9.33 0.03 (1.33) -- -- --
Class B...................... 9.04 (0.08) (1.25) -- -- --
Class C...................... 8.99 (0.05) (1.27) -- -- --
Class Y...................... 9.49 0.02 (1.32) -- -- --
For the Year Ended October
31, 2001
Class A...................... 13.03 0.05 (3.14) -- (0.61) --
Class B...................... 12.74 (0.04) (3.05) -- (0.61) --
Class C...................... 12.68 (0.03) (3.05) -- (0.61) --
Class Y...................... 13.19 0.09 (3.18) -- (0.61) --
For the Ten Months Ended
October 31, 2000
Class A...................... 15.43 0.08 (2.42) (0.01) (0.05) --
Class B...................... 15.17 0.01 (2.39) -- (0.05) --
Class C...................... 15.10 0.07 (2.44) -- (0.05) --
Class Y...................... 15.56 0.12 (2.43) (0.01) (0.05) --
For the Year Ended December
31, 1999
Class A...................... 11.89 0.06 4.46 (0.15) (0.83) --
Class B...................... 11.73 0.01 4.32 (0.06) (0.83) --
Class C...................... 11.74(f) (0.02)(f) 4.33(f) (0.12)(f) (0.83)(f) --
Class Y...................... 11.97 0.09 4.51 (0.18) (0.83) --
For the Year Ended December
31, 1998
Class A...................... 10.58 0.07 1.26 (0.02) -- --
Class B...................... 10.49 0.01 1.23 -- -- --
Class Y...................... 10.62 0.12 1.27 (0.04) -- --
From inception August 1,
1998, through December 31,
1998
Class C...................... 12.26(f) (0.01)(f) (0.48)(f) (0.03)(f) -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD INTERNATIONAL
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $10.67 10.50(b)% $ 84,912 1.64(b)% 1.64(b)(j)% 0.21(b)% 83%
Class B...................... 10.15 10.09(b) 22,808 2.35(b) 2.35(b)(j) (0.52)(b) --
Class C...................... 10.10 10.26(b) 16,073 2.27(b) 2.27(b)(j) (0.44)(b) --
Class Y...................... 10.93 10.79(b) 5,885 1.11(b) 1.11(b)(j) 0.65(b) --
For the Year Ended October
31, 2003
Class A...................... 9.66 20.30 69,153 1.72 1.65 0.25 138
Class B...................... 9.22 19.58 20,459 2.45 2.35 (0.46) --
Class C...................... 9.16 19.43 14,790 2.35 2.35 (0.45) --
Class Y...................... 9.91 21.00 6,058 1.13 1.13 0.77 --
For the Year Ended October
31, 2002(g)
Class A...................... 8.03 (13.93) 66,775 1.82 1.65 0.34 175
Class B...................... 7.71 (14.71) 18,668 2.50 2.35 (0.79) --
Class C...................... 7.67 (14.68) 13,438 2.40 2.35 (0.64) --
Class Y...................... 8.19 (13.70) 4,543 1.13 1.13 0.31 --
For the Year Ended October
31, 2001
Class A...................... 9.33 (24.87) 72,326 1.61 1.56 0.47 158
Class B...................... 9.04 (25.46) 18,798 2.30 2.30 (0.28) --
Class C...................... 8.99 (25.51) 18,523 2.28 2.28 (0.25) --
Class Y...................... 9.49 (24.56) 17,092 1.06 1.06 0.97 --
For the Ten Months Ended
October 31, 2000
Class A...................... 13.03 (15.18)(d) 89,309 1.60(b) 1.55(b) 0.64(b) 121
Class B...................... 12.74 (15.70)(d) 25,872 2.29(b) 2.29(b) (0.09)(b) --
Class C...................... 12.68 (15.70)(d) 26,912 2.27(b) 2.27(b) (0.07)(b) --
Class Y...................... 13.19 (14.91)(d) 22,454 1.06(b) 1.06(b) 1.13(b) --
For the Year Ended December
31, 1999
Class A...................... 15.43 39.13 63,281 1.61 1.56 0.61 128
Class B...................... 15.17 38.11 22,835 2.26 2.26 (0.09) --
Class C...................... 15.10(f) 37.98 13,514 2.31 2.31 (0.13) --
Class Y...................... 15.56 39.63 25,403 1.11 1.11 1.07 --
For the Year Ended December
31, 1998
Class A...................... 11.89 12.53 32,014 1.89 1.65 0.69 149
Class B...................... 11.73 11.82 11,767 2.56 2.35 0.01 --
Class Y...................... 11.97 13.11 10,860 1.36 1.20 1.17 --
From inception August 1,
1998, through December 31,
1998
Class C...................... 11.74(f) (4.05)(d) 1,379 2.83(b) 2.35(b) (0.71)(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.63%, 2.34%, 2.26% and
1.10% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
197
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD INTERNATIONAL
SMALL COMPANY FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $12.93 $ 0.01 $ 1.49 $ @@ $(0.87) $ --
Class B...................... 12.82 -- 1.45 -- (0.87) --
Class C...................... 12.72 0.01 1.42 -- (0.87) --
Class Y...................... 13.02 0.06 1.48 (0.05) (0.87) --
For the Year Ended October
31, 2003(g)
Class A...................... 8.37 0.07 4.51 (0.02) -- --
Class B...................... 8.34 0.01 4.47 -- -- --
Class C...................... 8.28 0.01 4.43 -- -- --
Class Y...................... 8.43 0.09 4.56 (0.06) -- --
For the Year Ended October
31, 2002(g)
Class A...................... 8.82 0.03 (0.48) -- -- --
Class B...................... 8.81 (0.02) (0.45) -- -- --
Class C...................... 8.78 (0.03) (0.47) -- -- --
Class Y...................... 8.84 0.09 (0.50) -- -- --
From inception April 30,
2001, through October 31,
2001
Class A...................... 10.00 0.04 (1.22) -- -- --
Class B...................... 10.00 -- (1.19) -- -- --
Class C...................... 10.00 0.01 (1.23) -- -- --
Class Y...................... 10.00 0.06 (1.22) -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD INTERNATIONAL
SMALL COMPANY FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $13.56 12.39(b)% $ 22,501 2.06(b)% 1.65(b)(j)% 0.66(b)% 81%
Class B...................... 13.40 12.04(b) 3,252 2.80(b) 2.35(b)(j) (0.12)(b) --
Class C...................... 13.28 11.98(b) 8,428 2.70(b) 2.35(b)(j) 0.12(b) --
Class Y...................... 13.64 12.62(b) 34,759 1.51(b) 1.20(b)(j) 0.96(b) --
For the Year Ended October
31, 2003(g)
Class A...................... 12.93 54.76 12,320 2.36 1.65 0.72 166
Class B...................... 12.82 53.72 2,237 3.09 2.35 0.03 --
Class C...................... 12.72 53.62 3,004 2.96 2.35 (0.03) --
Class Y...................... 13.02 55.47 25,154 1.64 1.20 0.93 --
For the Year Ended October
31, 2002(g)
Class A...................... 8.37 (5.10) 4,598 3.09 1.65 0.44 194
Class B...................... 8.34 (5.34) 926 3.81 2.35 (0.26) --
Class C...................... 8.28 (5.70) 859 3.53 2.35 (0.26) --
Class Y...................... 8.43 (4.64) 969 1.91 1.20 0.89 --
From inception April 30,
2001, through October 31,
2001
Class A...................... 8.82 (11.80)(d) 2,156 3.46(b) 1.65(b) 0.86(b) 128
Class B...................... 8.81 (11.90)(d) 275 4.12(b) 2.35(b) 0.16(b) --
Class C...................... 8.78 (12.20)(d) 425 4.12(b) 2.35(b) 0.16(b) --
Class Y...................... 8.84 (11.60)(d) 265 2.92(b) 1.20(b) 1.31(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.65%, 2.35%, 2.35% and
1.20% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
198
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD MIDCAP FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $20.58 $(0.06) $ 0.97 $ -- $ -- $ --
Class B...................... 19.68 (0.13) 0.93 -- -- --
Class C...................... 19.71 (0.12) 0.93 -- -- --
Class Y...................... 21.21 -- 1.00 -- -- --
For the Year Ended October
31, 2003
Class A...................... 15.50 (0.08) 5.16 -- -- --
Class B...................... 14.93 (0.20) 4.95 -- -- --
Class C...................... 14.94 (0.18) 4.95 -- -- --
Class Y...................... 15.88 -- 5.33 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 16.57 (0.10) (0.97) -- -- --
Class B...................... 16.07 (0.21) (0.93) -- -- --
Class C...................... 16.08 (0.21) (0.93) -- -- --
Class Y...................... 16.89 (0.02) (0.99) -- -- --
For the Year Ended October
31, 2001
Class A...................... 22.42 (0.03) (3.89) -- (1.93) --
Class B...................... 21.96 (0.09) (3.87) -- (1.93) --
Class C...................... 21.96 (0.12) (3.83) -- (1.93) --
Class Y...................... 22.72 -- (3.90) -- (1.93) --
For the Ten Months Ended
October 31, 2000
Class A...................... 17.78 (0.03) 5.37 -- (0.70) --
Class B...................... 17.54 (0.07) 5.19 -- (0.70) --
Class C...................... 17.53 (0.10) 5.23 -- (0.70) --
Class Y...................... 17.94 (0.01) 5.49 -- (0.70) --
For the Year Ended December
31, 1999
Class A...................... 12.30 (0.03) 6.08 -- (0.57) --
Class B...................... 12.22 (0.03) 5.92 -- (0.57) --
Class C...................... 12.21(f) (0.04)(f) 5.93(f) -- (0.57)(f) --
Class Y...................... 12.35 (0.02) 6.18 -- (0.57) --
For the Year Ended December
31, 1998
Class A...................... 10.00 (0.05) 2.35 -- -- --
Class B...................... 10.00 (0.10) 2.32 -- -- --
Class Y...................... 10.00 (0.02) 2.37 -- -- --
From inception August 1,
1998, through December 31,
1998
Class C...................... 11.23(f) (0.03)(f) 1.01(f) -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD MIDCAP FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $21.49 4.42(b)% $1,520,853 1.43(b)% 1.43(b)(j)% (0.56)(b)% 26%
Class B...................... 20.48 4.06(b) 435,221 2.17(b) 2.17(b)(j) (1.29)(b) --
Class C...................... 20.52 4.11(b) 488,272 2.06(b) 2.06(b)(j) (1.18)(b) --
Class Y...................... 22.21 4.72(b) 90,666 0.89(b) 0.89(b)(j) (0.02)(b) --
For the Year Ended October
31, 2003
Class A...................... 20.58 32.77 1,413,021 1.50 1.48 (0.58) 70
Class B...................... 19.68 31.82 424,959 2.23 2.20 (1.30) --
Class C...................... 19.71 31.93 477,891 2.10 2.10 (1.21) --
Class Y...................... 21.21 33.56 83,996 0.90 0.90 (0.01) --
For the Year Ended October
31, 2002(g)
Class A...................... 15.50 (6.46) 704,238 1.56 1.45 (0.65) 109
Class B...................... 14.93 (7.09) 266,650 2.24 2.15 (1.35) --
Class C...................... 14.94 (7.09) 275,305 2.12 2.12 (1.31) --
Class Y...................... 15.88 (5.98) 27,319 0.92 0.92 (0.08) --
For the Year Ended October
31, 2001
Class A...................... 16.57 (18.94) 612,750 1.43 1.38 (0.53) 116
Class B...................... 16.07 (19.58) 265,683 2.11 2.11 (1.28) --
Class C...................... 16.08 (19.53) 285,908 2.09 2.09 (1.24) --
Class Y...................... 16.89 (18.58) 52,576 0.88 0.88 (0.03) --
For the Ten Months Ended
October 31, 2000
Class A...................... 22.42 30.50(d) 425,686 1.48(b) 1.43(b) (0.80)(b) 110
Class B...................... 21.96 29.72(d) 185,830 2.15(b) 2.15(b) (1.52)(b) --
Class C...................... 21.96 29.72(d) 217,965 2.14(b) 2.14(b) (1.51)(b) --
Class Y...................... 22.72 31.01(d) 62,343 0.96(b) 0.96(b) (0.33)(b) --
For the Year Ended December
31, 1999
Class A...................... 17.78 50.17 118,194 1.51 1.45 (0.79) 123
Class B...................... 17.54 49.10 50,301 2.17 2.15 (1.48) --
Class C...................... 17.53(f) 49.22 48,310 2.22 2.15 (1.48) --
Class Y...................... 17.94 50.87 17,997 0.97 0.97 (0.31) --
For the Year Ended December
31, 1998
Class A...................... 12.30 23.12 24,294 1.62 1.45 (0.78) 139
Class B...................... 12.22 22.32 8,403 2.31 2.15 (1.48) --
Class Y...................... 12.35 23.62 3,750 1.12 1.00 (0.33) --
From inception August 1,
1998, through December 31,
1998
Class C...................... 12.21(f) 8.70(d) 1,077 2.57(b) 2.15(b) (1.45)(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.43%, 2.17%, 2.06% and
0.89% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
199
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD MIDCAP VALUE FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $11.32 $(0.02) $ 0.91 $ -- $ -- $ --
Class B...................... 11.12 (0.06) 0.90 -- -- --
Class C...................... 11.13 (0.06) 0.90 -- -- --
Class Y...................... 11.46 -- 0.94 -- -- --
For the Year Ended October
31, 2003(g)
Class A...................... 8.34 (0.03) 3.01 -- -- --
Class B...................... 8.25 (0.09) 2.96 -- -- --
Class C...................... 8.25 (0.09) 2.97 -- -- --
Class Y...................... 8.39 0.02 3.05 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 8.48 (0.02) (0.12) -- -- --
Class B...................... 8.46 (0.09) (0.12) -- -- --
Class C...................... 8.46 (0.09) (0.12) -- -- --
Class Y...................... 8.50 0.01 (0.12) -- -- --
From inception April 30,
2001, through October 31,
2001
Class A...................... 10.00 (0.01) (1.51) -- -- --
Class B...................... 10.00 (0.02) (1.52) -- -- --
Class C...................... 10.00 (0.02) (1.52) -- -- --
Class Y...................... 10.00 (0.01) (1.49) -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD MIDCAP VALUE FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $12.21 7.86(b)% $ 252,792 1.53(b)% 1.45(b)(j)% (0.45)(b)% 21%
Class B...................... 11.96 7.55(b) 56,073 2.26(b) 2.15(b)(j) (1.15)(b) --
Class C...................... 11.97 7.55(b) 64,242 2.16(b) 2.15(b)(j) (1.15)(b) --
Class Y...................... 12.40 8.20(b) 31 1.01(b) 1.00(b)(j) --(b) --
For the Year Ended October
31, 2003(g)
Class A...................... 11.32 35.73 155,614 1.60 1.45 (0.35) 56
Class B...................... 11.12 34.79 42,407 2.33 2.15 (1.05) --
Class C...................... 11.13 34.91 49,566 2.20 2.15 (1.05) --
Class Y...................... 11.46 36.59 29 1.03 1.00 0.16 --
For the Year Ended October
31, 2002(g)
Class A...................... 8.34 (1.65) 94,532 1.68 1.45 (0.23) 40
Class B...................... 8.25 (2.48) 26,556 2.38 2.15 (0.95) --
Class C...................... 8.25 (2.48) 32,274 2.27 2.15 (0.96) --
Class Y...................... 8.39 (1.29) 252 1.02 1.00 0.23 --
From inception April 30,
2001, through October 31,
2001
Class A...................... 8.48 (15.20)(d) 26,812 1.69(b) 1.40(b) (0.20)(b) 28
Class B...................... 8.46 (15.40)(d) 7,158 2.38(b) 2.10(b) (0.90)(b) --
Class C...................... 8.46 (15.40)(d) 8,975 2.37(b) 2.10(b) (0.90)(b) --
Class Y...................... 8.50 (15.00)(d) 255 1.11(b) 0.95(b) 0.25(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.45%, 2.15%, 2.15% and
1.00% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
200
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD MONEY MARKET FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 1.00 $0.001 $ -- $(0.001) $ -- $ --
Class B...................... 1.00 -- -- -- -- --
Class C...................... 1.00 -- -- -- -- --
Class Y...................... 1.00 0.003 -- (0.003) -- --
For the Year Ended October
31, 2003
Class A...................... 1.00 0.003 -- (0.003) -- --
Class B...................... 1.00 -- -- -- -- --
Class C...................... 1.00 -- -- -- -- --
Class Y...................... 1.00 0.008 -- (0.008) -- --
For the Year Ended October
31, 2002(g)
Class A...................... 1.00 0.011 -- (0.011) -- --
Class B...................... 1.00 0.004 -- (0.004) -- --
Class C...................... 1.00 0.004 -- (0.004) -- --
Class Y...................... 1.00 0.017 -- (0.017) -- --
For the Year Ended October
31, 2001
Class A...................... 1.00 0.04 -- (0.04) -- --
Class B...................... 1.00 0.03 -- (0.03) -- --
Class C...................... 1.00 0.03 -- (0.03) -- --
Class Y...................... 1.00 0.04 -- (0.04) -- --
For the Ten Months Ended
October 31, 2000
Class A...................... 1.00 0.04 -- (0.04) -- --
Class B...................... 1.00 0.04 -- (0.04) -- --
Class C...................... 1.00 0.04 -- (0.04) -- --
Class Y...................... 1.00 0.05 -- (0.05) -- --
For the Year Ended December
31, 1999
Class A...................... 1.00 0.04 -- (0.04) -- --
Class B...................... 1.00 0.04 -- (0.04) -- --
Class C...................... 1.00 0.04 -- (0.04) -- --
Class Y...................... 1.00 0.05 -- (0.05) -- --
For the Year Ended December
31, 1998
Class A...................... 1.00 0.05 -- (0.05) -- --
Class B...................... 1.00 0.04 -- (0.04) -- --
Class Y...................... 1.00 0.05 -- (0.05) -- --
From inception August 1,
1998, through December 31,
1998
Class C...................... 1.00 0.02 -- (0.02) -- --
THE HARTFORD SHORT DURATION
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.14 0.16 (0.05) (0.16) -- --
Class B...................... 10.14 0.12 (0.05) (0.12) -- --
Class C...................... 10.14 0.12 (0.05) (0.12) -- --
From inception November 28,
2003, through April 30,
2004
Class Y...................... 10.11 0.14 (0.02) (0.14) -- --
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.00 0.30 0.14 (0.30) -- --
Class B...................... 10.00 0.23 0.14 (0.23) -- --
Class C...................... 10.00 0.23 0.14 (0.23) -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD MONEY MARKET FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 1.00 0.08(b)% $ 214,791 1.20(b)% 1.00(b)% 0.15(b)% N/A
Class B...................... 1.00 0.00(b) 48,560 1.94(b) 1.16(b)(h) --(b) --
Class C...................... 1.00 0.00(b) 25,956 1.82(b) 1.15(b)(h) --(b) --
Class Y...................... 1.00 0.30(b) 1,012 0.65(b) 0.55(b) 0.60(b) --
For the Year Ended October
31, 2003
Class A...................... 1.00 0.32 246,199 1.28 1.00 0.33 N/A
Class B...................... 1.00 0.00 67,732 2.01 1.33(h) 0.01 --
Class C...................... 1.00 0.00 29,955 1.89 1.36(h) 0.01 --
Class Y...................... 1.00 0.78 1,162 0.68 0.55 0.84 --
For the Year Ended October
31, 2002(g)
Class A...................... 1.00 1.09 302,862 1.30 1.00 1.06 N/A
Class B...................... 1.00 0.43 99,048 1.96 1.70 0.37 --
Class C...................... 1.00 0.42 65,894 1.82 1.70 0.37 --
Class Y...................... 1.00 1.72 2,815 0.62 0.55 1.51 --
For the Year Ended October
31, 2001
Class A...................... 1.00 4.02 86,748 1.19 1.00 3.63 N/A
Class B...................... 1.00 3.31 48,998 1.85 1.70 2.93 --
Class C...................... 1.00 3.31 53,873 1.82 1.70 2.93 --
Class Y...................... 1.00 4.49 33,309 0.61 0.55 4.08 --
For the Ten Months Ended
October 31, 2000
Class A...................... 1.00 4.54(d) 43,897 1.20(b) 1.00(b) 5.35(b) N/A
Class B...................... 1.00 3.94(d) 14,974 1.85(b) 1.70(b) 4.65(b) --
Class C...................... 1.00 3.93(d) 6,842 1.85(b) 1.70(b) 4.65(b) --
Class Y...................... 1.00 4.94(d) 18,325 0.65(b) 0.55(b) 5.80(b) --
For the Year Ended December
31, 1999
Class A...................... 1.00 4.32 44,663 1.15 1.00 4.25 N/A
Class B...................... 1.00 3.59 25,762 1.81 1.70 3.55 --
Class C...................... 1.00 3.59 9,904 1.84 1.70 3.56 --
Class Y...................... 1.00 4.80 8,953 0.64 0.55 4.70 --
For the Year Ended December
31, 1998
Class A...................... 1.00 4.69 29,424 1.25 1.00 4.57 N/A
Class B...................... 1.00 3.97 11,936 1.86 1.70 3.83 --
Class Y...................... 1.00 5.16 5,320 0.71 0.55 4.99 --
From inception August 1,
1998, through December 31,
1998
Class C...................... 1.00 1.58(d) 1,203 2.02(b) 1.70(b) 3.57(b) --
THE HARTFORD SHORT DURATION
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.09 1.07(b) 35,083 1.25(b) 0.95(b) 3.06(b) 68%
Class B...................... 10.09 0.71(b) 11,016 1.98(b) 1.65(b) 2.35(b) --
Class C...................... 10.09 0.71(b) 34,318 1.86(b) 1.65(b) 2.35(b) --
From inception November 28,
2003, through April 30,
2004
Class Y...................... 10.09 1.22(d) 10 0.70(b) 0.65(b) 3.38(b) --
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.14 4.48 32,753 1.34(b) 0.95(b) 3.14(b) 113
Class B...................... 10.14 3.77 10,206 2.09(b) 1.65(b) 2.46(b) --
Class C...................... 10.14 3.77 30,660 1.96(b) 1.65(b) 2.44(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
@@ The amount per share rounds to zero.
201
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD SMALL COMPANY
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $14.28 $(0.09) $ 0.86 $ -- $ -- $ --
Class B...................... 13.51 (0.14) 0.82 -- -- --
Class C...................... 13.52 (0.14) 0.82 -- -- --
Class Y...................... 14.83 (0.11) 0.95 -- -- --
For the Year Ended October
31, 2003
Class A...................... 9.93 (0.13) 4.48 -- -- --
Class B...................... 9.46 (0.20) 4.25 -- -- --
Class C...................... 9.47 (0.20) 4.25 -- -- --
Class Y...................... 10.27 (0.09) 4.65 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 12.00 (0.12) (1.95) -- -- --
Class B...................... 11.52 (0.20) (1.86) -- -- --
Class C...................... 11.53 (0.20) (1.86) -- -- --
Class Y...................... 12.35 (0.06) (2.02) -- -- --
For the Year Ended October
31, 2001
Class A...................... 18.08 (0.08) (5.41) -- (0.59) --
Class B...................... 17.49 (0.16) (5.22) -- (0.59) --
Class C...................... 17.51 (0.19) (5.20) -- (0.59) --
Class Y...................... 18.50 (0.02) (5.54) -- (0.59) --
For the Ten Months Ended
October 31, 2000
Class A...................... 20.48 (0.04) (1.47) -- (0.89) --
Class B...................... 19.96 (0.11) (1.47) -- (0.89) --
Class C...................... 19.97 (0.12) (1.45) -- (0.89) --
Class Y...................... 20.84 (0.02) (1.43) -- (0.89) --
For the Year Ended December
31, 1999
Class A...................... 13.31 (0.05) 8.52 -- (1.30) --
Class B...................... 13.09 (0.09) 8.26 -- (1.30) --
Class C...................... 13.09(f) (0.08)(f) 8.26(f) -- (1.30)(f) --
Class Y...................... 13.47 (0.03) 8.70 -- (1.30) --
For the Year Ended December
31, 1998
Class A...................... 12.16 (0.06) 1.33 -- (0.12) --
Class B...................... 12.04 (0.12) 1.29 -- (0.12) --
Class Y...................... 12.24 (0.03) 1.38 -- (0.12) --
From inception August 1,
1998, through December 31,
1998
Class C...................... 12.49(f) (0.02)(f) 0.62(f) -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD SMALL COMPANY
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $15.05 5.39(b)% $ 170,771 1.53(b)% 1.45(b)(j)% (1.24)(b)% 73%
Class B...................... 14.19 5.03(b) 61,976 2.27(b) 2.15(b)(j) (1.94)(b) --
Class C...................... 14.20 5.03(b) 54,347 2.16(b) 2.15(b)(j) (1.94)(b) --
Class Y...................... 15.67 5.66(b) 4,888 1.02(b) 1.00(b)(j) (0.79)(b) --
For the Year Ended October
31, 2003
Class A...................... 14.28 43.81 141,327 1.63 1.45 (1.19) 179
Class B...................... 13.51 42.81 58,286 2.36 2.15 (1.89) --
Class C...................... 13.52 42.77 52,010 2.23 2.15 (1.88) --
Class Y...................... 14.83 44.40 14,472 1.05 1.00 (0.73) --
For the Year Ended October
31, 2002(g)
Class A...................... 9.93 (17.25) 96,302 1.64 1.45 (0.97) 226
Class B...................... 9.46 (17.88) 41,439 2.31 2.15 (1.67) --
Class C...................... 9.47 (17.87) 38,938 2.20 2.15 (1.65) --
Class Y...................... 10.27 (16.84) 10,834 1.00 1.00 (0.53) --
For the Year Ended October
31, 2001
Class A...................... 12.00 (31.36) 116,398 1.51 1.45 (0.64) 224
Class B...................... 11.52 (31.80) 49,738 2.19 2.15 (1.34) --
Class C...................... 11.53 (31.82) 51,234 2.17 2.15 (1.34) --
Class Y...................... 12.35 (31.02) 33,473 0.95 0.95 (0.14) --
For the Ten Months Ended
October 31, 2000
Class A...................... 18.08 (7.70)(d) 164,280 1.50(b) 1.45(b) (0.72)(b) 158
Class B...................... 17.49 (8.26)(d) 71,323 2.16(b) 2.15(b) (1.42)(b) --
Class C...................... 17.51 (8.21)(d) 77,337 2.16(b) 2.15(b) (1.42)(b) --
Class Y...................... 18.50 (7.27)(d) 46,205 0.96(b) 0.96(b) (0.23)(b) --
For the Year Ended December
31, 1999
Class A...................... 20.48 65.66 109,559 1.51 1.45 (0.92) 177
Class B...................... 19.96 64.46 53,358 2.15 2.15 (1.62) --
Class C...................... 19.97(f) 64.58 37,672 2.20 2.15 (1.61) --
Class Y...................... 20.84 66.37 39,536 0.99 0.99 (0.46) --
For the Year Ended December
31, 1998
Class A...................... 13.31 10.46 37,623 1.57 1.45 (0.79) 267
Class B...................... 13.09 9.73 18,345 2.22 2.15 (1.49) --
Class Y...................... 13.47 11.05 13,004 1.02 1.00 (0.33) --
From inception August 1,
1998, through December 31,
1998
Class C...................... 13.09(f) 4.80(d) 2,765 2.46(b) 2.15(b) (1.49)(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.44%, 2.14%, 2.14% and
0.99% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
202
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD SMALLCAP GROWTH
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $22.91 $(0.08) $ 1.06 $ -- $ -- $ --
Class B...................... 20.99 (0.14) 0.96 -- -- --
Class C...................... 20.99 (0.15) 0.97 -- -- --
Class H...................... 21.02 (0.16) 1.01 -- -- --
Class L...................... 22.90 (0.10) 1.09 -- -- --
Class M...................... 21.00 (0.16) 1.00 -- -- --
Class N...................... 21.02 (0.16) 1.00 -- -- --
Class Y...................... 23.06 (0.05) 1.09 -- -- --
For the Year Ended October
31, 2003
Class A...................... 15.57 (0.09) 7.43 -- -- --
Class B...................... 14.36 (0.15) 6.78 -- -- --
Class C...................... 14.35 (0.16) 6.80 -- -- --
Class H...................... 14.37 (0.25) 6.90 -- -- --
Class L...................... 15.56 (0.15) 7.49 -- -- --
Class M...................... 14.36 (0.24) 6.88 -- -- --
Class N...................... 14.37 (0.24) 6.89 -- -- --
Class Y...................... 15.61 (0.08) 7.53 -- -- --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 20.21 (0.06) (4.58) -- -- --
Class B...................... 18.73 (0.08) (4.29) -- -- --
Class C...................... 18.73 (0.09) (4.29) -- -- --
Class Y...................... 20.21 (0.08) (4.52) -- -- --
For the Year Ended October
31, 2002
Class H...................... 17.71 (0.36) (2.65) -- (0.33) --
Class L...................... 19.04 (0.20) (2.95) -- (0.33) --
Class M...................... 17.70 (0.33) (2.68) -- (0.33) --
Class N...................... 17.71 (0.34) (2.67) -- (0.33) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... 19.77 (0.04) (2.02) -- -- --
Class L...................... 21.24 (0.03) (2.17) -- -- --
Class M...................... 19.76 (0.04) (2.02) -- -- --
Class N...................... 19.77 (0.04) (2.02) -- -- --
For the Year Ended August 31,
2001
Class H...................... 57.72 (0.72) (24.24) -- (12.99) --
Class L...................... 60.44 (0.17) (26.04) -- (12.99) --
Class M...................... 57.66 (0.68) (24.23) -- (12.99) --
Class N...................... 57.71 (0.71) (24.24) -- (12.99) --
For the Year Ended August 31,
2000
Class H...................... 34.94 (0.47) 33.83 -- (10.58) --
Class L...................... 36.04 (0.44) 35.42 -- (10.58) --
Class M...................... 34.91 (0.47) 33.80 -- (10.58) --
Class N...................... 34.94 (0.47) 33.82 -- (10.58) --
For the Year Ended August 31,
1999
Class H...................... 25.92 (0.90) 18.42 -- (8.50) --
Class L...................... 26.42 (0.30) 18.42 -- (8.50) --
Class M...................... 25.90 (0.91) 18.42 -- (8.50) --
Class N...................... 25.92 (0.90) 18.42 -- (8.50) --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD SMALLCAP GROWTH
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $23.89 4.28(b)% $ 36,021 1.58(b)% 1.45(b)(j)% (0.84)(b)% 51%
Class B...................... 21.81 3.91(b) 10,344 2.36(b) 2.15(b)(j) (1.54)(b) --
Class C...................... 21.81 3.91(b) 8,450 2.23(b) 2.15(b)(j) (1.55)(b) --
Class H...................... 21.87 4.04(b) 19,233 1.98(b) 1.98(b)(j) (1.38)(b) --
Class L...................... 23.89 4.32(b) 113,568 1.43(b) 1.43(b)(j) (0.82)(b) --
Class M...................... 21.84 4.00(b) 17,204 1.98(b) 1.98(b)(j) (1.37)(b) --
Class N...................... 21.86 4.00(b) 6,243 1.98(b) 1.98(b)(j) (1.37)(b) --
Class Y...................... 24.10 4.51(b) 1 1.03(b) 1.03(b)(j) (0.43)(b) --
For the Year Ended October
31, 2003
Class A...................... 22.91 47.14 17,544 1.61 1.45 (0.83) 122
Class B...................... 20.99 46.17 6,571 2.31 2.15 (1.53) --
Class C...................... 20.99 46.27 5,076 2.22 2.15 (1.53) --
Class H...................... 21.02 46.28 20,767 2.05 2.05 (1.40) --
Class L...................... 22.90 47.17 112,621 1.50 1.45 (0.80) --
Class M...................... 21.00 46.24 17,992 2.05 2.05 (1.40) --
Class N...................... 21.02 46.28 6,110 2.05 2.05 (1.40) --
Class Y...................... 23.06 47.72 1 1.11 1.10 (0.46) --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 15.57 (22.97)(d) 3,457 1.82(b) 1.45(b) (0.93)(b) 93
Class B...................... 14.36 (23.31)(d) 1,756 2.52(b) 2.15(b) (1.60)(b) --
Class C...................... 14.35 (23.37)(d) 1,432 2.38(b) 2.15(b) (1.60)(b) --
Class Y...................... 15.61 (22.77)(d) 1 1.06(b) 1.00(b) (0.60)(b) --
For the Year Ended October
31, 2002
Class H...................... 14.37 (17.41) 16,675 2.05 2.05 (1.65) 93
Class L...................... 15.56 (16.92) 86,414 1.50 1.45 (1.06) --
Class M...................... 14.36 (17.42) 13,714 2.05 2.05 (1.65) --
Class N...................... 14.37 (17.41) 4,757 2.05 2.05 (1.65) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... 17.71 (10.42)(d) 23,059 2.05(b) 2.05(b) (1.57)(b) 17
Class L...................... 19.04 (10.36)(d) 121,440 1.50(b) 1.50(b) (1.02)(b) --
Class M...................... 17.70 (10.43)(d) 18,115 2.05(b) 2.05(b) (1.57)(b) --
Class N...................... 17.71 (10.42)(d) 6,495 2.05(b) 2.05(b) (1.57)(b) --
For the Year Ended August 31,
2001
Class H...................... 19.77 (50.88) 26,051 1.94 1.94 (1.12) 151
Class L...................... 21.24 (50.60) 138,175 1.39 1.39 (0.57) --
Class M...................... 19.76 (50.84) 20,522 1.94 1.94 (1.12) --
Class N...................... 19.77 (50.87) 7,278 1.94 1.94 (1.12) --
For the Year Ended August 31,
2000
Class H...................... 57.72 114.64 50,558 1.90 1.90 (1.49) 212
Class L...................... 60.44 115.84 314,326 1.35 1.35 (0.94) --
Class M...................... 57.66 114.66 38,246 1.90 1.90 (1.49) --
Class N...................... 57.71 114.60 14,300 1.90 1.90 (1.49) --
For the Year Ended August 31,
1999
Class H...................... 34.94 79.33 20,755 2.05 2.05 (1.63) 271
Class L...................... 36.04 80.27 147,346 1.50 1.50 (1.08) --
Class M...................... 34.91 79.35 11,426 2.05 2.05 (1.63) --
Class N...................... 34.94 79.33 3,612 2.05 2.05 (1.63) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.45%, 2.15%, 2.15%,
1.98%, 1.43%, 1.98%, 1.98% and 1.03% for classes A, B, C, H, L, M, N and Y,
respectively.
@@ The amount per share rounds to zero.
203
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD STOCK FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $16.21 $ 0.01 $ 0.72 $ -- $ -- $ --
Class B...................... 15.35 (0.05) 0.69 -- -- --
Class C...................... 15.41 (0.04) 0.69 -- -- --
Class Y...................... 16.81 0.05 0.76 -- -- --
For the Year Ended October
31, 2003
Class A...................... 13.73 0.04 2.44 -- -- --
Class B...................... 13.10 (0.07) 2.32 -- -- --
Class C...................... 13.13 (0.05) 2.33 -- -- --
Class Y...................... 14.15 0.12 2.54 -- -- --
For the Year Ended October
31, 2002(g)
Class A...................... 16.89 -- (3.16) -- -- --
Class B...................... 16.24 (0.12) (3.02) -- -- --
Class C...................... 16.23 (0.08) (3.02) -- -- --
Class Y...................... 17.31 0.10 (3.26) -- -- --
For the Year Ended October
31, 2001
Class A...................... 23.40 0.02 (5.45) -- (1.08) --
Class B...................... 22.69 (0.09) (5.28) -- (1.08) --
Class C...................... 22.68 (0.08) (5.29) -- (1.08) --
Class Y...................... 23.85 0.09 (5.55) -- (1.08) --
For the Ten Months Ended
October 31, 2000
Class A...................... 23.64 (0.03) -- -- (0.21) --
Class B...................... 23.06 (0.12) (0.04) -- (0.21) --
Class C...................... 23.05 (0.11) (0.05) -- (0.21) --
Class Y...................... 23.99 0.05 0.02 -- (0.21) --
For the Year Ended December
31, 1999
Class A...................... 19.70 -- 4.36 -- (0.42) --
Class B...................... 19.36 (0.07) 4.19 -- (0.42) --
Class C...................... 19.36(f) (0.08)(f) 4.19(f) -- (0.42)(f) --
Class Y...................... 19.89 (0.01) 4.53 -- (0.42) --
For the Year Ended December
31, 1998
Class A...................... 15.16 (0.01) 4.75 -- (0.19) (0.01)
Class B...................... 15.01 (0.05) 4.60 -- (0.19) (0.01)
Class Y...................... 15.25 0.06 4.78 -- (0.19) (0.01)
From inception August 1,
1998, through December 31,
1998
Class C...................... 18.53(f) (0.02)(f) 1.22(f) -- (0.35)(f) (0.02)(f)
THE HARTFORD TAX-FREE
CALIFORNIA FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 9.93 0.18 -- (0.21) -- --
Class B...................... 9.92 0.18 (0.04) (0.17) -- --
Class C...................... 9.93 0.25 (0.09) (0.17) -- --
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.00 0.37 (0.07) (0.37) -- --
Class B...................... 10.00 0.30 (0.08) (0.30) -- --
Class C...................... 10.00 0.30 (0.07) (0.30) -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD STOCK FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $16.94 4.50(b)% $1,023,893 1.39(b)% 1.39(b)(j)% 0.15(b)% 20%
Class B...................... 15.99 4.17(b) 374,927 2.13(b) 2.13(b)(j) (0.58)(b) --
Class C...................... 16.06 4.22(b) 296,640 2.02(b) 2.02(b)(j) (0.47)(b) --
Class Y...................... 17.62 4.82(b) 60,054 0.85(b) 0.85(b)(j) 0.69(b) --
For the Year Ended October
31, 2003
Class A...................... 16.21 18.06 976,663 1.47 1.45 0.26 37
Class B...................... 15.35 17.18 376,437 2.20 2.18 (0.47) --
Class C...................... 15.41 17.36 311,874 2.07 2.07 (0.36) --
Class Y...................... 16.81 18.80 42,894 0.88 0.88 0.84 --
For the Year Ended October
31, 2002(g)
Class A...................... 13.73 (18.71) 880,371 1.47 1.42 (0.01) 48
Class B...................... 13.10 (19.34) 351,382 2.15 2.15 (0.74) --
Class C...................... 13.13 (19.10) 313,173 2.03 2.03 (0.62) --
Class Y...................... 14.15 (18.26) 34,116 0.85 0.85 0.58 --
For the Year Ended October
31, 2001
Class A...................... 16.89 (24.28) 1,031,549 1.33 1.28 0.05 38
Class B...................... 16.24 (24.80) 470,035 2.00 2.00 (0.67) --
Class C...................... 16.23 (24.81) 430,238 1.99 1.99 (0.66) --
Class Y...................... 17.31 (23.93) 27,004 0.79 0.79 0.54 --
For the Ten Months Ended
October 31, 2000
Class A...................... 23.40 (0.14)(d) 1,067,970 1.32(b) 1.27(b) (0.19)(b) 38
Class B...................... 22.69 (0.71)(d) 578,402 1.99(b) 1.99(b) (0.90)(b) --
Class C...................... 22.68 (0.71)(d) 492,996 1.98(b) 1.98(b) (0.90)(b) --
Class Y...................... 23.85 0.28(d) 32,123 0.80(b) 0.80(b) 0.28(b) --
For the Year Ended December
31, 1999
Class A...................... 23.64 22.31 752,763 1.38 1.33 (0.06) 34
Class B...................... 23.06 21.46 462,318 2.03 2.03 (0.75) --
Class C...................... 23.05(f) 21.40 305,566 2.07 2.07 (0.78) --
Class Y...................... 23.99 22.91 31,129 0.91 0.91 0.36 --
For the Year Ended December
31, 1998
Class A...................... 19.70 31.33 268,226 1.49 1.44 (0.07) 37
Class B...................... 19.36 30.38 185,205 2.16 2.15 (0.77) --
Class Y...................... 19.89 31.80 7,919 0.96 0.96 0.36 --
From inception August 1,
1998, through December 31,
1998
Class C...................... 19.36(f) 6.60(d) 36,039 2.24(b) 2.15(b) (0.76)(b) --
THE HARTFORD TAX-FREE
CALIFORNIA FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 9.90 1.78(b) 14,355 1.28(b) 0.95(b) 3.86(b) 23
Class B...................... 9.89 1.43(b) 957 2.12(b) 1.65(b) 3.11(b) --
Class C...................... 9.92 1.63(b) 287 2.05(b) 1.65(b) 3.05(b) --
From inception October 31,
2002, through October 31,
2003
Class A...................... 9.93 3.06 10,799 1.57(b) 0.95(b) 3.73(b) 64
Class B...................... 9.92 2.23 1,827 2.32(b) 1.65(b) 3.07(b) --
Class C...................... 9.93 2.34 1,230 2.18(b) 1.65(b) 3.02(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.38%, 2.12%, 2.01% and
0.84% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
204
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE TAX-FREE MINNESOTA FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $10.46 $ 0.20 $(0.04) $ (0.20) $(0.10) $ --
Class B...................... 10.46 0.16 (0.03) (0.16) (0.10) --
Class C...................... 10.48 0.16 (0.04) (0.16) (0.10) --
Class E...................... 10.52 0.21 (0.04) (0.21) (0.10) --
Class H...................... 10.51 0.18 (0.06) (0.16) (0.10) --
Class L...................... 10.49 0.20 (0.04) (0.20) (0.10) --
Class M...................... 10.50 0.17 (0.05) (0.16) (0.10) --
Class N...................... 10.50 0.16 (0.03) (0.16) (0.10) --
Class Y...................... 10.47 0.22 (0.05) (0.21) (0.10) --
For the Year Ended October
31, 2003(g)
Class A...................... 10.46 0.38 0.05 (0.38) (0.05) --
Class B...................... 10.47 0.31 0.04 (0.31) (0.05) --
Class C...................... 10.48 0.31 0.05 (0.31) (0.05) --
Class E...................... 10.53 0.41 0.05 (0.42) (0.05) --
Class H...................... 10.52 0.30 0.06 (0.32) (0.05) --
Class L...................... 10.49 0.39 0.05 (0.39) (0.05) --
Class M...................... 10.49 0.31 0.07 (0.32) (0.05) --
Class N...................... 10.51 0.31 0.05 (0.32) (0.05) --
Class Y...................... 10.49 0.40 0.06 (0.43) (0.05) --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 10.29 0.26 0.16 (0.25) -- --
Class B...................... 10.27 0.20 0.20 (0.20) -- --
Class C...................... 10.27 0.20 0.21 (0.20) -- --
Class Y...................... 10.29 0.29 0.20 (0.29) -- --
For the Year Ended October
31, 2002
Class E...................... 10.45 0.40 0.07 (0.39) -- --
Class H...................... 10.44 0.29 0.07 (0.28) -- --
Class L...................... 10.42 0.37 0.06 (0.36) -- --
Class M...................... 10.42 0.29 0.06 (0.28) -- --
Class N...................... 10.44 0.29 0.06 (0.28) -- --
For the One-Month Period
Ended October 31, 2001
Class E...................... 10.35 0.04 0.10 (0.04) -- --
Class H...................... 10.34 0.03 0.10 (0.03) -- --
Class L...................... 10.31 0.04 0.11 (0.04) -- --
Class M...................... 10.31 0.03 0.11 (0.03) -- --
Class N...................... 10.34 0.03 0.10 (0.03) -- --
For the Year Ended September
30, 2001
Class E...................... 9.91 0.48 0.45 (0.49) -- --
Class H...................... 9.91 0.38 0.44 (0.39) -- --
Class L...................... 9.88 0.45 0.45 (0.47) -- --
Class M...................... 9.88 0.38 0.44 (0.39) -- --
Class N...................... 9.90 0.38 0.45 (0.39) -- --
For the Year Ended September
30, 2000
Class E...................... 9.94 0.51 (0.04) (0.50) -- --
Class H...................... 9.93 0.42 (0.04) (0.40) -- --
Class L...................... 9.91 0.48 (0.04) (0.47) -- --
Class M...................... 9.90 0.42 (0.04) (0.40) -- --
Class N...................... 9.93 0.41 (0.04) (0.40) -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE TAX-FREE MINNESOTA FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $10.32 1.48(b)% $ 3,931 1.42(b)% 1.06(b)% 3.77(b)% 13%
Class B...................... 10.33 1.22(b) 529 2.18(b) 1.77(b) 3.06(b) --
Class C...................... 10.34 1.12(b) 417 2.06(b) 1.77(b) 3.06(b) --
Class E...................... 10.38 1.64(b) 28,192 0.83(b) 0.83(b) 4.00(b) --
Class H...................... 10.37 1.14(b) 123 1.83(b) 1.76(b) 3.06(b) --
Class L...................... 10.35 1.52(b) 2,661 1.08(b) 1.02(b) 3.80(b) --
Class M...................... 10.36 1.14(b) 324 1.83(b) 1.76(b) 3.06(b) --
Class N...................... 10.37 1.23(b) 213 1.83(b) 1.75(b) 3.08(b) --
Class Y...................... 10.33 1.67(b) 1 0.88(b) 0.82(b) 4.15(b) --
For the Year Ended October
31, 2003(g)
Class A...................... 10.46 4.23 3,242 1.50 1.15 3.58 17
Class B...................... 10.46 3.42 532 2.21 1.85 2.88 --
Class C...................... 10.48 3.51 414 2.09 1.85 2.88 --
Class E...................... 10.52 4.50 29,784 0.83 0.80 3.92 --
Class H...................... 10.51 3.46 155 1.81 1.78 2.89 --
Class L...................... 10.49 4.34 2,922 1.07 1.05 3.67 --
Class M...................... 10.50 3.67 454 1.82 1.80 2.92 --
Class N...................... 10.50 3.47 212 1.83 1.80 2.92 --
Class Y...................... 10.47 4.50 1 0.91 0.80 3.82 --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 10.46 4.16(d) 2,073 1.37(b) 1.15(b) 3.57(b) 36
Class B...................... 10.47 3.93(d) 238 2.09(b) 1.85(b) 2.73(b) --
Class C...................... 10.48 4.03(d) 304 1.92(b) 1.85(b) 2.79(b) --
Class Y...................... 10.49 4.92(d) 1 0.65(b) 0.65(b) 3.83(b) --
For the Year Ended October
31, 2002
Class E...................... 10.53 4.58 31,414 0.79 0.79 3.81 36
Class H...................... 10.52 3.56 577 1.81 1.81 2.81 --
Class L...................... 10.49 4.22 3,344 1.04 1.04 3.56 --
Class M...................... 10.49 3.46 562 1.79 1.79 2.81 --
Class N...................... 10.51 3.46 203 1.79 1.79 2.81 --
For the One-Month Period
Ended October 31, 2001
Class E...................... 10.45 1.33(d) 32,533 0.84(b) 0.84(b) 4.28(b) --
Class H...................... 10.44 1.25(d) 1,094 1.84(b) 1.84(b) 3.28(b) --
Class L...................... 10.42 1.41(d) 3,543 1.09(b) 1.09(b) 4.03(b) --
Class M...................... 10.42 1.35(d) 772 1.84(b) 1.84(b) 3.28(b) --
Class N...................... 10.44 1.25(d) 203 1.84(b) 1.84(b) 3.28(b) --
For the Year Ended September
30, 2001
Class E...................... 10.35 9.58 32,259 0.85 0.85 4.70 18
Class H...................... 10.34 8.43 1,086 1.85 1.85 3.70 --
Class L...................... 10.31 9.24 3,570 1.10 1.10 4.45 --
Class M...................... 10.31 8.45 789 1.85 1.85 3.70 --
Class N...................... 10.34 8.55 200 1.85 1.85 3.70 --
For the Year Ended September
30, 2000
Class E...................... 9.91 4.87 33,088 0.86 0.86 5.12 56
Class H...................... 9.91 3.95 1,076 1.86 1.86 4.12 --
Class L...................... 9.88 4.63 3,454 1.11 1.11 4.87 --
Class M...................... 9.88 3.96 829 1.86 1.86 4.12 --
Class N...................... 9.90 3.84 255 1.86 1.86 4.12 --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
@@ The amount per share rounds to zero.
205
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD TAX-FREE
MINNESOTA FUND (CONTINUED)
For the Year Ended September
30, 1999
Class E...................... $10.77 $ 0.50 $(0.67) $ (0.49) $(0.17) $ --
Class H...................... 10.76 0.39 (0.67) (0.38) (0.17) --
Class L...................... 10.74 0.47 (0.67) (0.46) (0.17) --
Class M...................... 10.73 0.39 (0.67) (0.38) (0.17) --
Class N...................... 10.73 0.42 (0.67) (0.38) (0.17) --
THE HARTFORD TAX-FREE NATIONAL
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 11.07 0.22 (0.02) (0.22) (0.11) --
Class B...................... 11.00 0.18 (0.02) (0.18) (0.11) --
Class C...................... 11.02 0.18 (0.02) (0.18) (0.11) --
Class E...................... 11.05 0.23 (0.01) (0.23) (0.11) --
Class H...................... 11.03 0.19 (0.03) (0.18) (0.11) --
Class L...................... 11.04 0.22 (0.02) (0.22) (0.11) --
Class M...................... 11.03 0.18 (0.02) (0.18) (0.11) --
Class N...................... 11.01 0.18 (0.02) (0.18) (0.11) --
Class Y...................... 11.06 0.23 (0.01) (0.24) (0.11) --
For the Year Ended October
31, 2003
Class A...................... 11.28 0.41 0.04 (0.41) (0.25) --
Class B...................... 11.21 0.33 0.04 (0.33) (0.25) --
Class C...................... 11.23 0.33 0.04 (0.33) (0.25) --
Class E...................... 11.27 0.45 0.03 (0.45) (0.25) --
Class H...................... 11.24 0.36 0.02 (0.34) (0.25) --
Class L...................... 11.25 0.42 0.04 (0.42) (0.25) --
Class M...................... 11.24 0.34 0.04 (0.34) (0.25) --
Class N...................... 11.22 0.33 0.05 (0.34) (0.25) --
Class Y...................... 11.28 0.45 0.04 (0.46) (0.25) --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 10.99 0.26 0.30 (0.27) -- --
Class B...................... 10.97 0.20 0.25 (0.21) -- --
Class C...................... 10.97 0.20 0.27 (0.21) -- --
Class Y...................... 10.99 0.33 0.27 (0.31) -- --
For the Year Ended October
31, 2002
Class E...................... 11.18 0.41 0.12 (0.40) (0.04) --
Class H...................... 11.15 0.32 0.11 (0.30) (0.04) --
Class L...................... 11.16 0.39 0.12 (0.38) (0.04) --
Class M...................... 11.15 0.31 0.12 (0.30) (0.04) --
Class N...................... 11.13 0.31 0.12 (0.30) (0.04) --
For the One-Month Period
Ended October 31, 2001
Class E...................... 11.07 0.04 0.11 (0.04) -- --
Class H...................... 11.03 0.03 0.12 (0.03) -- --
Class L...................... 11.05 0.04 0.11 (0.04) -- --
Class M...................... 11.04 0.03 0.11 (0.03) -- --
Class N...................... 11.02 0.03 0.11 (0.03) -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD TAX-FREE
MINNESOTA FUND (CONTINUED)
For the Year Ended September
30, 1999
Class E...................... $ 9.94 (1.71)% $ 37,396 0.86% 0.86% 4.73% 55%
Class H...................... 9.93 (2.73) 1,401 1.86 1.86 3.73 --
Class L...................... 9.91 (1.94) 3,240 1.11 1.11 4.48 --
Class M...................... 9.90 (2.73) 860 1.86 1.86 3.73 --
Class N...................... 9.93 (2.45) 247 1.86 1.86 3.73 --
THE HARTFORD TAX-FREE NATIONAL
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.94 1.77(b) 33,246 1.50(b) 1.12(b) 3.94(b) 5
Class B...................... 10.87 1.42(b) 6,736 2.26(b) 1.82(b) 3.23(b) --
Class C...................... 10.89 1.42(b) 8,354 2.14(b) 1.82(b) 3.23(b) --
Class E...................... 10.93 2.00(b) 32,103 0.89(b) 0.89(b) 4.18(b) --
Class H...................... 10.90 1.42(b) 1,538 1.90(b) 1.82(b) 3.22(b) --
Class L...................... 10.91 1.78(b) 7,189 1.15(b) 1.12(b) 3.93(b) --
Class M...................... 10.90 1.42(b) 1,349 1.90(b) 1.82(b) 3.23(b) --
Class N...................... 10.88 1.43(b) 562 1.90(b) 1.82(b) 3.22(b) --
Class Y...................... 10.93 1.93(b) 1 0.93(b) 0.86(b) 4.14(b) --
For the Year Ended October
31, 2003
Class A...................... 11.07 4.18 21,457 1.61 1.15 3.75 35
Class B...................... 11.00 3.43 6,598 2.33 1.85 3.05 --
Class C...................... 11.02 3.42 7,588 2.21 1.85 3.06 --
Class E...................... 11.05 4.39 33,998 0.92 0.85 4.00 --
Class H...................... 11.03 3.47 1,747 1.92 1.84 2.99 --
Class L...................... 11.04 4.24 7,454 1.18 1.10 3.76 --
Class M...................... 11.03 3.47 1,235 1.92 1.84 3.01 --
Class N...................... 11.01 3.48 607 1.93 1.85 3.01 --
Class Y...................... 11.06 4.53 1 1.17 0.85 4.06 --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 11.28 5.17(d) 12,192 1.63(b) 1.15(b) 3.31(b) 47
Class B...................... 11.21 4.18(d) 3,764 2.33(b) 1.85(b) 2.54(b) --
Class C...................... 11.23 4.37(d) 3,121 2.18(b) 1.85(b) 2.57(b) --
Class Y...................... 11.28 5.52(d) 1 0.63(b) 0.63(b) 4.15(b) --
For the Year Ended October
31, 2002
Class E...................... 11.27 4.93 39,423 0.94 0.94 3.70 47
Class H...................... 11.24 3.99 2,895 1.95 1.85 2.83 --
Class L...................... 11.25 4.72 7,360 1.19 1.15 3.50 --
Class M...................... 11.24 3.99 1,552 1.95 1.85 2.80 --
Class N...................... 11.22 3.99 600 1.95 1.85 2.80 --
For the One-Month Period
Ended October 31, 2001
Class E...................... 11.18 1.35(d) 42,441 0.95(b) 0.95(b) 4.21(b) --
Class H...................... 11.15 1.36(d) 4,679 1.95(b) 1.95(b) 3.21(b) --
Class L...................... 11.16 1.33(d) 8,029 1.20(b) 1.20(b) 3.96(b) --
Class M...................... 11.15 1.27(d) 1,723 1.95(b) 1.95(b) 3.21(b) --
Class N...................... 11.13 1.27(d) 538 1.95(b) 1.95(b) 3.21(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
206
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD TAX-FREE NATIONAL
FUND (CONTINUED)
For the Year Ended September
30, 2001
Class E...................... $10.52 $ 0.49 $ 0.56 $ (0.50) $ -- $ --
Class H...................... 10.49 0.37 0.56 (0.39) -- --
Class L...................... 10.50 0.46 0.56 (0.47) -- --
Class M...................... 10.49 0.38 0.56 (0.39) -- --
Class N...................... 10.48 0.38 0.56 (0.40) -- --
For the Year Ended September
30, 2000
Class E...................... 10.49 0.52 0.02 (0.51) -- --
Class H...................... 10.46 0.42 0.02 (0.41) -- --
Class L...................... 10.47 0.50 0.02 (0.49) -- --
Class M...................... 10.46 0.42 0.02 (0.41) -- --
Class N...................... 10.45 0.42 0.02 (0.41) -- --
For the Year Ended September
30, 1999
Class E...................... 11.38 0.50 (0.78) (0.49) (0.12) --
Class H...................... 11.35 0.39 (0.78) (0.38) (0.12) --
Class L...................... 11.37 0.47 (0.78) (0.47) (0.12) --
Class M...................... 11.36 0.38 (0.78) (0.38) (0.12) --
Class N...................... 11.34 0.39 (0.78) (0.38) (0.12) --
THE HARTFORD TAX-FREE NEW YORK
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.15 0.18 0.02 (0.21) (0.08) --
Class B...................... 10.15 0.15 0.02 (0.17) (0.08) --
Class C...................... 10.15 0.15 0.02 (0.17) (0.08) --
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.00 0.34 0.16 (0.35) -- --
Class B...................... 10.00 0.27 0.16 (0.28) -- --
Class C...................... 10.00 0.27 0.16 (0.28) -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD TAX-FREE NATIONAL
FUND (CONTINUED)
For the Year Ended September
30, 2001
Class E...................... $11.07 10.18% $ 42,331 0.97% 0.97% 4.49% 28%
Class H...................... 11.03 9.03 4,853 1.97 1.97 3.49 --
Class L...................... 11.05 9.91 7,892 1.22 1.22 4.24 --
Class M...................... 11.04 9.14 1,701 1.97 1.97 3.49 --
Class N...................... 11.02 9.06 469 1.97 1.97 3.49 --
For the Year Ended September
30, 2000
Class E...................... 10.52 5.33 42,212 0.96 0.96 4.96 64
Class H...................... 10.49 4.29 5,021 1.96 1.96 3.96 --
Class L...................... 10.50 5.09 6,509 1.21 1.21 4.71 --
Class M...................... 10.49 4.29 1,540 1.96 1.96 3.96 --
Class N...................... 10.48 4.30 289 1.96 1.96 3.96 --
For the Year Ended September
30, 1999
Class E...................... 10.49 (2.56) 47,140 0.94 0.94 4.56 89
Class H...................... 10.46 (3.52) 6,019 1.94 1.94 3.56 --
Class L...................... 10.47 (2.87) 8,247 1.19 1.19 4.31 --
Class M...................... 10.46 (3.61) 1,752 1.94 1.94 3.56 --
Class N...................... 10.45 (3.53) 548 1.94 1.94 3.56 --
THE HARTFORD TAX-FREE NEW YORK
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 10.06 1.94(b) 9,804 1.33(b) 0.93(b) 3.64(b) 15
Class B...................... 10.07 1.68(b) 1,238 2.07(b) 1.63(b) 2.94(b) --
Class C...................... 10.07 1.68(b) 1,560 1.96(b) 1.63(b) 2.94(b) --
From inception October 31,
2002, through October 31,
2003
Class A...................... 10.15 5.03 8,602 1.63(b) 0.95(b) 3.34(b) 54
Class B...................... 10.15 4.30 1,051 2.38(b) 1.65(b) 2.64(b) --
Class C...................... 10.15 4.30 1,393 2.26(b) 1.65(b) 2.67(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
@@ The amount per share rounds to zero.
207
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD TOTAL RETURN BOND
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $11.14 $ 0.22 $(0.09) $ (0.20) $(0.37) $ --
Class B...................... 11.09 0.18 (0.09) (0.16) (0.37) --
Class C...................... 11.12 0.18 (0.08) (0.16) (0.37) --
Class Y...................... 11.24 0.24 (0.08) (0.23) (0.37) --
For the Year Ended October
31, 2003
Class A...................... 10.78 0.49 0.48 (0.50) (0.11) --
Class B...................... 10.73 0.42 0.47 (0.42) (0.11) --
Class C...................... 10.77 0.42 0.46 (0.42) (0.11) --
Class Y...................... 10.87 0.53 0.50 (0.55) (0.11) --
For the Year Ended October
31, 2002(g)
Class A...................... 10.90 0.47 -- (0.52) (0.07) --
Class B...................... 10.85 0.40 -- (0.45) (0.07) --
Class C...................... 10.89 0.40 -- (0.45) (0.07) --
Class Y...................... 10.99 0.45 0.08 (0.58) (0.07) --
For the Year Ended October
31, 2001
Class A...................... 10.14 0.55 0.73 (0.52) -- --
Class B...................... 10.10 0.48 0.72 (0.45) -- --
Class C...................... 10.14 0.49 0.71 (0.45) -- --
Class Y...................... 10.22 0.61 0.73 (0.57) -- --
For the Ten Months Ended
October 31, 2000
Class A...................... 9.93 0.50 0.19 (0.48) -- --
Class B...................... 9.90 0.43 0.20 (0.43) -- --
Class C...................... 9.93 0.44 0.20 (0.43) -- --
Class Y...................... 9.99 0.54 0.20 (0.51) -- --
For the Year Ended December
31, 1999
Class A...................... 10.76 0.54 (0.83) (0.52) (0.02) --
Class B...................... 10.72 0.47 (0.82) (0.45) (0.02) --
Class C...................... 10.76(f) 0.47(f) (0.82)(f) (0.46)(f) (0.02)(f) --
Class Y...................... 10.81 0.55 (0.80) (0.55) (0.02) --
For the Year Ended December
31, 1998
Class A...................... 10.61 0.54 0.23 (0.54) (0.08) --
Class B...................... 10.58 0.47 0.22 (0.47) (0.08) --
Class Y...................... 10.64 0.58 0.24 (0.57) (0.08) --
From inception August 1,
1998, through December 31,
1998
Class C...................... 10.70(f) 0.19(f) 0.15(f) (0.21)(f) (0.07)(f) --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD TOTAL RETURN BOND
FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $10.70 1.26(b)% $ 295,973 1.33(b)% 1.25(b)% 3.02(b)% 98%
Class B...................... 10.65 0.90(b) 96,286 2.06(b) 1.95(b) 2.32(b) --
Class C...................... 10.69 0.99(b) 99,345 1.95(b) 1.95(b) 2.32(b) --
Class Y...................... 10.80 1.48(b) 64,006 0.78(b) 0.78(b) 3.48(b) --
For the Year Ended October
31, 2003
Class A...................... 11.14 9.16 268,655 1.40 1.25 3.39 199
Class B...................... 11.09 8.44 106,077 2.13 1.95 2.70 --
Class C...................... 11.12 8.31 110,214 2.01 1.95 2.71 --
Class Y...................... 11.24 9.68 60,125 0.81 0.80 3.82 --
For the Year Ended October
31, 2002(g)
Class A...................... 10.78 4.50 215,083 1.42 1.25 4.65 149
Class B...................... 10.73 3.77 98,028 2.10 1.95 3.92 --
Class C...................... 10.77 3.80 107,479 1.98 1.95 3.92 --
Class Y...................... 10.87 5.01 39,778 0.78 0.78 5.16 --
For the Year Ended October
31, 2001
Class A...................... 10.90 12.96 122,423 1.30 1.25 5.00 196
Class B...................... 10.85 12.12 55,999 1.96 1.95 4.30 --
Class C...................... 10.89 12.12 62,222 1.97 1.95 4.30 --
Class Y...................... 10.99 13.46 43,635 0.75 0.75 5.50 --
For the Ten Months Ended
October 31, 2000
Class A...................... 10.14 7.17(d) 37,290 1.29(b) 1.24(b) 5.88(b) 140
Class B...................... 10.10 6.48(d) 22,197 1.95(b) 1.95(b) 5.17(b) --
Class C...................... 10.14 6.55(d) 16,886 1.94(b) 1.94(b) 5.18(b) --
Class Y...................... 10.22 7.60(d) 30,334 0.77(b) 0.77(b) 6.34(b) --
For the Year Ended December
31, 1999
Class A...................... 9.93 (2.71) 57,320 1.29 1.24 5.32 113
Class B...................... 9.90 (3.30) 21,442 1.94 1.94 4.62 --
Class C...................... 9.93(f) (3.36) 18,136 1.97 1.95 4.62 --
Class Y...................... 9.99 (2.31) 28,052 0.80 0.80 5.77 --
For the Year Ended December
31, 1998
Class A...................... 10.76 7.48 47,143 1.32 1.25 5.04 135
Class B...................... 10.72 6.70 16,772 2.01 1.95 4.32 --
Class Y...................... 10.81 7.98 10,766 0.84 0.80 5.48 --
From inception August 1,
1998, through December 31,
1998
Class C...................... 10.76(f) 3.19(d) 5,420 2.13(b) 1.95(b) 4.13(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
208
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD U.S. GOVERNMENT
SECURITIES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 9.67 $ 0.20 $(0.10) $ (0.20) $ -- $ --
Class B...................... 9.64 0.16 (0.10) (0.17) -- --
Class C...................... 9.63 0.16 (0.09) (0.17) -- --
Class E...................... 9.66 0.22 (0.11) (0.22) -- --
Class H...................... 9.63 0.18 (0.12) (0.17) -- --
Class L...................... 9.67 0.21 (0.11) (0.21) -- --
Class M...................... 9.63 0.17 (0.10) (0.17) -- --
Class N...................... 9.63 0.17 (0.11) (0.17) -- --
Class Y...................... 9.68 0.22 (0.10) (0.22) -- --
For the Year Ended October
31, 2003
Class A...................... 9.88 0.41 (0.21) (0.41) -- --
Class B...................... 9.84 0.33 (0.19) (0.34) -- --
Class C...................... 9.84 0.33 (0.20) (0.34) -- --
Class E...................... 9.87 0.45 (0.20) (0.46) -- --
Class H...................... 9.83 0.35 (0.19) (0.36) -- --
Class L...................... 9.87 0.42 (0.19) (0.43) -- --
Class M...................... 9.84 0.35 (0.20) (0.36) -- --
Class N...................... 9.84 0.35 (0.20) (0.36) -- --
Class Y...................... 9.89 0.45 (0.20) (0.46) -- --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 9.50 0.26 0.38 (0.26) -- --
Class B...................... 9.46 0.21 0.38 (0.21) -- --
Class C...................... 9.46 0.21 0.38 (0.21) -- --
Class Y...................... 9.50 0.32 0.36 (0.29) -- --
For the Year Ended October
31, 2002
Class E...................... 9.67 0.42 0.19 (0.41) -- --
Class H...................... 9.64 0.32 0.19 (0.32) -- --
Class L...................... 9.67 0.39 0.20 (0.39) -- --
Class M...................... 9.64 0.32 0.20 (0.32) -- --
Class N...................... 9.64 0.32 0.20 (0.32) -- --
For the Three-Month Period
Ended October 31, 2001
Class E...................... 9.37 0.13 0.30 (0.13) -- --
Class H...................... 9.34 0.10 0.30 (0.10) -- --
Class L...................... 9.37 0.12 0.30 (0.12) -- --
Class M...................... 9.34 0.10 0.30 (0.10) -- --
Class N...................... 9.34 0.10 0.30 (0.10) -- --
For the Year Ended July 31,
2001
Class E...................... 8.86 0.54 0.52 (0.55) -- --
Class H...................... 8.83 0.45 0.52 (0.46) -- --
Class L...................... 8.86 0.52 0.52 (0.53) -- --
Class M...................... 8.83 0.45 0.52 (0.46) -- --
Class N...................... 8.83 0.45 0.52 (0.46) -- --
For the Year Ended July 31,
2000
Class E...................... 8.96 0.52 (0.10) (0.52) -- --
Class H...................... 8.94 0.43 (0.10) (0.44) -- --
Class L...................... 8.96 0.50 (0.10) (0.50) -- --
Class M...................... 8.94 0.43 (0.10) (0.44) -- --
Class N...................... 8.93 0.44 (0.10) (0.44) -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD U.S. GOVERNMENT
SECURITIES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $ 9.57 1.02(b)% $ 56,848 1.43(b)% 1.20(b)% 4.06(b)% 49%
Class B...................... 9.53 0.56(b) 29,680 2.18(b) 1.90(b) 3.36(b) --
Class C...................... 9.53 0.66(b) 17,302 2.04(b) 1.90(b) 3.35(b) --
Class E...................... 9.55 0.60(b) 125,825 0.82(b) 0.82(b) 4.44(b) --
Class H...................... 9.52 1.11(b) 4,791 1.82(b) 1.82(b) 3.43(b) --
Class L...................... 9.56 0.98(b) 40,374 1.07(b) 1.07(b) 4.20(b) --
Class M...................... 9.53 0.71(b) 4,052 1.82(b) 1.82(b) 3.44(b) --
Class N...................... 9.52 0.60(b) 1,137 1.82(b) 1.82(b) 3.44(b) --
Class Y...................... 9.58 1.22(b) 1 0.88(b) 0.83(b) 4.48(b) --
For the Year Ended October
31, 2003
Class A...................... 9.67 2.06 65,337 1.48 1.20 4.11 108
Class B...................... 9.64 1.45 38,210 2.21 1.90 3.41 --
Class C...................... 9.63 1.34 26,626 2.07 1.90 3.43 --
Class E...................... 9.66 2.49 135,954 0.81 0.81 4.49 --
Class H...................... 9.63 1.57 6,283 1.80 1.80 3.50 --
Class L...................... 9.67 2.32 43,202 1.06 1.06 4.24 --
Class M...................... 9.63 1.47 4,588 1.80 1.80 3.50 --
Class N...................... 9.63 1.47 1,388 1.80 1.80 3.49 --
Class Y...................... 9.68 2.51 1 0.87 0.80 4.50 --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 9.88 6.87(d) 75,245 1.59(b) 1.20(b) 3.58(b) 218
Class B...................... 9.84 6.36(d) 39,276 2.28(b) 1.90(b) 2.87(b) --
Class C...................... 9.84 6.36(d) 40,708 2.11(b) 1.90(b) 2.86(b) --
Class Y...................... 9.89 7.32(d) 1 0.74(b) 0.74(b) 4.36(b) --
For the Year Ended October
31, 2002
Class E...................... 9.87 6.55 156,085 0.81 0.81 4.45 218
Class H...................... 9.83 5.41 9,319 1.81 1.81 3.45 --
Class L...................... 9.87 6.29 49,048 1.06 1.06 4.20 --
Class M...................... 9.84 5.51 6,660 1.81 1.81 3.44 --
Class N...................... 9.84 5.52 1,717 1.81 1.81 3.47 --
For the Three-Month Period
Ended October 31, 2001
Class E...................... 9.67 4.57(d) 187,712 0.79(b) 0.79(b) 5.25(b) 32
Class H...................... 9.64 4.31(d) 10,770 1.79(b) 1.79(b) 4.25(b) --
Class L...................... 9.67 4.50(d) 52,579 1.04(b) 1.04(b) 5.01(b) --
Class M...................... 9.64 4.32(d) 6,582 1.79(b) 1.79(b) 4.25(b) --
Class N...................... 9.64 4.31(d) 2,275 1.79(b) 1.79(b) 4.25(b) --
For the Year Ended July 31,
2001
Class E...................... 9.37 12.30 182,170 0.79 0.79 5.93 136
Class H...................... 9.34 11.24 10,078 1.79 1.79 4.92 --
Class L...................... 9.37 12.02 47,798 1.04 1.04 5.67 --
Class M...................... 9.34 11.24 5,284 1.79 1.79 4.92 --
Class N...................... 9.34 11.24 1,603 1.79 1.79 4.92 --
For the Year Ended July 31,
2000
Class E...................... 8.86 4.91 184,520 0.79 0.79 5.96 181
Class H...................... 8.83 3.79 8,345 1.79 1.79 4.96 --
Class L...................... 8.86 4.62 43,620 1.04 1.04 5.71 --
Class M...................... 8.83 3.79 4,264 1.79 1.79 4.96 --
Class N...................... 8.83 3.91 1,606 1.79 1.79 4.93 --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
@@ The amount per share rounds to zero.
209
HARTFORD MUTUAL FUNDS, INC. AND HARTFORD MUTUAL FUNDS II, INC.
FINANCIAL HIGHLIGHTS -- (CONTINUED)
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD U.S. GOVERNMENT
SECURITIES FUND (CONTINUED)
For the Year Ended July 31,
1999
Class E...................... $ 9.30 $ 0.49 $(0.34) $ (0.49) $ -- $ --
Class H...................... 9.28 0.40 (0.34) (0.40) -- --
Class L...................... 9.30 0.47 (0.34) (0.47) -- --
Class M...................... 9.28 0.40 (0.34) (0.40) -- --
Class N...................... 9.27 0.40 (0.34) (0.40) -- --
THE HARTFORD VALUE FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 8.92 0.03 0.54 (0.07) -- --
Class B...................... 8.83 0.01 0.52 (0.02) -- --
Class C...................... 8.83 0.01 0.52 (0.02) -- --
Class Y...................... 8.95 0.05 0.54 (0.11) -- --
For the Year Ended October
31, 2003(g)
Class A...................... 7.59 0.08 1.31 (0.06) -- --
Class B...................... 7.51 0.03 1.29 -- -- --
Class C...................... 7.51 0.03 1.29 -- -- --
Class Y...................... 7.64 0.16 1.25 (0.10) -- --
For the Year Ended October
31, 2002(g)
Class A...................... 9.02 0.05 (1.43) -- (0.05) --
Class B...................... 8.99 (0.02) (1.41) -- (0.05) --
Class C...................... 8.99 (0.02) (1.41) -- (0.05) --
Class Y...................... 9.04 0.09 (1.44) -- (0.05) --
From inception April 30,
2001, through October 31,
2001
Class A...................... 10.00 0.01 (0.99) -- -- --
Class B...................... 10.00 -- (1.01) -- -- --
Class C...................... 10.00 -- (1.01) -- -- --
Class Y...................... 10.00 0.05 (1.01) -- -- --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD U.S. GOVERNMENT
SECURITIES FUND (CONTINUED)
For the Year Ended July 31,
1999
Class E...................... $ 8.96 1.56% $ 254,096 0.78% 0.78% 5.32% 75%
Class H...................... 8.94 0.53 10,262 1.78 1.78 4.32 --
Class L...................... 8.96 1.30 49,274 1.03 1.03 5.07 --
Class M...................... 8.94 0.53 4,703 1.78 1.78 4.32 --
Class N...................... 8.93 0.52 3,071 1.78 1.78 4.32 --
THE HARTFORD VALUE FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... 9.42 6.42(b) 53,894 1.48(b) 1.45(b)(j) 0.86(b) 17
Class B...................... 9.34 5.96(b) 8,686 2.21(b) 2.15(b)(j) 0.16(b) --
Class C...................... 9.34 5.96(b) 11,117 2.10(b) 2.10(b)(j) 0.21(b) --
Class Y...................... 9.43 6.59(b) 29 0.94(b) 0.94(b)(j) 1.37(b) --
For the Year Ended October
31, 2003(g)
Class A...................... 8.92 18.43 42,101 1.57 1.45 1.02 35
Class B...................... 8.83 17.58 7,305 2.30 2.15 0.32 --
Class C...................... 8.83 17.58 10,231 2.18 2.15 0.32 --
Class Y...................... 8.95 18.66 27 1.00 1.00 1.46 --
For the Year Ended October
31, 2002(g)
Class A...................... 7.59 (15.42) 30,010 1.63 1.45 0.69 35
Class B...................... 7.51 (16.03) 5,222 2.31 2.15 (0.02) --
Class C...................... 7.51 (16.03) 9,110 2.21 2.15 (0.04) --
Class Y...................... 7.64 (15.05) 230 0.98 0.98 1.09 --
From inception April 30,
2001, through October 31,
2001
Class A...................... 9.02 (9.80)(d) 13,728 1.66(b) 1.45(b) 0.53(b) 12
Class B...................... 8.99 (10.10)(d) 2,029 2.36(b) 2.15(b) (0.17)(b) --
Class C...................... 8.99 (10.10)(d) 4,769 2.34(b) 2.15(b) (0.17)(b) --
Class Y...................... 9.04 (9.60)(d) 271 1.09(b) 1.00(b) 0.98(b) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.45%, 2.15%, 2.10% and
0.94% for classes A, B, C and Y, respectively.
@@ The amount per share rounds to zero.
See Notes to Financial Statements.
210
- --------------------------------------------------------------------------------
<Table>
<Caption>
SELECTED PER-SHARE DATA(A)
----------------------------------------------------------------------------------
NET REALIZED
AND DISTRIBUTIONS
NET ASSET NET UNREALIZED DIVIDENDS FROM
VALUE AT INVESTMENT GAIN FROM NET REALIZED DISTRIBUTIONS
BEGINNING INCOME (LOSS) ON INVESTMENT CAPITAL FROM
OF PERIOD (LOSS) INVESTMENTS INCOME GAINS CAPITAL
--------- ---------- ------------ ---------- ------------- -------------
THE HARTFORD VALUE
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $12.15 $ -- $ 1.21 $ -- $ -- $ --
Class B...................... 11.53 (0.04) 1.14 -- -- --
Class C...................... 11.53 (0.04) 1.14 -- -- --
Class H...................... 11.54 (0.06) 1.16 -- -- --
Class L...................... 12.15 (0.01) 1.22 -- -- --
Class M...................... 11.53 (0.06) 1.16 -- -- --
Class N...................... 11.54 (0.06) 1.16 -- -- --
Class Y...................... 12.22 -- 1.23 -- -- --
For the Year Ended October
31, 2003
Class A...................... 9.26 (0.01) 2.90 -- -- --
Class B...................... 8.84 (0.04) 2.73 -- -- --
Class C...................... 8.85 (0.04) 2.72 -- -- --
Class H...................... 8.85 (0.08) 2.77 -- -- --
Class L...................... 9.26 (0.01) 2.90 -- -- --
Class M...................... 8.85 (0.08) 2.76 -- -- --
Class N...................... 8.85 (0.08) 2.77 -- -- --
Class Y...................... 9.30 0.01 2.91 -- -- --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 11.73 -- (2.47) -- -- --
Class B...................... 11.26 (0.02) (2.40) -- -- --
Class C...................... 11.26 (0.02) (2.39) -- -- --
Class Y...................... 11.73 0.05 (2.48) -- -- --
For the Year Ended October
31, 2002
Class H...................... 11.58 (0.11) (1.81) -- (0.81) --
Class L...................... 11.99 -- (1.92) -- (0.81) --
Class M...................... 11.57 (0.08) (1.83) -- (0.81) --
Class N...................... 11.57 (0.13) (1.78) -- (0.81) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... 12.86 (0.02) (1.26) -- -- --
Class L...................... 13.30 -- (1.31) -- -- --
Class M...................... 12.85 (0.02) (1.26) -- -- --
Class N...................... 12.86 (0.03) (1.26) -- -- --
For the Year Ended August 31,
2001
Class H...................... 13.95 (0.07) 0.30 -- (1.32) --
Class L...................... 14.30 0.03 0.31 (0.02) (1.32) --
Class M...................... 13.94 (0.07) 0.30 -- (1.32) --
Class N...................... 13.95 (0.07) 0.30 -- (1.32) --
For the Year Ended August 31,
2000
Class H...................... 13.07 (0.08) 1.89 -- (0.93) --
Class L...................... 13.28 0.01 1.94 -- (0.93) --
Class M...................... 13.06 (0.08) 1.89 -- (0.93) --
Class N...................... 13.07 (0.08) 1.89 -- (0.93) --
For the Year Ended August 31,
1999
Class H...................... 11.72 (0.08) 2.73 -- (1.30) --
Class L...................... 11.85 0.05 2.73 (0.05) (1.30) --
Class M...................... 11.71 (0.08) 2.73 -- (1.30) --
Class N...................... 11.72 (0.08) 2.73 -- (1.30) --
<Caption>
RATIOS AND SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------
RATIO OF RATIO OF RATIO OF
EXPENSES EXPENSES NET
NET ASSET NET ASSETS TO AVERAGE TO AVERAGE INVESTMENT
VALUE AT AT END OF NET ASSETS NET ASSETS INCOME PORTFOLIO
END OF TOTAL PERIOD BEFORE AFTER TO AVERAGE TURNOVER
PERIOD RETURN(C) (000'S) WAIVERS WAIVERS NET ASSETS RATE(E)
--------- --------- ---------- ---------- ---------- ---------- ---------
THE HARTFORD VALUE
OPPORTUNITIES FUND
For the Six-Month Period
Ended April 30, 2004
Class A...................... $13.36 9.96(b)% $ 18,906 1.79(b)% 1.45(b)(j)% (0.07)(b)% 29%
Class B...................... 12.63 9.54(b) 4,401 2.52(b) 2.15(b)(j) (0.81)(b) --
Class C...................... 12.63 9.54(b) 4,104 2.41(b) 2.15(b)(j) (0.80)(b) --
Class H...................... 12.64 9.53(b) 6,361 2.20(b) 2.15(b)(j) (0.89)(b) --
Class L...................... 13.36 9.96(b) 24,168 1.46(b) 1.45(b)(j) (0.17)(b) --
Class M...................... 12.63 9.54(b) 8,269 2.20(b) 2.15(b)(j) (0.88)(b) --
Class N...................... 12.64 9.53(b) 2,133 2.20(b) 2.15(b)(j) (0.87)(b) --
Class Y...................... 13.45 10.06(b) 1 1.27(b) 1.25(b)(j) 0.03(b) --
For the Year Ended October
31, 2003
Class A...................... 12.15 31.21 5,917 1.92 1.45 (0.10) 57
Class B...................... 11.53 30.43 1,932 2.63 2.15 (0.80) --
Class C...................... 11.53 30.28 1,613 2.51 2.15 (0.81) --
Class H...................... 11.54 30.40 6,526 2.26 2.15 (0.82) --
Class L...................... 12.15 31.21 22,701 1.51 1.45 (0.11) --
Class M...................... 11.53 30.28 8,015 2.26 2.15 (0.82) --
Class N...................... 11.54 30.40 1,989 2.26 2.15 (0.82) --
Class Y...................... 12.22 31.40 1 1.33 1.25 0.08 --
For the Period February 19,
2002 through October 31,
2002
Class A...................... 9.26 (21.06)(d) 2,600 1.92(b) 1.45(b) 0.04(b) 70
Class B...................... 8.84 (21.45)(d) 481 2.61(b) 2.15(b) (0.71)(b) --
Class C...................... 8.85 (21.41)(d) 430 2.48(b) 2.15(b) (0.75)(b) --
Class Y...................... 9.30 (20.75)(d) 1 1.13(b) 1.00(b) 0.49(b) --
For the Year Ended October
31, 2002
Class H...................... 8.85 (17.99) 5,634 2.17 2.15 (0.82) 70
Class L...................... 9.26 (17.34) 19,684 1.43 1.43 (0.11) --
Class M...................... 8.85 (17.92) 6,669 2.18 2.15 (0.82) --
Class N...................... 8.85 (17.92) 1,749 2.18 2.15 (0.83) --
For the Two-Month Period
Ended October 31, 2001
Class H...................... 11.58 (9.95)(d) 7,914 2.18(b) 2.18(b) (0.89)(b) 12
Class L...................... 11.99 (9.85)(d) 27,982 1.43(b) 1.43(b) (0.14)(b) --
Class M...................... 11.57 (9.96)(d) 8,700 2.18(b) 2.18(b) (0.89)(b) --
Class N...................... 11.57 (10.03)(d) 2,636 2.18(b) 2.18(b) (0.89)(b) --
For the Year Ended August 31,
2001
Class H...................... 12.86 1.53 8,967 2.16 2.16 (0.70) 177
Class L...................... 13.30 2.29 30,480 1.41 1.41 0.05 --
Class M...................... 12.85 1.53 9,668 2.16 2.16 (0.70) --
Class N...................... 12.86 1.53 2,935 2.16 2.16 (0.70) --
For the Year Ended August 31,
2000
Class H...................... 13.95 14.90 8,796 2.17 2.17 (0.61) 228
Class L...................... 14.30 15.76 39,975 1.42 1.42 0.14 --
Class M...................... 13.94 14.90 7,633 2.17 2.17 (0.61) --
Class N...................... 13.95 14.90 2,662 2.17 2.17 (0.61) --
For the Year Ended August 31,
1999
Class H...................... 13.07 23.18 8,045 2.23 2.23 (0.43) 266
Class L...................... 13.28 24.10 34,302 1.48 1.48 0.32 --
Class M...................... 13.06 23.20 6,662 2.23 2.23 (0.43) --
Class N...................... 13.07 23.18 2,486 2.23 2.23 (0.43) --
</Table>
- ---------------
(a) Information presented relates to a share of capital share outstanding
throughout the indicated period.
(b) Annualized.
(c) 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.
(d) Not annualized.
(e) Portfolio turnover rate is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Per share amounts have been restated to reflect a reverse stock split for
Class C shares effective February 11, 1999.
(g) Per share amounts have been calculated using average shares outstanding
method.
(h) Expense ratio includes a practical waiver of 12b-1 fees.
(i) This includes a tax return of capital of less than $0.01.
(j) The ratio of expenses to average net assets excludes commission recapture
but includes fee waivers and/or expense reimbursements. Had the commission
recapture been included, the ratio would have been 1.45%, 2.15%, 2.15%,
2.15%, 1.45%, 2.15%, 2.15% and 1.25% for classes A, B, C, H, L, M, N and Y,
respectively.
@@ The amount per share rounds to zero.
211
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
DIRECTORS AND OFFICERS
- --------------------------------------------------------------------------------
The Board of Directors is responsible for protecting the interests of
shareholders and overseeing the management of the funds. The Board may exercise
all powers of the funds, except those powers that are conferred solely upon or
reserved to the shareholders. Directors may serve until they resign, retire or
are removed by vote of shareholders or of the directors.
Directors and officers who are employed by or who have a substantial financial
interest in The Hartford are considered "interested" persons of the funds
pursuant to the Investment Company Act of 1940. Each officer and three of the
funds' directors, as noted in the chart below, are "interested" persons of the
funds. Except for Mr. Znamierowski, each director serves as a director for The
Hartford Mutual Funds, Inc., The Hartford Mutual Funds II, Inc., The Hartford
Income Shares Fund, Inc., Hartford Series Fund, Inc. and Hartford HLS Series
Fund II, Inc., which collectively consist of 76 funds. Mr. Znamierowski oversees
58 funds and serves as a director only for The Hartford Mutual Funds, Inc. and
Hartford Series Fund, Inc. Currently, all of the funds have the same officers,
except as noted below with regard to Ms. Fagely and Mr. Jay. Correspondence may
be sent to directors and officers c/o Hartford Mutual Funds, P.O. Box 2999,
Hartford, CT 06104-2999, except that correspondence to Ms. Fagely and Mr. Beltz
may be sent to 500 Bielenberg Dr., Woodbury, MN 55125.
The table below sets forth, for each director and officer, his or her name, age,
current position with the funds, date first elected or appointed to The Hartford
Mutual Funds, Inc. ("MF") and The Hartford Mutual Funds II, Inc. ("MF2"),
principal occupation, and, for directors, other directorships held. The funds'
statement of additional information contains further information on the
directors and is available free of charge by calling 1-888-843-7824 or writing
to Hartford Mutual Funds, P.O. Box 64387, St. Paul, MN 55164-0387.
NON-INTERESTED DIRECTORS
LYNN S. BIRDSONG (age 57) Director since 2003
From 1979 to 2002, Mr. Birdsong was a managing director of Zurich Scudder
Investments, an investment management firm. In 2003, Mr. Birdsong became an
independent director of the Atlantic Whitehall Funds and The Japan Fund;
during his employment with Scudder, he was an interested director of The
Japan Fund. Since 1981, Mr. Birdsong has been a partner in Birdsong
Company, an advertising specialty firm.
WINIFRED E. COLEMAN (age 71) Director since 1996 (MF) and 2002 (MF2)
Ms. Coleman has served as President of Saint Joseph College since 1991 and
President of Cashel House, Ltd. (retail) since 1985.
ROBERT M. GAVIN, JR. (age 63) Director since 2002 (MF) and 1986 (MF2), Chairman
of the Litigation Committee
Dr. Gavin is an educational consultant. Prior to September 1, 2001, he was
President of Cranbrook Education Community; and prior to July 1996, he was
President of Macalester College, St. Paul, Minnesota. Dr. Gavin served as
interim President of the Science Museum of Minnesota from June 2003 until
February 2004.
DUANE E. HILL (age 58) Director since 2001 (MF) and 2002 (MF2), Chairman of the
Nominating Committee
Mr. Hill is Partner Emeritus and a founding partner of TSG Capital Group, a
private equity investment firm that serves as sponsor and lead investor in
leveraged buyouts of middle market companies. Mr. Hill is also a Partner of
TSG Ventures L.P., a private equity investment company that invests
primarily in minority-owned small businesses.
PHILLIP O. PETERSON (age 59) Director since 2002 (MF) and 2000 (MF2), Chairman
of the Audit Committee
Mr. Peterson is a mutual fund industry consultant. He has served as
independent president of the Strong Mutual Funds since January 2004. Mr.
Peterson was a partner of KPMG LLP until July 1999.
MILLARD H. PRYOR, JR. (age 71) Director since 1996 (MF) and 2002 (MF2), Lead
Director since 2004
Mr. Pryor has served as Managing Director of Pryor & Clark Company (real
estate investment), Hartford, Connecticut, since June 1992. Mr. Pryor is a
Director of Infodata Systems, Inc. (software company) and CompuDyne
Corporation (security products and services).
212
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
DIRECTORS AND OFFICERS -- (CONTINUED)
- --------------------------------------------------------------------------------
INTERESTED DIRECTORS AND OFFICERS
THOMAS M. MARRA (age 45) Director since 2002, Chairman of the Board
Mr. Marra is President and Chief Operating Officer of Hartford Life, Inc.
He is also a member of the Board of Directors and a member of the Office of
the Chairman for The Hartford Financial Services Group, Inc. ("The
Hartford"), the parent company of Hartford Life. Mr. Marra was named
President of Hartford Life in 2001 and COO in 2000, and served as Director
of Hartford Life's Investment Products Division from 1998 to 2000. He was
head of the company's Individual Life and Annuities Division from 1994 to
1998 after being promoted to Senior Vice President in 1994 and to Executive
Vice President in 1996. Mr. Marra is also a Managing Member and President
of Hartford Investment Financial Services, LLC ("HIFSCO") and HL Investment
Advisors, LLC ("HL Advisors"). Mr. Marra is a member of the Board of
Directors of The Hartford.
LOWNDES A. SMITH (age 64) Director since 1996 (MF) and 2002 (MF2)
Mr. Smith served as Vice Chairman of The Hartford from February 1997 to
January 2002, as President and Chief Executive Officer of Hartford Life,
Inc. from February 1997 to January 2002, and as President and Chief
Operating Officer of The Hartford Life Insurance Companies from January
1989 to January 2002. Mr. Smith has served as a Director of White Mountain
Insurance Group since November 2003.
DAVID M. ZNAMIEROWSKI (age 43) Director since 1999 (MF), President since 2001
Mr. Znamierowski currently serves as President of Hartford Investment
Management Company ("Hartford Investment"), Senior Vice President for
Hartford Life, Inc., and Senior Vice President and Chief Investment Officer
for Hartford Life Insurance Company. Mr. Znamierowski is also a Managing
Member and Senior Vice President of HIFSCO and HL Advisors. Mr.
Znamierowski is Group Senior Vice President and Chief Investment Officer
for The Hartford.
213
THE HARTFORD MUTUAL FUNDS, INC. AND THE HARTFORD MUTUAL FUNDS II, INC.
DIRECTORS AND OFFICERS -- (CONTINUED)
- --------------------------------------------------------------------------------
OTHER OFFICERS
ROBERT W. BELTZ, JR. (age 54) Vice President since 2002 (MF) and 1993 (MF2)
Mr. Beltz currently serves as Vice President, Securities Operations of
Hartford Administrative Services Company ("HASCO"). Since December 2001, he
has served as Assistant Vice President of Hartford Life Insurance Company
KEVIN J. CARR (age 49) Vice President and Secretary since 1996 (MF) and 2001
(MF2)
Mr. Carr has served as The Hartford's Assistant General Counsel since 1999,
and previously served as Counsel (1996-1999) and Associate Counsel
(1995-1996). Mr. Carr is also Vice President and Assistant Secretary of HL
Advisors and HIFSCO and Assistant Secretary of Hartford Investment.
WILLIAM H. DAVISON, JR. (age 47) Vice President since 2002
Mr. Davison is a Managing Director and Director of the Funds Management
Group of Hartford Investment. Mr. Davison is also a Senior Vice President
of HIFSCO and HL Advisors.
TAMARA L. FAGELY (age 46) Vice President, Controller and Treasurer since 2002
(MF) and 1993 (MF2)
Ms. Fagely has been Vice President of HASCO since 1998. Prior to 1998, she
was Second Vice President of HASCO. Since December 2001, she has served as
Assistant Vice President of Hartford Life Insurance Company. In addition,
she is Controller of HIFSCO, Vice President, Controller and Treasurer of
The Hartford Income Shares Fund, Inc. and Vice President of Hartford Series
Fund, Inc. and Hartford HLS Series Fund II, Inc.
BRUCE FERRIS (age 48) Vice President since 2002
Mr. Ferris serves as Vice President and Director of Sales and Marketing in
the Investment Products Division of Hartford Life Insurance Company. He is
also a Managing Member of HL Advisors.
MARY JANE FORTIN (age 39) Vice President since 2003
Ms. Fortin is Senior Vice President and Director of Mutual Funds and 529
Programs for Hartford Life Insurance Company. Previously, Ms. Fortin served
as Senior Vice President and Chief Accounting Officer of Hartford Life.
GEORGE R. JAY (age 52) Vice President since 1996 (MF) and 2001 (MF2)
Mr. Jay serves as Assistant Vice President of Hartford Life Insurance
Company. He is also Controller of HL Advisors, Vice President of The
Hartford Income Shares Fund, Inc. and Vice President, Controller and
Treasurer of Hartford Series Fund, Inc. and Hartford HLS Series Fund II,
Inc.
STEPHEN T. JOYCE (age 45) Vice President since 2000 (MF) and 2001 (MF2)
Mr. Joyce currently serves as Senior Vice President and Director of the
Institutional Solutions Group for Hartford Life Insurance Company. Mr.
Joyce is also Senior Vice President of HL Advisors. Previously, he served
as Vice President (1997-1999) and Assistant Vice President (1994-1997) of
Hartford Life Insurance Company.
DAVID N. LEVENSON (age 37) Vice President since 2000 (MF) and 2001 (MF2)
Mr. Levenson serves as Senior Vice President of Hartford Life Insurance
Company's Retail Product Management Group and is responsible for all retail
product management and profitability. Mr. Levenson is also a Senior Vice
President of HIFSCO and HL Advisors.
JOHN C. WALTERS (age 42) Vice President since 2000 (MF) and 2001 (MF2)
Mr. Walters serves as Executive Vice President and Director of the
Investment Products Division of Hartford Life Insurance Company. He is also
a Managing Member and Executive Vice President of HIFSCO and HL Advisors.
Previously, Mr. Walters was with First Union Securities.
214
PRIVACY POLICY AND PRACTICES OF
THE HARTFORD FINANCIAL SERVICES GROUP, INC. AND ITS AFFILIATES
(HEREIN CALLED "WE, OUR, AND US")
This Privacy Policy applies to our United States Operations
We value your trust. We are committed to the responsible:
a) management;
b) use; and
c) protection;
of PERSONAL INFORMATION.
This notice describes how we collect, disclose, and protect PERSONAL
INFORMATION.
We collect PERSONAL INFORMATION to:
a) service your TRANSACTIONS with us; and
b) support our business functions.
We may obtain PERSONAL INFORMATION from:
a) YOU;
b) your TRANSACTIONS with us; and
c) third parties such as a consumer-reporting agency.
Based on the type of product or service YOU apply for or get from us, PERSONAL
INFORMATION such as:
a) your name;
b) your address;
c) your income;
d) your payment; or
e) your credit history;
may be gathered from sources such as applications, TRANSACTIONS, and consumer
reports.
To serve YOU and service our business, we may share certain PERSONAL
INFORMATION. We will share PERSONAL INFORMATION, only as allowed by law, with
affiliates such as:
a) our insurance companies;
b) our employee agents;
c) our brokerage firms; and
d) our administrators.
As allowed by law, we may share PERSONAL FINANCIAL INFORMATION with our
affiliates to:
a) market our products; or
b) market our services;
to YOU without providing YOU with an option to prevent these disclosures.
We may also share PERSONAL INFORMATION, only as allowed by law, with
unaffiliated third parties including:
a) independent agents;
b) brokerage firms;
c) insurance companies;
d) administrators; and
e) service providers;
who help us serve YOU and service our business.
When allowed by law, we may share certain PERSONAL FINANCIAL INFORMATION with
other unaffiliated third parties who assist us by performing services or
functions such as:
a) taking surveys;
b) marketing our products or services; or
c) offering financial products or services under a joint agreement between us
and one or more financial institutions.
We will not sell or share your PERSONAL FINANCIAL INFORMATION with anyone for
purposes unrelated to our business functions without offering YOU the
opportunity to:
a) "opt-out;" or
b) "opt-in;"
as required by law.
We only disclose PERSONAL HEALTH INFORMATION with:
a) your proper written authorization; or
b) as otherwise allowed or required by law.
Our employees have access to PERSONAL INFORMATION in the course of doing their
jobs, such as:
a) underwriting policies;
b) paying claims;
c) developing new products; or
d) advising customers of our products and services.
We use manual and electronic security procedures to maintain:
a) the confidentiality; and
b) the integrity of;
PERSONAL INFORMATION that we have. We use these procedures to guard against
unauthorized access.
215
Some techniques we use to protect PERSONAL INFORMATION include:
a) secured files;
b) user authentication;
c) encryption;
d) firewall technology; and
e) the use of detection software.
We are responsible for and must:
a) identify information to be protected;
b) provide an adequate level of protection for that data;
c) grant access to protected data only to those people who must use it in the
performance of their job-related duties.
Employees who violate our Privacy Policy will be subject to discipline, which
may include ending their employment with us.
At the start of our business relationship, we will give YOU a copy of our
current Privacy Policy.
We will also give YOU a copy of our current Privacy Policy once a year if YOU
maintain a continuing business relationship with us.
We will continue to follow our Privacy Policy regarding PERSONAL INFORMATION
even when a business relationship no longer exists between us.
As used in this Privacy Notice:
APPLICATION means your request for our product or service.
PERSONAL FINANCIAL INFORMATION means financial information such as:
a) credit history;
b) income;
c) financial benefits; or
d) policy or claim information.
PERSONAL HEALTH INFORMATION means health information such as:
a) your medical records; or
b) information about your illness, disability or injury.
PERSONAL INFORMATION means information that identifies YOU personally and is not
otherwise available to the public. It includes:
a) PERSONAL FINANCIAL INFORMATION; and
b) PERSONAL HEALTH INFORMATION.
TRANSACTION means your business dealings with us, such as:
a) your APPLICATION;
b) your request for us to pay a claim; and
c) your request for us to take an action on your account.
YOU means an individual who has given us PERSONAL INFORMATION in conjunction
with:
a) asking about;
b) applying for; or
c) obtaining;
a financial product or service from us if the product or service is used mainly
for personal, family, or household purposes.
This Privacy Policy is being provided on behalf of the following affiliates of
The Hartford Financial Services Group, Inc.:
American Maturity Life Insurance Company; Capstone Risk Management, LLC; First
State Insurance Company; Hart Life Insurance Company; Hartford Accident &
Indemnity Company; Hartford Administrative Services Company; Hartford Casualty
Insurance Company; Hartford Equity Sales Company, Inc.; Hartford Fire Insurance
Company; Hartford HLS Series Fund II, Inc.; Hartford Insurance Company of
Illinois; Hartford Insurance Company of the Midwest; Hartford Insurance Company
of the Southeast; Hartford International Life Reassurance Corporation; Hartford
Investment Financial Services, LLC; Hartford Investment Management Company;
Hartford Life & Accident Insurance Company; Hartford Life and Annuity Insurance
Company; Hartford Life Insurance Company; Hartford Lloyd's Insurance Company;
Hartford Securities Distribution Company, Inc.; Hartford Series Fund, Inc.;
Hartford Specialty Company; Hartford Underwriters Insurance Company;
Hartford-Comprehensive Employee Benefit Service Company; International Corporate
Marketing Group, LLC; New England Insurance Company; Nutmeg Insurance Agency,
Inc.; Nutmeg Insurance Company; Nutmeg Life Insurance Company; Omni General
Agency, Inc.; Omni Indemnity Company; Omni Insurance Company; P2P Link, LLC;
Pacific Insurance Company, Limited; Planco Financial Services, Inc.; Property
and Casualty Insurance Company of Hartford; Sentinel Insurance Company, Ltd.;
Servus Life Insurance Company; Specialty Risk Services, Inc.; The Hartford
Income Shares Fund, Inc.; The Hartford Mutual Funds II, Inc.; The Hartford
Mutual Funds, Inc.; Trumbull Insurance Company; Trumbull Services, L.L.C.; Twin
City Fire Insurance Company; Woodbury Financial Services, Inc.
216
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217
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218
ITEM 2. CODE OF ETHICS.
Not applicable to this semi-annual filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this semi-annual filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this semi-annual filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this semi-annual filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8, PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The Nominating Committee of the Board of Directors of the Fund has adopted
the following policy.
The Nominating Committee of the Board of Directors will consider nominees
for non-interested director recommended by shareholders if a vacancy among the
non-interested directors occurs and if the nominee meets the Committee's
criteria. Shareholders wishing to submit recommendations for nominees must send
a letter to the chairperson of the Nominating Committee, in care of the
Secretary of the applicable Company at 55 Farmington Avenue, 11th Floor,
Hartford, CT 06105, and must include, at a minimum: (i) the shareholder's
contact information; (ii) the nominee's contact information, the nominee's
resume or curriculum vitae, and the number of applicable
Fund shares owned by the proposed nominee; (iii) a statement as to whether the
nominee is an "interested person" of the applicable Fund as defined in Section
2(a)(19) of the 1940 Act, and appropriate documentation to support the
statement; (iv) all information regarding the nominee that would be required to
be disclosed in solicitations of proxies for elections of directors required by
Regulation 14A of the Securities Exchange Act of 1934; and (v) a notarized
letter executed by the nominee, stating his or her intention to serve as a
nominee and be named in the applicable Fund's proxy statement, if so designated
by the Nominating Committee and the Fund's Board of Directors. A shareholder
nominee recommendation must be received by the Nominating Committee within a
reasonable time period prior to the proxy submission. A shareholder or
shareholder group may not submit for consideration a nominee whom the Nominating
Committee has previously considered. Candidates submitted by shareholders are
evaluated according to the same criteria as other non-interested director
candidates.
Care is given to insure that the individual members of the Board bring to
their deliberations education, work and personal experiences that would improve
the value provided to the shareholders. The following criteria for nominees
should be considered as a minimum requirement for consideration as a
non-interested director:
- Fifteen (15) years business or academic experience in a
management, administrative, or other oversight capacity;
- College degree or business experience equivalent to a college
degree;
- At least one non-interested director should have an investment
background and at least one director should have a
financial/accounting background;
- Personal accomplishments that would provide ready acceptance by
shareholders that the individual was capable of representing
their interests;
- An ability to invest in Hartford funds;
- A person able to think through and discuss complicated regulatory
and financial issues and arrive at reasonable decisions on these
issues on behalf of the shareholders;
- A person of high ethical standards;
- Must meet minimum standards set out in the Fund's audit committee
charter; and
- Must be "financially literate" as that term is defined under New
York Stock Exchange rules. For these purposes, this means the
ability to read and understand fundamental financial statements,
including a company's balance sheet, income statement, and cash
flow statement. Directors who
have limited familiarity with finance can achieve such "literacy"
through Fund-sponsored training programs.
ITEM 10. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the Registrant's Disclosure Controls and
Procedures as of a date within 90 days of the filing date of this report,
the Disclosure Controls and Procedures are effectively designed to ensure
that information required to be disclosed by the Registrant is recorded,
processed, summarized and reported by the date of this report, including
ensuring that information required to be disclosed in the report is
accumulated and communicated to the Registrant's management, including the
Registrant's officers, as appropriate, to allow timely decisions regarding
required disclosure.
(b) There were no significant changes in the Registrant's internal
controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any
corrective actions with regard to significant deficiencies and material
weaknesses.
ITEM 11. EXHIBITS.
(a) Section 302 certifications of the principal executive officer and
principal financial officer of Registrant.
99 Section 906 certification.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
THE HARTFORD MUTUAL FUNDS, INC.
Date: June 14, 2004 By: /s/ David Znamierowski
----------------------------------
David M. Znamierowski
Its: President
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
Date: June 14, 2004 By: /s/ David Znamierowski
----------------------------------
David M. Znamierowski
Its: President
Date: June 14, 2004 By: /s/ Tamara L. Fagely
----------------------------------
Tamara L. Fagely
Its: Vice President, Controller
and Treasurer
EXHIBIT LIST
99.CERT 10(a) Certifications
(i) Section 302 certification of principal executive officer
(ii) Section 302 certification of principal financial officer
99.906CERT 99 Section 906 certification of principal executive officer and
principal financial officer